This is a discussion on Car purchasing question. within the Off Topic & Humor Discussion forums, part of the The Back Porch category; It looks like if I buy new, I can get $2000 cash back at one dealer around here. That alone will eat my negative equity ...
It looks like if I buy new, I can get $2000 cash back at one dealer around here. That alone will eat my negative equity and then some. Problem is the loan will be more for a new SUV. Do I want a bigger loan with no negative equity, or do I want a smaller loan and I have to eat my negative equity?
"Just blame Sixto"
I reserve the right to make fun, point and laugh etc.
blizzak tires on used rims
wide tires on a rear wheel drive with a light rear end with a lot of torque will not drive in winter weather.
so i put on the 4 blizzak tires and 200 pounds in the boot. you have 3 kids in the back.
lot more cost effective than a trade.
"I've noticed that everyone that is pro-abortion has already been born." - Ronald Reagan
"When governments fear the people there is liberty. When the people fear the government there is tyranny." Thomas Jefferson
You are only paranoid until you are right - then you are a visionary.
I'm not sure you're saying the Kelly Blue Book value is $4500 ,I have a car which is valued at about $4.5K.
or the dealer will give you $4500 in trade.If you can't write a $2000 check, you shouldn't be thinking of a new car. Certainly not a new, new car.Sorry, I am having trouble with this math. The OP is upside down on his car now. He owes $6.5K and can get $4.5K for it. So, just to pay off the loan, he will have to write a $2K check.
I'll give you the Dave Ramsey advice, get a second job until you can pay off the car, then get the best used car that will last forever.
I keep cars an average of 10 yrs, I don't have car payments, and it feels great.
And to continue in the Dave Ramsey mode. Get out from under the Mustang as painlessly as possible. Then get a beater 4X4 something that will get you by for a year or two. By beater, I mean the vehicle you can find that runs solid but might be a bit worn on the outside. And cheap. Put as much in the bank as you can, drive it as long as you can, and upgrade a bit later.
Unless you want to spend money on a nice ride to impress people you don't know. Which is why most folks buy nice cars.
FWIW, my truck was bought used. Paid for in 4 months. I've had it about 9 years, and it's 12 years old with 120K miles. No beauty contests will be won with my truck. But there are no payments to make either. As opposed to my buddy, who bought a Ford FX4 4x4 with no interest but his truck payment was as much as my house payment.
Put a lot of thought and research into it. You don't want to get out of one problem just to get into another one.
I prefer to live dangerously free than safely caged!
"Our houses are protected by the good Lord and a gun. And you might meet 'em both if you show up here not welcome son." Josh Thompson "Way Out Here"
My brother in PA just bought a 4 cyl s 10 ext cab for 350.00 ( no that is not a typo) get a beater 2-300 pounds of sand and some good snow tires
The bank has extended me a 7K loan. So with that and my car, I need to squeeze every last penny out of my Mustang as possible so I don't have as much negative equity.
The best advice in this thread was this: "Don't go into debt over women."
Wife = buy her a new car.
Girlfriend = She could leave you tomorrow and you"d be stuck with a family wagon you don't want or need.
If YOU really want the SUV then go to a dealer and get one. I do have a suggestion here for you though.... Since you are even asking these questions I'm going to assume you are an inexperienced car buyer. My suggestion is that you bring someone along who is older and wiser than you to help with the negotiations. NOBODY pays sticker price unless they are a fool. Even with 2K in negative equity I'd walk out of that dealer paying less than what was on the sticker for any vehicle over 10K. BRING A FRIEND (not your girlfriend)! Second piece of advice: If they don't give you the price you want then go to the next dealer and find a different car. There are always other cars to buy so don't get married to a single car at a single dealer. That is how you end up over paying
ETA: Lastly, SIXTO hit on another thing. Sometimes a new truck can be cheaper than a used one. The used market is HOT right now. My current truck was a brand new 2003 Frontier sitting on the lot in the fall of 2004. The 2005 models were about to come out and I bought my truck for a song and a dance (the dealer wanted it gone!). IIRC I paid about 3K less for it than what used trucks were going for at the time. Shop around a little and know your market before you commit to buying a vehicle.
I American and I Ameriwill!
Keep the car and get better tires. My dad always told me..."If you get into a hole, stop digging!"
I guess I'm passing that advice on to you.
Proverbs 27:12 says: “The prudent see danger and take refuge, but the simple keep going and suffer for it.”
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So I sold the Mustang privately (rather quickly I might add). I guess the guy that purchased it from me is rather wealthy and enjoys buying and restoring cars, I guess it is a hobby of his. He had a beautiful black with red trim 2010 Dodge Viper SRT10 I was drooling over . We worked out a deal and he gave me 7K for it in a pack of C-notes . I had asked 8K (retail price) but it needed a few minor repairs... i.e. new tires, spark plugs, a new filler neck since the one I had dripped a bit, a rear tail light since some water got in, and a new front bumper since some of the paint chipped from rocks n' such (construction on my street did a number on my bumper). Mechanically however it was in excellent condition.
I paid the bank off and took the $500 dollar profit, in addition my stepmom threw a grand towards it to help me out (since she didn't like me in a Mustang... go figure ). I went and dropped that $1500 on a 2002 Nissan Xterra. The dealership wanted $7,300 for it. I worked him down to $6,800 (which was the on road price - tax, tags and other nonsense). There were a few cosmetic things that caused me to work him down on the price. The front speaker crackled pretty bad. The CD player was jammed, and the rear window was stuck open about a 1/4 inch. The dealership is replacing the window free of charge. I took the new stereo I had in my Mustang and swapped it out with the hunk of junk in the Xterra. I wasn't worried there. Also my buddy works at a car audio place here, so he said if I picked up a set of speakers he'd install them free of charge at home.
So long story short, I only needed $5,300 from the bank... With a 5 year loan (I plan to pay it off earlier when I get my taxes back) I'm looking at $121 a month with a 10% interest rate. I have mediocre credit, not bad, but not great. I have a few outstanding medical bills and a few late payments on some credit cards, otherwise it could have been lower.
I took a lot of advice here and it worked out for me in the end. So here she is!
Last edited by Pro2A; October 28th, 2011 at 09:25 PM.
You did well. You got your 4WD with more room than the pony, and you're in less debt than you were. I'd say that's win-win. And make sure you shovel your stepmom's walk when it snows this winter... you owe her!
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I helped her move her heavy oak furniture and install new carpet last week. I think this was a thanks for that. They are my folks tho... they are getting old, so I help them when I can. My dad volunteered me to rip up his back deck and put some other concrete patio in or something... I have no clue what he is thinking, but whatever... he wants my help so I'm there.
Ooops, you meant car - not Kahr.
This is off the off topic section...