NYSpeeds Financial Advisors...

NYSpeed Automotive NYSpeed Off Topic
1

Well, I’ve been looking at evo’s continuously over the past few months and I’m more and more intrigued to purchase one.

I currently own a 2002 VW GTI that I picked up last June, and I still owe roughly 10k on it. Now by the looks of things I can have about 9500 dollars in the bank by December, with enough money to pay my bills and live without it taking a toll on my life.

Now I’d love to find an evo locally and trade my car in on it…when the opportunity comes what is my best bet towards a trade in, while maintaining something close to where my payments currently sit?

Basically what I’m trying to do is figure out what I need to do to put myself in the best financial position to trade in my car on an evo without it fucking up my life.

I’m really good with finances, but this is a bit farther than I’ve ever gotten into.

I think this will be an extremely wise decision on my part, this past winter was extremely difficult with my VW in the snow and the issues I’ve had with it.AWD will be nice in the winter. The GTI getting up there in the mileage as well, so I think the sooner I can get rid of it the better off I am as far as getting the most money I can.

Oh and as far as the evo is concerned, it WILL stay as stock as possible. No tint, no exhaust, no nothing that will get my ass in trouble with the police. The farthest I will go is coilovers and proper HID’s, but thats a long while away.

Thanks in advance everyone.

2

its all going to depend on your trade-in value. If you owe 10k and they arent going to give you at least that for it, the only way to keep your new car payment reasonable is to put a bunch of money down. If they’re going to give you what you owe/possibly more you’ll be in good shape, i’d still recommend putting something down tho or else your payment is going to be $550+

3

Trade in value is around 7700 in excellent cond.
I’d also be looking at putting down 2-3k

4

Oh, I’m not sure If I mentioned it or not, but that 9500 I’ll be saving will be dumped into what I owe on the GTI to bring it down to almost nothing.

5

take your time and look around before u make any final decisions, with the trade in and the right pick u can be in pretty good shape. be careful when buying a used evo though, if u want when the time comes ill go with you to check the car out. i would find a car if not totally stock or close to stock as possible.

insurance will be VERY expensive on your own, under your parents will be a lot cheaper. maintenance isnt all that cheap either.

6

Don’t take this the wrong way…

but didn’t you bail on the turbo e30 project for lack of money?

Now you want to buy an evo?

7

^x2?

No offense…

8

I’m all for getting rid of a VW…but not at the expense of a more expensive, fairly high maintenance car like an Evo…if you’re looking to save money.

EG Civics can be had at very decent prices these days…

Edit: What the guys above me basically said.

9

your logic is not making sense for it. you have no money but u just said to gary you have 9k plus trade to buy a evo. 3k down you are still looking at 5 600 a month payments

10

ok. you own a 15k car AND you want to buy a 30k car AND you want your payments to be about the same?

AND it sounds like you are upside down in your current auto loan - which means you owe more than its worth.

you either have to put the difference down when you purchase the car (at least 10-15k) and get a great interest rate.

i dont know why you want an evo, but unless you have about 20k to put down as a down payment (on a diminishing return) or a great job, dont do it. evo’s arnt exactly a “good” vehicle with regards to maintenance/parts costs when things break. just my .02

11

Don’t buy an Evo, look at your buddy JDMjunkie, learn from his mistake.

12

not too mention the inevitable money / credit that will be spent modding his financed DD…

13

hahaha

first you bail on a project, then you want to buy an f-body, now you want to trade in your car for an Evo.

you are a young dude. You should not be paying 500+ a month for a car.

14

Look at it this way, if the car payment + insurance payment is more then 15% of your NET monthly income, don’t do it.

If you live at home and plan on staying there until the car is paid off, then maybe bump that up to 25%… but that is even more dumb - as you shold take the opportunity to build up assets, not losses.

15

seriously a large car payment is not a good idea unless you have a reliable career that is making you good money.

16

wow

bad decision :down:

17

you mean student isn’t a baller career status?

18

your best bet is to private sell your gti, get a rental for a week in between and buy an evo

19

I just got hired as a Financial Advisor in January… lol, I thought this pertained to me, oh well

20

Just google a payment calculator. Don’t finance the thing for 6 years either.

Simply put in the purchase price you expect, and what you expect to have down and in trade and you’ll get the payment, how is this hard?

it also works in reverse, put in your DP and a desired monthly payment and you’ll get your info.

Don’t underestimate your interest rate, and don’t forget the cost of insurance.