im not really hearing about value. as far as the m5 goes i bought it in february for 33k and that was a steal then and now i would be lucky to get 28k for it so this car is no different than any other car. at least it seems to me, im loosing money every day.
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Sooo...you bought it as an investment? Just seems to me that going from an M5 to an Evo is a HUGE step backwards.
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"The whole world was astonished and followed The Beast." Rev 13:3
You were right - 16.5% is crazy. They have to be making money on the loan if you are even a reasonable credit risk. Bankrate.com will tell you what kind of rates are available. Anything over 8% is suspect IMO. Get your financing somewhere else.
As far as the rest of the deal, the trade-in value is a little low if your car is in reasonable shape. It sounds like you have been having problems, so ......
If you want a lancer then the M5 was probably a poor choice for you in the first place. The cars are very different. Sounds like it is just time for a change. Most of us have been there (before we became M5 owners). Even so, most of us will EVENTUALLY go on to something else ... maybe.
Sooo...you bought it as an investment? Just seems to me that going from an M5 to an Evo is a HUGE step backwards.
ya it sure is a step backwards but i need to be in a certain price range. i wish i could get a brand new one but i cant afford that. i am able to get a car in the 30-40 range. I cant afford the m5 with the repairs anymore its much more than a car in the 30-40k range.
i know its not an investment but people on here think the m5 depreciates less than other cars and i was just saying i tend to disagree
you arent paying 37 for a USED Evo ??? run all the numbers on www.kbb.com I'd be CLOSE to trade in, you know they did not pay a dime more than that. Sounds to me that you might be better of with a NEW 3 series, with full maintenance and warranty for 4/50K
You were right - 16.5% is crazy. They have to be making money on the loan if you are even a reasonable credit risk. Bankrate.com will tell you what kind of rates are available. Anything over 8% is suspect IMO. Get your financing somewhere else.
As far as the rest of the deal, the trade-in value is a little low if your car is in reasonable shape. It sounds like you have been having problems, so ......
If you want a lancer then the M5 was probably a poor choice for you in the first place. The cars are very different. Sounds like it is just time for a change. Most of us have been there (before we became M5 owners). Even so, most of us will EVENTUALLY go on to something else ... maybe.
Good luck with your trade.
again i want to say i have never driven anything like this m5 its simply amazing but it has just become too much for me to keep up with. i know the mitsubishi is crap in comparison but in the price range i really cant think of anything better unless you guys can?? let me know im up for advice on new cars right now.
you arent paying 37 for a USED Evo ??? run all the numbers on www.kbb.com I'd be CLOSE to trade in, you know they did not pay a dime more than that. Sounds to me that you might be better of with a NEW 3 series, with full maintenance and warranty for 4/50K
its 37k new.
i hate the new 3 series, they are slow and ugly.
im not sure if i understand the rest of your post, sorry can you re explain what your trying to say, sorry.
im not really hearing about value. as far as the m5 goes i bought it in february for 33k and that was a steal then and now i would be lucky to get 28k for it so this car is no different than any other car. at least it seems to me, im loosing money every day.
Yes this is true, especially true for a sports car. An Accord or Camry are your best bets if you want to hold value. The lancer will probably depreciate faster than your M5 because most of the depreciation has already been taken on the M5 (from $74K new to around $28K now). Remember that a new M5 costs more than twice as much as a new Lancer, so obviously there is more depreciation involved.
Buy a Civic and you can drive for a long time before you experience $5K depreciation but that is, in part, because $5K is a substantial % of the cost of the car. $5K is almost nothing relative to the cost of an M5.
new 3 series without a doubt !....OR get a new civic or such and drive that foir 2-3 years, get the credit score back up and put away for a nicer car that won't backrupt you.
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