Quote:
Originally Posted by Kerune
Although, I can imagine that anyone who bought a twin with minimal down rolled negative equity or broke even after 1-2 years of payments, I'd like to hear ppl's experience.
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Always depends on the situation. I formerly had a Lexus IS250 F-Sport with the six-speed manual that I bought CPO. A rather rare car since it had the third pedal and one that I thought I would enjoy a lot more than I ultimately did. I dumped it after about 18 months because I wanted something fun again and after quite a bit of research, found great deals on leftover 2014 BRZ's.
I also looked at older 911's and Cayman's but the potential of a very expensive repair deterred me; however, during that time I had my Lexus appraised at Carmax, they offered me $18500. That was about $1000 less than I owed on it at the time and, like you, I didn't want to roll negative equity into another car or pay a small lump to be rid of the Lexus.
That brought me to the BRZ. I was seeing nice discounts off MSRP coupled with great financing offers. I ended up getting my BRZ for $3000 off MSRP and got 0% for 72mos on the note. Since I was getting free money for six years, I didn't mind rolling that same $1000 of negative equity into the note on the BRZ. My note with tax, fees and negative equity still ended up being less than the original MSRP of the car without putting anything down.
The only risk I've assumed is that initially, the car's depreciation is going to outpace the loan repayment. I'm not quite a year in yet, and maybe six months from being on the equity side of things.