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SavDawg8
Georgia Fan
Savannah, Ga
Member since Jan 2017
35 posts

Advice on current Vehicle
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?


LNCHBOX
LSU Fan
70001
Member since Jun 2009
45673 posts

re: Advice on current Vehicle
How much time left on the loan? Is the car reliable?


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
8060 posts

re: Advice on current Vehicle
if you like the car pay it off and drive it until it dies.


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SavDawg8
Georgia Fan
Savannah, Ga
Member since Jan 2017
35 posts

re: Advice on current Vehicle
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.


LNCHBOX
LSU Fan
70001
Member since Jun 2009
45673 posts

re: Advice on current Vehicle
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.


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theCrusher
LSU Fan
Slidell
Member since Nov 2007
462 posts

re: Advice on current Vehicle
there's a glut of vehicles coming off lease and used car prices are falling. this is the time to hold used vehicles.


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SECdragonmaster
Auburn Fan
Newest member of team Bunchie!
Member since Dec 2013
6345 posts

re: Advice on current Vehicle
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.


WhoGeaux
New Orleans Saints Fan
Member since Apr 2011
1390 posts

re: Advice on current Vehicle
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.


SavDawg8
Georgia Fan
Savannah, Ga
Member since Jan 2017
35 posts

re: Advice on current Vehicle
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.


CoachRobertson
LSU Fan
Denham Springs
Member since Dec 2014
364 posts

re: Advice on current Vehicle
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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