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Discussion Starter · #1 ·
Ok, I need some advice and would love to hear what everyone would do if this situation came up for them.
I have a 2006 Top Banana Daytona with 29,000 miles on her and I owe $28,000 for another 3 years at $927 a month (a previous loan is tied into the loan for the Daytona that's why the payment is so high). The car is mint and needs no work at all except a set of tires come next spring. For the winter I put snow tires on the car since it's my daily driver. My mod's are a K&N intake, high flow cats, SLP Loudmouth 1 exhaust and JBA shortie headers. Everytime I bring it to a car show and enter it, it wins a trophy. I have a chance to get a 2009 black SRT 8 with groups 2 and 3 which would lower my payment to $717 a month but the loan would be for 84 months. I want the SRT 8 but I also like the idea of being payment free in 3 years if I keep the Daytona.
If this situation came up for you, what would you do?
 

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Thats a no brainer if your paying $927 vs $717 for the SRT. I`m still stunned @ your daytona payments....my srt is more than $200 less a month
 

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damn my srt payment is right at $300/month. I say don't do it, yeah it would lower your payment, but an 84 month term is stupid! I would never sign anything more than 60! If you stick with the daytona, you still owe 33k on it. If you switch to an SRT you would be paying over 60k!!!!
 

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dude 900 bones!!! unreal, i say keep the daytone cause ull be payment free in 3 years rather than 7 years
 

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Sounds like you had a fair amount of negative equity that you rolled into the Daytona loan. Now I understand the draw of the SRT, but sounds to me like you should focus on relieving yourself of the debt in 3 years (Daytona) vs 7 years (SRT pmts). You seem to be enjoying your Daytona and winning at various events you go to. If it was me, I'd keep the Daytona and have it and the negative equity paid off in the 3 years and look at getting an SRT after that.
 

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damn my srt payment is right at $300/month. I say don't do it, yeah it would lower your payment, but an 84 month term is stupid! I would never sign anything more than 60! If you stick with the daytona, you still owe 33k on it. If you switch to an SRT you would be paying over 60k!!!!
$300 a month...how much did you put down? Whats your intrest Rate?
 

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Keep the Daytona and Supercharge it!!! you'll safe money and be Super Fast :D

But in all seriousness you have a sweet car might as well mod it more then spending A chit load of money on a Stock SRT!!!
 

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dont do it! by the time you pay off the SRT [7 YEARS] you will be sick of the car-the car will be worth about $3000 at best and simple math will tell you that you will have payed aprox $61 thousand for the car by the time its paid off. plus the loss you will take on the daytona. BAD business move.
 

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$300 a month...how much did you put down? Whats your intrest Rate?
13k down, plus 3.75% interest, plus buying used= better payments :bigthumb:
 

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dont do it! by the time you pay off the SRT [7 YEARS] you will be sick of the car-the car will be worth about $3000 at best and simple math will tell you that you will have payed aprox $61 thousand for the car by the time its paid off. plus the loss you will take on the daytona. BAD business move.
You guys are prob right, but that payment is insane!
 

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Ok, I need some advice and would love to hear what everyone would do if this situation came up for them.
I have a 2006 Top Banana Daytona with 29,000 miles on her and I owe $28,000 for another 3 years at $927 a month (a previous loan is tied into the loan for the Daytona that's why the payment is so high). The car is mint and needs no work at all except a set of tires come next spring. For the winter I put snow tires on the car since it's my daily driver. My mod's are a K&N intake, high flow cats, SLP Loudmouth 1 exhaust and JBA shortie headers. Everytime I bring it to a car show and enter it, it wins a trophy. I have a chance to get a 2009 black SRT 8 with groups 2 and 3 which would lower my payment to $717 a month but the loan would be for 84 months. I want the SRT 8 but I also like the idea of being payment free in 3 years if I keep the Daytona.
If this situation came up for you, what would you do?
round the payment up to $930 a month and you'll see your payments drop 3 dollars-than 7 than 13 than 18 a month-but keep paying them the 930 a month and you'll be paid off in 2 1/2-by the time you hit 2 years your payments will be 200 less a month but keep paying the $930. PLUS another trick is to pay your payment in 2 parts a month-half in the middle of the month and the other half 10 days before the due date. this kills their interest and quickly lowers want you owe them.
 

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Discussion Starter · #12 · (Edited)
Wow, talk about responses, lol. I go out to the store and expected maybe one or two the most when I got back. Thanks for the advice everyone.
That's another thing that makes me say no, dont get the SRT because it wont be modded like my Daytona is now and I'm basically starting over. I also love the "wow look at that car" stare when I pull up to a stop sign and people are walking by. I'm afraid I might not get that with the SRT as much as I do with the Daytona because it has no decals.
But what makes me say do it, get the SRT, is that if I added the same mod's to the new car, it'd be a beast with all the extra horsepower.
The reason for my high payment now ($927) is because I had a mango Daytona and traded it in still owing $20,000 on it to get the banana. My way of thinking with the SRT is that it would cut my payments by $200 a month which would allow me to payoff my other bills faster which then would let me payoff the SRT sooner than 84 months. Another draw back is that the car is black. I know black is really nice but a black car shows everything from the lightest dust to the smallest scratch. And since my car is kept outside and not in a garage, I'd be cleaning it all the time.
Again, thanks for the advice everyone! :beerchug::rocker:
 

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I would not roll more debt into a new loan. Pay off the Nanner, then think about getting an SRT. I, too, thought about doing the same thing but then I came to my senses. Yes, it would have lowered my monthly payment ($832) but I would have owed more. My monthly is that much because I till owed on the Durango that I traded in.
 

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Sound & Security is right. You can get the SRT but keep paying the Daytona payment amount on the loan and you'll wind up ahead. You'll wind up with a car that is worth more when it's paid off and even without mods is still way more of a beast than the Daytona (brakes, suspension, horsepower, trim etc.) to start eventually modding with.
 

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WOW, some of you guys amaze me. IMHO, if you can't finance the car for 5years or less, you can't afford it. 84 months for a car loan!!! I can't even begin to imagine how much interest would accrue on that loan. But, I guess it takes all kinds to make the world go around. Good luck to you either way.
 

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By the way, I forgot to add to the OP, nice Daytona!!!! :bigthumb:
 

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I would say don't do it... stick with the daytona and see if you can refinance:beerchug:
 
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