warhorseGT

I love my 07GT, yet with the bank interest rate-I'm getting shafted. Now ford has good interest rate deals on, that the bank can't touch-I think.
I have about 10k paid off, and realized I missed out on the 6 guage IUP package, 18" wheels, and not sure I like the stripes-I like the looks, but having them painted on makes more sense, especially every time I feel the edge of the decal.
My windveil blue GT only has 8,000 klm on it too.
Should I keep it and try to get a lower interest rate, and put some guages in it to make up for the lack of no IUP etc??
Or trade it in with one ordered how I want it-now that I know what I like and want..??
I am torn, my loan is at 8.24% versus 0%, or 2.99%-I have to talk to the dealership.
If I do, I am thinking about an 08 GT, candy apple red, IUP, apearance pkg, 18" wheels (may have the new style cyl. heads-aka, no plug breakage?-not sure if that is true)
This is my first new car purchase, I love it, yet the interest rate makes me feel as if I have an anchor tied to me[:'(] and that takes the fun out...
Please give me some input!

tungsten07

i'm in the same boat as you... 9% interest rate! it sucks. i'm thinking of trading and getting a better interest rate but I'm just not so sure if I should wait until the 09's or 2010 comes out.

MyLocalDJ

My recommendation... think about what you like and dislike about your car (as you have already done.) Then think about how much the difference in the interest rate is actually going to cost you for the remainder of your loan. Then ask yourself, do I like my existing car well enough to spend the extra finance money or do I buy what I want and understand that it will cost me several times that amount in depreciation as soon as I sign the papers. Tough call but one that you should consider. It sounds like you are trying to justify in your mind spending the bucks to buy a new car. If that is the case, don't kid yourself. Just buy what you want. If you really are looking at the economics and you have already paid 10K into the existing car, you may be better off keeping what you have.

My 2 cents worth...


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RedRider0151

The interest rate may sound better, but the beating you are going to take on the trade in is going to be 10 times what the difference is in the interest rate. Give the dealer a call and ask what you will get for trade in on your car.....you are going to cry. You are better off spending the 2 - 5 grand you will eat on making the car you currently have more customized to fit your needs and making it different than everyone elses. I know you think you want what is on one of the factory cars right now, but once its in your driveway you will end up modding it all up anyhow.....so if it was me I would dump cash into your current car isntead...especially since you are so close to payoff on it. If its a payment thing, call the bank and refinance the balance of your loan. I can tell you my bank did WAYYY better than what Ford could do. THey didnt even try to match the 5.5 pecent rate my credit union gave, they straight up said they couldnt touch it....even though my credit rating is well into the 800's. I miss the days of 0 percent financing!!!

HEY VIC!!!!

swata

Refi will save you loss on equity...since you have quite a bit paid off you would do well on a trade. The real question is are you willing to take the hit on the trade. If not the best you can do on a refi would be between 6-8%.

With the market the way it is now at ford you can get into a new Premium GT below 25K as you have it equiped.

It appears you would do better monthly trading her in. IMO

deekum1627

so you want one like me lol if your not happy with you car and really want another one then go for the new one i know how it feels to not be totally happy with a car

Riptide

Dealer wanted to give me 19 on trade for mine after I bought it private party for 21750. I'm sure they'll turn around and sell it off their lot for a tidy profit if I decided to go along with their little scam.

If you want something else - sell the car private party. Forget trade ins. They SUCK.

warhorseGT

Ya the refinance thing sounds best, I forgot about what trade in "dings" can be like. The few things I want to change about my 07 can be changed or modded-and personalize it. Perhaps if I wait, Ford might put out something more powerful or different(not that I don't like the S197's as is) and just enjoy what I have.
The money part is stressful, and thanks to all who posted, it did help ease things and get a new perspective. I will talk to a dealer, just for the "shock" hehe-never know. Either way is a win, just one way is easier than the other.

MELLOWYELLOW06

The interest saving wont even make up half of what youll get hit with on the depreciation on your car. Ask your bank what you have to do to accelerate your payoff and save on the interest if you pay off sooner.

Orion_240

When the interest rates dropped last year I was only getting about a 2% return on my money market cash, but my loan was at 5.9%. So I paid it off and now save 1/2 of my previous car payments in a savings account.
Do the same! Hold off on mods and use that money to pay off that high interest loan (very high interest today, with 0% offered). Heck... maybe I should go into the loan business! If I could get 2.9% on my money today I'd be Loanshark_240!