Huge mistake, need advice!
 

Hey everyone, i know its my first post, please dont run away and forget about me. Been lurking for the last 3 months but waitin to actually post till i had a Z.

Anywho, heres my situation. So about 3 weekends ago i finally couldnt take saving anymore and went out to buy my new car. All my research and knowledge was on the 370, its my dream realistic car since they came out. But i was also attracted to the 5.0 boats since my friend has one

Well i went to the stealership, test drove and loved the Z. Went back inside and they said they wouldnt approve the loan with 6k down. (21, first time buyer...even tho i make more than enough money, understandable). So i went on my way back home to see if my dad would co sign for me and what not, and on the way i decided to stop buy this ford dealership and test drive a stang for fun. Well...i got hooked on the power, and Recaro seats. They approved me for the loan, did some wheelin and dealing...and ended up impulse buying it

Back to present day, im borderline miserable. The only thing keeping me sane is the nice front end. other than that i want nothing to do with it.

My question and need for advice is here - What do i do? I want to trade it in and know i will lose money. Does anyone have experience with trading in a financed car? How long i should wait, how much i should expect to pay extra for the Z loan?

Should i trade in, lose money now and be happy with my car? Or wait a year or 2, be unhappy, and still lose money? And theres also the new Z comin out in 2 years, that was my original plan, to wait for that. But the regret is just gettin so much stronger every day i doubt i can wait that long without knowing if the wait is worth it.



Huge wall of txt, im sorry! any advice is welcome



TL:DR I bought a stang 3 weeks ago, got over the fun power, now want my dream car again! (Z34). Advice on trading in financed cars, gogo!

I guess if all else fails, now you know not to be so impulsive
Good luck by the way :tiphat:

In order to make the numbers work, you probably have to wait about 3 Years, otherwise you will take a big hit on it.

Sorry

Get a nismo plate frame and you're all set!

I hate to go Captain Hindsight, but now you know that patience is key. If one dealership says "no", there are many more that will say "yes".

The 370z is always going to be there so I would hang tight and make some payments. Don't be impatient and trade it in and end up losing your ***.

Well, there are plenty of defectors willing to buy Mustangs here, I would list it FS and see if it bites. You may have to eat some fees though.

There's Always the full coverage insurance........

You are so screwed.

Now you are going to need the $6K you HAD for the Z downpayment plus another few thousand to cover the hit on trade. If you really have to have a Z now, you may need to start shopping used, and look for an early model with a lot of miles on it. Good luck.

Since you only put $6k down, you're most likely already upside down on your loan so if you're willing to eat the loss, then go for it. I wouldn't recommend trading it and rolling your negative equity though. Being financially responsible, you should keep it for a few years. Maybe wait for the z35. Consider it a lesson learned. At least you have a 5.0! Could be worse!

I'd just hold on to the Mustang for a few years. By that time the next Z will be out, too.

Thanks everyone for the advice, guess the z35 it is :(

i wanna go crawl in a hole and die for being so stupid!

Now what if i pay double the payments. And i pay 2 years worth in one, would it be the same as waitin those 2 years for the trade in, or are you saying wait for a different reason other than my loan

I would just keep the 5.0 for now... wait couple years. Also you might want to change what you drive in your profile too :) Have any pictures of the Mustang?

haha yea sorry, im a liar! i do but i have no idea how to upload em. ive never joined any forums. Mustang forums blow! First thing i regretted after i bought it was the lack of fun people in em

Very tempted, and to take a pic and make it my forum pic

Buyer's remorse sucks. You and JohnsZ should talk so he does not fall off the cliff.

http://www.the370z.com/other-vehicle...-me-henry.html

they should trade cars :)

I wouldn't throw down double the payment amount just to have less payoff, you could however put that extra payment to the side (savings) for the next year then decide wether to throw it all down on your note or not.

another regret thread indeed :) lol

Yeah, insurance fraud is always the way to go :rolleyes: :thumbsdown:

You do realize the new 5.0's kill stock Z's right? And if you want a Z that'll beat a 5.0 then you have to spend over 10k additionally to really get there...
I should feel flattered on how high you hold Z's but the new 5.0 honestly is a way better car for your money... the only thing the Z has on it is exterior looks and balance/handling... I've driven c5's, new mustangs, camaro's and nothing compares to the Z handling wise...
Ford really stepped up their game on everything in that car esp the interior in the last 3yrs...
But good luck in your endeavors man.

Sent from my Supercharged GS3 via Tapatalk 2

Slap a fairladyZ emblem on it and call it a day. Enjoy the car you have, your 21years old, You should be proud to have a 5.0... :tup:

And there has to be a reason you got the car? Something inside said gotta have it:rolleyes:

Consider this a lesson learned. Suck it up and live with it. The last thing you want to do is make another brash decision and trade it in at a huge loss.

The biggest move I would recommend is putting it out there for a possible trade with cash on top for a used Z. There are quite a few members on here who are looking to switch to a 5.0. Other than that it seems you already have a plan in mind to go for the next generation Z. Stick with it. The last time you deviated from your plan you ended up with a mustang. :stirthepot:

Measure twice, cut once. Words to live by.

If I were in your position I would seek out the advice of someone you can trust and understands the ins and outs of all this. You're probably not going to be able to swap right away but your expert may be able to give you a time period when it would be feasible and if doubling up on payments would make financial sense.

Good luck.

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YAY.....you learned a new skill.

I would just own it for awhile and start modding it

The 370z value is going to sink like a rock once the Z35 is available and you can get one for half off in 3 years :icon17:

I call BS.

Maybe it's not so hopeless. Last year I bought a 2012 Honda EXLV6 and traded it at the Honda dealer for buyout plus got 500 cash to get my current Z. Sure I took a bath on the down payment oh the Honda but if I hadn't put the extra down I wouldn't have done the deal on the Z because that amount covered what I owed on the Honda. I wanted the Z but not enough to be upside down at all.
Was buying the Honda and then trading it for the Z the wisest decision I've ever made? Probably not but at my age it's a minor mistake in the long run.
Just hang on to the Mustang for a while and be patient.

It's only money and you're young so you have plenty of time - as long as you don't have a bunch of hungry kids and a wife depending on you go for it.
YOLO.
More money is easy to get but NO ONE has ever gotten more time.

I swear to god, "YOLO" is the retarded cousin of "It could be worse". While neither statement is necessarily false they are poor excuses to do ANYTHING. Making a poor financial decision that is foolish at best and credit-crushing at worse is not a decision you make based on YOLO. Hell YOLO is probably what got him in this mess in the first place when he impulse bought the mustang. He's going to waste more time digging himself out of a financial hole; there's a reason there's a saying that time = money. Better that he invest his time in raising that $/hr ratio and buy the car when he is ready and capable.

stop any deals before they go any further and really check out the pricing on the used cars you are looking at , most dealers really rip you off when buying a used car and will charge you sometimes almost twice what they paid for the used car.

Buy new if you can and never pay more than dealer invoice and never pay document or paper work fees.

post some pix!

call bs but ya lol

I thought my black Z was kinda the same until I modded it and started listening to the Batman theme (90s) now in love.

Ahh your 21. Don't sweat it. Just make sure you make the payments. Learn from your mistake and move on. I sat behind the wheel of a ford exploder for 5 years because I bought it for an ex. Now that's a mistake. If you keep at least two and then trade it in, just watch your mileage on the land yacht and keep it in a garage.
Hey I trade my cars in about every two years. If you can afford to take the trade in hit don't worry what the haters will say. It's your money, spend as YOU see fit. The most important part is to enjoy what you have and the fact that YOU are paying for it not your parents.

Classic! " but the new 5.0 honestly is a way better car for your money... the only thing the Z has on it is exterior looks and balance/handling... I've driven c5's, new mustangs, camaro's and nothing compares to the Z handling wise..." Not much left after that.
:icon14:

I was thinking the same thing! :tup:

I would learn to love the Mustang for another couple of years. Unless you can afford to take a loss, which it sounds like you can't.

Also, as you noted, in a few years there will be a new Z, and late model 370's will also be cheaper if you decide you prefer the 370 over the next gen version.

Umm...yeah..you can't go wrong with a 5.0. Enjoy it! This isn't your last car.

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well i had intentions of throwin some turbos on it a few years down the road. and i hit the canyons alot, and i love the look of the z. And yes i do make enough for turbos, not just talking out my *** lol. now im looking to throw a supercharger on the stang. Still would rather have a forced induction z over a forced induction stang

im a machinist, i know all about this haha

oh, i also technically put 9k down. The bank said no to the loan after 2 days (i still liked it then) and i said i can do this and they said ok. So my dad lent me 3k i have to pay back over 6 months. not sure if that makes a diff on the upside down thing.

However, the last 3 days ive gotten notices from 3 different banks saying ive been declined for the loan. Who knows, maybe ill somehow have to take it back :happydance:


And pics are to come, later tonight

I only read the first and last page. But having done this for the last 17 years which, in terms of relativity, is nothing to some other people on here, I can say this much...

You'll get what you want eventually. There is a damn good reason you wound up with your Mustang. Whatever it is, I wouldn't worry too much. Just drive the damn thing. Don't mod it. Don't screw with it. You'll get even less in the end. And do not make double payments. But with $6k down, you'll likely have some decent equity in three years to use towards a new Z, if it is still around that is. (I'm guessing the 2015 Toyota Supra is going to kill just about everything as long as it is executed well, and yes, I have taken a number)

Consider this as a credit builder. When you are ready to hop into what may well be a $50k car by then, you'll both have the credit and the means to snatch up whatever the hell you want without batting an eye. And THAT is what you should strive for.

Good luck to you!