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Selling a car

J

JimmyJJ

Junior Member
I bought a new car (2009 mitsubishi outlander SE) and i'm not totally pleased with my choice. Should I sell it now with 400 miles on it? Or will I be ok to sell it a year from now and not get killed financially? I spent about $25,000 and will spend about $5000 a year in payments. Will I be able to get at least $20,000 next year with it having around 3,000 miles on it?
 
The Mitsubishi brand doesn't seem to hold its value very well. I'd say you will probably lose your shirt no matter what you do unless you drive it until it dies. Interest on a car loan eats most of your payments the 1st few years so you won't have much, if any, equity in a year and could be upside down.
 
yep you lost a pile driving off the lot
one yr wont make much a difference suffering buyers remorse are you ?
You can get over it. . . . unless the vehicle is really flawed to how you intend on using it?
 
Originally posted by: woodie1
The Mitsubishi brand doesn't seem to hold its value very well. I'd say you will probably lose your shirt no matter what you do unless you drive it until it dies. Interest on a car loan eats most of your payments the 1st few years so you won't have much, if any, equity in a year and could be upside down.
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+1.

You are in for trouble with this car (financially) if you keep it less than 4-5 years, most likely. It will be tough to sell the vehicle in a year, because the difference between a new vehicle, including factory rebates, etc, will not be huge. Mitsubishi demand is also pretty low for pretty much everything except the Evo (comparatively).

Either sell the car now or in the next year, take the hit financially and move on, or just stick it out.
 
The car is great and the price isn't terrible. I just realized after I bought it that I don't need everything I am paying for. Thanks for your inputs, I'll probably just stick it out.
 
Originally posted by: JimmyJJ
The car is great and the price isn't terrible. I just realized after I bought it that I don't need everything I am paying for. Thanks for your inputs, I'll probably just stick it out.
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shop first, buy second.

You will have to stick it out unless the dealer will take it back for credit. Otherwise you are looking at a major hit in value putting you more than likely below even buying that car bare-bones.
 
Originally posted by: JimmyJJ
The car is great and the price isn't terrible. I just realized after I bought it that I don't need everything I am paying for.
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Was it an impulse purchase?

 
I shopped around and thought I new what I wanted. Now that I have it, I realize it is total over kill. More than I need
 
Originally posted by: JimmyJJ
I bought a new car (2009 mitsubishi outlander SE) and i'm not totally pleased with my choice. Should I sell it now with 400 miles on it? Or will I be ok to sell it a year from now and not get killed financially? I spent about $25,000 and will spend about $5000 a year in payments. Will I be able to get at least $20,000 next year with it having around 3,000 miles on it?
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Um, pretty much no. You bought a mitsubishi. It's already probably not worth more than a $3500. They depreciate like an anchor. You should either a) Sell it right now or b) Keep it for years and just put up with it.

I would guess if you sell it now you'll still lose 2-3k for your troubles, that assumes you do private party. If you sell it back to the dealership, they won't be able to sell it for more than 23k in which case you'll need to give it to them for maybe 4k off what you bought. I've never done this, though, and few people have, it's such a terrible thing to do financially.

shop first, buy second.
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lol
Drive it until the wheels fall off.
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It's a Mitsubishi, that's only about 18 months.

 
KBB gives around $19.5K trade in value for a year old (2008) Outlander SE in Excellent condition with 3,000 miles on it...

Go to KBB and check it out. I just used a base model and didn't add anything. You can put in your exact vehicle.
 
Originally posted by: Skoorb
Um, pretty much no. You bought a mitsubishi. It's already probably not worth more than a $3500. They depreciate like an anchor. You should either a) Sell it right now or b) Keep it for years and just put up with it.

I would guess if you sell it now you'll still lose 2-3k for your troubles, that assumes you do private party. If you sell it back to the dealership, they won't be able to sell it for more than 23k in which case you'll need to give it to them for maybe 4k off what you bought. I've never done this, though, and few people have, it's such a terrible thing to do financially.

shop first, buy second.
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lol
Drive it until the wheels fall off.
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It's a Mitsubishi, that's only about 18 months.
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LOL...I love the $3500 comment.

OP...if you are happy with the car...you're going to do more damage financially to try to trade it in/sell it than to just keep it unless:

1) The next car you buy is going to be a used Nissan Versa
2) You drive so many miles a year...that your gas costs are going to be astronmical over the car you would replace it with (a PRIUS..if not the difference in cost will likely be neglidgeable over how much you'll lose trading it it).

My vote would be to stick it out.
 
Ignore the mitsu bashing
CR rates them OK and the Outlander as one of the better ones, however perception is killer and the depreciation is there none the less.
http://blogs.edmunds.com/strategies/Reliability.jpg



Personally I'd get rid of it for other reasons such as Mitsubishi being in trouble in NA I can't see them riding out the current storm. . .
 
Originally posted by: desy
Ignore the mitsu bashing
CR rates them OK and the Outlander as one of the better ones, however perception is killer and the depreciation is there none the less.

Personally I'd get rid of it for other reasons such as Mitsubishi being in trouble in NA I can't see them riding out the current storm. . .
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I ripped Mitsu before checking recent numbers. JD power actually rips the 2009 mitsubishis a new ahole, although it does rate the outlander significantly higher than most of the other ones.

 
Your best bet is just to ride it out. It has a great warranty so just drive it until that runs out and dump it.
 
I'm going to try and sell it for $1,000 under what I bought it for. It would be a great deal for someone looking to purchase this same one new. The msrp price with add-ons was at $27,610. I can handle a small hit. If it dosen't sell, keeping it isn't the end of the world. KBB has the 2008 listed at $23,000 for private sale with the miles I have. Maybe i'll get lucky.
 
Originally posted by: JimmyJJ
I'm going to try and sell it for $1,000 under what I bought it for. It would be a great deal for someone looking to purchase this same one new. The msrp price with add-ons was at $27,610. I can handle a small hit. If it dosen't sell, keeping it isn't the end of the world. KBB has the 2008 listed at $23,000 for private sale with the miles I have. Maybe i'll get lucky.
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lol....good luck with finding a similar sucker. $1000 is nothing off for a now used car. How is the warranty honored for the second owner with one of these.

Next time you see Fast and the Furious try to avoid passing car dealerships on the way to return it.

Even at $23k you are going to be pushing your luck in today's market.
 
also what's $1000 going to do with you wanting the same car with less options? Your costs to rebuy it plus the sale are going to be much more than that.
 
Good luck. I won't say you won't find somebody to buy it for $1k less than you paid but...well, you almost certainly won't. MSRP means nothing. Unless you scored a ridiculous deal, nobody will buy off you when they can buy "brand new" from a dealer for only $1k more including the benefits of the dealer doing any paper work, knowing it's 100% on the up and up, possible concessions from dealer regarding trade-in, etc. Speaking for myself if I could buy a new car for $25k or one with 400 miles for $24k from somebody I didn't know I would do the dealer.
 
There is a 5 year 60,000 mile warranty that stays intact. I live in North Dakota, the buying market is much better here than anywhere in the US right now. My chances look slim on selling it now though. I figured i'll have around 18 thou left next year this time on my loan, maybe I can sell it between 18-20 thou than. Its a win win situation I guess. If I keep it, the car is very nice and I enjoy driving it
 
I was in a similar situation a few years back. I bought an SUV, but sold after one year for a "loss" of <$2500. It was as if I leased the SUV for $200/mo. Still, I regretted the purchase and subsequent sale--all the hassle! The crucial point for getting out relatively cheaply was that I got a great deal buying the SUV.

For better or worse, many people get financing at the dealer, so a major strike against you is that you can't offer financing. (I sold that SUV using a consignment seller who offered financing to potential buyers.)

Since you like the car, go ahead and enjoy it. No remorse!
 
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