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.