Good time to switch cars?

[etherealfocus]

I've got a 2007 Versa hatchback 6-manual 4dr. Currently owe $10k on it.

I now work at a place that gives me at-cost pricing on Fords and Chevys.

I found a dealership willing to buy my Versa at payoff price (they get the car for the price of paying off my loan). So... given that I could basically get a fresh start on a new car, does that seem like a good idea?

I could save some good money certainly, but my concern is that my Versa has 5-star reliability ... the Spark and Fiesta aren't so hot.

I'm a light driver; my primary goal would be to save money on gas and payments. Only features I care about are cruise control and maybe larger wheels and USB/1/8" plugs for music. Cargo capacity in the back is occasionally important, hence my preference for hatchbacks. My other concern is that the Versa has five-star reliability; Spark and Fiesta are both three-star.

Can I save significant money doing the trade? And are the 2013 Spark and Fiesta so gutted I'm better off sticking with my Versa? I notice the Spark has 83hp. :/

Is there any other major consideration? Should I be looking at the Sonic as well?

Obviously I'm not a big car guy - apologies for noobishness.

 

[JTsyo]

You bought that Versa new in 2007? I would think it would be considered expensive to rent the car for 5 years for how ever many thousand you have already paid on it. When you take into consideration that you like the Versa, why sell it and start over?

Out of curiosity how much would be your price for a Ford Fusion hybrid? Invoice or below invoice?

 

[deadlyapp]

Rather than comparing the amenities, you should compare the loan value. Do you feel significantly overwhelmed with your current car payment? What is the interest rate? Will it actually be cheaper to buy a new car considering hidden loan costs, extra options, insurance, etc?

I don't know much about the spark or fiesta, but I know the versa and its a pretty good car. If you're mostly looking for an excuse for a new car, then whatever we say won't really matter.

 

[vshah]

what about the focus? everyone seems to love it

 

[T_Yamamoto]

Civic. Fuel efficient I know the trunk isn't huge but manageable.

 

[Saint Nick]

Civic. Fuel efficient I know the trunk isn't huge but manageable.

Read the post, dummy... Ford or Chevy.

 

[mmntech]

Civic. Fuel efficient I know the trunk isn't huge but manageable.

I've gotten a full 7' Christmas tree in the back of mine. That's my current record. ^_^

 

[JulesMaximus]

what about the focus? everyone seems to love it

:thumbsup: It is within 1mpg of the Fiesta as far as economy but it is larger and more upscale.

BTW-How do you owe $10k on a 5 year old car that cost $14k new?

 

[Saint Nick]

:thumbsup: It is within 1mpg of the Fiesta as far as economy but it is larger and more upscale.

BTW-How do you owe $10k on a 5 year old car that cost $14k new?

He's on the "$70 per month for 18 years" plan.

 

[desy]

Sonic > Spark from what I understand
The Cruise is a good Chev as well. I just sold a 07 Versa hatch w 4 speed for 6K, 90k miles
The black book is atrocious on these cars, also, remember you are past the honeymoon on the Versa after 5 years. Out of warranty, maintenance items like coolant flushes etc are due, tires maybe?
It seems like a good deal to me if your willing to start over

 

[etherealfocus]

@Saint Nick: Uhh, no. I'm on the "I only bought it a couple months ago and get low interest rates from my credit union so there's no huge incentive to pay it off immediately" plan. I'm just considering switching it out since I can get dealer pricing on it... and it'd be nice to have cruise control and a USB port.

The Versa is a nice car; I'm not just looking for an excuse to dump it - if anything, I'm worried that these Fords and Chevys won't live up to it reliability-wise. I am a little annoyed that it's a 6-spd manual and still hits 3000rpm at around 60mph but no biggie.

I just don't drive very much and if I can save some cash by doing a trade-in and get a few creature features in the process that sounds like a win.

Oddly it looks like the Sonic gets better mileage than the Spark... and way more horsepower thanks to the turbo. Any major quality difference I should be watching between the Spark, Sonic, and Fiesta?

Someone earlier mentioned the Focus; I think that's above my price range. I'm looking for the cheapest option that gets the job done and I'm willing to pay a little extra for a few core features. I've got no use for a midrange sedan, and have a strong preference for hatchbacks and stick shifts anyway.

 

[etherealfocus]

desy - thanks! Mine is only at 67k miles so I'd expect a little extra, but I agree that the dealership offering to buy it for my 10k buyoff price is a sweet deal I should be trying to take advantage of - hence this thread

 

[desy]

http://www.thetruthaboutcars.com/2012/01/review-2012-chevrolet-sonic-ltz-turbo/

I usually like the reviews from here, entertaining and not just industry pats on the back

 

[Kroze]

Get rid of the car like a bad habit. I don't know how you owe $10k on a 5 year old car that's practically worth $6-7k right now. If some idiot is willing to give you $10k for it, get rid of the shitty car.

 

[JulesMaximus]

@Saint Nick: Uhh, no. I'm on the "I only bought it a couple months ago and get low interest rates from my credit union so there's no huge incentive to pay it off immediately" plan. I'm just considering switching it out since I can get dealer pricing on it... and it'd be nice to have cruise control and a USB port.

The Versa is a nice car; I'm not just looking for an excuse to dump it - if anything, I'm worried that these Fords and Chevys won't live up to it reliability-wise. I am a little annoyed that it's a 6-spd manual and still hits 3000rpm at around 60mph but no biggie.

I just don't drive very much and if I can save some cash by doing a trade-in and get a few creature features in the process that sounds like a win.

Oddly it looks like the Sonic gets better mileage than the Spark... and way more horsepower thanks to the turbo. Any major quality difference I should be watching between the Spark, Sonic, and Fiesta?

Someone earlier mentioned the Focus; I think that's above my price range. I'm looking for the cheapest option that gets the job done and I'm willing to pay a little extra for a few core features. I've got no use for a midrange sedan, and have a strong preference for hatchbacks and stick shifts anyway.

If you don't drive it much then why the need for cruise control?

Also, if you just want a usb port you could buy a decent aftermarket head unit for $100. That will likely be a big improvement to the stock head unit in your car now.

http://www.crutchfield.com/p_1302400UB/Pioneer-DEH-2400UB.html?tp=5684

Just a thought.

 

[etherealfocus]

The cruise is because I do occasionally take long trips. My gf is half an hour away (though she usually comes to me since I live near her school), among other things. I don't need it often, but when I do it's nice to have. No biggie, but nice. Ditto for the USB port.

I wouldn't worry about paying extra for them except that I'd imagine both add very little to the cost of the car with dealer pricing. The difference between low-level and mid-level trim is usually about $1000... if dealer pricing brings that down below the cost of doing it myself, it's at least worth considering.

 

[phucheneh]

Not to sound like an ass...but are you sure you know the year of your car?

One, I thought the 6MT was a recent offering. My Versa was a 2011 and that was brand new for the base engine...did you have the upgraded one? Maybe that came with it much earlier.

Also, how do you owe 10k on a car that's at least five years old and usually sells for about 12-16k, depending on trim level/options?

If you like your Versa, I say keep it. They're good cars. I browsed econocars in 2010 and the pretty-much-the-same-as-yours Versa still came out on top for my needs. When it got totaled (protected me VERY well, though), I still didn't see anything I liked better. The Fiesta kind of made me wanna puke in both interior and exterior design, honestly, but I liked the car...liked the Mazda version more; then eventually decided on only-slightly-pricier 3.

edit: Although 10k for your car seems like a LOT, so if you can get that plus discounted pricing...maybe it IS the time...just don't buy something you'll regret just because it was a good deal.

 

[Zivic]

how can anyone argue about leasing being a bad thing when there are people like the OP that paid 10k+ for an 06 versa?

 

[phucheneh]

how can anyone argue about leasing being a bad thing when there are people like the OP that paid 10k+ for an 06 versa?

I paid 14k for a hatch in 2011. Brand new, 6MT, all your standard amenities (power, keyless, cruise).

Using one person's experience to justify a statement as broad as 'leases are great' is pretty silly. By my example, leases eat dick.

Shades of grey, man. Life is shades of grey.

 

[nerp]

You, my friend, should get a Lamborghini Aventador.

 

[etherealfocus]

Ok, so it sounds like I paid too much for my car (and yes, it is a 2007 unless they lied on the bill I'm looking at - but remember I just bought it a few months ago and the price on used cars is currently inflated. I had to buy something fast so didn't negotiate very carefully). I'm thinking the iffy reliability of a new car balances out with it being under warranty for 3-5 years.

Couldn't care less about styling. My priorities are:

lowest possible total cost to own with good value (no junkers)
decent cargo capacity and sitting space (I'm 6'1)
cruise control and USB port
decent handling (given that I'm getting an entry-level car of course)

With that said, do you guys have any strong recommendation between the Spark, Sonic, and Fiesta? I'm thinking the Sonic might be worth a bit extra since I occasionally carry passengers and camping supplies and the Spark's little 1.2L/83hp engine will probably struggle like crazy with it.

 

[Zivic]

I paid 14k for a hatch in 2011. Brand new, 6MT, all your standard amenities (power, keyless, cruise).

Using one person's experience to justify a statement as broad as 'leases are great' is pretty silly. By my example, leases eat dick.

Shades of grey, man. Life is shades of grey.

never said leases are great. just saying I see way more people trying to get out from being underwater on a car, than I do going into a bad lease. There are benefits to both.

 

[power_hour]

Dump the car for 10K as fast as humanly possible. Just don't get swindled doing so. Personally I don't believe they will give you 10K for a 5year old manual Versa. Some funny numbers might happen on that deal. Watch your back.