Instylz

I'm looking to trade in my 2003.5 Mazdaspeed Protege for a 93,94 FD. I owe about $18.9k on her and am looking to get into an fd thats no more than about 17k. What are my chances of this from those of you that were under similar circumstances. I really don't have a chunk to put down and I know I'm gonna end up being upside down.


Thanks

Mahjik

iTrader: (1)

Chances of you finding one for around $17k is good. However, you do realize that these cars can be a tad on the expensive side to own:

https://www.rx7club.com/showthread.p...hreadid=251252

Honestly, if you are low on finances, it's not worth it.

mazdaspeed00

iTrader: (6)

yea, u will get raped if you trade that new MSP in. your best bet would be to sell it privatly. good luck

Instylz

Yes I understand maintenance will be a pain but I'm concerened about my trade in scenario. I will be losing money on my car and I know this. Would I have a problem financing an older car? Will I need a significant amount down? Anyone trade into a similar scenario as myself? Thanks

Mahjik

iTrader: (1)

https://www.rx7club.com/showthread.p...hlight=finance

Quiksilver540

Basically you have to figure out what your car is worth blue book for trade in. That is probably what the dealership will give you for your mazdaspeed protege. If its worth more money (not likely) than what you owe then you're in good hands; Otherwise, they will tack on the difference onto your new loan for the fd.

Basically, say your car is worth 15k trade in and you owe 18.9k... thats a difference of 3.9k.

Now say that you find a fd for 17k...they would tack on the extra 3.9k difference. So your 17k fd would actually cost you 20.9k

If your credit is good enough there shouldn't be a problem, just expect to have a fat car payment.

mazdaspeed00

iTrader: (6)

if u aint making bucks a FD and huge monthly car payments are gonna kill you.

Instylz

I'm already at $466 a month with my current loan....long story got raped. I have good credit and should be able to get a lower apr. It was my first car loan under my own name.

Mahjik

iTrader: (1)

Well, trade-in values start just under $16k for the 2003.5 Mazdaspeed Protege (Used ones are selling for around 17-18k). Unless you can get a sympathetic sales person, you are better off selling the car yourself if you want to get out of it (or find a more expensive car so you can get a better trade-in deal).

Flybye

You will ALWAYS be better off selling the car privately. Could take some time, but you are sured to get more money.

Remember dealers need to resell the car and prep it up for resale which is why they give you less than what you would get seling it private.

apneablue

IMO, when you own an FD, factor in the cost of a beater to get you around when she's down. Because it's not a matter of IF she will be down...It's WHEN she's down

POM HB

apneablue, you're right on da spot.

So, from my exp. I'd recommend you not to get the FD. I have one and will not recommand one to any who are not ready...which mean a lot of love and resource for it.

POM HB

diablone

iTrader: (2)

I'd stick with the Protege.

mazdaspeed00

iTrader: (6)

i would to if i was paying $466 in car payments a month. there was in article in i think money magazine where they stated that only 10% of your total income a year should go towards car payments. i know most of us spend more then 10% of our total incomes on our cars because we love them but, were not gonna be making money investing in our cars this way.

POM HB

yes,

Smart financial or financial wise. However, most of Fd owners are not! ... including me. Think about how I spend money on my car....and when I sell it....damn!

pnoy1duh

iTrader: (8)

stick with the protege, cause it still has a factory warranty or sell it privately and buy a beater (toyota pickup) to go with the 7...

you won't experience *** raping until the motor dies and you're stuck paying for a car that's not doing anything but looking pretty

Icemastr

iTrader: (2)

I am assuming with your payments that you are on either a 4 year loan if you paid for tax and licensing or a 5 year loan if you financed the tax and licensing with an interest rate of about 9-10%? If your interest rate is much higher than 13% you got screwed as I have a couple of different credit unions and banks that do first time car buyer programs for 9% even for people with sub par credit, as I would hope every car dealership does. If you have pretty good credit and got a high interest rate you can try going to a credit union and refinancing with a little bit of cash down for a lower rate. 5 years refinancing 17,000$ would be $352 at 9%. If you trade in or sell your car privately expect to have to pay off 1-3K of your remaining loan balance plus even buying a 93-95 RX7 for 14,000$ you will have to get a shorter loan term (48 months or lease) and a higher interest rate so there is a good chance your payments will end up higher. There are a lot of credit unions that will loan money on cars older than 10 years but the interest rates become higher, there are restrictions on mileage, and they will limit loan term to 48months, 36 months, or even 24 months even if you have above average credit. My recommendation is stick with your Protege and refinance it if your interest rate is poor, then when you are doing better financially, buy an RX-7.

1QWIK7

iTrader: (33)

LOL yeah.. us fd owners are sooo stupid

but when she's NOT down, the ride is wellllllll worth it

im with the others to say that if you're not mentally or financially ready, do not get an fd..you will hate the car..

skunks

ditto!!!

Jesuscookies

iTrader: (1)

General advice.

1. you are heading down the wrong path.

2. If you get a dealer to give you 15K for your car I would be very impressed. Try 11K to 13K, once the dealer math is done.

3. DO NOT BUY AN FD, to replace this car as a daily driver.

Whatever you decide, good luck...

B_Rock

i agree. everyone who sees my car loves it and wants one just like it. i mean who wouldn't, its fast, fun, and unique. they don't see the dark side to owning an FD, which is all the money that's constantly being dropped on the car, and all the downtime. they always ask me what to look for and i simply tell my story, it goes something like this:

"...had i TRULY known what i was jumping into, i would have gotten a supra. people warned me what a PITA the Rx7 can be, and I still got one. Now that i have one, i will probably own one the rest of my life, but i do not recommend getting one. get a supra or a vette..."

and that's prety much how i tell it.

and yes, when she's not down, it's WAAAAAAAY worth it. it's not every day the average joe sees a car blow by him at 130mph with fire shooting out the ***!