After the suggestions I tried the local mitsu dealer who was willing to sell one at invoice price but the terms of the loan were horrible, over 5% interest at 84 months and they wanted at least 3k down. It was nearly impossible to find a new one around here that had the options I wanted.

I get that buying a used evo is risky but after I bought my gts brand new and it depreciated 5k the minute I drove it off the lot I decided I don't want to go BRAND New again but on the other hand if it would have had 30k on it already I would have passed on it

 

Honestly if you're looking at 84 month loans then you probably can't afford this car. Do you know how much insurance and maintenance will cost on top of your payment? Will you be able to afford $1500 for a new clutch when you burn yours up? $40 a week in gas? At least $100/month insurance?

Also, you better keep it for at least 4 years because you're going to be upside down in the loan for at least that long.

 

Sent a PM about this for more info. I'm looking for a new Evo.

 

To the OP, if you have not done this before, use the amortization table in bank rate[dot]com to get an idea of how much you will be paying in interest for first few years.

 

They have higher interest rates for used car. I still think you got hosed though. Could have bought the car new for that much money. Of well now show us some pictures of the used car you just got raped on.

 

Agreed. Financing a car for 7 years is insane. That plus it doesn't sound like you can afford a $3k down payment raises a huge red flag to me. These are expensive cars to own an maintain; costs are honestly about triple what they would be for a "normal" car when you factor in insurance, gas, maintenance, wear & tear items, etc. No car is worth stretching your budget to the absolute max.

 

What about the cost of full coverage insurance throughout the term? Its obvious this kid got this car just barely. He couldn't afford a 3k down payment for the love of god. I don't know many people that put less than 10k down on their EVO.

 

Me...but that's because I got 0% for 36 months financing; I had planned on putting down quite a bit more.

 

Ok, I didn't start a thread to question my financial status, but for what its worth I was prepared to put 10k down as well if needed. I prefer to buy cars with little to no money down or to purchase them outright with cash as I did with my ralliart. I appreciate the concern for the new guy, but there was a method to my madness, I wasn't just trying to get this car any physical way possible. And the 84 months was just kind of a reference thing, I wouldn't want a car loan for that long. 72 months is even long but seems pretty common. Plus I do indeed plan on keeping this car forever.

And yes I am fully aware of the maintenance this vehicle requires, and since its not going to be a daily driver the fuel is not a huge concern. My insurance rates didn't go up much either, about $60 per half for full coverage although after talking to some other guys I work with I think our insurance rates were high anyway but thats comparing my girlfriend and I (I'm 27, shes 24) to married couples who are a bit older to quite a bit older.

And as far as the untimely repairs, I am fully prepared because I still have that 10k sitting in the bank waiting for a rainy day But no seriously, a car payment is something I will always have so I would rather keep the cash money in my pocket and have a payment I'm comfortable with...

Kracka, how did you get 0% on yours? Our mitsu dealer said that was basically unheard of to get that kind of financing on any new Evo.

Anywho... onto the pics

 

That was a rhetorical question, as it is very well known that Evolutions can be bought at 0%, but perhaps you and the OP share similar credit situations.

 

Nice.. Congrats on the new ride, looks great.. I'm thinking of parting with my 9 and getting a 10 before there gone

 

Actually, Evos have been 0% @36 forever.
You're dealer doesn't sell any evos, most don't that's why they don't know. Try to take it there for service, they will have no idea what to do.

https://www.mitsubishicars.com/MMNA/...en-us&hashTag=

PS You got hosed.

 

Having an $800 a month car payment just seems ridiculous to me, which even with 10k down would be about right at 36 months.. Not that I would even qualify because I was dumb with my credit when I was younger. I'm to the point where most of the negative things have come off or will soon be coming off, but I still don't get too many prime rates yet.

Our local mitsu dealer has such a small knowledge base its almost painful to call them to ask them a question.

Hosed or not I love this car, I don't know why I waited so long to get one

 

You are making assumptions. I'd never put 10k down on a car. On a used car your better off negotiating a zero down loan making the deal, then going to your bank directly and writing them a check for the amount you would have put down. Most banks or CU's will streamline your loan in the first 30 days.
Streamline your loan in the first 30 days.

 

0% financing while certainly is attainable it is rather difficult for most buyers. roughly ~10% of buyers will qualify for 0% financing. its because these offers are only for people with excellent credit. mostly in the range of the upper 700's or higher credit score. dealerships know this and make this deal available because they know ~90% of the buyers will not qualify.