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and we picked out a vehicle we were interested in. We then allowed them to appraise our vehicle. They were very professional and straight to business; which we prefer. Once waiting for approximately forty five minutes they came out with an appraisal value. They appraised our fully loaded van for approximately $6K less than we owed. The van only needs a set of tires and a wash/carpet clean.
O well, I guess we will stay in our current van indefinitely. No way will we roll over negative equity. Are there any other Raleigh residents that feel the same pain? Are you stuck with a heavily used vehicle that either needs some serious maintenance and can't afford to fix it, rather you try to trade it and can't?
and we picked out a vehicle we were interested in. We then allowed them to appraise our vehicle. They were very professional and straight to business; which we prefer. Once waiting for approximately forty five minutes they came out with an appraisal value. They appraised our fully loaded van for approximately $6K less than we owed. The van only needs a set of tires and a wash/carpet clean.
O well, I guess we will stay in our current van indefinitely. No way will we roll over negative equity. Are there any other Raleigh residents that feel the same pain? Are you stuck with a heavily used vehicle that either needs some serious maintenance and can't afford to fix it, rather you try to trade it and can't?
note:
the chinese invansion will come in a few months. his dealership will be closed then. should see some cheap good cars her pretty quick. used care biz will be a disaster.
stephen s
san diego ca
Check to see what your van is selling for on, say, autotrader.com. When you trade cars, the dealer always discounts your vehicle heavily. You'll get more money for it by selling it yourself. - OR - keep the car until it's paid off. Then buy one that's a year or two old...you won't be footing the bill for depreciation.
Check to see what your van is selling for on, say, autotrader.com. When you trade cars, the dealer always discounts your vehicle heavily. You'll get more money for it by selling it yourself. - OR - keep the car until it's paid off. Then buy one that's a year or two old...you won't be footing the bill for depreciation.
The problem begins when you pay/finance too much to begin with.
Vehicles are a rip off in general...you're buying an item that's usually inflated, that's deprciating by the minute, and usually paying someone else anywhere from 0-30% to borrow the money to do it. Then, like most people, you're trying to resell it to a dealer who won't give you market value because he then won't be able to rip off the next guy when he resells it.
"Rolling over" your negative equity just means you're overfinancing again and repeating the cycle.
Don't buy new, don't buy from a dealer, try to obtain your own financing outside of the dealership, and sell your car yourself after you've almost driven it into the ground.
and we picked out a vehicle we were interested in. We then allowed them to appraise our vehicle. They were very professional and straight to business; which we prefer. Once waiting for approximately forty five minutes they came out with an appraisal value. They appraised our fully loaded van for approximately $6K less than we owed. The van only needs a set of tires and a wash/carpet clean.
O well, I guess we will stay in our current van indefinitely. No way will we roll over negative equity. Are there any other Raleigh residents that feel the same pain? Are you stuck with a heavily used vehicle that either needs some serious maintenance and can't afford to fix it, rather you try to trade it and can't?
Pretty common anywhere I've ever been, so it's not just Raleigh. Why would they give you what your car is "worth" when they know you came in there to see them about getting a new car? They have you by the (fill in the blank) at that moment. You did the best thing you could do...walked away. Like the above poster said...they'll never give you a fair price because that would mean they would not make any money and they couldn't sell the car at a huge gain to whoever else buys it (wholesaler or induvidual). Best to drive it at least until you are not upside down on the loan and get something else at that time.
So many people are upside down on everything from their mortgage to car loans. the car loan, the ulimate screw up by americans. They want and buy the biggest car with all the bells and whistles that inflate the price of the car then take out 60 or 72 month loans then in 3 or 4 years after the kids and drivers have well trashed the thing and maintenece has been lacking want a new ride. Then they do what these guys did. its a bad cycle. Kinda like the person who bought the camry LE with the 6 cyl engine automatic tranny and leather seats. They could have bought the same car with a 4 cyl engine cloth seats and a 5 speed for 8K LESS!
I ran into that five years ago, when I bought my Explorer. At the time, I had a three-year-old Explorer that I wanted to trade. I also wasn't desperate for a new vehicle; they were running the 0% financing for five years promo, and since my old one was racking up the miles, thought I would take advantage of the offer.
Before starting any of this, we went to Edmunds.com and looked up pricing for the new vehicle, as well as fair trade value on the old one. (They list values for dealer trade and private sale.)
We had gone to the lot and found the one we wanted, and wrote down the VIN. The next day, we sent a fax to the fleet manager, asking for an "out the door" price on it. They faxed back a quote that was reasonable. We took that quote to the dealership, where they immediately went into condescension mode. They told us that of course, the one we were quoted has been "sold," but they could get us one "exactly like it." What color did we want? What did we want the monthly payments to be? All that crap. To each question, I responded, "That has nothing to do with the price of the vehicle."
They finally offered us the price we wanted for the vehicle we wanted. Then they started lowballing the trade-in offer, offering us less than what we owed, and a lot less than the Edmunds rating. We wouldn't budge. I finally told them, "Either you give us $xx,xxx, or we're out the door." They lowballed us again, and we walked out.
We stopped for dinner, and by the time we got home, we had two messages on the answering machine (they had our phone number from the fax we originally sent), finally offering us what we wanted. They hadn't expected us to actually walk out.
Bottom line, we got the price we wanted, and the trade-in money we wanted - but had to put up with a lot of BS to get there. The day we went to sign the papers, they got an earful from me about the stupidity of it all, as well as their condescending attitude. I even got them to throw in a $100 carpeted cargo mat in the end.
I love dealing with car dealerships. The key is to go when you're not desperate for a new vehicle, do your research beforehand, and be prepared to walk away if you don't get what you're looking for.
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