Am I freakin' crazy to even consider this?
Mar 28, 2005, 01:56 PM
#92
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Most math majors in this thread keep saying it is going to cost $50,000 for the car. However, according to my advanced calculations (820*84), it appears that it may actually cost more somehow.
Last edited by EvoLife; Mar 28, 2005 at 02:02 PM.
Mar 28, 2005, 03:49 PM
#93
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Alright everybody. This is my last response in this thread which has generated far more input than I had ever imagined. Let me assure everyone that I'm completely in control of my senses (notwithstanding my previous claims to the contrary).
As far as actually considering an Evo purchase under the aforementioned conditions, the $820/mo. was offered to me on an '05 Apex Silver with SSL. It would be sold to me at MSRP + tax and license + 10K negative equity. Total amount financed would be about $49,000. The only way that the dealership would be able to find someone to finance this amount (with no money down), is if they sold it to me at MSRP. Banks will generally finance a certain percentage over MSRP. My credit is decent, and I'm not a credit risk. If you do the math, $49,000 at about 10% annual interest for 7 years yields a payment of a little over $800/mo. Now, I also could have gotten into an '05 Wicked White at $1400 under invoice with about $2500 down and ~$650/mo. for 6 years (I believe). The former scenario would be very costly as I would end up paying close to $70K for the car (if I never re-financed). The latter scenario would be more liveable.
In conclusion, let me say that I never expected to be excoriated, reviled, and otherwise stomped on to the extent that I was. The original (but unstated) intent of my question was to elicit some measure of how much you all loved your Evos. I've been checking out the posts on this forum for a few months now, and it seems that a vast majority of you consider Evo ownership a way of life. Is it really inconceivable that someone would go to such great lengths, financially or otherwise, to indulge their passion? Some of you have spent thousands on mods that give you another second in your quarter-mile runs. Is this rational? Is it financially prudent? I would argue that it is not. But who cares? I asked for honest opinions, and I got them. However, I didn't expect some of you to assume the role of Dr. Laura or a financial advisor. I was always aware of the true cost of everything. I just wanted a feel for how everyone who owns one felt. We all make foolish financial decisions, knowingly and unknowingly. SOme of you, I know, have spent lots of money on your car which you have no hope of getting back. Would I really be any different if I had done this? I don't think so. So to everyone who chimed in, thank you, and that includes those that have pronounced me devoid of reason or common sense.
As far as actually considering an Evo purchase under the aforementioned conditions, the $820/mo. was offered to me on an '05 Apex Silver with SSL. It would be sold to me at MSRP + tax and license + 10K negative equity. Total amount financed would be about $49,000. The only way that the dealership would be able to find someone to finance this amount (with no money down), is if they sold it to me at MSRP. Banks will generally finance a certain percentage over MSRP. My credit is decent, and I'm not a credit risk. If you do the math, $49,000 at about 10% annual interest for 7 years yields a payment of a little over $800/mo. Now, I also could have gotten into an '05 Wicked White at $1400 under invoice with about $2500 down and ~$650/mo. for 6 years (I believe). The former scenario would be very costly as I would end up paying close to $70K for the car (if I never re-financed). The latter scenario would be more liveable.
In conclusion, let me say that I never expected to be excoriated, reviled, and otherwise stomped on to the extent that I was. The original (but unstated) intent of my question was to elicit some measure of how much you all loved your Evos. I've been checking out the posts on this forum for a few months now, and it seems that a vast majority of you consider Evo ownership a way of life. Is it really inconceivable that someone would go to such great lengths, financially or otherwise, to indulge their passion? Some of you have spent thousands on mods that give you another second in your quarter-mile runs. Is this rational? Is it financially prudent? I would argue that it is not. But who cares? I asked for honest opinions, and I got them. However, I didn't expect some of you to assume the role of Dr. Laura or a financial advisor. I was always aware of the true cost of everything. I just wanted a feel for how everyone who owns one felt. We all make foolish financial decisions, knowingly and unknowingly. SOme of you, I know, have spent lots of money on your car which you have no hope of getting back. Would I really be any different if I had done this? I don't think so. So to everyone who chimed in, thank you, and that includes those that have pronounced me devoid of reason or common sense.
Mar 28, 2005, 04:23 PM
#94
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On the bright side, if you saved for a while then you could probably be the proud owner of a spanking new Evo X in about 18 months time. Now that would be worth striving for (and if not, you could pick up one of the last IXs for a bargain price). It's not like you're stuck with the Eclipse forever. Plus, what if Mitsu pull out of the US? The resale of your Evo would plummet like a stone....
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LordHighBinary
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Jan 9, 2004 02:32 PM
