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Message
Advice on current Vehicle
Posted on 2/2/17 at 10:01 am
Posted on 2/2/17 at 10:01 am
So I'm about half way through the life of the loan and I'm sick of the monthly payment ($437). We still owe $16k with an interest rate of 4.3%.
The car is worth 16-18k on KBB, but trade in value is around 13-14k.
Would you stick it out since we are now getting into the meat of the principle or sell and buy cheap?
The car is worth 16-18k on KBB, but trade in value is around 13-14k.
Would you stick it out since we are now getting into the meat of the principle or sell and buy cheap?
4
Posted on 2/2/17 at 10:14 am to SavDawg8
How much time left on the loan? Is the car reliable?
Posted on 2/2/17 at 10:16 am to SavDawg8
if you like the car pay it off and drive it until it dies.
Posted on 2/2/17 at 10:19 am to LNCHBOX
Around 3yrs. Car is very reliable (2013 Ford Edge). We just hit 80k miles and no longer have free oil changes and we lose the maintenance package at 120k, but have no complaints on the performance.
Posted on 2/2/17 at 10:26 am to SavDawg8
I'd keep it rather than lose money trading it in. Like you said, you're paying less interest now, so if it's a good car just keep it.
Posted on 2/2/17 at 10:30 am to SavDawg8
there's a glut of vehicles coming off lease and used car prices are falling. this is the time to hold used vehicles.
Posted on 2/2/17 at 12:18 pm to SavDawg8
You have already lost ALL the major money on the vehicle.
If you trade it now, you are trading it because of pride and caring what others think.
Continue driving it for as many years as you can (affordably).
Once the repair bills mount, then get out.
It will teach you a better lesson on the financial impact of a new car purchase.
I did it once and have been forever changed to a "new used car" guy.
Its great.
If you trade it now, you are trading it because of pride and caring what others think.
Continue driving it for as many years as you can (affordably).
Once the repair bills mount, then get out.
It will teach you a better lesson on the financial impact of a new car purchase.
I did it once and have been forever changed to a "new used car" guy.
Its great.
Posted on 2/2/17 at 1:32 pm to SECdragonmaster
How about trying the new car thing at the "new used car" pricing? I've found that buying a new car can be a much better value than "new used" if you take your time and strategically purchase.
Posted on 2/2/17 at 2:32 pm to WhoGeaux
Yea, I got suckered on this one. First time buying one and doing the whole dealer thing. Just kills me every time I make that payment knowing I got screwed.
Posted on 2/2/17 at 2:37 pm to SavDawg8
quote:
Yea, I got suckered on this one. First time buying one and doing the whole dealer thing. Just kills me every time I make that payment knowing I got screwed.
Even though I sell cars, I know that feeling about giving your hard earned $ to a bad decision. Now I know in your shoes I would not have even kept the car for more than a year. If you decide to look at nissan or toyota, or used vehicles, email me. GL with decision
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