I'm in a predicament. Advice?
 

So I have 3 options.

Currently I have a 1996 Honda Prelude SI in very good condition that i have a buyer for 3500$. I could sell it tomorrow if I wanted to.

A: Sell the prelude for 3500, and be able to put 10,500$ down on an 08 Z Enthusiast with an OTD Price at ~30k. Payments of 575 a month with insurance.

B: Keep the prelude so I can drive it in the winter/to work most days, put atleast 7000$ down on the 08 Z and spend 145$ more a month to insure both and the difference in monthly payments. Keep in mind the Lude has sentimental value some what. It was my bros old car, and I bought it for 1400$, and its my first car.

C: Sell the prelude, take 1500$ buy a beater, and put 9000$ down on the car and only spend like 90$ more a month.

Please, help me here.

D. Keep the Prelude and realize that it may be a more affordable ride for you. It's a good handling FWD coupe and much more practical for year-round driving. Resale value won't change much if you decide you HAVE to have the '08 Z alter in the future. And you'll also have a chance to view the new 370Z that's coming next year.

cars are a bad investment. drive what you can pay cash for and understand that you'll never recover that money. put your "car" money in a high yield short term cd (not a music one). always buy appreciating assets not depreciating assets...(that includes women).

keep the prelude and buy a used z but you need a 2nd car with a z it's not a funn dd... i've been had mine for a dd for about a year and a half and i'm gonna pick up a 240 for a dd soon

I am leaning towards option A. But B sounds nice, I will have to see how money goes. Only reason im considering selling it is because I know whos buying it will take car of it. (47 year old man)

I appreciate the other options but Ive thought it over, and Ive wanted a Z since i was like 13. And now that I can afford it, I just cant say no.

If I do sell it, he said I could buy it back in a year or so for 1500 ish if its on the market.

Ahh.

I have a month to think.

I would keep the Prelude and use it as your daily driver. Take the $10,500 and save it, invest it then hold out till the 370Z is released. Instead of your car and insurance payments increasing, you can sock more money away into your savings and use it for even a larger down payment.

Complete true, don't buy a new Z unless you plan on keeping it for a very long time! I don't understand people that switch cars every year or so. Maybe I don't understand because I don't have that time of money to throw away! lol

And don't waste your money, buy base, and mod it like you want it.

I daily drove my Z through 3 MD winters. No winter tires/wheels, trust me 1/2" of snow and your not moving-that makes another car a requirement IMO. Id want to keep the Prelude and get the Z. Definitely dont sell the Prelude, and screw a beater + the Z.

agree.
Keep the Prelude. Forget about even inviting someone else's problems if you
go the cheap winter beater route.

As for the Z, if you can afford it- go for it. I have 2 nice cars, and DD the Z far more.

The dude wants a Z. If you can make $1100 profit on the Honda, go for it. But I would check-out a low-mileage 2005-Z. You sound a little young, and you don't want $600/mo payments for a car that's going to loose 30% in the first 18months.

yeah, but that 1100.00 is going to do him a lot less good in the long run, than having good, reliable transportation in the winter.

he'd have to shell out more than that for an "ok" winter beater.

keep the lude. look into used Z's with lower miles if you have your heart set, and really can't/shouldn't be swinging the payments on a brand new Z.

Yup, i only drive the Z right now. I need a daily driver bad, all this construction work in htown is messing up my paint!

I Agree.

I would keep the lude and buy a 07 Z, they will be somewhat cheaper and you can still find the exact one you want.

At first I was going to get a used 05/06. But then I found out the problems with the DE. And I dont feel like going through all of that so I scratched that. And I then found out, I will be making more than what I had originally planned on. So I thought, new Z it is, especially with nissan 2.9% right now they are offering.

Ive thought about used 07 alot. But the difference in interest rates combined with only about 1500-2000$ cheaper than an 08 1,000$ below invoice, its kind of pointless. Might as well go for the new 08.

And I have the money, and will still have enough left over every week where i can save for a house or invest it in stocks/mutual funds fairly quick.

Plus I have an interview to replace my current part time job tomorrow making 2$ more an hour. Which will make up for the prelude difference. I think Im keeping the lude.

Thank you for your input, I appreciate it.

And I dont want a Base. I want TC and LSD. Plus, dont you know what everyone would think when they hear its only the base model?? :icon8: :icon8:

those payments seem kind of off dont you think?

every 1000 dollars you finance is supposed to be about 20 dollars in payment.

so if you put down 5000 dollars your payments should be 100 dollars less.

if you put down 10000 dallars your payments should be 200 dollars less.

if you divide 30000 by 60 months your payment is 500 thats of course at 0% which doesnt exist.

but if your putting that much down your payments should be way less, your payment is being packed.

2005 do not have engine problems. That started with 2006.

Keep the prelude if you like it. You dont have to insure both cars. Have fun with the Z and when snowy days come around you can then have both cars insured for a month or two. You can then make it your annual strategy.

Or... you could selll drugs, and not claim any insurance on either car.

Whichever you get the 07 or 08, they are both sexy cars

Keep the lude while you're doing work to the Z and for winter driving. Simple enough.