I have a dilemma, new to the forum.
May 4, 2012, 07:56 AM
#16
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Your other option would be to lease. You can carry your negative equity in to it, and be done with it. Otherwise, once you start rolling negative equity in to cars, it makes it a lot harder to get out it, unless you ride your loan out til its full term.
A lot of people are afraid of leasing because of the mileage restrictions. Yes, they're not for everyone. Leases are for two different people:
1) People who don't drive that many miles, and like a new car every couple years. This is the traditional leaser.
2) People who are 100% possitive this is the car they want to own for the next 5-7 years. If you buy a leased vehicle, miles dont matter. You only get charge for mile overages if you return th car to the dealer. So, if you're sure you're buying it, why not break your payments in to two parts?
A lot of people are afraid of leasing because of the mileage restrictions. Yes, they're not for everyone. Leases are for two different people:
1) People who don't drive that many miles, and like a new car every couple years. This is the traditional leaser.
2) People who are 100% possitive this is the car they want to own for the next 5-7 years. If you buy a leased vehicle, miles dont matter. You only get charge for mile overages if you return th car to the dealer. So, if you're sure you're buying it, why not break your payments in to two parts?
Last edited by TrogdorWBL; May 4, 2012 at 08:04 AM.
May 4, 2012, 08:05 AM
#17
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So yesterday I drove a buddy of mine's Evo X. I was absolutely blown away and I totally want to get one now. Im in a bit of a pickle though as I bought a 2012 Mustang GT in December. Its a cool car, I just don't really feel like its for me though. I was wondering if anyone had any experience or knowledge as to wether I would be able to trade it in for an Evo X and keep my current or similar monthly payments? I'm paying $398/mo at 1.9% APR, and $186 for insurance. I'm willing to get a used one as i have now realized depreciation is my best friend/greatest enemy.
I think my car is worth less than what I currently owe as well since it was involved in a collision in a parking lot. Some *** hole rammed me. In a parking lot.
I'm hoping to hear some good news x__x
Thanks in advance for the input
I think my car is worth less than what I currently owe as well since it was involved in a collision in a parking lot. Some *** hole rammed me. In a parking lot.
I'm hoping to hear some good news x__x
Thanks in advance for the input
May 4, 2012, 08:27 AM
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If you truly believe you will never be happy with the Mustang, lose the $$$ that you will now by trading in versus dumping more than that amount in mods into the Mustang and still not be happy. The car will continue to depreciate so get what you can now. Selling privately will get you a little more money to play with for sure. If you are patient it won't be as bad as trading in.
May 4, 2012, 11:31 AM
#21
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Eitherway it will never be cheap or financially smart to trade in a car that you buy brand new 5 months ago. Especially when it has damage that brings down the value even more.
I'm wondering also if the OP's friends Evo was stock or modded. He fell in love with his friends Evo, but his friend might have some money invested in performance parts on the Evo.
May 4, 2012, 12:34 PM
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Any monthly payment is possible, it's just a matter of how much money you need to put down.
The fact of the matter s, if you've owned a car for 4 months, it's worthless than you owe no matter how good of shape its in! So you're going to have to carry negetive equilty in to your new loan, or put money down to compensate. Just remember, $1000's borrowed is about $20 a month.
So, you're looking to be at $400 a month on a car that is $35,000 + $3000 of negetive equity. that's $38,000, plus TTL. You'll be over $750 a month wih no money down. You're going to have to put a significant sum of money down to be at $400 a month.
The fact of the matter s, if you've owned a car for 4 months, it's worthless than you owe no matter how good of shape its in! So you're going to have to carry negetive equilty in to your new loan, or put money down to compensate. Just remember, $1000's borrowed is about $20 a month.
So, you're looking to be at $400 a month on a car that is $35,000 + $3000 of negetive equity. that's $38,000, plus TTL. You'll be over $750 a month wih no money down. You're going to have to put a significant sum of money down to be at $400 a month.
Your other option would be to lease. You can carry your negative equity in to it, and be done with it. Otherwise, once you start rolling negative equity in to cars, it makes it a lot harder to get out it, unless you ride your loan out til its full term.
A lot of people are afraid of leasing because of the mileage restrictions. Yes, they're not for everyone. Leases are for two different people:
1) People who don't drive that many miles, and like a new car every couple years. This is the traditional leaser.
2) People who are 100% possitive this is the car they want to own for the next 5-7 years. If you buy a leased vehicle, miles dont matter. You only get charge for mile overages if you return th car to the dealer. So, if you're sure you're buying it, why not break your payments in to two parts?
A lot of people are afraid of leasing because of the mileage restrictions. Yes, they're not for everyone. Leases are for two different people:
1) People who don't drive that many miles, and like a new car every couple years. This is the traditional leaser.
2) People who are 100% possitive this is the car they want to own for the next 5-7 years. If you buy a leased vehicle, miles dont matter. You only get charge for mile overages if you return th car to the dealer. So, if you're sure you're buying it, why not break your payments in to two parts?
The OP did say he would also consider a used newer X. If he can find one for around $28k + TTL, it would be $31k (before ttl). If he gets financed at 4% for 6 years then it would be about $485 a month if he puts down the ttl amount as a down payment. This is closer to $500 a month but its still in the 400 price range.
Eitherway it will never be cheap or financially smart to trade in a car that you buy brand new 5 months ago. Especially when it has damage that brings down the value even more.
I'm wondering also if the OP's friends Evo was stock or modded. He fell in love with his friends Evo, but his friend might have some money invested in performance parts on the Evo.
Eitherway it will never be cheap or financially smart to trade in a car that you buy brand new 5 months ago. Especially when it has damage that brings down the value even more.
I'm wondering also if the OP's friends Evo was stock or modded. He fell in love with his friends Evo, but his friend might have some money invested in performance parts on the Evo.
I know x_____x
I just called him up. The only mod he's done is his AMS catback.
Man I'm hoping this is all gonna work out.
May 4, 2012, 08:10 PM
#23
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Was 1.9% through Ford? A special offer they had going at the time? Or was it financed through your mom's bank?
May 4, 2012, 09:32 PM
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Basically, when you lease you agree that at the end of 2, 3, 4 or 5 years, the car will have some amount of miles on it and thus be worth X amount. If you're over your miles and the car is worth less than the originally agreed upon X amount, you get charged. Most people only understand this part of the lease.
But say for example, you lease a car fo 4 years, and the agreed residua value is $14,000. If you return the car with way more miles than you had planned and the car is now worth $12,000. If you want to buy the car that car, you don't get charged by the dealership. You're buying it. The reason dealers charge for extra miles is because they're stuck with a car worth less than wa agreed upon. If you buy it, they're not stuck with it, so there's no reason to charge you.
So, like I said, if you're 100% sure you want to keep the car for 6-7 years then leasing just breaks up your payments like 60% now, 40% later.
Also, Mitsubishi is one of a few companies than will do a 20,000 mile a year lease. This will increase your monthly payment, but it will also give you the option to get rid of it at the end.
May 4, 2012, 11:12 PM
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My point though is this: If you're 100% sure you're going to buy it at the end of your lease, then miles don't matter.
Basically, when you lease you agree that at the end of 2, 3, 4 or 5 years, the car will have some amount of miles on it and thus be worth X amount. If you're over your miles and the car is worth less than the originally agreed upon X amount, you get charged. Most people only understand this part of the lease.
But say for example, you lease a car fo 4 years, and the agreed residua value is $14,000. If you return the car with way more miles than you had planned and the car is now worth $12,000. If you want to buy the car that car, you don't get charged by the dealership. You're buying it. The reason dealers charge for extra miles is because they're stuck with a car worth less than wa agreed upon. If you buy it, they're not stuck with it, so there's no reason to charge you.
So, like I said, if you're 100% sure you want to keep the car for 6-7 years then leasing just breaks up your payments like 60% now, 40% later.
Also, Mitsubishi is one of a few companies than will do a 20,000 mile a year lease. This will increase your monthly payment, but it will also give you the option to get rid of it at the end.
Basically, when you lease you agree that at the end of 2, 3, 4 or 5 years, the car will have some amount of miles on it and thus be worth X amount. If you're over your miles and the car is worth less than the originally agreed upon X amount, you get charged. Most people only understand this part of the lease.
But say for example, you lease a car fo 4 years, and the agreed residua value is $14,000. If you return the car with way more miles than you had planned and the car is now worth $12,000. If you want to buy the car that car, you don't get charged by the dealership. You're buying it. The reason dealers charge for extra miles is because they're stuck with a car worth less than wa agreed upon. If you buy it, they're not stuck with it, so there's no reason to charge you.
So, like I said, if you're 100% sure you want to keep the car for 6-7 years then leasing just breaks up your payments like 60% now, 40% later.
Also, Mitsubishi is one of a few companies than will do a 20,000 mile a year lease. This will increase your monthly payment, but it will also give you the option to get rid of it at the end.
Ahhh I see. Thats starting to sound like a viable idea now.
I think I found a solution to my negative equity problem. I have a buyer who is willing to take over my loan(change it to his name). I won't really get anything out of it moneywise, but at least I don't have to deal with having to pay money on a loss.
Thanks for all your input guys. I really, really appreciate it.
May 7, 2012, 01:46 PM
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Check out these numbers...of course you need to take them with a grain of salt...but worthy of consideration.
TCO on 2012 Mustang GT - $53,039
http://www.edmunds.com/ford/mustang/...tyle=101369165
TCO on 2010 Evo GSR - $65,015
http://www.edmunds.com/mitsubishi/la...html?zip=90003
So over 5 years you're looking at about $12,000 more to own the Evo.
Add that to the $4,000 you already put down and at least $100 more a month for the X ($6,000 over 60 months) .....
$22,000 over 5 years to go with the X....and this is assuming you can get out of the stang without negative equity...
Gotta ask yourself if it's worth it. Just my 2 cents...
TCO on 2012 Mustang GT - $53,039
http://www.edmunds.com/ford/mustang/...tyle=101369165
TCO on 2010 Evo GSR - $65,015
http://www.edmunds.com/mitsubishi/la...html?zip=90003
So over 5 years you're looking at about $12,000 more to own the Evo.
Add that to the $4,000 you already put down and at least $100 more a month for the X ($6,000 over 60 months) .....
$22,000 over 5 years to go with the X....and this is assuming you can get out of the stang without negative equity...
Gotta ask yourself if it's worth it. Just my 2 cents...
May 7, 2012, 02:09 PM
#27
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Check out these numbers...of course you need to take them with a grain of salt...but worthy of consideration.
TCO on 2012 Mustang GT - $53,039
http://www.edmunds.com/ford/mustang/...tyle=101369165
TCO on 2010 Evo GSR - $65,015
http://www.edmunds.com/mitsubishi/la...html?zip=90003
So over 5 years you're looking at about $12,000 more to own the Evo.
Add that to the $4,000 you already put down and at least $100 more a month for the X ($6,000 over 60 months) .....
$22,000 over 5 years to go with the X....and this is assuming you can get out of the stang without negative equity...
Gotta ask yourself if it's worth it. Just my 2 cents...
TCO on 2012 Mustang GT - $53,039
http://www.edmunds.com/ford/mustang/...tyle=101369165
TCO on 2010 Evo GSR - $65,015
http://www.edmunds.com/mitsubishi/la...html?zip=90003
So over 5 years you're looking at about $12,000 more to own the Evo.
Add that to the $4,000 you already put down and at least $100 more a month for the X ($6,000 over 60 months) .....
$22,000 over 5 years to go with the X....and this is assuming you can get out of the stang without negative equity...
Gotta ask yourself if it's worth it. Just my 2 cents...
-It states the car will depreciate by $13,625. Although its a mItsu and they do depreciate quickly, the Evo's seem to hold pretty good value. Especially factoring in that Mitsu is discountinuing them. There is no way I would sell my Evo is 5 years for around $20k. So I think this is over estimated
-Taxes and fees are probably about right but should be around the same for all cars
-Financing depends on your credit but looks about right
-Fuel. I would argue this one. It says $18,176 for 60k miles. Now this will vary depending on your area and driving practices. But I get about 20 miles a gallon. And I will say gas is $4 a gallon as a rough estimate. So for me 60k miles will cost me $12,000 over 5 years.
-Insurance also. I pay $100 a month for full coverage. According to this TCO, they estimate $14,641. That is $244 a month. I think this is also a bit inflatted.
-I'm not sure about maintenance. I hope it doesnt cost over $10 grand for scheduled maintenance for the first 60k miles
-Repairs is a hit or miss. Might cost you alot and might not cost anything.
Last edited by Kendogg; May 7, 2012 at 02:12 PM.
May 7, 2012, 03:07 PM
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I see your point here. But I would question those amounts. They are based on 5 years and 15k miles per year. So first off:
-It states the car will depreciate by $13,625. Although its a mItsu and they do depreciate quickly, the Evo's seem to hold pretty good value. Especially factoring in that Mitsu is discountinuing them. There is no way I would sell my Evo is 5 years for around $20k. So I think this is over estimated
-Taxes and fees are probably about right but should be around the same for all cars
-Financing depends on your credit but looks about right
-Fuel. I would argue this one. It says $18,176 for 60k miles. Now this will vary depending on your area and driving practices. But I get about 20 miles a gallon. And I will say gas is $4 a gallon as a rough estimate. So for me 60k miles will cost me $12,000 over 5 years.
-Insurance also. I pay $100 a month for full coverage. According to this TCO, they estimate $14,641. That is $244 a month. I think this is also a bit inflatted.
-I'm not sure about maintenance. I hope it doesnt cost over $10 grand for scheduled maintenance for the first 60k miles
-Repairs is a hit or miss. Might cost you alot and might not cost anything.
-It states the car will depreciate by $13,625. Although its a mItsu and they do depreciate quickly, the Evo's seem to hold pretty good value. Especially factoring in that Mitsu is discountinuing them. There is no way I would sell my Evo is 5 years for around $20k. So I think this is over estimated
-Taxes and fees are probably about right but should be around the same for all cars
-Financing depends on your credit but looks about right
-Fuel. I would argue this one. It says $18,176 for 60k miles. Now this will vary depending on your area and driving practices. But I get about 20 miles a gallon. And I will say gas is $4 a gallon as a rough estimate. So for me 60k miles will cost me $12,000 over 5 years.
-Insurance also. I pay $100 a month for full coverage. According to this TCO, they estimate $14,641. That is $244 a month. I think this is also a bit inflatted.
-I'm not sure about maintenance. I hope it doesnt cost over $10 grand for scheduled maintenance for the first 60k miles
-Repairs is a hit or miss. Might cost you alot and might not cost anything.
Yep, that's why I said take it with a grain of salt. The OP did 4,800 miles of DD in about 3 months with the mustang, so we're actually looking at closer to 19,000 per year...
-Depreciation will depend a lot on the owner and how the car is cared for. I agree it's probably a generous estimate but I also don't think there are people lining up to buy 5+ year old high-performance imports with (presumably) almost 100k miles.
-Fuel does seem a little high, I have to image that's becuase I used a zip in LA (the OP's residence).
-Insurance of course will depend on the driver. I assume the OP is under 25 so it might not be THAT far off. I think he said it will go down with the Evo, but can't be much less than $186
-Like you said, maitenance & repairs are hit or miss.
All things considered, I definitely agree it's inflated. But I have to imagine the TCO for the mustang is also inflated, so realistically there is going to be a considerable cost difference over 5 years.
My opinion...think long term and err on the side of caution...as always...fwiw
May 8, 2012, 09:26 AM
#29
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Just got evo x!! Help
Hi I have recently joined this forum. I did not know how to post on my phone so I replied to this thread. I recently got a 2008 evo x in may. It has an fp green turbo, cams and springs done, walbro fuel pump, 800cc injectors, intercooler, intercooler piping, catch can, turbo smart bov, air intake ect. Everything was done to the car at lighspeed innobations up in red deer about 20000 km ago. When I bought the car it had 47000km on it. The previous owner had the stock exhuast put on it because the aftermarket one cracked. So recently I decided to put the agency power catback exhaust back on since the car was tuned with it on. The car was tuned with an cobb access port and it seemed to run fine as I got it with 47 k and drove it 5k. Now. The car has 52000 km on. So here is where the stuff started going wrong. When I got the exhaust on the car was running good. However the afr's were higher on average about .5. My ccar was also overboosting. When I was coming from work one day the check engine light came one. And the car starting shaking violently on the highway. So I pulled over and read the code. It was a p0302 which is cylinder 2 misfire. I drove it home as I was close to my house. The car was running VERY lean at this point. The afr's were at 17-18 and it would rev up and down at idle. VERY abnormaly. So I decided to check the sparkplugs and found that my cylinder 2 spark plug was cracked. A small piece of the tip had simply broken off ( about 1mm).. So I went and bought new spark plugs. My cousin also took a boroscope and checked all cylinders and they all looked the same. When I changed the sparkplugs none of the issues were resolved. Later on I did a compression test and found out my clinder 2 had little to no compression. 
. So I have recently bought my evo x and have blown my engine. I don't know what to do. My car is still under warranty and I have EVERY stock part. I waswondering if I put all the stock parts back and took it to the dealer if they would notice. I do not know what to do. Any help would be great as this is my first car. Thanks
. So I have recently bought my evo x and have blown my engine. I don't know what to do. My car is still under warranty and I have EVERY stock part. I waswondering if I put all the stock parts back and took it to the dealer if they would notice. I do not know what to do. Any help would be great as this is my first car. Thanks
May 8, 2012, 10:15 AM
#30
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Hi I have recently joined this forum. I did not know how to post on my phone so I replied to this thread. I recently got a 2008 evo x in may. It has an fp green turbo, cams and springs done, walbro fuel pump, 800cc injectors, intercooler, intercooler piping, catch can, turbo smart bov, air intake ect. Everything was done to the car at lighspeed innobations up in red deer about 20000 km ago. When I bought the car it had 47000km on it. The previous owner had the stock exhuast put on it because the aftermarket one cracked. So recently I decided to put the agency power catback exhaust back on since the car was tuned with it on. The car was tuned with an cobb access port and it seemed to run fine as I got it with 47 k and drove it 5k. Now. The car has 52000 km on. So here is where the stuff started going wrong. When I got the exhaust on the car was running good. However the afr's were higher on average about .5. My ccar was also overboosting. When I was coming from work one day the check engine light came one. And the car starting shaking violently on the highway. So I pulled over and read the code. It was a p0302 which is cylinder 2 misfire. I drove it home as I was close to my house. The car was running VERY lean at this point. The afr's were at 17-18 and it would rev up and down at idle. VERY abnormaly. So I decided to check the sparkplugs and found that my cylinder 2 spark plug was cracked. A small piece of the tip had simply broken off ( about 1mm).. So I went and bought new spark plugs. My cousin also took a boroscope and checked all cylinders and they all looked the same. When I changed the sparkplugs none of the issues were resolved. Later on I did a compression test and found out my clinder 2 had little to no compression. . So I have recently bought my evo x and have blown my engine. I don't know what to do. My car is still under warranty and I have EVERY stock part. I waswondering if I put all the stock parts back and took it to the dealer if they would notice. I do not know what to do. Any help would be great as this is my first car. Thanks
. So I have recently bought my evo x and have blown my engine. I don't know what to do. My car is still under warranty and I have EVERY stock part. I waswondering if I put all the stock parts back and took it to the dealer if they would notice. I do not know what to do. Any help would be great as this is my first car. ThanksSorry to hear. I would try to post this in a new thread though. And if I was in your situation I would try to revert to stock and get it covered under warranty. Its worth a shot. If you did blow the engine then the alternative can be pricey.