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About 2 months ago I had my vehicle stolen, luckily my insurance helped me get a rental but only for 2 weeks. If I bought a new vehicle from Chrysler, Dodge, or Jeep my insurance could also give me 1k for a down payment. Even though I had all this help I still felt rushed. I ended up going for the 2015 Jeep Cherokee since it ended up being 28k put 6k as down payment from myself and insurance, and 2k from a deal from the dealer due to my credit score and downpayment amount.
Crossing my fingers I haven't had any problems or anything negative to say about it. But sometimes I regret getting and think I should've gone with a challenger. The reason why I like the Jeep is because I have enough space incase I needed it, but at times I wish I would've gotten a challenger since I do like muscle cars.
Anyways my questions is should I put up with the Jeep for the next couple years then trade, or should I trade in about 2 years when I'm close to paying it off? By the way this is the first new car I buy, so I'm just looking for some experienced buyers advice since I don't want to end up in a upside down situation with the dealer.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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You might try talking to the dealer, they sometimes are willing to let you change especially if they did the financing. Rushing is never good, did you get a chance to read any reviews? I haven't seen anything negative bout the Challenger, but the 9 speed transmission in the Cherokee would worry me, since problems with it delayed the debut several months. It's never good idea to buy a car the first year of a brand new model. We made that mistake once, on a 2002 Jeep Liberty that turned into a money pit.
I did check the reviews liked it inside out. Yea the 9 speed transmission seems a bit on the scary side. I wasn't too worried though since it's not the first year of the model it start in 14' I believe.
To answer your question... it is up to you and how much you may be willing to "eat" in the deal.
Whether or not you are upside down on the vehicle is merely a function of your principal balance on the loan compared to whatever it may be worth when you sell/trade it. With as much as you put down on it, you may be able to sell or trade it tomorrow without being upside down on the loan.
The longer you keep it, the more you pay down the loan and the more you get use out of the true "cost" to you, the vehicle's depreciation.
The best pure financial advice is to keep it a number of years and get your money's worth out of it. After that, the next best advice would be to try and sell it yourself, instead of trading it in.
Either way, I would not let the transmission scare me into doing something too soon. It should be a non-factor in this. The car has years of powertrain warranty in the event the transmission goes bad, which apparently it seems fine at this point.
I have geico insurance, and since there was no repairing the vehicle that was stolen they helped me buy a the jeep.
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