What To Do...
 

So I plan on getting an FR-S. I'm going to be trading my 08 camry. Thing is, Its not paid off. There's still about 13 grand left to pay off. I'm not exactly sure on the trade in value but I'm thinking its around 10k. I have 3k of my own money for down payment so far. Should I just wait it out? I was planning on getting it with 2 weeks or so. I want my fr-s soo bad! I don't wanna wait any longer but I don't wanna screw myself over with payments.

Any insight is much appreciated :)

you are in the situation i was just in with a tacoma. roll over to the new loan. it is your choice. see how much you can get for your car and if you are comfortable with the roll over then go for it, other than that i would say hold off till you can afford it but it should be doable. it worked for me and i had to roll a bit over...it was kinda dumb on my part but it was worth it...make a reasonable choice only if you can handle it...

question is can you afford the monthly payments and insruracne of the fr-s? how is your credit? do you have a stable job?

if yes then id say gun it and trade it in.

with 3000k down payment you're looking about $500 + a month

since you the camry is not yet paid for, you wont get top dollar out of it

Idk if this makes a difference but a buddy of mine, his dad actually works for a dealship as well so he can help me out on a few things.

Only when you're young do you get special gratification out of getting a new car. If you don't get it now it just won't be the same in the future. Bull ----! Take it from a 78 year old fart: My new FR-S won't be in till the 17th of this month and I can hardly wait. I'm still excited about getting a new and exciting toy.

What I'm getting at is wait. You might think it's the most important thing in the world to you but it's not. If you buy it one, two, three or even 10 years from now it will be every bit as exciting as if you bought it today. Plus, if you wait you won't have put yourself in such a hole financially. And on top of that if you wait it will be newer than the one I'm getting in a few weeks.

Slow down Grasshopper. You've got a whole life ahead of you and it will go a lot easier if you apply some common sense to it.

Great advice from "WHAAP", good things come to those who wait. You know your financial situation,only you can make the right choice.

hate to admit it but whaaap has an awesome point mate...my dumbass just couldnt wait though lol. i hope you make the best decision based on you situation. besides who knows wait till all the recall and idle issues are fixed...less headache and save a while longer...

This guy is awesome! True car fan right here!

Bro, dont kill yourself financially. This coming from a 26yo who worked for everything from ground up.

In short, your camry will work unil the wheels fall off. Waiting has its benefits as well like toyota taking out the first year kinks from the car (see my story or many others in the warranty section), also with not being upside down in your camry, you can sell it privately and get a better deal rather than trade it at the stealership.

Choice is yours...I do agree with whaap tho!

^^ I say all this because i was in the same exact position. Had my civic, but paid it off and sold it. Was able to put down the money from the civic plus $1000 college discount got me a low 300/mo payment! I love the fact that my car payment and insurance is well below $500. So, try to make a smart decision and wait if you have to.

If you are balling status than go for it!

Waiting is the best option; ill save more money and the payment for camry will lower. Its just when I get excited for something, I grow impatient sometimes. And I hate my car because my step bro owned it before me so I wanna get rid of it. If I find a solution that is plausible ill go for it but til then, I shall be playing the waiting game.

Thank you guys for your input I greatly appreciate it!

Honestly, if you're upside down in your Camry (Trade-in Value is less than what you Owe) then you'll be adding the difference to your loan amount. So let's just say FRS is 25k, you add the difference which you say is about 3k (what are you financing for like 8 years?) then your loan amount will be 28k +++. If you put the down payment on it, then you'll be negating the damage done by your camry, but you'll also be out of paying for it. My honest guess here is that you will be paying slightly more for your FRS than your camry even with a great interest rate.

Do your research. Find out how much you owe, what it's worth by going to kbb.com or nada. Then go to the dealership.

And this time, JUST IN CASE, purchase GAP insurance. GAP insurance is honestly the best thing ever. It's just in case you purchase a car and sell it during your loan term and you owe more than it's worth. The GAP insurance pays for the difference. Seems like you like to drive new cars every once in a while. It'll surely make up the difference. And it's only like 5-10 extra a month right guys?

just sold my 06 camry got 8500 for it.. good luck

traded 06 solara and got 8300. good luck.

yes! rob a bank for the difference! your "other" option
is to "hit" a lottery somewhere,and of course,there is always the third option.
if you are patient,you can pick up a slightly "used" one for short money at some point,but i wouldn't hold my breath,on this option! there is a fourth option,although it's risky! "steal" one!..this might not work,unless you are
an electronics expert,so cannot recommend it,however i guess you could consider it an option!

this is "dead nuts" accurate! try to keep in mind,it's a "material" thing, a car! granted,it's an exciting car,but still, a car,and if "the car" will dump you into a very precarious financial condition,then why would you want to chop your head off to spite your face? i will be picking one up soon as well,and i can certainly understand how you feel,BUT it's still just an inanimate object,and IF you cannot afford it,then common sense should tell you you don't want to make your life miserable paying for it,because it this is the case,the it's NOT worth it over the long term! give yourself a chance,and make a little bit of money first,so you can get "the car" a few years from now when it makes good financial sense for you to do so!..as the asians say! it's ''suuuup" to you!..good luck!

Take your emotions out of it and ask yourself the question again. Does this plan compute logically? What are the consequences and the benefits?

Never make a decision solely on emotions; use logic preferably 75% or more logic/25% or less emotions cause you're human.

As others have said I honestly think you should wait. If you only get 10k on a car with 13k left on it and have a 3k downpayment prepared then you are essentially paying off the corolla and financing the FR-S with a $0 downpayment. Those will be some HIGH payments.

Good things come to those who are logically patient. Don't dig yourself into a hole man :/...

It's never a smart decision to get upside-down on a car, and to bring even more upside-down-ness from your last car to stack on top of (under?) the upside-down-ness of a new car is never ever going to make financial sense.

That said, I don't know if choosing an FR-S is an entirely logical and practical choice. I mean, it's not the least expensive transport out there and it's certainly not the most practical.

Even considering that, there can't be a worse time for you to buy this car than right now. I would wait at least until the trade-in is no longer under water before shopping. I also can't say I wouldn't understand if you ignored me entirely.

-Justin

I didn't read all of the posts, so I am sorry if some of this was covered.

Here is what I would do in your situation:

Go in and get paperwork from the dealer showing what they would give you on a trade. Have their used car manager or whoever write it up. If they are willing to go close to the value, go ahead and order the car. Keep in mind that in most if not all states, your trade in value also detracts from total sales tax on the vehicle, so it really is all an equation you will have to work out and see if it is worth it to you.

The other option is to order the car and just try selling yours. I didnt look up the value of your car, but NADA is what most banks go off of. I would see what similar examples of your car go for in the local classifieds as well. Where that is a really common car, it may be hard to sell privately though. BUT I would try to sell it private party while the new car is on the way. If you find a buyer close to your arrival date of the FRS, you can do an in and out with the vehicle which will also save you the sales amount of the car from the taxes you will pay on the FRS.

When it comes down to it, this is not about the money, it is about the opportunity cost and what it is worth to you. If the rollover from your car offsets the price "X" amount of dollars, it really depends on if that car is what makes you happy for that $ amount. Don't worry about how much my payment is, or your buddy's payment, just look at your budget and see if it is worth it to you.

In the end, there are practical people and car people. Practical people look at a car as a tool and nothing more. They worry about MPG's, Heat, AC and maybe luggage room. Car people love cars. They may not always be practical about what they have, but the car is an obsession/ love. I always set a car budget and realize that the car budget will detract from the hobby budget as well because the hobby is the car.

Anyway, the choice is up to you and really just depends on how bad you want it. Anyone telling you to be patient for financial reasons are also slightly hypocritical because what makes financial sense, is to wait for a used version of the car. You just have to draw your own line as to what really is "Worth it" in your eyes.

Oh and if you are doing rollover from the trade in, just make sure you get GAP insurance enough to cover the value of the rollover, many will.

My advice would be to exercise a little patience and try to sell your car outright yourself. A trade in will lose you thousands almost every time. Even if a dealer "helps you out" and give you more for your trade they are most likely tacking it into the loan, or keeping rebates or upping your price or interest. I used to sell cars so I know a bit about the subject.

KBB has your car (is it a LE) at around 13k private party sale value. It is 11k for trade in.

I always advise friends and family to avoid rolling negative equity into loans, it starts a snowball and you eventually end up having BMW size payments on a Hyundai.

A little patience and you can have the car you want, with a payment that is reasonable and have some change left in you pocket for mods.:thumbsup:

Wait, I just saw your user name is "DR" so we will all assume your can afford to just keep the camry and buy the car outright! PULL THE TRIGGER!!!!