Serious Trade In Questions

[dsmx17]

Originally Posted by ProTekk

Interior: 3 small burn holes from cigarettes.

Exterior:

Wear and tear on the front bumper and some rock chips.


21,000 miles, dealer maintained with paperwork.

As far as what I still owe on the FR-S, I got screwed. Overlooked all the paperwork, etc and still owe $28,000 9 months into a 60 month loan.

So, with the above in mind, ballpark me some numbers that I should shoot for mentally. Not best case scenario numbers please. Looking to trade into a BRZ Limited that's at a local dealer listed at $28.5k and the sales manager is a close family friend but yet vicious and relentless when it comes to his business even with us.

In my head, I see myself taking a $5-6k hit on this trade in. Is that number within reason? What tips or advice do you guys have for me?

You sir, are going to be very upside down. Simple math says amount offered on trade will be less than 20k I see pre-owned cars with >5k miles selling through dealers at 23k now.

But good luck!

[dsmx17]

Originally Posted by Marchy

Yeah i don't see the dealer giving you more than 18-20k for your car on a trade-in with its current condition. This means that to get into a BRZ limited, say out the door for 30-32k, you'll really be paying 38-42k for the car.

IMO, stick it out with the FRS until you are out from under the car.

What this guy said.

[Diode Dynamics]

I'd say keep the FR-S and add a few more mods to make yourself happier with the car.

-Nick C.

[5th 86]

Sell it privately if you can, if not just enjoy the car as is unless you really dont mind losing 5-8000 just to upgrade, but that is the reason i bought the brz, i thought long and hard about saving money or getting a full load in a 86. For a dd all the extra stuff does make it much nicer place to spend time.

[Dadhawk]

Here's the bottom line, it doesn't sound like you're in a position to do this.

AT vs MT "religious arguments" aside, basically what you are asking is "Should I pay $5,000 to $8,000 for a manual transmission?". I'm guessing if that was the option when first presented with the car you'd have said "Ugmm, no..."

If it were me, I would look to pay the loan down first until I could at least break even on a sale. Then, and only then, would I trade it in.

[rmjjensen]

Stop doing mods - you can't afford them. Instead you need to pay off this loan (god only knows what interest rate they screwed you at too).

How on earth do you owe $28k? What if you crash your car? The insurance company certainly is NOT going to give you a check for $28k when the car is worth $20k (if you're lucky).

Swapping for a BRZ is not for you - you have bigger problems. Enjoy the FR-S you have.

[rmjjensen]

Originally Posted by Marchy

that's what gap insurance is for

Makes the payment even more $$$$. If you can't afford the car (by putting a substantial down payment) you can't afford it.

[ProTekk]

I'm not sure how you guys came to the conclusion of what I can and cannot afford without me posting any indication of my income or financial status lol Quite a large assumption. Anyways, thread is pretty off topic at this point so yea...thanks for a few insightful posts though

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[Coaster]

Originally Posted by ProTekk

I'm not sure how you guys came to the conclusion of what I can and cannot afford without me posting any indication of my income or financial status lol Quite a large assumption. Anyways, thread is pretty off topic at this point so yea...thanks for a few insightful posts though

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Just head over to the Ferrari dealership and make it rain and sign up for the LaFerrari.

[ProTekk]

Originally Posted by Marchy

gap insurance was like 7$ a month for me. It give me the peace of mind that if some asshat driver crashes into my car, and i'm still under it because lets be honest, unless you drop 20% on the car at the time of purchase, you'll be under it for the first two years with depreciation, then i don't have to make payments on a giant paperweight.

and since when does how much money you can put down on a car an indication of how much you can afford. I'd rather keep my money in a IRA making 12-15% instead of losing it to my car which is a nice low rate of 2.35%

Exactly. God lol. I put nothing down on my car. Financed 100% of it...all taxes, fees, every penny. Interest rate of 3.95% due to no credit history at all though. Doesn't mean that I'm cashing in my coins at the nearest CoinStar to make my payments.

Never missed a payment, never have been late and always pay more than the minimum payment. Dunno how this became "How much car can I afford?" thread. I think I was pretty straight forward with outlining what I was looking for in the OP but hey, welcome to the internet where everyone knows better than the last person :shrug:

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[ProTekk]

Originally Posted by Marchy

hey didn't you know, if you can't drop 8-16k on a 25-30k$ sports car, you can't afford it.

i sure as hell didn't get the memo.

Wonder if anyone will realize why I have a total initial loan of $32k since I didn't drop a penny on the car initially...extended warranty, GAP coverage and all...

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[ProTekk]

Derp

[ProTekk]

Pics of the trashed car for reference:

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[Dadhawk]

Originally Posted by ProTekk

Exactly. God lol. I put nothing down on my car. Financed 100% of it...all taxes, fees, every penny. Interest rate of 3.95% due to no credit history at all though. Doesn't mean that I'm cashing in my coins at the nearest CoinStar to make my payments.

Never missed a payment, never have been late and always pay more than the minimum payment. Dunno how this became "How much car can I afford?" thread. I think I was pretty straight forward with outlining what I was looking for in the OP but hey, welcome to the internet where everyone knows better than the last person :shrug:

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Sounds like you can afford the payment, which is different then being able to afford the car, but that wasn't really my point in my post. But, you did ask if this was a wise thing to do.

My point was that do you really want to pay as much as it will cost you "just" (my "just", not yours) to get a manual transmission? There is no reason to make a marginally bad situation much worse, which is exactly what you would be doing by doing this.

But hey, its your life and your money, so if the answer is yes both the cost and the financial risk/hit are worth it to you, go for it.