desertmike680

Hey guys,
So the purpose of this post is to get an idea as to where everyone sits regarding how much you owe vs our cars current value. With my current situation (Not to pleased with it at all, hence why I decided to post and get an idea where others stand) - I have an 08 G37 Sport Coupe with 110k, purchased in Feb of 2013 with 47k. I currently owe $20k and as it looks now, my vehicle is worth no more then $11k.

Unfortunately, as you've noticed, I'm really upside down. I had an 07 G35 that I purchased the first week of 2011 that was a lemon, so I fought with the dealership, thanked them for screwing me, and traded it as soon as I could for a 2012 Mazdaspeed 3, which was Oct of 2011. The Speed 3 I only had for a year and 5 months (pretty disappointed in the car vs my 2006 Speed 6, so that went pretty quickly), in which I decided (I need to stop smoking crack) to trade it in for my current G.

So, regardless of this nonsense, I love my G, I've taken great care of it, and it runs flawlessly. However, I'm curious to see if anyone is in a relative situation, or in general, how upside down you are and whats the best way to combat it.

Thanks!

slartibartfast

iTrader: (7)

I'm totally right-side up as my 2011 was paid off last September.

desertmike680

Must be nice!

Selym

Mine's paid-off, too. I tend to keep cars a long time. I use them up rather than try to recover residual value.

desertmike680

I've had my G for just over 3 years, and I'm still upside down...obviously. However, is leasing an option to help eliminate negative equity? As in, when you trade if back in after your term, you start fresh, correct?

jfisher

Best thing you can do is stick with it and try and pay extra on your monthly payments.

G37xhibeet

iTrader: (1)

Sorry, but how do owe more than the car was worth when you bought it?

VaderK52

iTrader: (1)

I put down a big chunk down payment 3 cars prior to the G37. I was in the positive for the first 2 trade in's but didn't keep either longer than 1 1/2 years and like 6 months on the last trade which put me 6k in the negative on my 08. I'm paying it off next week...lived and learned from that situation, will buy outright next go around.

JeffG37x

iTrader: (1)

If you drive 20k per year then yes your car will depreciate quickly.

What I am struggling to figure out is what is your interest rate/term of loan because you have barely dented the principal after 3 years. I am thinking you paid ~30k for the car just my guess. Why is this not adding up

Vizard_87

iTrader: (13)

I have an 08 that I bought in 2012 with 39k miles and now with 109k miles and owe about $6k so I'm getting close woooo

JUMBO PALACE

iTrader: (1)

My 2012 with less than 50k miles is almost paid off. got it for 26k last february and around 3k more to go I think so I'm feeling pretty good.

JSolo

iTrader: (14)

All the past loans are catching up with you. I wouldn't be buying any more vehicles until you're completely paid off here.

GW330

iTrader: (1)

Just out of curiosity, how much did you financed when you bought the car? That car should've cost you just over 20k when you bought it.

I paid 24k for a 08 G37s 6MT with 16k miles in mid 2013

eljoker

Op.
It seems you are updise down due to rolling in negtive equity a couple times over. It happens man. I'm upside down on my maxima. About 4k or so. Right now the plan is to get into a lease and ride it out. I wouldn't mind keeping the maxima but I'm close to 100k and I don't want to be paying on something with that many miles. Already out of my extended warranty and the Midwest is harsh on cars.

I would not be apposed to some one wrecking me and totaling it out. After all, that's what happens is for .

jthibodeau89

I must have gotten a deal on my 2012 G37xS Coupe with 33k last month for $21,500 out the door. Not perfect, but clean.

The upside down part starts now with wheels/tires, brakes, coilovers, Quaife LSD, Level 10 bullet proof, and TT kit.......I'll have more in it in mods than I paid for it for sure.