sad02lancer

Alright, I'm really trying to be open minded about this, but my car has me really depressed. I'm paying a lot of money for my 02 Lancer, I've taken good care of it, but it's resell value is total crap and I feel very limited on performance options. Here's the scene.

I still owe $16,500 for my car, and it's current private party KBB value is just over $9,000, if I sold to a dealer I would be doing good to get $7,500. Not to mention because I did the 0-0-0 thing I'm paying 14% interest which means when it's all said and done I'm going to pay over $24,000 for this car. So just car value I'm upside down by $7,500 - $9,000. Tack on interest and we're talking $12,500 - $14,000. Wow am I depressed. No one will even /look/ at re-financing the car because of this. So I'm stuck with the rate as well.

So then I start looking at how good the car is. Ok, so I'm paying a lot, what am I getting for it?

I'm getting a car that they went to extraordinary effort to make it unlike an evo. I've got the 4G94 2.0L engine with notoriously weak pistons which only makes 120hp. A SOHC head. Drum rear brakes. TINY front rotors and single piston calipers. A LOT of body roll. Significant torque steer.

What does the car have going for it? Good gas mileage, of course I could've paid $4,000 less for an Elantra and gotten the same gas mileage and horsepower, and would still have 80-90% of the value of the car in it. Oh yeah, and a better warranty.
Decent styling, but then again, darn near all new cars have good styling these days. Replacement parts will be cheap since you can buy a wrecked Lancer for $1,000 - $1,500. I've thought about going ahead and buying one to keep around for the inevitable.

Oh well. Basically I guess I'm screwed either which way I look. My own dumbass fault for not checking out the car better and looking at the deal more thoroughly.

If anyone's got any insight about this car to make me feel less glum about it let me know. All I can do at this point is pay my $400/month, enjoy the gas mileage, and try to learn from this horrible mistake.

~Chris

sleet

iTrader: (9)

Good luck.

KTRLancer02

iTrader: (7)

yeah my dad thought the same thing so he refinanced the house and paid the damn car off, there is no way ill ever get much out of the car since it has been in an accident. So its now paid off and when i get a new one ill let my dad use it. tough, thats life.

2002OZ

iTrader: (2)

Hey im in the same boat as you are I owe right about the same for mine and also did the 0-0-0 thing I know I will need to pay it off or make extra payments every month right now my payment is 398 so I can feel your pain. I too will learn from this mistake.
Ryan

TURBOit

iTrader: (26)

quite honestly, yes, it is your fault, but on a lighter note, heres how i looked at it.. option A) bring my car to a dealer and trade it in and made diddly squat option B) just wokr it up have lots of fun and have a really nice car in the end... i went with B obviously, i dont ever plan on selling this car, i may sell it to someone in the future, but i know it iwll be nothing, so i just saving up for my next one now

WADADLIG_OZ

iTrader: (9)

How is it that you guys owe so much? I traded in on mine and owed on the trades. I put like 1500 down and my payment is like 320 a month after I bought the stupid $891 extended warranty. Otherwise it would have been 299. Oh but I am doing 72 months not 60. That's probably it.

WADAD

naucrx

iTrader: (19)

I did the same thing as you did, only with an EVO instead of a regular Lancer. At first, the $800 a month car payments didn't seem that bad when I was being handed the keys to a new EVO. Everything was cool, until the first payment came due. lol

To make a long story short: I busted my ***, worked two jobs for 6 months to clean up my credit a bit and refinanced my 12.5% MMC loan to 5.9% at my local credit union. Not to mention that i stretched the payments out another year to 72 months vs. 60 with MMC.

I now pay just over $500 a month. It's still a ***** to pay every month, but it sure beats the hell out of an $800 car payment. And you better believe I will never make the same mistake twice.

Good luck man, and keep plugging away. Hopefully you'll soon be in a spot to dig yourself out of the hole.

Peace

Probleminfected

iTrader: (2)

720 a month for my lightning, 3 more years yeah!

good thing i'm getting a raise so i can double up my payments every month


i made a mistake buying my truck too, bought it before i started working for ford, could have saved 10K....

don't worry live and learn.

Drive02Lancer

iTrader: (1)

wow, i am payin 191 a month for 60 months...

my loan APR % was like 8.9 or something like that...crazy high cuz its my first time to 'get' credit...so both my parents co-signed and there credit blows...so i get ****ed over on the interest rate

than again, i bought my car around halloween and the sticker price was only 7,495$ with the extra $$$ for extended warranty to 48k miles

TeamNeXusOz

iTrader: (13)

you guys paid a lot of money for your cars!...ive only had my car since april and..i have like 16000 left on it...bought brand new

swhskenr

iTrader: (1)

wow.. i'm in the same damn situation sad02.. the only problem is, i owe like 19g's on mine.. and i pay almost 500 a month. damn 0-0-0 got me livin like a rock star for a year and now its 2004.. i bought the f@#&@in car on Nov of 2001... WOW.. time has definitely elapsed hasn't it?

All I can do is hook it up, pay it up, and suck it up... I learned my lesson and will never get sucked into a stupid deal just to be one of the first to own a damn automobile.. hah..

Good luck to all of you... including my self...

jon_e_blaze

i dropped 5k down, no trade. financed 0%apr for 36 months at about 350$ a month. now i owe less than 4k and less than 1 year to go. hell yeah.

hey but on the bright side, sad02, it could be worse. at least your not driving a civic like every other fast and furious wannabe in the country. all i can say, is try to enjoy it. yeah maybe you did make a mistake, but sitting around whining won't make it better. it really is a fun car and it's not a civic.

DJ5cR34m

well bro
u aint alone
although i am satisfied with my car (*not talking about $$$ ) i still dont feel that good about it


I bought 02 es lancer from a dealer for about 12k (like half year ago or even more). anyway he said ahh take car on u, u'll have a credit history etc etc etc. My sister was there and my dad was there so everyone was like OK - LETS DO IT
I got 4.6% rate but afterwards when i went to get my insurance - THE FCKN CHEAPEST 1 WAS FOR 1700$ (6 motnhs) !!!! i was like OMG ! WTF ! ( if not it i would have a badass car right now

Than they explained everything to me that since im 20 and car is on me ( and all mitsubishi cars [expect FUSO hehe and probably few more] are counted as sport vehicles] the insurance will be high

Now i am stuck with it till i get 21 >| - soon soon
but still i regret that fckn dealer - they jsut dont explain anything to u - all they want is to sell the car
Now if i would want to put my dad as the owner it would probably take like at least 2-3 weeks and filling tons of papers, calling dealer etc etc

but hey
THIS IS LIFE !

Im happy that i got the car - at least now we dont drive to church every sunday in a 87' Chevy 150 Contructor Van




oh
sry if i dont talk sh*t im a little drunk - little party before paying for the next 6 months

rentaslut

I feel ripped off getting my 2003 OZ as well.. I wouldnt as much, but I've already been rear ended 3 times in it and now theres all these #@$#$$# legal hassles and shiznitz.. oh well, perhaps when I die and am reborn, I'll just get another used car until I've got the cash straight up to get at least something like an evo or better.

TeamNeXusOz

iTrader: (13)

dud ....im pying like 2500 every 6 months...and that was with a clean driving record...cus it had OZ on the title...trust me...my car would be doing shows if i didnt have a GF that insurace payment...