I'm just complaining about 2.4k... I expected it to depreciate, I'm not insane... but the weird thing is the dealership had brand new ones for 31.5 on the floor, I just laughed and walked out, I didn't bother going back and forth.

I figure that I will keep it until the economy picks back up and trade it.

 

they wouldn't let me test drive it either, I got irritated by that too..

I'm not really a fan of the 370 in person though. The nicest part of the 370 is the interior... a much nicer upgrade than what we currently have... the fit and finish look very sharp, but the exterior lights and front fascia are horrid in my opinion.

 

I am not a fan of it myself.

 

bad economy and the 370z came out - you really think your 08 touring with 15k should be worth what a new 370 base is?

sorry you picked a bad time to buy your car and want to upgrade it. it happens.

 

Dude its a nissan our resale value sucks ballz.. I was offered 18 -20k for my 07 Touring with 8 K miles..... Im going to keep mine and trade up for a Bimmer in 2 yrs or so i can offset the payments

 

yea that sucks I went to trade my 03 in with 50 thousand miles great condition and was offered 9 grand for it I then checked KBB and the trade in was 12.5 so I guess yours wasn't as bad as my experience

 

Sorry for the newb question abt trading in cars. If you still owe the bank more than what they offere you for trade in, how does it work in paying the monthly payment on ur new and traded in car?

 

in SOME cases you can roll over the upside down balance on to the new car loan.

usually, this exceeds the banks loaning limits (example, some banks will loan you 120% wholesale value of the new car), you are expected to pay cash for what the bank will not cover as a down payment. if you can't, tough dookie.

you don't want to roll over upside down loans into a new loan, that just makes you that much more stuck with your new car. do yourself a favor and pay it down.

 

+1

Ikeep the thought in my head, the minute it leaves the lot it losses 1/2 its value

 

just wait and buy a used 370 if you really want one. if not buy the vaseline and head to the dealership...

 

I was offered 9k for my 03 Touring. FML

 

He wasn't saying he was trying to break even...Base price for a 370 is $29,930...plus tax, dealer add ons, and market adjustment(because no dealer in the world will sell it for invoice, and most mark them up an additional 5 grand on top of MSRP when they are first released). So what hes expecting to get, 25-27 grand, is no where near what a 370 costs....

 

If you were expecting less than 1/3, then you don't have a very strong understanding of depreciation. The fact that you were even considering trading in a car just a bit over a year after buying it new to buy another new car, tells us that you either have more money than you know what to do with, or you really don't understand depreciation at all.

Here is an interesting depreciation calculator. It actually is pretty accurate.

http://www.money-zine.com/Calculator...on-Calculator/

 

I am used to the trade-in value of BMW's and Acura's.

And btw, since that calculator is "pretty accurate" the trade-in value of the car should be approx. 25k... but maybe that's just me and my poor understanding again...

 

Most of the time you simply have to come up with the cash and pay off the loan entirely. So if you owe $20k on the car, get $18k for a trade, you have to pay $2k cash to the finance company before you get clear title. A dealership can handle this transaction for you. You will pay them your cash downpayment, plus the cash to pay off the first car's balance.

This is just one reason that car loans are risky ventures. BTW, the same happens if you get in an accident and the car gets totalled (whether it is your fault or not). The insurance company will pay you market value for the car, but you may still owe more on the car than it is worth. In this case the insurance company would pay you $18k but you would still owe $20k to the finance company which will want their money right away since there is no longer a car to serve as collateral on the loan. This is why some will buy "gap insurance". This covers the difference between the present value of the car and the amount that is still owed on the car.

Also, just in case you didn't know, the situation where you owe more on the car than it is worth is called "being upside down" on the loan.

 

In my area you can probably buy a new 2008 BMW 328i for about $38k. MSRP is about $42k for the car. KBB trade-in value on the same car used with 15k miles is $26,450. That is about 30% depreciation on a BMW.

On the calculator, I'm guessing you figured your car at 1 year old at the low depreciation rate. Your car is over a year old and with the current economy depreciation of cars has been exceptionally high.

If you are used to the resale values of BMW's and Acura's then money may not even be a consideration.

 

Got about the same trade-in offer with my 03 Track w/ about 50K miles...so I told them i'll be happy driving my 350Z

 

+ 10000

That why I am not stupid enough to buy a brand new one.

 

=.(

 

+1!!