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Message
Selling a vehicle months after buyng
Posted on 1/14/17 at 2:02 pm
Posted on 1/14/17 at 2:02 pm
Can I get some advice from the money talk gurus? Here is my situation
So my wife's car flooded in March and we were forced to buy a new car. We decided on a Hyundai Sonata and bought it for a reasonable price with about $5k down. We figured we could use this vehicle for a few years and one baby. We would then get a SUV or van when we paid off the Hyundai and added another child to the mix in a few more years.
Well my wife became pregnant with twins and now it really has thrown that idea out the window. I believe we could make the 4 door Sonata work but it will be tight and probably not as safe. At the moment my wife wants to get a minivan, which I am in favor for.
Here is the problem, trade in on Hyundai's are rather poor. I knew that they would lose value quicker than other options, but did not believe it would lose as much as it did even though it is exceptional condition. So I am looking at possibly being upside down on a trade in a couple thousand.
My wife is convinced that the Hyundai will not have enough room and will not be as safe as a minivan.
Should I just take the hit and get the minivan now or ride with the Hyundai for another year and continue paying it down until no longer upside down?
So my wife's car flooded in March and we were forced to buy a new car. We decided on a Hyundai Sonata and bought it for a reasonable price with about $5k down. We figured we could use this vehicle for a few years and one baby. We would then get a SUV or van when we paid off the Hyundai and added another child to the mix in a few more years.
Well my wife became pregnant with twins and now it really has thrown that idea out the window. I believe we could make the 4 door Sonata work but it will be tight and probably not as safe. At the moment my wife wants to get a minivan, which I am in favor for.
Here is the problem, trade in on Hyundai's are rather poor. I knew that they would lose value quicker than other options, but did not believe it would lose as much as it did even though it is exceptional condition. So I am looking at possibly being upside down on a trade in a couple thousand.
My wife is convinced that the Hyundai will not have enough room and will not be as safe as a minivan.
Should I just take the hit and get the minivan now or ride with the Hyundai for another year and continue paying it down until no longer upside down?
5
Posted on 1/14/17 at 2:24 pm to burgeman
Pile up cash the next 7 months or so. Maybe try to sell private party after the baby is born.
Best option: If you're driving an expensive truck and don't need the capabilities of a truck (and aren't upside down), get rid of the truck and get the minivan for the wife, while you drive the huandai. If you have a third row SUV vehicle, just switch vehicles with the wife.
Best option: If you're driving an expensive truck and don't need the capabilities of a truck (and aren't upside down), get rid of the truck and get the minivan for the wife, while you drive the huandai. If you have a third row SUV vehicle, just switch vehicles with the wife.
Posted on 1/15/17 at 1:54 am to burgeman
Hyundai vehicles are recently one thing that they are proud of and selling a lot. Which is why the depreciation is so great. Cheap but Hyundai is still selling them high. I got one back in 2014 ish when gas was high as hell. I was commuting 30 mins back and forth in a 12 Crew Cab Silverado. Sold the truck made money, bought a Sonota. Gas prices went down and I wanted a truck back. Luckily the dealership was very generous on the sonata and I got a 15 Crew Cab Silverado on a special tag black Friday promotion.
I'd say if it's a must then do it, but find a nice mini van that will make that negative equity worth it. Don't go cheap just because you're afraid of the payment, or else it will be another automatic loss.
I'd say if it's a must then do it, but find a nice mini van that will make that negative equity worth it. Don't go cheap just because you're afraid of the payment, or else it will be another automatic loss.
Posted on 1/15/17 at 6:24 am to momentoftruth87
Is your first child old enough to buckle them self? Gonna be a PITA to get into the back seat every time to buckle a 2 year old up otherwise. That has nothing to do with the money situation.
You drove one kid in the car but 3 kids is now unsafe? Literally millions drive kids in cars every day.
I don't think it would be very good financial advice with twins on the way to take a large financial loss to be more comfortable, but people do it everyday. So that is completely up to you.
You drove one kid in the car but 3 kids is now unsafe? Literally millions drive kids in cars every day.
I don't think it would be very good financial advice with twins on the way to take a large financial loss to be more comfortable, but people do it everyday. So that is completely up to you.
Posted on 1/15/17 at 7:18 am to burgeman
Send me the details on the Sonata and what they are offering you. I might have a buyer at a better price.
<---@yahoo.com
<---@yahoo.com
Posted on 1/15/17 at 7:41 am to baldona
eta: I read this as OP having one kid and expecting twins. Hadn't had my coffee.
Revised advice:
1) a sonata with a warranty shouldn't be hard to sell private party. Figure out what they're going for in your area and price it competitively on Craigslist and even cars.com. Don't rely strictly on KBB, take good pictures and take time to write a good description.
2) Whatever you do, don't get a Nissan Quest!
Revised advice:
1) a sonata with a warranty shouldn't be hard to sell private party. Figure out what they're going for in your area and price it competitively on Craigslist and even cars.com. Don't rely strictly on KBB, take good pictures and take time to write a good description.
2) Whatever you do, don't get a Nissan Quest!
This post was edited on 1/15/17 at 8:58 am
Posted on 1/15/17 at 8:40 am to baldona
quote:
Is your first child old enough to buckle them self?
We currently don't have any kids, have twins Ion the way now
Posted on 1/15/17 at 1:43 pm to GaryMyMan
quote:
I read this as OP having one kid and expecting twins. Hadn't had my coffee.
I read it this way as well wondering how the hell 3 kids in a carseat would work in a Sonata. If it's only twins, you can definitely make the Sonata work. I have a 10-month old in a 2014 Honda Accord. We bought multiple bases so my fiancee and I can just leave them in our cars. No hassle at all getting the baby in and out. 2 will obviously be more work, but not enough to go upside down on a trade in purely out of comfort.
Posted on 1/16/17 at 6:11 pm to burgeman
Emailed you back Burgeman
Posted on 1/16/17 at 6:49 pm to burgeman
quote:
Pile up cash the next 7 months or so. Maybe try to sell private party after the baby is born. Best option: If you're driving an expensive truck and don't need the capabilities of a truck (and aren't upside down), get rid of the truck and get the minivan for the wife, while you drive the huandai. If you have a third row SUV vehicle, just switch vehicles with the wife.
One of the better responses I've seen on this board. I'll add to the response that you shouldn't try to reason too much with a soon to be first time Mom. Be patient with her and get the mini van. I agree that you should strongly consider selling your other car and driving the Hyundai yourself.
Posted on 1/17/17 at 9:10 am to CoachRobertson
I'm going to get back with you, trying to figure out what we want to do at the moment
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