I bought my black 08 coupe sport 6mt exactly a year ago from Monday. 3/14/16
And I got it for 18,900 after taxes . Had 88k miles on it. And I have 102,000 and I owe maybe 10k left. And I'm sure if someone were to sell it , they would for maybe 15k.

 

Sorry hear about your situation. I was in the same boat with my WRX. Point blank, its not going to go away. At some point in time you will have to pay that money you owe, or roll it into a new car. (Would be real hard to find $10k book value you can squeeze into a new car) I ended up rolling about $3k negative equity from my WRX into my 2012 G37 which I bought with 52k miles in mint condition, and I now owe $19k with a $21k book value...

Your best bet is to crunch a budget and start making larger monthly payments to knock down the debt. Best of luck brother.

 

All they will do is roll your negative equity and stack it on the new car loan/lease. If you're getting a better rate on your new lease, then you might save a few dollars, but overall, you still have to eat the debt. Just pay it down and move forward...

 

i bought mine cash from a guy in santa barbra, Ca. 2008 G37 Coupe with 55k miles for 16k. Bought it feb 14 2014.

 

It is easy to get sucked into swapping cars every few years. It's the American way. Many of us are brainwashed into thinking new is better. Just count how many auto commercials are on TV. It's crazy. Cars are a horrible financial purchase. They just are. Total waste of money. But, they are fun and nice to have. We could all save a ton of money by purchasing used economy cars.

My G has been paid off since 2010. It only has 49K miles and a few months ago I started to convince myself that I needed a new car. After test driving cars and doing some deep thinking I decided there was nothing that made sense about trading in my G for another (new) sports sedan. Yes, I would have had the feeling of a new car, but I would also have a massive car payment or I would have to pull a large chunk from my savings. Instead, I bought some used coupe sport wheels and new tires. My car looks and feels different now and that will keep me happy for a while. The cost of this mod is equal to about three month's of new car payments, but I will keep the car much longer than three months. And, I can sell the wheels when I finally decide to get rid of my G.

 

Real solid advice - thanks BB!!

 

I am in a good financial situation on my G.

Purchased a new to me 2008 G37s Coupe, Blue Slate, 6MT, 21,450 miles

Paid $16.5k cash from a private seller. I plan to keep this car for 5-7 years.

 

If you are attempting to roll negative equity to your next loan, make sure to include Gap insurance. In the event that you are involved in an accident, and the car is totaled out, the insurance company says your car is worth only $15 pk, but you owe $22k. You financially responsible to pay that car off in that moment. Gap covers that difference in what you owe, and essentially you walk away free and clear in this type of situation... If you are putting over 30% as a down payment, you don't need gap then. As you are well vested into the vehicles value.

 

People who have cars are sucked into the game of getting a new one every 3-5 years. People who don't drive live in cities and redirect car payments towards insane rent.

 

Very true, my buddy moved to Boston after college and takes the train downtown for work every day. His wife has an older Honda Accord and they don't plan on driving it to the ground. I think he said they drive it like 2k a year so it's going to be awhile lol. He saves about $6600 a year in car related expenses and just buys a $300 annual train ticket. Sometimes, I wanna do the same and put money in other things, like classy watches and suits.

 

Why would you roll negative into equity twice though? Unless it was an emergency.

 

You could always make it a plan to keep the G for at least 200k miles. By then you'd be free and clear for several years! Of course, getting into an accident or being tricked by marketing into a shiny new Q60 TT would undermine this strategy.

 

Got my 13 G37s for $35k, with 15k miles and 120k warranty. I don't know if it was any good, I bet I could have haggled for more ...

 

Let me guess the original poster got the itch to trade his 08 G in for something newer and with now $9,000 negative equity no dealer will take it .
Serious, don't ever trade your car in that is not paid off. Pay them off first then trade. Your monthly payment will be way lower and you'll never be upside down.

 

No, I actually still have my 08 G, in which I've had it for a little over 3 years. The fact that I originally got screwed by the dealership with an 07 G35 that was a lemon, was the reason for my quick departure from that vehicle, another one after that, in which put me heavily upside down. The positive regarding this, is that I have no other debt, as such my credit score is almost an 800. I just unfortunately got screwed, then screwed myself. On another positive note, I've diligently kept up with maintenance and repair, so at 110k, my G drives flawlessly and looks great as well.