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Forum » Should I trade in my car for a sports car and be upside down on my loan?
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Thread: Should I trade in my car for a sports car and be upside down on my loan?

post 1571360811 01-16-2019, 06:01 PM
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#61
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Originally Posted By LuisEnrikee⏩
this man has got it right.

if you really are doing so good with your finances why not save and pay cash for the car?
you will loose a ton of money with the interest, plus the car will loose value like a rock.
better to stay away from debt, especially if you are already upside down on a loan.
Intrest on bank deposit is near zero, meanwhile loans are cheap AF. I can get a car loan at 0% and invest my cash at 5-14% short term. Why spend your cash?
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post 1571361051 01-16-2019, 06:04 PM
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Originally Posted By Midgetkiller⏩
Intrest on bank deposit is near zero, meanwhile loans are cheap AF. I can get a car loan at 0% and invest my cash at 5-14% short term. Why spend your cash?
dealer markup?

Ops car is worth 17k right now

(Kbb)
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post 1571361081 01-16-2019, 06:04 PM
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Why not? Lol I walk in. Find car. Pay. How can they **** me?
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post 1571362891 01-16-2019, 06:29 PM
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save up cash and buy a 240Z that was restored a few years ago. It's worth collecting.
post 1571364201 01-16-2019, 06:46 PM
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Originally Posted By sowilson⏩
save up cash and buy a 240Z that was restored a few years ago. It's worth collecting.
lol.
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post 1571364511 01-16-2019, 06:51 PM
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Similar spot and I make close to six figures now. I got a 2016 Camaro SS when I was 24 and paid in full immediately. Love the car, but looking back, it’s not really a good investment. Honestly bro, if you know you can do it financially,just do it now when you’re young. Cause then you’ve experienced it and got it out of your system.
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post 1571365171 01-16-2019, 07:00 PM
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Originally Posted By friesbruh⏩
This

/thread

OP is “good with his finances” yet is going to throw away 5-6k of his net worth on a car he'll want to trade in three years from now.

- wise with money
- loses 6k on a car willingly

pick one
We're talking about someone that thought it was a good idea to buy a brand new nismo Sentra and still owes 24k on it. He could have gotten a brand new previous year model basic Sentra for like 15K. Or a couple year gently used one for like 8-10k.



OP if you like modded cars. Buy a used one that you can pay for cash then mod the hell out of it. Don't blow all that money on new 'higher' end cars that look modded. Within about 2-3 years you'll want something new anyways.



Originally Posted By GymRat128⏩
As being in automotive my whole life and owning shops, Sentra is a p.o.s OP. 370z is a much better option even though I am not a big fan of Nissan in General and everything V6 is triple the labor rate as their 4 cylinder cars...just make sure it's not automatic cause their CVT Transmission suck. I go with the 370z since it's a car once you pay it off you can enjoy for years to come and you can't say the same about the Sentra.
Ehh. I know a few people with Altima's and Sentra's and none of them has any problems. Actually I know about 40 people that drive Altima's as an issued work vehicle and they don't have any issues with them either.

Probably a POS if your driving aggressively or something. But CVT seems fine for a typical daily driver in traffic.
post 1571378451 01-16-2019, 10:44 PM
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Well to set you all at ease I got the Z, my dad is getting rid of an old Armada that he no longer drives and is gonna take over the payments on my Nismo Sentra. So everyone wins.

EDIT: Also they were originally gonna charge me 34,000 out the door. Invoice was around 32,000 managed to get down to 33,500. I'd say I got a pretty good deal that was with doc and license fees included.
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post 1571378561 01-16-2019, 10:47 PM
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Originally Posted By cookiefiend⏩
Hoarding what money? Its a loan, there's no money to hoard
I have over 30K in savings
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post 1571378861 01-16-2019, 10:51 PM
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If you can afford the payments. You're upside down anyways, might as well be in a car that it's worth being upside down in.
post 1571378971 01-16-2019, 10:53 PM
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Originally Posted By Jasonw1178⏩
If you can afford the payments. You're upside down anyways, might as well be in a car that it's worth being upside down in.
I can afford it, with my father paying the Sentra and the insurance I won't have to worry about it since they need a vehicle now anyways. And my interest rate is pretty low also. Thank goodness I have nearly an 800 credit score.

EDIT: Also just waiting on my W2 to come in so I'll most likely toss that at the Z once it I get my return. I plan on paying the Z down aggressively.
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

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post 1571380351 01-16-2019, 11:26 PM
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I dont like debt myself, id just pay the car off day 1. just my opinion. I get loans all the time and pay them off like month later or few months later. have like 20 closed accounts, scores around 800 as well. so I dont see much reason to carry loans *to build credit* whatever, accounts stay on account for like 10 years.
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post 1571380441 01-16-2019, 11:29 PM
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So now you dragged your dad into debt? Wow potatoe head
Losers let it happen, winners make it happen.

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post 1571380711 01-16-2019, 11:36 PM
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Originally Posted By Nonsense916⏩
So now you dragged your dad into debt? Wow potatoe head
It was his idea lol

EDIT: The armada eats a fukk ton of gas and he’s so over it and wants to get rid of it, he also has a beater Jeep that he regrets buying cause it has a full ton of issues. He said instead of trading it in, transfer the loan to him and he’d pay it
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

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post 1571380791 01-16-2019, 11:39 PM
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OP, if a girl actually really likes you, your car is not part of the equation. If you need to have "that" car to attract women, haha. Do what is best to keep money in the bank for you.
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post 1571380891 01-16-2019, 11:42 PM
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You could get hit by a bus or semi in a couple years and die instantly

Screw all these people that say you won't be able to retire, YOLO boyo
post 1571381031 01-16-2019, 11:47 PM
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Originally Posted By nn586⏩
You could get hit by a bus or semi in a couple years and die instantly

Screw all these people that say you won't be able to retire, YOLO boyo
Absolutely, but having money saved up to take a month long vacation to a cool fukc place you want to experience means having $$$ saved up. I agree though, you will only live this one life.
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post 1571381091 01-16-2019, 11:48 PM
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Originally Posted By CherryPopinski⏩
I have a 2017 Sentra Nismo still owe 24K (Had the car for a year)

I really wanted a 370Z (They have one for 28K)

Trade it in, based on the used value of my current vehicle I'd be upside down approx. 5-6K

But the Z is the car I want and I make about 65K a year RN. Single no kids, basically what else am I spending money on besides my mortgage and bills? I could work maybe one or two overtime shifts a month and make an extra $500-600. In a year I'd basically offset any negative equity that's going into the Z. Plus I plan to keep it and eventually modify it once it's paid off.

I know being upside down is a terrible financial decision but I really want the car lol.
You're going to borrow 50% of what you make for an annual salary on one of the fastest depreciating assets known to man? Do you already have a big nest egg/401K saved up? If not, you should save up money for a large down payment.
post 1571381301 01-16-2019, 11:57 PM
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good job.
your car is worth 50% of your annual income.
let that settle in.
enjoy that retirement... oh wait...
post 1571381621 01-17-2019, 12:05 AM
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Pardon my ignorance, I'm new here. Are you by any chance related to Soda Popinski, the great boxer?
post 1571400131 01-17-2019, 08:15 AM
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I do not think it is wise, of course a lot depends on your financial status.

However if your dead set on doing this I would not roll it over. I would pay off the negative equity at the dealership with either cash, card, debit...whatever.

Then finance the car seperatley at the negotiated price.
post 1571402541 01-17-2019, 08:41 AM
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Originally Posted By CherryPopinski⏩
I'm getting the car cause I like the history behind the Z car and I eventually wanna track it GTFO with that lmao
no you don't. if that was the case, you would have bought it from the beginning. lol.

just get it, you'll make back the money.
post 1571404581 01-17-2019, 09:04 AM
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Originally Posted By CherryPopinski⏩
It was his idea lol

EDIT: The armada eats a fukk ton of gas and he’s so over it and wants to get rid of it, he also has a beater Jeep that he regrets buying cause it has a full ton of issues. He said instead of trading it in, transfer the loan to him and he’d pay it
So I take it buying vehicles then regretting the purchase is a family thing haha.


I remember when I was younger, people bought a vehicle because they needed something to reliability get from point A to point B. We only knew one family that went out and financed expensive vehicles (husband and wife) and everyone thought they were crazy. They lived a face pace/hectic life-style. Aside from the father and mother each working a full time job. Both of them had at least 2 part time sources of income for nights/weekends. These are people, that in December of 1999 maxed out every credit card they had just in case Y2K was real. They wouldn't need to 'repay' the debts due to computer systems crashing. (srs).

And this is an area/time when most women were house-wives and did not work. Fast forward to 2019 and it seems like everyone is financing vehicles that are a large percent of their yearly income. Not because they 'need' to. But because its what they want to drive.




I'm all for enjoying your life, but that car is a large percentage of your yearly income. I'd pay it off ASAP man.
post 1571404611 01-17-2019, 09:04 AM
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Good lord...

If you absolutely have to do this terrible financial decision then please god at least make sure you get GAP insurance with a high LTV cap. If you total that car now you’re out a vehicle, $12k in the hole and probably can’t afford to buy another car.

In reality you should spend that “cash you have” pay down the loan, sell private party THEN buy the car.

If you’re unwilling to square up your depreciation then you’re not ready to buy an expensive car

Edit:

Lmao so you are having your deadbeat broke dad pay your car?
GL when he stops and you have to pay it. Unless you are having him physically buy the car (at a premium) and refinance the note in his name only.

Seen this a million times, guarantee you’re not doing this and he’s just giving you money each month. Which will stop soon enough and then you’ll be back crying why you don’t have money and he won’t pay you because of X excuse.
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post 1571405121 01-17-2019, 09:12 AM
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this is what you deserve for buying a sentra nismo or not...
riceboi..

I see you haven't grown out of your fast&furious mindstate
post 1571405791 01-17-2019, 09:19 AM
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Originally Posted By CherryPopinski⏩
I have over 30K in savings
If you want the car that badly just buy it then. Then use the money you would normally be putting on a car payment to replenish your savings. Why would you want to **** yourself
post 1571406211 01-17-2019, 09:24 AM
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Very wise financial decisions op (not srs)

If you liked tuners, you could gotten a really clean s2k for 20k that will probably sell for the same price in 5 years.

Pics of car?
watchout your comments boyo ↓
post 1571406361 01-17-2019, 09:26 AM
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No matter what we say op is gonna trade in and get the Z. Go for it man, you have no kids and such so just have fun and do what you want. I once traded in a car and was upside down on my loan but it balanced out after 2 years or so.
post 1571408331 01-17-2019, 09:51 AM
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34k for this??



LOL
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post 1571408471 01-17-2019, 09:53 AM
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Its your money, do what you want. Just know what you are getting into. There is a balance between saving wisely and enjoying life, strike the balance that works for you.

That being said your taste in cars sucks.
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