Would you be able to trade in a financed evo ??

 

yup dealer would have to payoff your loan with what they gave you for trade in and your left with extra or negative if you owe more than its worth

 

lol yes, depending if your upside down or not, most of the time you are and you might have to pay on top plus your new car.. dealership will rip you off either way. best to sell it private like *take over payments type of deal is your best bet.

 

or just pay off the loan with what you sold the car for

but honestly if you had to ask this question, I'm surprised you even have an Evo X...no offense, but I'm sure a lot of people here would agree...

 

unless it was purchased by someone other then himself.. say, his dad?

I noticed the resale value on evos is insanely high.. I wonder if I'll ever get upside down on this car if I owe 15 and kbb says my car is still worth around 22.

Only reason I say that is I was looking at Evo VIII's on the trader of autos yesterday for a DD in a few months people still asking in 20's for low mileage ones. Thats crazy. Cheapest one I found was an 05 with 80k for 17.9, wow.

 

yup evos hold there value well just like supras. To op you can trade in but if the dealer doesent cover the amount of the loan they will add the remainder to the new car your buying.

 

No this is a legitimate question. How do you know the Evo he or she bought wasn't from a private seller?

Yes you can trade it in even if its financed but usually a dealer will never give you clean book for your trade. They will always end up giving you fair condition for your trade. It works like this: If the price of the dealers vehicle is 35000 out the door and you owe 24000 on your loan but the dealer will only allow you 22000 for the trade then that -2000 rolls over on to the 35000 bringing you to 37000 total drive out.

Like wise if your loan is 20000 and the dealer will allow you 22000 for your trade then the +2000 rolls over to have a final drive out price of 33000.

It is simple math really but you never want to be negative because it makes you pay more in the long run, and if you are negative make sure you have money down to offset the negative.

 

Exactly, and it's a terrible financial move and a never-ending black hole for some people. You do that a couple times back to back, and all of a sudden, you owe 50k on a car worth 25k. I've seen it happen way too many times to friends who insist on buying a new car every year.

**** my dumbass ex had a perfectly fine 08 Altima that she loved and genuinely needed a new car at the time of purchase. Then a couple months ago she wanted to "go look at cars" and came back with an 11 Altima fully loaded and owed 10k more then it was worth when she drove it off the lot. Only reason I know this is she is currently living with my buddy and his fiance and he is really into Dave Ramsey and no debt, so we had a pretty good @ her expense.

 

Haha that I have seen it myself a numerous amount of times. The dealership really does care but you unfortunately its about your dollar.

 

"debt is dumb, cash is king and the paid off home mortgage has replaced the BMW as the status symbol of choice."

I might have heard the show a couple of times

 

yeah just be careful as others have said. if you are thinking about getting rid of it it's even worth a shot trying to sell it yourself. you usually will come out much better that way.

 

I was looking for an evo 9 for a LONG time. Couldn't find one at a price I agreed with since just as you said they were all asking 20's for them. So after awhile I gave up and just grabbed up an 08 x gsr that was in the 20's.

As far as the original poster goes, I would say sell it privately if you can afford to wait to find someone who will buy it from you for what you owe on it at the minimum.

 

Yep, I was originally looking for an evo ix when I bought my X. I couldn't really wait around for a private buyer so I was going to sell my lancer to carmax. They were only going to give me 9k for it and all the low mileage ix I saw were around 27k+. So I ended up trading in my lancer (which was fully paid off) to a mitsu dealer and ended up with a 20k loan for a new Evo. Yay.
Luckily I should never be upside down. Trading in financed cars just makes you do a little more math, tied in w/ all the other research you should be doing. Edmunds has a lot of good info on car buying, financing, and trade ins.

 

It's not always bad though. If they're upside-down on a loan with a certain interest rate (like a bad one) but get a new vehicle with a promotional APR lower than what they were paying before (or even 0%), then that outstanding balance on the loan (which they'd still pay off one way or another) would carry over and would also be at that same APR.

For example, my girlfriend had a car that she ended up being upside-down $2k on, after considering the trade-in value against the oustanding balance of the loan. But her old loan was at 8.08%, while she was getting a 2010 Corolla at 0%. Her balance was transferred to her new loan and bundled into her monthly payments, which were at 0%. So while she'd be losing some money on the trade-in (due to being upside-down), she saved almost as much on interest after I did some calculations based on the amortization tables to the point where it was negligible, and worth the small financial loss to have a brand new car (instead of her old one that had been in a car accident, was making some funny noises and was requiring some big services), albeit with a slightly bigger monthly payment.

 

Yea not a wise financial decision.
better off selling the evo, paying the loan then taking a new loan.