Trade BMW for Evo 8?

[chris82]

Originally Posted by Levi

So basically $18K for a 80K miles 12 year old modified Evo 8?

I'd say no.

I'm with this guy. You're paying 18k for a modded, beat up, 12 year old Evo 8 that is built by god knows who, and has 80k miles on it. Hmm, I don't think so!

[Dalecan]

No, no,no, no!

[RM7]

Would only consider if I was intimately knowledgeable and familiar with Evos, which I'm not. I am familiar with WRXs and know what to look for there and how to do most of the important stuff to it. This familiarity is crucial if you are going to buy used, otherwise as everyone else says, it's just russian roulette.

[BMW269]

After all the responses to the OP, the answer is clearly NO. I wonder if OP knows anything about cars...

[oneup335]

I'd say no, most evo that are modded are usually beat and abused.

[shadow191]

So how will getting the Evo help your situation? You owe $27K and are upside down. If you sold your car for $25K cash, you'd still have to come $2K out of pocket which isn't so bad.

If you trade for this Evo, you're only getting $7K in cash out of the deal so you'd have to come $20K out of pocket to pay off your loan. Or you'd have to roll your old loan into a loan on the Evo. That Evo is worth maybe $13-14K according to KBB - the mods don't help the value. So if you value your car at $25K and take trade + $7K cash, you effectively value that Evo at $18K which means you're still upside down on the Evo and still having to come out of pocket on the BMW loan.

I just don't see how trading for the Evo helps you with your financial situation in any way shape or form. That's not even taking into consideration that you're buying a 12 year old car with questionable mods. Those things weren't that reliable stock so I'm not sure how practical a 12 year old heavily modded one would be.

Only way to get out of your upside down situation is to pay off your car more aggressively than the note requires or sell it, come out of pocket and get something more practical like a Civic.

[David70]

To me this is trading one headache for another.

First figure out your finances and what your goals are. Being upside down on an almost 4 year old car would have me looking to get into a better financial situation.

The Evo comes with a number of risks. The odds of a "fully built", almost 13 year old Evo being reliable is extremely small and my guess is you don't have thousands of extra dollars sitting around for major repair. So if you buy the car and need to spend $3k-$4k on a major repair, will this be a problem?

I would save enough money (better to have a $$ cushion than have everything tied up in the car) so that you can pay off the car when you sell it. Then buy a 2-3 year old Civic (or similar) and work on paying it off.

While I like cars, having fewer financial problems and extra money to do what I like is far better.

[csu87]

you would never get anything on a trade in for that evo. Most dealers probably wouldnt take it, so that option is out.

You would barely get anything on a private sale for that evo as well. The "Fast and Furious" craze is subsiding and people are going for a more clean/stealth look when modding cars, at least around me, so that car as it sits wouldnt be an appealling car to anyone other than maybe a high schooler who found an old VHS of F&F 1.

[DJKapeesh]

Originally Posted by David70

To me this is trading one headache for another.

First figure out your finances and what your goals are. Being upside down on an almost 4 year old car would have me looking to get into a better financial situation.

The Evo comes with a number of risks. The odds of a "fully built", almost 13 year old Evo being reliable is extremely small and my guess is you don't have thousands of extra dollars sitting around for major repair. So if you buy the car and need to spend $3k-$4k on a major repair, will this be a problem?

I would save enough money (better to have a $$ cushion than have everything tied up in the car) so that you can pay off the car when you sell it. Then buy a 2-3 year old Civic (or similar) and work on paying it off.

While I like cars, having fewer financial problems and extra money to do what I like is far better.

Well to be clear,

I was already decided to not trade for this EVO because I know nothing about evo and my general rule is no modded cars for personal use unless I'm buying to sell.

To address the Civic comment.
why would I get a civic if I am able to save well over 1k or more monthly while paying $800 on the BMW to get it out of negative equity. That being said my payments are actually $300 less than the $800 I've been paying.

I'm not worried about my finances, just wanted the opinion on if the EVO was worth anything in a resale since "It is not my style" at all and maybe I was missing the hidden treasure aspect of this car that I was unaware of. That is apparently not the case LOL

Thanks for the help guys

[csu87]

your payments are $500 and you still owe 27k? Did you just buy the car or something?

[Cavpilot2k]

From a financial standpoint, it is a terrible idea.
From a reliability standpoint, it is a terrible idea.
From a "what my car says about me" standpoint, it is a terrible idea.

Plus, I doubt that EVO is really much, if any, faster than your 135. It may handle a little better, but also bear in mind that the hood makes it essentially a fair-weather driver only, so from a Daily Driver standpoint, it is a terrible idea.

There is not one thing about this deal that would make it a good idea.

[DJKapeesh]

Originally Posted by csu87

your payments are $500 and you still owe 27k? Did you just buy the car or something?

Yes 1 year an d a couple months

[David70]

Originally Posted by DJKapeesh

My intentions here are to get out from upside down on the car and/or trade in with some equity in about a year or 2 for an M3 or if my financial situation improves I am on the list for an M2 (just in case).

Opinions on this type of transaction and suggestions / comments please?

Originally Posted by DJKapeesh

To address the Civic comment.
why would I get a civic if I am able to save well over 1k or more monthly while paying $800 on the BMW to get it out of negative equity. That being said my payments are actually $300 less than the $800 I've been paying.

I'm not worried about my finances, just wanted the opinion on if the EVO was worth anything in a resale since "It is not my style" at all and maybe I was missing the hidden treasure aspect of this car that I was unaware of. That is apparently not the case LOL

Thanks for the help guys

Your post in the beginning said your intentions were to get out from under the negative equity and trade it in 1-2 years. Based on your goal owning a used Civic would be one of the quickest ways to do it.

The question, "is this 13 year old modified Evo worth more than $18k?" is a different question. I would say "no"

[DJKapeesh]

Originally Posted by David70

Your post in the beginning said your intentions were to get out from under the negative equity and trade it in 1-2 years. Based on your goal owning a used Civic would be one of the quickest ways to do it.

The question, "is this 13 year old modified Evo worth more than $18k?" is a different question. I would say "no"

understood,
maybe the cost of sacrificing my own sanity and comfort to drive a civic and save is to steep a price to pay for an accelerated process lol.

[TurboSid]

I would rather build it myself than buy it.

[ilikebmxbikes]

Im going to say this is a bad decision. That EVO is not worth it.

[csu87]

Originally Posted by DJKapeesh

Yes 1 year an d a couple months

Why are you trying to get out from under it already? Also, what was the purchase price and did you not put any down when you bought it? I must be out of touch with prices on these high mileage newer BMWs. Based on 13 months of payments at $500 a pop, you would have had to bought this car for over $33k

[DJKapeesh]

Originally Posted by csu87

Why are you trying to get out from under it already? Also, what was the purchase price and did you not put any down when you bought it? I must be out of touch with prices on these high mileage newer BMWs. Based on 13 months of payments at $500 a pop, you would have had to bought this car for over $33k

Listed price at 56k miles was originally 28,955 (I think). Price out the door with no down payment and warranty was indeed 33k-34k

I have never payed the minimum payment how ever and have only had it since March 2014. Super car just more interested in something with M prestige now

[RABAUKE]

The ego looks like a jukebox, now if you're 18 years old and your pants are around your ass fill your boots.

[auf Deutsch]

If you do get the car, remove the 2 in the pink 1 in the stink decal. So fucking classless. It screams "in reality, I'm horrible at sex".

[TrAcK TRaP]

thats a no no deal

[RM7]

ppppppssshhhhhhhhhhh