Trade In
10-07-2009, 11:13 AM
#1
Thread Starter
Join Date: Sep 2009
Location: NY
Posts: 39
Trade In
Hey, I got a 2010 Mustang Coupe Premium, I love the car but I got it as automatic because I don't know how to drive stick. This summer I am going to learn stick and I wanted to trade in my auto for a 2011 Ecoboost or GT (minimal specs). The only problem is that the car is being financed over 5 years. I'm 18 btw. We put 5k down on the car and traded in my Suburban for 6k on the car. Meaning we financed 16k of it. So after 1 year $3,200 will have been paid off leaving $12,800 to be financed. The estimated value for a 2009 mustang premium with the features mine has is 18k. So if I traded this in for a mustang 2011 mustang for 27k how much would I end up paying for the new car? Or what other options do I have to get a manual?
10-07-2009, 11:31 AM
#2
4th Gear Member
Join Date: Jun 2009
Location: Orange County, CA
Posts: 1,162
If you financed 16k and you sell your car next year for 18k you would first pay off the old loan - which has gone down since you've been paying on it. You now owe $12.8k to pay off the loan, but your trade in is worth $18k. You'll walk away with $5,200 that you can put as a down payment on the 2011. You'll have to take a loan on the difference (~$22,000 + taxes/licensing/etc). I would sell your 2010 privately, get the old loan paid off, and THEN go to the dealer. A trade-in is one of the easiest ways for dealers to rip you off. They can easily skew the numbers to make it seem like you're getting a good deal.
I financed my car for 3 years at 0%. I'll upgrade to a 2012 or wait until the next Mustang revision.
I financed my car for 3 years at 0%. I'll upgrade to a 2012 or wait until the next Mustang revision.
Last edited by Adam; 10-07-2009 at 11:34 AM.
10-07-2009, 11:34 AM
#3
1st Gear Member
Join Date: Oct 2009
Location: Sparta
Posts: 110
Hey, I got a 2010 Mustang Coupe Premium, I love the car but I got it as automatic because I don't know how to drive stick. This summer I am going to learn stick and I wanted to trade in my auto for a 2011 Ecoboost or GT (minimal specs). The only problem is that the car is being financed over 5 years. I'm 18 btw. We put 5k down on the car and traded in my Suburban for 6k on the car. Meaning we financed 16k of it. So after 1 year $3,200 will have been paid off leaving $12,800 to be financed. The estimated value for a 2009 mustang premium with the features mine has is 18k. So if I traded this in for a mustang 2011 mustang for 27k how much would I end up paying for the new car? Or what other options do I have to get a manual?
I went to the dealer to buy a mustang, with no idea how to drive stick. The dealer and I drove around in a 08 Bullitt for like 45 minutes.. he taught me lmao.
That day I drove away with my manual 2010 mustang.
10-07-2009, 11:57 AM
#4
Thread Starter
Join Date: Sep 2009
Location: NY
Posts: 39
We'll I told my dad I wanted stick but he said no because I didn't know how to drive it. It wasn't that much my choice. Im also not technically paying for my car, I'm paying 100 a month but my dad will forget to ask me for it. So esentially if I got a mustang gt next year given id have to pay it off assuming just 1 down payment of 5-6k on it. So maybe ill just stick with what I got and save up and get a gt500 after college.
10-11-2009, 09:49 PM
#8
Join Date: Oct 2009
Location: Ohio
Posts: 22
no offense but I can't believe how many 18 year old kids I see on both the mustang and camaro boards talking about buying brand new cars. I'm 34 years old and make a six figure salary, no debt and I'm spending months researching, hemming and hawing over whether it's a good idea to spend $30k on a new car.
don't take this personal but you're 18 and you're driving a brand new mustang you shouldn't be regretting anything about it. you should be outside detailing it every night and acting as if you'll own it forever.
I mean I just hope for your sake you make enough to own a Ferrari by the time you're 30 or your being setup for disappointment...... errrr unless someone gives you a Ferrari when you're 30.
ugh back to your original question it's my experience that 2 years is the sweet spot in terms of depreciation. it's when most cars start to level off in value and stop dropping. If you can manage to hold out until then you'll probably get your best value. if it was my money that's what I'd try to do. If it was my dad's money I'd probably do it as soon as the new GTs come out.
don't take this personal but you're 18 and you're driving a brand new mustang you shouldn't be regretting anything about it. you should be outside detailing it every night and acting as if you'll own it forever.
I mean I just hope for your sake you make enough to own a Ferrari by the time you're 30 or your being setup for disappointment...... errrr unless someone gives you a Ferrari when you're 30.
ugh back to your original question it's my experience that 2 years is the sweet spot in terms of depreciation. it's when most cars start to level off in value and stop dropping. If you can manage to hold out until then you'll probably get your best value. if it was my money that's what I'd try to do. If it was my dad's money I'd probably do it as soon as the new GTs come out.
10-19-2009, 06:18 PM
#10
Join Date: Sep 2009
Location: NY
Posts: 12
im in the same problem your in got a 08 gt automatic.... really wanted stick but my dad said no that i would burn the clutch out.
makes no sense because automatic is about 800$ more u can buy almost 3 clutches with that.
sad thing is i know how to drive stick
but my dad got it for me as a gift.
so i guess im sticking with it unless i can get a good deal on a 2008 mustang gt manual with about the
same miles as mine (only 4700 miles) only drive to college which is about 5 miles away
makes no sense because automatic is about 800$ more u can buy almost 3 clutches with that.
sad thing is i know how to drive stick
but my dad got it for me as a gift.so i guess im sticking with it unless i can get a good deal on a 2008 mustang gt manual with about the
same miles as mine (only 4700 miles) only drive to college which is about 5 miles away