|
|
Joined: May 2000
Posts: 21,197
I have no life
|
I have no life
Joined: May 2000
Posts: 21,197 |
Holy wow! A van with 37k on it is worth 11k!!!!!!!! Talk about insane depreciation. Any reason you just quoted those 2? LOL! Damn talk about upside down x eleventy billion.
-'96 SE MTX 3L
-'98 SVT 1,173 of 6,535
-'05 Mazda 6s, loaded, g/f's ride
-Need a 96-00 manual on CD? PM or email me
|
|
|
|
|
Joined: Jul 2000
Posts: 443
CEG\'er
|
|
CEG\'er
Joined: Jul 2000
Posts: 443 |
Originally posted by Renee:
Originally posted by ZoomZoom Diva:
Unless that minivan is a base S with no options, or you have obscene miles on it... you're getting hosed on the trade too.
uuhh, no, it's an 2004 Freestar SES with only 37,000 miles on it. It's got power seats, windows, locks, luggage rack, alloy wheels, cd/tape/stereo, seats 7. Nothing wrong with it at all. Body only has one tiny dent that can be pulled out with a dent puller(not scratched), and one 1" scratch on the hood.
I just did the Kelly Blue Book trade in value and I had to select GOOD condition only because of that small dent and scratch, and the trade-in value with everything on it is $10,915. If I had selected EXCELLANT, it would be $11,000 something.
If you do some searching around on the internet you'll find that the cost per mile actually increasess when moving from your existing ride to a new ride that gets marginally better gas mileage (especially city mileage - depends on what kind of driving you do - for instance if you are getting 16MPG in the Freestar and the Fusion nets you say 24MPG city, 8MPG difference isn't going to save you enough $$$ to make a real difference - especially when you factor in the 6 grand you can keep in your bank account or invest). To really come out ahead, you'd need to move from your Freestar to a hybrid getting 50MPG city and highway in order to have a hope of saving any money long term from the analysis I've seen done.
I'd highly recommend if you do decide to make a move and go upside down into a new car, go with a Honda or Toyota that will definitively keep it's value over time. The Fusion, sorry to say, will most likely end up just like the Contour did, with lower resale and residual values especially compared to foreign competition. At least with a Honda or Toyota you're closing the equity gap quicker when going in upside down simply by increasing your residual value especially after 4-5 years when most Hondas and Toyotas still sell for 50% of MSRP, especially if well kept with decent mileage.
Last edited by cjbaldw; 06/23/06 08:54 PM.
|
|
|
|
|
Joined: Oct 2002
Posts: 2,132
Hard-core CEG\'er
|
|
Hard-core CEG\'er
Joined: Oct 2002
Posts: 2,132 |
New cars almost always seem better. You have to remember that after you buy the new car it becomes a used car and looses about half of its value.
Car dealers try to gain your trust and make you think they are on your side. If you look closely at the price, hidden fees and interest rates, you will find that there is a lot of room for bargaining. Interest rates and hidden fees are where dealerships make a lot of money.
Car dealers also like to sell add on things like paint sealant, alarms, 3M upholstery fabric protector, floor mats and things that you can get at Wal-Mart for a lot less.
|
|
|
|
|
Joined: Dec 2005
Posts: 252
CEG\'er
|
|
CEG\'er
Joined: Dec 2005
Posts: 252 |
Originally posted by IRingTwyce:
Originally posted by Ã?Å?ber Evil Mushu!:
A 2 seater with a couple a kids? Will one kid sit in the back? I don't think the MP's would like that.
Meh...have a doctor sew a couple of suction cups to their butts, then *bop!* stick 'em on the hatchback glass! 
 LMAO!!!!!!!!!!!!!
|
|
|
|
|
Joined: Sep 2002
Posts: 3,709
Hard-core CEG\'er
|
|
Hard-core CEG\'er
Joined: Sep 2002
Posts: 3,709 |
Have you considered refinancing the Feestar with the 6K or is that not going to be possible now that the vehicle is no longer new?
Originally posted by Chickens:
Religion can't do much for ashholes (unless you are an alterboy)
98.5 Se w/SVT mods
98 E0 SVT~ sold
|
|
|
|
|
Joined: Aug 2000
Posts: 322
CEG\'er
|
|
CEG\'er
Joined: Aug 2000
Posts: 322 |
The cheapest car to drive is the one you own. Best bet is to pay off the Freestar rather than extending the loan on a new car out another 2 years. The $50 a month you would save in gas will not make up for the $510 a month in car payments you will have those last 2 years. Turning a $18K car into a $28K car with all of the negative equity you'd roll over just does not make fiscal sense. Unfortunately buying a van whose value sinks like a stone after it rolls off the lot means you are going to need to be committed to it for the long haul. Better to take the $6K and put it in the stock market if it's not really needed. Or at least dump it in a CD or internet money market account (ING or the like), and earn 4.5-5% a month on the $6K. That way you'll make back $25/month of the $50 per month you are spending on higher gas bills driving the van.
Jim H
95 Midnight Blue SE (Sold)
98.5 Silver Frost E1 (Sold)
'04 G35 6MT Sedan (Sold)
'01 Aurora 4.0
|
|
|
|
|
