Impulse Bought My BRZ, Buy a New One Next Year to Lower Payment?
 

Long story short, I bought my BRZ out of impulse last May after seeing it in person. I had an Argento Manual FR-S ordered with no features, and was expecting $380/month for 60 months with nothing down.

However, 2 weeks before delivery, the local Subaru dealer got an Automatic DGM BRZ Permium in and I was sold at sight. Because I always like darker cars, I immediately considered regretting the Argento. It had dealer installed Fog Lights, Deck Lid Spoiler, Homelink Auto-Dim Mirror and Bumper Applique.

Because I had nothing down, I ended up at $535.33/month for 72 months...at the time, it was a "whatever, I'll rework my budget". I have failed in this regard.

Now I've been thinking I wish I would've gotten the manual (not for price, but because manual).

Would I be smart getting a new manual BRZ with no options, pay off whatever the difference of what I owe is AND put down enough to finance $20,000 out the door around July 2013?

That would be ~350/month for 60 months and I wouldn't be under. Is this a smart financial move?

TL;DR - Cut my losses this year and lower my payment with another new BRZ?

I'm gonna go out on a limb and say that regardless of what you do, your credit is probably the culprit unless you waaaaay over paid on that BRZ. Selling it and cutting your losses is a waste of money in my opinion, but if you can't afford the payments, what choice do you have? You will also have a tough time selling an auto for close to what you got for it. So if you can make pay the difference of amount owed AND save up for a sizeable down payment in just 6 months go for it...but then i wonder about how $535 a month is tough to budget for if you can save that kind of dough in a 6 month period.

I really don't know what you should do, but I don't think any outcome to your situation would classify as "smart" financially. Sorry but that's the hard truth of the matter. What you need to do is figure out a realistic amount that the car might sell for, how much you have to pay to pay off the loan, how much you will end up paying per month to pay that down, and finally how much you can realistically save per month to put down about $7k-$10k so that you only need a $20k loan OTD. That should give you a rough estimate as to when you can realistically buy another new car. The other thing is selling the car, you made a mistake buying an auto, not because they are bad, but because the people who buy them are not common. Someone would have to be specifically looking for the color car you have and specifically auto. You are going to have to undercut dealers which won't be hard, but you may even have to undercut FRS pricing which will suck. Don't trade it in because you will get even less.

You got yourself into one hell of a situation and i hope for the best, and ultimately hopefully you learned to think these kinds of things through in the future. Impulse buys are ok for candy and small stuff...unless you're a millionaire.

I once sold cars..just playing along here:

Purchase Price: $30000 <----did you pay more than this? if so too much
Down Payment: $3000 (assumption)
Value of Trade/Sell: $0
amt borrowed = $27,000
Interest Rate for Loan: 7%(assuming you in tier three or four to get less than ideal rate)
Number of Months for Loan: 72
Here's the payment information:
Monthly Payment: $460.32*
Total Interest Paid: $6143.27*

so if your paying $535 x 72 youre paying back $38,500
theres two grand you paid too much on either car, or rate
I have advised folks above 5% it starts to make less sense, at 7% you really better be aware of the value and want the car that bad.

Its true not everyone will qualify for .9% or 2.9%
no biggie, try and put more down to borrow less if your scores are lower than you like

either way not the end of the world, lots of folks with less than stellar credit need a loan that they fullfill to improve their scores, so this may be a stepping stone if you play your cards right
do not take 6 years to pay this back whatever you do, as far as fiscal advice

that said lots of folks do what they gotta to enjoy a car and life
thats alot for a 86 unless you plan to pay back your loan early, in the next 30 months may make sense to keep it, and may improve your scores in a short while, then its worth it

short of that sell before you get too much negative equity or you will never get out and have to drive it to the ground for 6 more years

..or keep it drive it and smile, tho this is bad fiscal practice unless your cash flow can sustain it I wouldnt advise it.

can you sell another asset and pay loan off early? thats the most sensible thing to do if you want to avoid the interest and keep the car, atleast all you loose is some money and not the car

loosing the car will cost you the car, but may be the wisest to unload yourslef of a debt like that if you will need full term to payback. improve your score and get into something maybe a better deal would be
60 months not 72, 4.9% or better, and put more down to borrow less=less impulsive

now go out for a drive and dont be down on yourself, we all make mistakes

Honestly I would keep it.
I have little knowledge on this stuff so here's my .2 cents
I read paying off your car loans faster actually hurts your credit. So I would avoid that.
You could sell it-but you would still need to pay off the difference on the loan unless....you have GAP but even than....
Are you able to get a lower interest rate after you made a few payments?...They might help you out-its worth a shot asking after all its been 8months.
I know you're unhappy with the color as well-What about saving for a paint job than?
But if you do end up getting a different color/might as well see what 2014 has to offer, while also saving whatever you can to put a better down payment next time around.