ARRRRRGGG I Owe Way More than my Car is worth!

[Lucky]

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<< Pacfanweb ,Actualy i was looking at a Ford Taurus SE as a car i might like to own. hmmm i think im gonna call up my lendor tomorrow and see what they say. Again Thank you all... if you have more advice please keep it coming, i can take all i can get. >>



Take a look at the Honda Accord V6's, though you can probably get a hell of a deal (to the tune of $5000 savings) by buying even just a 1 year old used Ford Taurus.

Edmunds 2002 Ford Taurus SE TMV new price:
Price after dickering: $18,788
Edmunds 2001 Ford Taurus SE Used Car (with about 12000 miles on it) Price:
Private Party: $11,738
Dealer: $13,326 >>





Well thats comparing a new price to a private party sale. GL finding someone with the exact car you want, thats only a year old, with only 12K miles, that doesnt have severe problems.

 

[dirtboy]

<< You can still probably trade it, but you'll be in the same fix two years from now, because all that negative equity will roll into a new loan.

I'd advise you to keep the current car at least 2 more years....by then, the car's value and what you owe will be closer to even. If you can't stand it and just have to have a new one, be sure you really like what you buy, because you won't be able to get out of it until it's nearly paid off. >>



Excellent advice.

 

[Salvador]

Two problems.. You bought a Saturn and you're looking to trade it in. You're going to need to sell it privately to make any money on it. The dealer isn't going to give you crap on a trade in. Sell your car yourself and then go lowball some dealer on a new car. If you want to buy used again, buy from a private seller and not a lot. They are crooks! If you are unsure about a car, get a mechanic involved. It's worth the fee to have a car checked out before you buy it. The warrantee's that a dealer provide for a used car are a joke anyway, so don't think you are being protected by buying a certified "pre-owned" car. Besides.. When you buy from an individual, you can size up the person that is selling it. With a trade in, you have no idea who was driving the car or how it was treated or neglected. Especially after the dealers detail it and try to hide everything.

It's so funny that people are always putting Honda's down because there are so many of them. Well.. They are solid, dependable and have great resale value. As a matter of fact, you're almost better off buying new because they don't depreciate that much within the first 4 years... American cars on the other hand.. Pfffffft..

Oh.. I forgot to add this.. My sister just sold a '97 Prelude SH with 50K miles for $17,500.. She paid $25K for it 4 years earlier. IMO.. That's not too bad for a 4 year old car with 50K miles. If it would've been a domestic, it would've been worth maybe $9K at the most.

Anyway..

Sal

 

[CrackRabbit]

For all you import lovers, dont get me wrong i have considered Camrys and Accords, and they are quite nice, and yes they do keep thier resale value well, but insurance is much much higher! my roomate has a 98 camry LE, and he pays something like 320 something a month in insurance :Q, i simply couldnt aford the insurance on one, insurance on a domestic is much cheaper!

 

[Freejack2]

<<
Well thats comparing a new price to a private party sale. GL finding someone with the exact car you want, thats only a year old, with only 12K miles, that doesnt have severe problems. >>



Actually the $13,326 is buying it from a dealer used. If he looks carefully he may be able to get a 2001 dealer demonstrator (or whatever they call them) for about that price.

 

[mithrandir2001]

Japanese car depreciation example:

1997 Honda Civic EX coupe

Purchased for $16,300 in 2/1997, 5 miles
Traded-in for $12,635 in 8/1998, 19500 miles

78% residual after 18 months. 60% after 3 years.

Domestic car depreciation example:

1998 Ford Contour SE V6 sedan, loaded

Purchased for $17,700 in 8/1998, 10 miles
Traded-in for $8,000 in 12/2000, 29400 miles

45% residual after 28 months. 36% after 3 years! Talk about taking a bath. Fortunately, I had $1600 in Citibank rebates, $400 in college grad rebates (neither reflected in purchase price above) and 0.9% financing. Rebates and cut-rate financing do hurt resale values (by making new cars cheaper). Notice that Honda almost never has rebates and uses mild financing deals to move product off the lots.

 

[KennyTheGreat]

lots of driving

 

[Brutuskend]

This is why I drive old clunkers.

Well, one of the reasons anyway.

 

[Muadib]

insurance is much much higher! my roomate has a 98 camry LE, and he pays something like 320 something a month in insurance
Your insurance will change with the Taurus too. You should call your insurance company and get exactly what you would pay. Your roomie might have tickets that you don't know about.

 

[Nefrodite]

For all you import lovers, dont get me wrong i have considered Camrys and Accords, and they are quite nice, and yes they do keep thier resale value well, but insurance is much much higher! my roomate has a 98 camry LE, and he pays something like 320 something a month in insurance , i simply couldnt aford the insurance on one, insurance on a domestic is much cheaper

yup, the guys probably got tickets, or is very very well covered. you do know there are different levels of coverage right? really lousy insurance might cover you if you hurt one car/person, but if you cause a pileup or mess with a bus or something your so screwed.