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Old 07-31-2011, 02:56 PM
 
77 posts, read 255,746 times
Reputation: 66
Default Want to trade in a vehicle that I still owe $$ on - help?!

I just bought a new 2010 Sentra about 6 months ago. It is a nice car, no complaints, but I can't help but feel a sense of regret as it was a bit of an impromptu purchase and I didn't shop around as much as I should have. Not to mention, buying a brand new car was kind of not a good decision (I actually feel like I got pushed into it by my mom a little). It will last longer, yes, but I am just not completely happy with it. Most girls don't care about what kind of car they drive, but I am pretty into cars and want a nice one - not necessarily luxury, but one that handles better than this one... not to say this one is bad at all.

Problem is, I still owe $$ on this one as I financed it... probably owe about $10K still. What do I do? It only has 4K miles on it so it is practically still new. Can someone explain to me what happens when trading in a car that you still owe money on? (I'm new to this!)

Another option would be to continue paying down the loan, and putting some cash aside. Once I have enough for a nicer used car, should I trade it in and pay cash for a used car? In the meantime, should I be test driving other cars to get a feel for what I like?

Thanks for any advice.
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Old 07-31-2011, 03:07 PM
 
Location: Eastern NC
12,806 posts, read 8,012,461 times
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As long as you do not owe more than what its worth you can easily trade it in but you will take a hit on it. As long as you are fine with the loss of money then start test driving everything you like.
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Old 07-31-2011, 03:07 PM
 
Location: Queens NYC/ Southwest Michigan/ Miami Beach Miami
1,579 posts, read 1,350,697 times
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--DISCLAIMER-- I may not be right on this, but I will try to help you.

A friend of mine was in your same situation he was in a rush to get a car with his mothers help (co sign) he got approved for a car in Dec 2010. It was a really nice car (2010 Scion tc) but two months later he decided he didn't really care for it. So he and I went to a car dealership, he was interested in a 2010 Ford Fusion he told the dealer about his little problem. The dealer said he would be able to buy the car from him, through the dealership and use the car as a down payment for the Fusion I guess people call that a up-side down payment? Meaning you'll be paying more than the car is actually worth but in his case he put a good down payment on the Fusion and everything went well..

Someone may be able to explain this better than I could..but becareful and take your time you should be able to own a car you truly love.

Yes nothing is wrong with test driving..

What vehicles are you interested in?
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Old 07-31-2011, 03:16 PM
 
77 posts, read 255,746 times
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I wouldn't be trading it in for another new vehicle though, I'd like something used. As far as what I'd be interested in... I don't really know, as I've only ever really driven this car and my previous one (a Honda Civic) which was my first ever car. Hence the decision to maybe look around some more. The company I work for has a work vehicle which is a Volvo station wagon, and I actually enjoy driving that too. So an older used Volvo would be an option (a sedan, though). Or something like a Toyota Camry.
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Old 07-31-2011, 03:16 PM
 
Location: NJ
17,580 posts, read 19,955,756 times
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What is the book value of your car? Is it more or less than what you owe on it?
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Old 07-31-2011, 03:21 PM
 
77 posts, read 255,746 times
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The KBB value is around $13K which is more than what I owe.
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Old 07-31-2011, 03:31 PM
 
8,410 posts, read 8,493,859 times
Reputation: 6432
It's usually best to sell your car outright, to get the most for it. It's also usually best to buy cars from private individuals to get the best deal. There's not much advantage to trading a car to a dealer, or buying used cars, especially in the range you're looking for, from a dealer.

Keep in mind that all dealers are businesses for profit. That's not a bad thing, but that profit comes from somewhere. You.

EDIT-Based on what I've read here and elsewhere, KBB seems to be a bit high on their used car values. Just something to consider.
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Old 07-31-2011, 03:54 PM
 
Location: Scottsdale, AZ
4,487 posts, read 9,937,515 times
Reputation: 3747
Quote:
Originally Posted by talexy1234 View Post
I just bought a new 2010 Sentra about 6 months ago. It is a nice car, no complaints, but I can't help but feel a sense of regret as it was a bit of an impromptu purchase and I didn't shop around as much as I should have. Not to mention, buying a brand new car was kind of not a good decision (I actually feel like I got pushed into it by my mom a little). It will last longer, yes, but I am just not completely happy with it. Most girls don't care about what kind of car they drive, but I am pretty into cars and want a nice one - not necessarily luxury, but one that handles better than this one... not to say this one is bad at all.

Problem is, I still owe $$ on this one as I financed it... probably owe about $10K still. What do I do? It only has 4K miles on it so it is practically still new. Can someone explain to me what happens when trading in a car that you still owe money on? (I'm new to this!)

Another option would be to continue paying down the loan, and putting some cash aside. Once I have enough for a nicer used car, should I trade it in and pay cash for a used car? In the meantime, should I be test driving other cars to get a feel for what I like?

Thanks for any advice.
Well as long as you don't mind taking a hit with depreciation, no reason to hold onto a car you don't like.

Best advice? Drive as MANY vehicles as possible that you're interested in to make sure you get the one you want.

But if you want a little bit of luxury, I wouldn't exactly look at a Toyota Camry. How much can you afford? Best entry level luxury car would be a BMW 3 Series and they can be had from the low 20's for a newer style one. Great car, fairly reliable, but try to find a CPO one.

Caddy CTS? Mercedes C-Class? You had a wide variety of options, explore them all.
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Old 07-31-2011, 04:01 PM
 
Location: Scottsdale, AZ
4,487 posts, read 9,937,515 times
Reputation: 3747
North Carolina?

Simple Autotrader search, without knowing what you want to spend, here's 3 vehicles all used at 25K that will provide you with a more luxury feel and sporty experience.

2008 BMW 3 Series
Cars for Sale: 2008 BMW 328i Sedan in Virginia Beach, VA 23462: Sedan Details - 301131439 - AutoTrader.com

2008 Infiniti G35
Cars for Sale: 2008 Infiniti G35 X Sedan in Alexandria, VA 22304: Sedan Details - 298870288 - AutoTrader.com

2008 Cadillac CTS
Cars for Sale: 2008 Cadillac CTS 3.6 in Norfolk, VA 23502: Sedan Details - 303018671 - AutoTrader.com

Pick your poison.
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Old 07-31-2011, 05:52 PM
 
14,504 posts, read 6,834,505 times
Reputation: 6927
i am going to throw out another alternative here, first you need to decide what you dont like about the car, and what you do like about the car. make a list of both. if one side outweighs the other, then you have your answer as to whether or not to dump the car you have now or keep it and modify it to suit you.

for instance if you like the fuel economy, and the performance, and the ride quality, but the handling is less than what you are looking for, perhaps a few simple suspension mods are in order. and those would be a lot cheaper than trading your current car in and taking the big hit to your pocket book, and possibly being upside down in another car loan.

in the end the choice is yours to make, just take your time and chose wisely.
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