thinking of trading in

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11-22-2011, 01:47 PM

#21

Derf00

Gentleman's Relish

Join Date: Feb 2005

Location: AZ

Posts: 13,090

Quote:

Originally Posted by hoodlum54

This.

If you can't come up with the difference between what you get private party and what you owe on the car, then you don't have any option but to trade it in and try to roll that negative equity into your next loan. I'd be wary of using the dealership to proxy the sale of a private party. They'll get you any way they can, so I'd just be careful. Sounds like your best bet is to list it first on websites to sell it. See what they're offering and if you can make up the difference or just bite the bullet and trade it in

F'in ay, worst advice evar.... Not doggin on you personally hoodlum, just the recommendation to roll the negative equity into the new car loan. If the car is ever totaled he will be Ups shiz creek without a paddle and of course it will be at the most inopportune time. This kind of stuff has a way of snow-balling.

If he's that far under, suck it up and hold onto the car for another year or two until he's either break even, a little ahead, or paid off. There is another option..it's called patcience and live with the choices made.

11-22-2011, 05:25 PM

#22

jdphillips73

4th Gear Member

Join Date: Mar 2007

Location: tennessee

Posts: 1,227

if i was gonna spend 45K dollars, i would never spent it on a car. that same vehicle will be worth half its value in less than 5 years. after having the trill of buying a new mustang... for nearly 28K... i will never do it again... my car is paid for and worth roughly 14k right now and it has 40k on it...

I live in Tennessee and my house cost 85K, i would spent that money on something i could live in that would appreciate in value... not vice versa jmo...

12-02-2011, 05:38 PM

#23

moosestang

6th Gear Member

Join Date: Sep 2006

Location: Gainesville, FL

Posts: 11,278

I like to keep it real, so here it goes. You don't sound like you should be looking at at $34,000 truck. Did you not put any money down on your GT? I don't know your financial situation or how much money you make, but just because you can make the monthly payment, doesn't mean you can afford it. Rolling $6k in negative equity into a $34k loan is nutz! Now you'll owe $40k on a truck that you couldn't sell outright for $28k.