Thinking about trading in to get rid of a payment

[Danimal1209]

So, I own a 2004 mustang gt, which I still owe $2700 on, with 72k miles. I have taken great care of it.

KBB for trade in is about $7300.

My fiances car, that Ive done a lot of work to, is a 99 gsx. I LOVE her car. The turbo kicks ass.

So, I was thinking of trading in the mustang for this.

It does have moderately high mileage at 120k, but I can get rid of my payment and still have a nice looking, semi powerful car.

It's a gs-t model with some mods, though when I called the receptionist couldn't tell me what mods there was and the mechanic was not in today.

I was hoping that I could talk them down to $4200 and get $7000 for my trade in.

Good idea? Bad idea? Thoughts?

 

[AgentUnknown]

Going from 2004 to an older car? Doesn't make sense

 

[jlee]

RWD V8 to a FWD turbo 4, Mitsubishi no less?

Ehhhhhh. How much do they want for it? Have you priced insurance yet?

 

[quakefiend420]

i'm with jlee, not sure i would want to give up a newer V8 for an older 4 banger fwd...

 

[gorcorps]

Do you have any other reason other than to get rid of the payment? In the grand scheme of things you don't owe that much on the car, and while I don't know your loan terms it seems like it can't be very long until you don't have a payment anyway.

 

[Doppel]

omg no no no. See forest for trees, please.

 

[Demo24]

If instead of having a payment you want to spend the money on repairs for that thing, then sure! You realize once you do all the paperwork you've not made anything on the sale, and are now left with a notoriously unreliable vehicle.

 

[iamwiz82]

You should probably look into the maintenance and repair costs of that car to evaluate if you are really collecting $2700 in the end.

 

[CraigRT]

I don't see any reason why not.
I'm looking to get an older car now that I don't commute.
No car payments = win.

 

[Viper GTS]

I sold my 02 GT with 80k miles for nearly $9k less than a year ago. At $2700 you can't have many payments left, just finish it off. Then enjoy having what should be a very reliable, fun to drive car.

This idea is foolish at every level.

Viper GTS

 

[onza]

2700 left? How much is your car payment 95.00 per month?

 

[MagickMan]

Re-fi with a credit union if your payment is too high, but don't do that trade.

 

[*kjm]

Re-fi with a credit union if your payment is too high, but don't do that trade.

This

 

[Topweasel]

2700 is a drop in the bucket in the grand scheme of things, if you really want to get rid of the payment, double up on the current payment or something for the next few months till its paid off.

Don't trade in a perfectly good fast fun car. For an older more failure prone peppy FWD car with more miles.

 

[Viper GTS]

To further what I wrote when I was half asleep:

The Mustang is fairly bulletproof. You can abuse that car every day and it will happily take it and not cost you anything extra except gas and tires. I taught several people to drive stick in mine because I knew they couldn't hurt it.

In comparison that Eclipse is a money pit, the $2700 you'd avoid paying off today is a pittance compared to what it will cost you in the long term.

Viper GTS

 

[mvbighead]

I sold my 02 GT with 80k miles for nearly $9k less than a year ago. At $2700 you can't have many payments left, just finish it off. Then enjoy having what should be a very reliable, fun to drive car.

This idea is foolish at every level.

Viper GTS

This. $2700 and you're looking to trade in to get rid of payments? 2700 is a years worth of payments, just finish them and keep a car that you are fully aware of how it has been maintained.

 

[Sluggo]

I wouldn't count on getting 7300 on a trade, probably more like 5000, regardless of what the books say. The dealer has little incentive to trade vehicles that cost him cash out of pocket.

Keep the Mustang and eBay stuff or have a garage sale anything you can do to get it paid off, then have a great car that will last many years.

 

[JoLLyRoGer]

Don't trade the Stang dude.. Just pay it off and enjoy. That 4.6 is a bulletproof motor and will last well over 200K if taken care of. It's a mountain motor that came from the F-150 line you gotta remember.

Plus with a few tweaks you can REALLY wake them up. (Which you'll have money to do sans car payment )

 

[exar333]

Why trade-in a greatly-cared for car for a unknown?

 

[exdeath]

Sounds like you have DSM in your blood. That's the only legitimate reason for doing this, what many would call insane . Do it if its calling you.

Any average person on the outside looking in will state the obvious that youre trading in a newer better car and downgrading and not to do it, and its very logical and sane advice. But you ALREADY KNOW this, a 2 year old can tell you its a silly decision, that's why you're seeking validation here.

But enthusiasts ARE silly, they think with their heart not their brain. And only a real enthusiast can understand why and even contemplate such a choice in the first place. Go with your heart.

If you are just doing it for financial reasons alone, dont.

 

[Vdubchaos]

Don't buy a pre modified car.

# of reasons
a) all the fun is already taken out of it (fun of modifying the car)
b) chances are high that the car has problems....especially at that milage

Mandatory DSM post

 

[nerp]

Do not.