Good Idea/Bad Idea: Trade in Mazdaspeed3 for MK3?

[Stretch]

I'm feeling the itch again, moreso because there is a nice 1989 at a dealership about an hour away. I'll outline my car and this car and simply want to know: Would you do it?

My car:
2007 Mazdaspeed 3, bright red, Bilstein shocks/COBB springs done last fall, pads/rotors/fluid done in Jan, in good shape but bottom of all door seams are rusting on the inside face, some small rust beginning on tailgate. Car runs well just a bit rich. Approx. 246k km. Owe approx. $8400 CAD.

1989 mk3 Supra, black on grey int., turbo targa 5spd, valvecover+timing belt changed at 180k km, upper intercooler hardpipes, off-brand exhaust, possibly short shifter, momo knob, clear front indicators. Approx. 248.5k km. Price $3950 CAD

Would I be silly to do this? It's at a dealership so financing would be re-arranged.

 

[emiliorescigno]

Seems like a pretty awful idea to me. $5 says that that Supra has some pretty bad problems that need addressing, just noting those "modifications", and the previous owner (and dealership) are happy to have it off their hands. Also, you're in Canada right? Are you planning on driving that Supra in the winter? It's not a particularly good winter car, and they rust out FAST, which will destroy any resale value it might have.

Also, I'm going to throw one other thought out there, honestly not trying to sound like a jerk...

You owe a lot of money on that Mazda, especially given how old the car is, how many miles it has, and the fact that it has rust. I'd be worried you owe more on the car right now than it's worth. You need to get out from underneath that pile of debt, and the last thing you need is to get an even older, even less reliable car in its place.

My two suggestions would be:
1. Keep the Mazda. Maintain it. Pay it off as fast as possible, and hope that you don't start having expensive problems before you get that loan paid off.
2. Sell the Mazda private party (don't trade it in, they'll give you pennies for it), and buy a very simple, cheap, reliable car outright. Getting out of a turbocharged, complicated, sporty car and into something with low maintenance costs like a Civic/Camry/Corolla/Accord will seriously help your financial situation.