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Message
Car buying options
Posted on 2/4/14 at 2:57 pm
Posted on 2/4/14 at 2:57 pm
I have a 2008 Dodge Charger R/T and want to sell it to get a truck.
I have a few options that I want to throw out there to see what would be the best.
Facts -
- Dodge Charger KBB is around 13-14k
- I owe 8k
- Autotrader instant offer is 11k for Charger
- I currently have 10k saved up. (depends on what I get for vehicle)(6k in savings + vehicle gain)
- I want to spend around or below 20k
- I save around 1k each month (exception of one month when we get paid 3 times then its 2k) so it will be another 8k in Aug. (approx purchase time)
- I am going to finish the payments off asap.
- Charger has 98k miles on it
- Also have 2004 pontiac sunfire for daily driver for work. (wife and I use this to carpool to work M-F)
#1) Try to sell Charger private party, run on Sunfire until August, Pay for truck and pay the rest off (no monthly payments and no insurance for charger till Aug, could save more, run the risk of older vehicle breaking down)
#2) Try to sell Charger private party for a month, continue like #1.... If charger doesn't sell in 1 month, do a trade in and go ahead and get a truck and put larger payments on it till paid off. (get less on charger, still pay monthly payments on vehicle and insurance during whole process)
#3) Trade in now and get truck and make larger payments until paid off.
sorry if TL;DR but I'm nervous about larger purchase planning.
I have a few options that I want to throw out there to see what would be the best.
Facts -
- Dodge Charger KBB is around 13-14k
- I owe 8k
- Autotrader instant offer is 11k for Charger
- I currently have 10k saved up. (depends on what I get for vehicle)(6k in savings + vehicle gain)
- I want to spend around or below 20k
- I save around 1k each month (exception of one month when we get paid 3 times then its 2k) so it will be another 8k in Aug. (approx purchase time)
- I am going to finish the payments off asap.
- Charger has 98k miles on it
- Also have 2004 pontiac sunfire for daily driver for work. (wife and I use this to carpool to work M-F)
#1) Try to sell Charger private party, run on Sunfire until August, Pay for truck and pay the rest off (no monthly payments and no insurance for charger till Aug, could save more, run the risk of older vehicle breaking down)
#2) Try to sell Charger private party for a month, continue like #1.... If charger doesn't sell in 1 month, do a trade in and go ahead and get a truck and put larger payments on it till paid off. (get less on charger, still pay monthly payments on vehicle and insurance during whole process)
#3) Trade in now and get truck and make larger payments until paid off.
sorry if TL;DR but I'm nervous about larger purchase planning.
This post was edited on 2/4/14 at 3:01 pm
2
Posted on 2/4/14 at 3:19 pm to Hu_Flung_Pu
Sounds like you need to pay off the charger and save up more money before getting a new truck. I never understood selling a car that you haven't fully paid off.
Posted on 2/4/14 at 3:33 pm to marchballer
quote:
I never understood selling a car that you haven't fully paid off.
Say he bought it for $13k and has an offer from someone to buy it for $13k 2 years later? You wouldn't take that?
Posted on 2/4/14 at 4:36 pm to Hu_Flung_Pu
What are debating to be "best"? All are viable options, but to me some simply carry less risk.
Financially, holding the vehicle for longer will be best, so #1. However, this introduces risk of Sunfire failing and causing additional strain on both budget and nerves.
2 & 3 have very little difference. Unless you know exactly what truck you want right now, you're probably going to spend about a month to smartly purchase a vehicle. The difference here is selling price and taxes. Remember, if you trade in a vehicle (or do a "paper trade"/"quick trade") then you do not have to pay taxes on that value. Which in BR, reduces your cost by ~9.5% of that (around $1k for you).
Not sure what rate you have on charger, but chances are new vehicle interest rate will be lower.
May be wiser to list your charger for sale and search for a vehicle. Once you find one and agree on a price/trade value, trade it or sell for your next best offer. The difference is only cost of insurance on charger.
Financially, holding the vehicle for longer will be best, so #1. However, this introduces risk of Sunfire failing and causing additional strain on both budget and nerves.
2 & 3 have very little difference. Unless you know exactly what truck you want right now, you're probably going to spend about a month to smartly purchase a vehicle. The difference here is selling price and taxes. Remember, if you trade in a vehicle (or do a "paper trade"/"quick trade") then you do not have to pay taxes on that value. Which in BR, reduces your cost by ~9.5% of that (around $1k for you).
Not sure what rate you have on charger, but chances are new vehicle interest rate will be lower.
May be wiser to list your charger for sale and search for a vehicle. Once you find one and agree on a price/trade value, trade it or sell for your next best offer. The difference is only cost of insurance on charger.
Posted on 2/4/14 at 8:34 pm to LSUtigerME
I did not know about the tax part for trade in. That really lowers the difference in trade in vs private sale. I could probably negotiate a little higher than that also.
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