YACT thread - UPDATE AGAIN, traded in the van for an '02 Ford Expedition Eddie Bauer edition

[CPA]

So, I decide to stop in and take a look at some 03 Tahoes with 3 row seating (for my, my wife and my 4 kids). MSRP is like $38,000, but with GM Supplier Discount, Factory Rebate and GM Earnings I can get the price down to 28,950. The car while not loaded, does come with the 5.3L V8, dual zoned front a/c, rear a/c, 6 cd changer with Bose sound system (I know, Bose is crap), and some other nice features. It doesn't come with leather, which is what I initially wanted nor the DVD player, but I can add that in for 1/2 of what the dealer can do it for.

Anyway, after the rebates and such, my trade was discussed. I owe about 10.5k on a 98 GMC Savana Conversion Van. The wholesalers will only qoute 4500 for the trade in, leaving me with 6k under water. Now the price of the vehicle is 34,950, add TT&L and I'm back to the MSRP! aaaaggghhhhhh!

Cash flow obviously presents a problem because under different scenarios my monthly payment will jump from 438.00 to 575.00-675.00. I have put 2k in repairs to the van in the last couple of months and will probably have to plunk down another few hundred bucks because my a/c compressor has gone bad.

Question: Should I just cash in my chips and do the trade or should I get the A/C fix, keep my fingers crossed that nothing else happens to the van, and hold off until the van is paid off?


Edit: Well, last Friday, I decided to get rid of the van instead of putting another 1500 or so into the A/C. Took a small hit on the negative equity, but took the plunge and got me an '02 Ford Expedition Eddie Bauer with 27k miles on it. I like it and the kids love it. And the best thing? My insurance went DOWN $5/6 months! Just thought I would share.[\b]

 

[BatmanNate]

I'd invest in some birth control instead. :beer:

 

[CPA]

Originally posted by: BatmanNate
I'd invest in some birth control instead. :beer:

I did, I invested in some permanent control, if you know what I mean.

 

[isekii]

Originally posted by: CPA

Originally posted by: BatmanNate
I'd invest in some birth control instead. :beer:

I did, I invested in some permanent control, if you know what I mean.

 

[BatmanNate]

Originally posted by: CPA

Originally posted by: BatmanNate
I'd invest in some birth control instead. :beer:

I did, I invested in some permanent control, if you know what I mean.

We need a scissors emoticon. :Q

 

[Wolverine27]

Do NOT trade your van in. You'll get screwed big time. If you can fix it and live with it great. If you really want or need a new car then try to sell the van on your own. The trade value is just too much of a hit in my opinion.

Good luck.

 

[Narse]

Originally posted by: BatmanNate

Originally posted by: CPA

Originally posted by: BatmanNate
I'd invest in some birth control instead. :beer:

I did, I invested in some permanent control, if you know what I mean.

We need a scissors emoticon. :Q

I would repair the Van and wait until you got it paid off, or try to sell it

 

[Sluggo]

If you do trade in a car you are upside down in, you are going to be even more screwed in 3 years when you go to trade in the Tahoe and its worth 15,000 and you owe 24,000.

Sell the van yourself and buy a used Tahoe.

Or keep driving the van until it dies.

 

[ThisIsMatt]

What's wrong with the van that a tahoe is going to solve?

 

[HappyPuppy]

Originally posted by: BatmanNate
I'd invest in some birth control instead. :beer:

That's funny.

 

[mAdD INDIAN]

How is a 1998 conversion van worth only $4500 to the dealer? That van must have been atleast $25k brand new!!

 

[Wolverine27]

Originally posted by: mAdD INDIAN
How is a 1998 conversion van worth only $4500 to the dealer? That van must have been atleast $25k brand new!!

Since when does a dealer ever give anyone what's "fair" value for a trade?!?

 

[Cyberian]

How many miles and what options are on the Van?
I have always wanted one of those conversion jobbies, but I could never justify it to myself.

 

[OutHouse]

dude, if your bitching about the payments you cant afford it, especially with 4 kids.

keep the van, pay it off then you can start to seriously think about a 35,000 vehicle.

 

[mAdD INDIAN]

Originally posted by: Wolverine27

Originally posted by: mAdD INDIAN
How is a 1998 conversion van worth only $4500 to the dealer? That van must have been atleast $25k brand new!!

Since when does a dealer ever give anyone what's "fair" value for a trade?!?

Still. If the dealer is gonna buy for $4500, it will probably sell it for around $6500-$7000..that's still very little for a 1998 Conversion Van (which are fairly expensive brand new).

 

[KingNothing]

I take it your handle doesn't reflect reality?

 

[BooGiMaN]

its a 98 and you still havent paid it off?

did u buy it used, or did you just overpay big time ?

 

[Christoph]

Only advantage I could see in trading it in is avoiding sales tax on the trade-in value--which on $4500 doesn't mean that much. Sell the van private party.

But like everyone else says, you're probably better off keeping it.

 

[thedarkwolf]

The buyer pays the sales tax so how does that matter?

 

[CPA]

Originally posted by: KingNothing
I take it your handle doesn't reflect reality?

ummm, yes it does, but I fail to see what that has to do with the purchase of a vehicle and a trade-in. I rightfully admit that the trade in is less than what I believe it should be. My question is more on a personal level, what would you do? It has nothing to do with mine or your credentials.

 

[CPA]

Originally posted by: BooGiMaN
its a 98 and you still havent paid it off?

did u buy it used, or did you just overpay big time ?

Used two years ago and have about 2 years to go on it.

 

[CPA]

Originally posted by: thedarkwolf
The buyer pays the sales tax so how does that matter?

I think what he meant is that the amount that sales tax is calculated on is partly determined by your trade-in value. The higher trade-in value, the less sales tax I have to pay.

 

[CPA]

Originally posted by: ThisIsMatt
What's wrong with the van that a tahoe is going to solve?

Nothing, let's just call it the RossMan Syndrome - I just have this itch for something newer.

 

[Shockwave]

To me, thats a tough choice. Yes, your upside down. Yes, you take a helluva hit from it. Flip side, you get a very nice vehicle that is reliable. That thought alone goes a long ways to justifying payments when you load up to go on vacation. Factory warrenty covers anything that may break. No more "Oh crap <insert whatever here> went out and I have to get it fixed". No more worries about bein stranded on some barren road in the middle of the night.
If you can afford the payments I personally would do it. But only if you can afford the extra taxes insurance and payment! Whats going to happen when the van straight out DIES and its to the point where it costs more then the value to fix it? Lose the tranny or engine and that could very well be the case. No sense spendin 3 or 4 grand to fix something worth 4500 right?

I guess in my mind it would come down to reliability. Is the van runnin good? Or is it at the point where you wonder how far you can go before it dies, or worry about goin too far from home with the family? If you question its condition, I'd dump it for something with factory warrenty and that you know will get you from Point A to Point B.

My opinion.

 

[CPA]

Originally posted by: Shockwave
To me, thats a tough choice. Yes, your upside down. Yes, you take a helluva hit from it. Flip side, you get a very nice vehicle that is reliable. That thought alone goes a long ways to justifying payments when you load up to go on vacation. Factory warrenty covers anything that may break. No more "Oh crap <insert whatever here> went out and I have to get it fixed". No more worries about bein stranded on some barren road in the middle of the night.
If you can afford the payments I personally would do it. But only if you can afford the extra taxes insurance and payment! Whats going to happen when the van straight out DIES and its to the point where it costs more then the value to fix it? Lose the tranny or engine and that could very well be the case. No sense spendin 3 or 4 grand to fix something worth 4500 right?

I guess in my mind it would come down to reliability. Is the van runnin good? Or is it at the point where you wonder how far you can go before it dies, or worry about goin too far from home with the family? If you question its condition, I'd dump it for something with factory warrenty and that you know will get you from Point A to Point B.

My opinion.

Wow, you sound just like the salesman.

This year I have already put in 2K in repairs which is roughly equal to the annual difference in monthly payments between my van and a new Tahoe.