MustangScott

Gentlemen,
I have recently been faced with a dilemma. I'm about to be coming in to 7-8k. Now, for the problem. I was revved up, and really hyped about making a mean 6'er, but the market on the 6's really sucks. Now, i went in to my car with negative equity and wound up financing 26k. (21k for premium (w/starguard) and 5kish negative equity. Now with this money coming in, I'm thinking about trading in my 6'r and getting a GT. I know i'll be losing some money, but i think i'll be able to lower my payments, and the market for the GT's is built faster. I see it as getting a GT for 28ish. Trade in at about 19-20. So about 8 or 9k extra, (which i'll have) I see myself coming out with a faster car, and about the same (if not less) payments. I'm completely torn on this idea though. All i have done to my car currently is dual exhaust, so i wouldnt be losing much there. Ehh. I'm thinking about doing it. I used to think 90 horses wasn't too much, but i was naive and didnt know much. Well, can i get some opinions (the insurance from v6 to GT isnt too much of a change.)

Whoa. Near fatal miscalculation. trade in for 19-20 11 or 12 thousand left. Hrmm. But i could go used on that. . . *sigh* I dont know.

Scott

fso119

Pay down your loan with the cash your getting. The sooner you get rid of the negative equity, the better. If you payoff your loan earlier, you can sell your car at a profit and put that into a GT or wait another year and get a GT500. You are already taking a bath by rolling 5K into your current car why dig yourself deeper? The wait will be that much more worth it.

Just my $0.02

MustangScott

How can i sell at a profit if i wait. The longer i wait, the more money i lose to depreciation. I know, i should have waited befor ei bought the first one, if i was thinking about turning it around.. . . but hey. .

Shuggy

You won't get more profit but you will get more cash flow. You will pay down the loan FASTER than it depreciates for sure. The biggest depreciation hit is the one that happened when you left the lot. I would have to agree with fso119, pay down the loan and look to next year.

See, with my 2 cents on top of fso119's you are already up 4 cents now!!

MustangScott

Keep them pennies coming. I'm starting a GT fund ^_^

burdweiser

ya, pay down your current loan. Or maybe you could get a lift kit and get some swamper tires for the car? lol

05V6inMD

How are you going to get 19-20k trade on a car that you said listed for 21k new?

MustangScott

I figure with only 7k miles on it, and an exhaust system, it would'nt have depreciated too far.

زoe

If you are going for a fast car for the price of a GT why not get an STI or something. If its speed you are looking for only I would do that. But if you really like the mustang I would do it.

jthorn9

Now I'm not a car salesman, but I am into sales. The best you might get for the car on a trade in is around 12-15K. The reason being is that it's all about making money. See the problem is is that as soon as you leave the car lot with any car its value, as far as trade in goes, drops drastically. Now me, Ford replaced almost every thing under my hood when I bought the car two years ago. As a result they wanted 10K for the car. We managed to reluctantly talk them down to 6K that I paid in straight up cash. Now when I left the lot and I came back and wanted a trade in they probably only would of givin me a trade in value of around 2.5-3K. See if they give you almost full value on the car then they turn around and sell it for a hair more they don't make any cash. But if they give you only partial credit on a new car and then resell the car for lets say umm.... 20K they just made around 32-36K on the deal depending on which GT you buy. My advice is to pay off the loan and then sell the car outright, then use that cash on a really generous downpayment to get really low monthly notes on a GT.