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  1. #1
    Join Date
    Jun. 4, 2008
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    Close to Ocala,fl
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    Default money help.......?sTrading car **Update**

    Sorta of a update.....
    Well I was very surprised that I would get more then 1500 trade on my car.
    I am still hemming it over due to money issues...repair costs. My DH and I only share "house bills" like room mate style. Though we got the truck together to share. He also has 4 street bikes if he gets in a bind. We did decide that we cant be a one veh due to it leaves one of us stranded at times....(namely me)
    So getting to the point could I get the CoTH thoughts on the following vehs? (not new but newer used) The Elantra, Tuson, Rav 4 and the Civic. I know the suvs I would be losing in gas milage...any thoughts?

    Thanks


    Hi
    I am hoping to get this in. SO I need to lower my bills. I was thinking about trading my car. I could get about 1500 in a trade. and a lower payment BUT I only have 2 yrs left on my car BUT its getting older 7yrs. Is this a bad idea to trade for a new car with a lower payment But another 5 yrs in payments?
    T.I.A
    Last edited by spook1; Apr. 16, 2013 at 06:12 PM.



  2. #2
    Join Date
    Sep. 24, 2004
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    Piedmont Triad, North Carolina
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    Default

    You only lower your total payments / costs if you keep your car past the payments. The trick is to maintain the car so it's reliable after the warranty runs out.

    in other words...

    You may lower your monthly payment but buying a new car means your total costs are greater. also known as a lease lol..



  3. #3
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    Jun. 4, 2008
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    Default

    Hi
    I am just looking for ways to lower my total bills. And the car is starting to have things go wrong with it and its costly to repair. So it was a thought



  4. #4
    Join Date
    Mar. 13, 2013
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    176

    Default

    I would trade it. Especially if your goal right now is for a lower monthly payout twords bills. And for piece of mind knowing your car will start everyday!



  5. #5
    Join Date
    Feb. 28, 2006
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    The rocky part of KY
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    Default

    In the long run, it may cost you more, but if you really are tight then getting the lower payment may make life easier. Sort of a Catch-22, because once it's paid for it's not hard to afford repairs, but if you haven't got the money you haven't got the money. You can make principal only payments on car loans, speeds up the last payment but won't lower it, or pay them off early too.
    Courageous Weenie Eventer Wannabe
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  6. #6
    Join Date
    Sep. 16, 1999
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    Ohio: Charter Member - COTH Hockey Clique & COTH Buffy Clique
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    Default

    what about selling the car and using the proceeds to BUY a car outright? Thus not having any payments? Then putting aside what you would normally have in payments to A) cover major repair work that may be needed and B) to use in a couple years when you sell this car so you can afford even more ie: sell current car and buy another... put $150 or whatever in the bank each month... in 2 years you have the proceeds from selling this car PLUS 2 years (or whatever timeframe) worth of "payments" you've stashed and can afford even better car... all without ACTUAL payments. Do you HAVE to have a new car that comes with 5 YEARS of payments???
    ************
    "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

    "Get up... Get out... Get Drunk. Repeat as needed." -- Spike


    2 members found this post helpful.

  7. #7
    Join Date
    Sep. 24, 2004
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    Piedmont Triad, North Carolina
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    Default

    Quote Originally Posted by spook1 View Post
    Hi
    I am just looking for ways to lower my total bills. And the car is starting to have things go wrong with it and its costly to repair. So it was a thought
    Trade it



  8. #8
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    Feb. 28, 2006
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    Default

    What kind of car is a 2007 model and only worth 1500 in trade with only two years to go?
    Courageous Weenie Eventer Wannabe
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  9. #9
    Join Date
    Dec. 12, 2004
    Location
    Massachusetts
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    Default

    Quote Originally Posted by ReSomething View Post
    What kind of car is a 2007 model and only worth 1500 in trade with only two years to go?
    I'm wondering if the OP meant $15,000 instead of $1500? Otherwise, someone is not making smart purchasing decisions, if they are taking out 5 year loans on vehicles worth only $1500 at the end of the loan....literally almost any 7 year old vehicle (Which, come on people, first world issues....7 years old is NOT that old for today's cars) should be worth more than $1500.

    Seconding the person who suggested SELLING the car and purchasing a different one, with maybe a small loan to assist in purchase price.


    1 members found this post helpful.

  10. #10
    Join Date
    Mar. 13, 2013
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    Default

    There are plenty of lower end compact cars that you can finance over 5 years, but they're worth jack sh!t after even just 1 year.



  11. #11
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    Quote Originally Posted by bM View Post
    There are plenty of lower end compact cars that you can finance over 5 years, but they're worth jack sh!t after even just 1 year.
    Evidently OP bought it when it was two. So was it worth jack then?
    Courageous Weenie Eventer Wannabe
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  12. #12
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    Jun. 4, 2008
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    Default

    Hi
    I am not a good car buying person....my car is a 06 Jetta in good over all condition and ony 68k miles ( about 6k owed).....I was told I would only get about 1500.00 on a trade. But that was what a friend told me not a official quote.

    In the last 3 yrs I have had 3 kidney/Bladder surgeries horrible issue with Lyme and lost 28% of salary.....and I am feeling it. And someone said I should trade it I could get a lower payment and a newer car with warrity. So since the CoTH has good and informative info I thought I'd ask.
    T.I.A



  13. #13
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    Dec. 12, 2004
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    Quote Originally Posted by bM View Post
    There are plenty of lower end compact cars that you can finance over 5 years, but they're worth jack sh!t after even just 1 year.
    No, that's just not true. Aveos, Cobalts, Ions, Focuses, Corollas, etc, etc, etc. All of those are the "base models" for various companies and they're all still worth around $5000k if they're a 2006/2007.

    Even if we're talking dealer trade in with super high mileage, getting a 2006/2007 car to that $1500 point is nearly impossible, I fooled around on KBB.

    Heck, I just sold my 1995 (that would be almost 20 years old) VW Cabrio. It KBBed at $1800 and I sold it for $2500 private party.


    1 members found this post helpful.

  14. #14
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    Dec. 12, 2004
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    Massachusetts
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    Default

    Quote Originally Posted by spook1 View Post
    Hi
    I am not a good car buying person....my car is a 06 Jetta in good over all condition and ony 68k miles.....I was told I would only get about 1500.00 on a trade. But that was what a friend told me not a official quote.

    In the last 3 yrs I have had 3 kidney/Bladder surgeries horrible issue with Lyme and lost 28% of salary.....and I am feeling it. And someone said I should trade it I could get a lower payment and a newer car with warrity. So since the CoTH has good and informative info I thought I'd ask.
    T.I.A
    Your friend is an idiot. Trade in value in awful condition is $5k, with no options added. Add any sort of options and up the condition, and you get trade in value to $8k. You could undoubtedly private party it for $10k.

    Here's my thought: Sell the car private party. (Or heck, trade it in, just not for $1500.) Then take a look at Chevy's new lineup, at the Spark or the Cruze. Both can be had brand new for under $15k, and you're looking at a 5 year warranty. Even after the warranty runs out, they're domestic so parts will be cheap.

    Or look at ANY brand. Apart from the higher end ones, ANY brand can get you into a brand new, warrantied car for under $15k. With your Jetta trade in, your payments should hopefully be less and you will have a relatively worry-free car.


    2 members found this post helpful.

  15. #15
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    Mar. 12, 2006
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    Default

    Youve only got 68k miles on that thing. It should be good for at least another 60k. What kind of issues could it have that make it not worth repairing, and going even further in debt for another car?


    1 members found this post helpful.

  16. #16
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    Jun. 4, 2008
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    Default

    Thanks guys. I didnt think the 1500 sounded right. my car is in good shape with options in it. I was looking at newer (used Elantras) but if you guys have a car choices please add them. I need good gas milage (I have a big truck for the trailer) reliable,small and low payment.



  17. #17
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    Jan. 28, 2003
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    Hollywood, but not the one where they have the Oscars!
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    Default

    I know VW's have a terrible long term repair record. I would trade it. When you find a car you like, google, "known issues __insert yr make model___. It will tell you if it has widely known issues to run away from. Also use www.carcomplaints.com
    "You can't really debate with someone who has a prescient invisible friend"
    carolprudm


    1 members found this post helpful.

  18. #18
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    no big issues just little things....nothing major. But VW is very pricey for even little things..parts and labor. And I worried about it starting to have bigger issues. But really its a payment thing. Like I said I was just toying the idea.



  19. #19
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    Dec. 12, 2004
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    Quote Originally Posted by spook1 View Post
    Thanks guys. I didnt think the 1500 sounded right. my car is in good shape with options in it. I was looking at newer (used Elantras) but if you guys have a car choices please add them. I need good gas milage (I have a big truck for the trailer) reliable,small and low payment.
    For what it's worth, although they do not have the name brand appeal, Kia's warranty is the best in the biz. And since hiring many top car designers, their cars look a little less crappy, too.

    The Rio comes in 4-door or 5-door, right around $13/$14k. Go a year old, and take a huge hit on the price. Five year/60,000 everything covered warranty.

    I also test drove a Chevy Spark just for fun, and while it's not MY cup of tea (I was there to see--and ended up with--a supercharged Mini Cooper S) it was a surprisingly nice car for it's $12k price tag, just as a base model. Kick in another $1k, and you get it loaded to the brim. Chevy is DYING to get them out on the roads, as they're brand new, so the dealers are willing to be VERY flexible. It supposedly gets almost 40mpg. 3 year/36k warranty, but it's domestic so parts/labor after the fact is going to be more affordable.



  20. #20
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    Quote Originally Posted by GoForAGallop View Post
    For what it's worth, although they do not have the name brand appeal, Kia's warranty is the best in the biz. And since hiring many top car designers, their cars look a little less crappy, too.

    The Rio comes in 4-door or 5-door, right around $13/$14k. Go a year old, and take a huge hit on the price. Five year/60,000 everything covered warranty.
    Thank you! I just look at them...lol



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