To trade, or not to trade... that is the question.
01-16-2007, 11:13 AM
#1
To trade, or not to trade... that is the question.
Ok, so I got my 06 Z in November 06. Absolutely loving the car, but the problem is, I'm not saving any money, because of it. I'm not going into the red either, but I'm not able to put any money aside, other than what comes out, automatically, for my 401K.
In light of this, I am considering trading in my Z, for something a little less expensive. Here's the dilemma. I REALLY REALLY wanna keep it, but I realize, that if I had an emergency (hypothetically), I think it would leave me in a very bad situation.
I've been looking at an 07 Altima 2.5S, one in particular, is running for about $23.5K. I've already talked to the dealership, and have gotten them to come down to $17K but don't know if it'd be worth following through. I've looked at a few other cars, but I've taken a liking to the new Altima, especially after test driving this one.
Right now, I owe $30K on the Z, but I think trade-in is only gonna give me $24K, at best, so I'll end up eating $6K. I don't think the dealership is gonna take that much of loss on the Z, since they came down on the Altima. This will, in turn, put me right back to $23K and so I think I'm looking at $27K or so, by the time everything is done.
What do you guys suggest? Sounds like I'll still be in the same boat I'm in now.
In light of this, I am considering trading in my Z, for something a little less expensive. Here's the dilemma. I REALLY REALLY wanna keep it, but I realize, that if I had an emergency (hypothetically), I think it would leave me in a very bad situation.
I've been looking at an 07 Altima 2.5S, one in particular, is running for about $23.5K. I've already talked to the dealership, and have gotten them to come down to $17K but don't know if it'd be worth following through. I've looked at a few other cars, but I've taken a liking to the new Altima, especially after test driving this one.
Right now, I owe $30K on the Z, but I think trade-in is only gonna give me $24K, at best, so I'll end up eating $6K. I don't think the dealership is gonna take that much of loss on the Z, since they came down on the Altima. This will, in turn, put me right back to $23K and so I think I'm looking at $27K or so, by the time everything is done.
What do you guys suggest? Sounds like I'll still be in the same boat I'm in now.
Last edited by dmroberson; 01-16-2007 at 11:17 AM.
01-16-2007, 11:25 AM
#2
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trade it for an 03 w/ 80,xxx miles. I was thinking about the same thing. I have an 06 as well and got it sept. 6mi on it. Im thinking of trading it in for an 04 or 03 and putting boost on it. It's so hard!
01-16-2007, 11:43 AM
#5
I suggest going back in time about a year, and figuring out that you cannot afford a new 350Z. Wait a second. We cant do that.
The problem is that you are upside-down on a loan: you own more than the car is worth. Major depreciation happens during the first 2 months of ownership. That is where you are now. If you are looking at a new Altima, you will have to borrow money to payoff the Z, and borrow more money for the Altima. So essentially you will be driving a $30,000 Altima. I see two choices:
a. Stick with what you got.
b. Abandon ship. Sell the 350Z. Buy a used car for about $5,000.
The problem is that you are upside-down on a loan: you own more than the car is worth. Major depreciation happens during the first 2 months of ownership. That is where you are now. If you are looking at a new Altima, you will have to borrow money to payoff the Z, and borrow more money for the Altima. So essentially you will be driving a $30,000 Altima. I see two choices:
a. Stick with what you got.
b. Abandon ship. Sell the 350Z. Buy a used car for about $5,000.
01-16-2007, 12:31 PM
#6
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Originally Posted by davidv
I suggest going back in time about a year, and figuring out that you cannot afford a new 350Z. Wait a second. We cant do that.
The problem is that you are upside-down on a loan: you own more than the car is worth. Major depreciation happens during the first 2 months of ownership. That is where you are now. If you are looking at a new Altima, you will have to borrow money to payoff the Z, and borrow more money for the Altima. So essentially you will be driving a $30,000 Altima. I see two choices:
a. Stick with what you got.
b. Abandon ship. Sell the 350Z. Buy a used car for about $5,000.
The problem is that you are upside-down on a loan: you own more than the car is worth. Major depreciation happens during the first 2 months of ownership. That is where you are now. If you are looking at a new Altima, you will have to borrow money to payoff the Z, and borrow more money for the Altima. So essentially you will be driving a $30,000 Altima. I see two choices:
a. Stick with what you got.
b. Abandon ship. Sell the 350Z. Buy a used car for about $5,000.
01-16-2007, 12:33 PM
#7
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It would be dumb to trade it in and lose $6K! Just get a second job until you pay the Z off! Stealerships love people that are flip-flopped!
Last edited by zand02max; 01-16-2007 at 12:45 PM.
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01-16-2007, 01:13 PM
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Originally Posted by davidv
I suggest going back in time about a year, and figuring out that you cannot afford a new 350Z. Wait a second. We cant do that.
The problem is that you are upside-down on a loan: you own more than the car is worth. Major depreciation happens during the first 2 months of ownership. That is where you are now. If you are looking at a new Altima, you will have to borrow money to payoff the Z, and borrow more money for the Altima. So essentially you will be driving a $30,000 Altima. I see two choices:
a. Stick with what you got.
The problem is that you are upside-down on a loan: you own more than the car is worth. Major depreciation happens during the first 2 months of ownership. That is where you are now. If you are looking at a new Altima, you will have to borrow money to payoff the Z, and borrow more money for the Altima. So essentially you will be driving a $30,000 Altima. I see two choices:
a. Stick with what you got.
01-16-2007, 01:17 PM
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Originally Posted by efx
trade it for an 03 w/ 80,xxx miles. I was thinking about the same thing. I have an 06 as well and got it sept. 6mi on it. Im thinking of trading it in for an 04 or 03 and putting boost on it. It's so hard!
01-16-2007, 01:17 PM
#12
Ok. So the general consensus is to tough it out. Guess I'll have to do that then. No big deal. I'm not hurting by having it anyway, at least not now... lol. Just means I gotta be careful til it's paid off. Probably just working myself up for nothing, right?
It's a 72 month loan. I don't know that I'd want to adjust it.
Originally Posted by davids
How many months if your loan. Can you adjust it?
Last edited by dmroberson; 01-16-2007 at 01:24 PM.
01-16-2007, 01:26 PM
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Originally Posted by camaro194
If you need to ditch the car, you may have to find something for around 15-20k in order to cut your payments since you'll likely get 23k for your trade.
01-17-2007, 06:53 AM
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If you can't afford it now how can you afford to take a loss of 6K. I didn't buy a new 06 becasue of your very dilema, I wanted to still save so I bought a used 03, worked out fine, now I don't save because of the money I put into the Z in mods.
DON'T DO IT, budget, cut corners in every way to save if you have to, keep the Z.
DON'T DO IT, budget, cut corners in every way to save if you have to, keep the Z.
01-17-2007, 12:51 PM
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you dont have to t trade it in..you could sell your Z to a private party buyer then take that money and buy something else..that way you get more than just a trade in value for the Z and in the mean time you can enjoy driving the Z you love.
