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Discussion Starter · #1 ·
Okay, here's the deal. I've got a 2003 nissan se-r and I'll have paid my 1st year off of a 5 year finance at the end of may. So, I'm thinking of going to a few mazda dealerships and seeing how far I'll get in trading in my nissan for an mz3. What do you guys think my chances are of working out a decent deal so I, at least, pay the same as what I'm paying right now? Thanks for any help/info you can provide :D
 

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Depends on how much you owe exactly and how much your car is worth. Chances are with less than a year on a 5 year finance deal, you owe more than your car is worth as a trade. If that's the case, you'll end up owing a ton on the Mz3.
 

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Yup.. trading in a leased/financed car in the first couple years would cost you a lot... becoz they need to make enough money from you before they let go of you. i would say usually you're breakeven (means you just walk away) at the end of 3rd in a 5yr financing.
 

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Ryo said:
man...i want one of these sooo bad! i really hope i can afford to get one. i already pay close to 500 for the se-r, so i cant go over that...
Forget it. Don't even bother. You do not want to put yourself farther in the hole than you already are over an economy car. You bought an SE-R, now just learn to be happy with it for at least the first three years. If you're even thinking about buying a new car with payments like that, the dealer will eat you alive. You'll end up owing $35-40 grand in the end on a $20,000 car. My advice is wait at least another two years before even considering.
 

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You should note that when you finance a car, it's for the long haul. Like other posters have said, changing your financed car every year or two will cost you a bloody fortune, and you'll just keep getting more in debt that you need to be.

If you're the kind of person that buys things because they're "cool" (as it sounds from your post - I mean, the SE-R is a "cool" car, so is the MZ3), You'd be better off to do a 3 year lease. That way you can just get rid of the car after 3 years. Sure, you'll have to keep it for 3 years, but you won't be getting deeper in debt by re-financing every year or two.

-- stokkes
 

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Discussion Starter · #10 ·
maybe next time i'll do the lease thing. and its not just about getting a "cool" car. when i look at the se-r and the mz3, they have pretty much the same horses. but the interior in the mz3 is way better, and i think i like the exterior better as well, not to mention its cheaper than the se-r. but unfortunately, it'll probably turn out that i wont be joining your ranks anytime soon....but, im still hoping for the best anyways ;)
 

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If you wait a couple of years, you will probably be able to get a better deal on a 3. The dealers that I have talked to will not budge much from the list price because they know that if I don't take it, someone else will. These cars are in high demand and when the novelty of the car wears off to buyers, dealers will work harder to sell them.
 

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Something that most people aren't aware of:
You CAN refinance a car loan! Check with your bank or local credit union to see if they can loan you the money at a lower rate. If your credit is decent, you should be able to switch interest rates without having to switch cars. Consumer rates are nice in general right now, and if you have a car loan at more than 8%, you can probably do a lot better by refinancing. Fees should be very low, if there are any at all. You can also lower payments by spreading out the loan over a longer period, but I wouldn't suggest that. So on Monday, call a few banks and see how you can do. Good luck!
 

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Ryo said:
all im worried about is that i'll get raped if i trade in my se-r so soon
You will, that's what everyone's been trying to tell you... Your car is already worth way less than the value of your loan.
 

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My local bank offers 3.99% on all auto loans, new or used. So there is nothing special about the Mazda 3.9% offer.

Well, I guess it is 0.09% "special."

If the guy has already paid $6000 (Canadian) on the car, it could be worth more than his outstanding balance.
 

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...and because you have a high interest rate, a lot of each payment is going to pay down interest, rather than reducing your debt in the car. If you reduce the interest rate by refinancing, the gap between how much you owe on the car and how much the car is worth will get smaller quicker. If you are paying more in interest than you have to, you are wasting your money. I don't know the rate of your loan or how good your credit is, but you could save hundreds or thousands of dollars by refinancing.
 

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Discussion Starter · #20 ·
oh i think i know what youre getting at. you mean that if i refinace through a bank, ill be able to pay off this car quicker, which would get me to owning a mazda 3 faster or at least making it more possible to trade in without losing so much...right?
 
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