What do I do in this situation?

[SeductivePig]

I have a 2009 Camry in decent condition with around 112k miles, but there is still $8000 left on the loan @ 1.9% interest.

Furthermore, 6 months ago I was rear ended by someone texting and driving - had minor scuffs on the front and back of the car and the other party's insurance paid out. I just pocketed the money, can't even tell the car has issues unless you look closely.

Yesterday, I was rear ended again, but now there's a bowl shaped dent in my rear bumper. Pretty sure this guy's insurance will pay out.

Now, I live in downtown Chicago and I commute 40-60 mins one way for work and the Camry is starting to show it's age. I can afford a new car, but I'm not sure how to get rid of my current car without taking a loss.

Any ideas? I've thought about handing it off to my sister but she can't afford the payments/maintenance, and the problem with keeping it is that I'm essentially paying for something that's not even worth it's value.

 

[tracerbullet]

Pay it off w/ the insurance money or as much as you can and out of pocket for the rest, which might come if you get any trade-in value for it. Next time don't take a loan for a car that is more than the car is worth. How did that even happen to begin with?

 

[SeductivePig]

Pay it off w/ the insurance money or as much as you can and out of pocket for the rest, which might come if you get any trade-in value for it. Next time don't take a loan for a car that is more than the car is worth. How did that even happen to begin with?

I didn't finance the car for more than it was worth. I bought the car at $15,000 about 3.5 years ago at 46k miles as my first car because I needed it for my first job out of college.

A year into my career I started needing to travel and put on a ton of mileage on my car.. that's where it lost its value.

 

[Midwayman]

You have a 7 year loan or something? Why are you getting rid of it? 112k on a Camry shouldn't be a problem. Smart thing would probably be taking that insurance money for cosmetic issues and using it to fix any mechanical ones. Drive it until you pay it off.

 

[jaha2000]

7 year loan on a 15K car?
Impressive..

 

[pauldun170]

I have a 2009 Camry in decent condition with around 112k miles, but there is still $8000 left on the loan @ 1.9% interest.

Furthermore, 6 months ago I was rear ended by someone texting and driving - had minor scuffs on the front and back of the car and the other party's insurance paid out. I just pocketed the money, can't even tell the car has issues unless you look closely.

Yesterday, I was rear ended again, but now there's a bowl shaped dent in my rear bumper. Pretty sure this guy's insurance will pay out.

Now, I live in downtown Chicago and I commute 40-60 mins one way for work and the Camry is starting to show it's age. I can afford a new car, but I'm not sure how to get rid of my current car without taking a loss.

Any ideas? I've thought about handing it off to my sister but she can't afford the payments/maintenance, and the problem with keeping it is that I'm essentially paying for something that's not even worth it's value.

Show it's age?
Aside from the accident related stuff how is it showing its age?

A 2009 Camry should be nothing but basic maintenance for at least another 100K.
You can probably milk that Camry until 2025.
The car won't be a problem.

If you just want a another car because you don't like looking at the Camry anymore then you are kinda screwed with considering that you owe 8K on it. You might be able to sell it privately for what you owe on it.

 

[jlee]

Yeah...showing age? It's six years old and is barely past 100k. That thing will run forever.

 

[heymrdj]

Be careful on thinking of insurance easily paying you off. A skilled adjuster is going to hit you with the prior damage clause.

 

[CZroe]

7 year loan on a 15K car?

Impressive..

He said he has only had it for 3.5 years and he bought it with 47k miles in the same post. Sounds like a 4 year loan.

 

[SeductivePig]

Be careful on thinking of insurance easily paying you off. A skilled adjuster is going to hit you with the prior damage clause.

The last person that hit me, I went through his insurance. As far as my insurance is concerned, nothing happened. And fyi, the other person's insurance sent me to a body shop to get a quote.

So if it's the same way this time around, the guy at the body shop will quote whatever gets him more work, which equals more money for me. Right?

 

[heymrdj]

The last person that hit me, I went through his insurance. As far as my insurance is concerned, nothing happened. And fyi, the other person's insurance sent me to a body shop to get a quote.

So if it's the same way this time around, the guy at the body shop will quote whatever gets him more work, which equals more money for me. Right?

Your insurance can easily see those records. And because of oxidation and other factors, a skilled adjuster can easily tell between old and new damage. Not saying it will happen but it can. If it does, they'll reduce your payout by the market rate of the old repair.

 

[SeductivePig]

Your insurance can easily see those records. And because of oxidation and other factors, a skilled adjuster can easily tell between old and new damage. Not saying it will happen but it can. If it does, they'll reduce your payout by the market rate of the old repair.

I see. So hypothetically lets say the old repair involved replacing the bumper, they paid out, but I never repaired it. Now this new repair needs to replace the bumper, but they won't pay for it since it was already quoted and paid out before?

 

[heymrdj]

I see. So hypothetically lets say the old repair involved replacing the bumper, they paid out, but I never repaired it. Now this new repair needs to replace the bumper, but they won't pay for it since it was already quoted and paid out before?

It's not quite that clear cut as there can be policy contract requirements, state laws, and lawyers muddying the waters; but yes, that's it in a nutshell.

 

[jaha2000]

He said he has only had it for 3.5 years and he bought it with 47k miles in the same post. Sounds like a 4 year loan.

He said original loan was 15K 3.5 years ago and still owes 8K. How is that a 4 year loan?

 

[Banana]

. . . and the Camry is starting to show it's age. I can afford a new car, but I'm not sure how to get rid of my current car without taking a loss.

How is it "showing its age?"
Define "taking a loss." Seems like you got very good utility out of the car, and the insurance payouts will have defrayed your operating costs. You can't expect to drive 70,000 miles in 3+ years and not have depreciation.

If the car is in good mechanical condition, and you don't mind cosmetic flaws, then keep it. Otherwise sell it and just don't think of it as a loss. You got your money's worth.

 

[WackyDan]

I can afford a new car,

Nope...You can not.

"I have a 2009 Camry in decent condition with around 112k miles, but there is still $8000 left on the loan @ 1.9% interest."

Add to that it is 112k miles on a 2009 that is in decent condition you say? That isn't even close to worn out. My advice? Instead of pocketing the second guy's insurance money, actually get the bumper fixed. You owe $8000 on the car - that is at least 2 but more likely 3 years of payments left on it.

It is your money, but I see people do this all the time. If you want something new and shiny then have at it. If you are someone who doesn't generally make great financial decisions or doesn't have a lot of savings then I suggest you look a bit more closely at what is driving your need to dispose of this Camry.

 

[razel]

Agree with others. Usually when someone wants to buy a new car it's because it's too expensive to keep fixing their current one. Yours sounds fine. For comparison my 2001 daily driver has been in 3 fender benders and 2 decent accidents. 14 years and 155k later it's still fine.

Sounds like you're bored with your car or you think it's jinxed. It's understandable. I thought my cars are jinxed. 3 cars later, I'm think I am!

 

[WackyDan]

Agree with others. Usually when someone wants to buy a new car it's because it's too expensive to keep fixing their current one. Yours sounds fine. For comparison my 2001 daily driver has been in 3 fender benders and 2 decent accidents. 14 years and 155k later it's still fine.

Sounds like you're bored with your car or you think it's jinxed. It's understandable. I thought my cars are jinxed. 3 cars later, I'm think I am!

The other clue...

He took the insurance money after the first accident and didn't fix the bumper. That certainly smells of someone who doesn't have savings or needed the money for other things/wasted it.

It is easy to judge from across the internet, but many of us have been there and done that years ago... So I think we might be on to something.

 

[heymrdj]

Agree with others. Usually when someone wants to buy a new car it's because it's too expensive to keep fixing their current one. Yours sounds fine. For comparison my 2001 daily driver has been in 3 fender benders and 2 decent accidents. 14 years and 155k later it's still fine.

Sounds like you're bored with your car or you think it's jinxed. It's understandable. I thought my cars are jinxed. 3 cars later, I'm think I am!

It's definitely the bolded. And I can believe it, I spend hours a day in my car as well. When you start missing modern features that could make that major chunk of your life better (some of us spend more time working outside of being paid than we do with our families) it's easy to want to do that upgrade. Toyota was never good at putting tech in their cars anyway, so being 2009 I bet it doesn't have bluetooth, the surfaces are worn, it's probably dirty. OP sometimes a detail for the interior of the car (where you live) helps with that, though the tech can never be properly updated. But sadly OP with your job you're upside down, and you always will be. Even when you do get another car, whether used or new, you'll run so many miles you'll never be on top. If you buy a beater you'll be flooded with maintenance costs, if you buy new you'll take a massive hit on depreciation. If you buy middle ground used you'll be lacking in modern features that will only get older and more outdated as the depreciation mountain continues to roll. You need to understand where you are and also understand that without a major bump in pay, your car will be a tool and not an object of fun.

 

[Midwayman]

I bet it doesn't have bluetooth, the surfaces are worn, it's probably dirty. OP sometimes a detail for the interior of the car (where you live) helps with that, though the tech can never be properly updated.

Say what? A HU swap can add bluetooth, gps, rear view cameras, etc. If the center console design doesn't really allow for a HU replacement you can add most systems independently. There are plenty of kits out there to integrate stuff into wheel controls, etc if that's what you're worried about.

 

[heymrdj]

Say what? A HU swap can add bluetooth, gps, rear view cameras, etc. If the center console design doesn't really allow for a HU replacement you can add most systems independently. There are plenty of kits out there to integrate stuff into wheel controls, etc if that's what you're worried about.

I'm well aware of the aftermarket. Camry doesn't have a dash that can be modified for it. As for hanging Bluetooth dongles, accounting for the ground loop that occurs when it's constantly plugged into a charger as well as the 3.5mm (unless you like to constantly carry them inside for recharging), and no steering wheel integration, there's lots of troublesome issues to go through there. Plus they can be ugly laying around.

 

[JulesMaximus]

Yeah...showing age? It's six years old and is barely past 100k. That thing will run forever.

Assuming he is keeping up on the maintenance anyway.

I'd say keep it and keep driving it.

 

[JulesMaximus]

I'm well aware of the aftermarket. Camry doesn't have a dash that can be modified for it. As for hanging Bluetooth dongles, accounting for the ground loop that occurs when it's constantly plugged into a charger as well as the 3.5mm (unless you like to constantly carry them inside for recharging), and no steering wheel integration, there's lots of troublesome issues to go through there. Plus they can be ugly laying around.

I find that impossible to believe. There has to be a dash kit for that car. I had one in my 2003 Maxima which came with a factory double din receiver and I installed a single din bluetooth receiver with Sirius satellite radio built in. It worked great and looked good too.

Check out Crutchfield.com.

 

[heymrdj]

I find that impossible to believe. There has to be a dash kit for that car. I had one in my 2003 Maxima which came with a factory double din receiver and I installed a single din bluetooth receiver with Sirius satellite radio built in. It worked great and looked good too.

Check out Crutchfield.com.

You're right it can be done. My buddy had a 2007 Camry a few years ago and he said it couldn't be done. I just listened to him on it. The dash certainly looked pretty tight. I know I wanted one in my 2012 Civic and it was a no go there (no actual radio slot, just buttons).

 

[gorcorps]

I have a 2009 Camry in decent condition with around 112k miles, but there is still $8000 left on the loan @ 1.9% interest.

Furthermore, 6 months ago I was rear ended by someone texting and driving - had minor scuffs on the front and back of the car and the other party's insurance paid out. I just pocketed the money, can't even tell the car has issues unless you look closely.

Yesterday, I was rear ended again, but now there's a bowl shaped dent in my rear bumper. Pretty sure this guy's insurance will pay out.

Now, I live in downtown Chicago and I commute 40-60 mins one way for work and the Camry is starting to show it's age. I can afford a new car, but I'm not sure how to get rid of my current car without taking a loss.

Any ideas? I've thought about handing it off to my sister but she can't afford the payments/maintenance, and the problem with keeping it is that I'm essentially paying for something that's not even worth it's value.

Maybe if you got your car fixed up with the money you were given specifically to fix your car it wouldn't "show it's age".

You're just itching for a new car. Happens to everybody, but be realistic. Yours is still working fine, and everything wrong with it is just cosmetic. You don't need one, you just want one. So wait until you're not upside down on your current car... and that means taking care of the one you have so its value is maximized. That won't happen if you just pocket insurance money meant for repairs.