I am thinking of trading my 2006 350Z in for a cheap (7-8 grand) truck. My biggest problem with this is that I am in an upside down loan, solely caused by the fact that I REALLY lost my *** on my last car. I'm basically trying to end this cycle.
I have just got to the point where I think the Z isn't the right car for me any longer. I bought it a few years ago, when I was younger. I think I've matured to the point where I'd like a more "mature" sports car....but the biggest problem is I live in PA and the Z is just not practical.
My idea was to trade the Z in for a cheaper truck, but make the payments high and loan term short. I realize that I will lose some money here, but if I keep my payments high hopefully i'll be able to pay it off soon. Then I can go after a sports car that I really want.
I owe roughly 22,000 on my Z, which I'm guessing will get me 15000-16000 trade in. I plan on selling my volks....so that should get me around 3 grand to help with the difference.
I realize I will then still have to take out a 11,000-12,000 loan for a 8000 truck. But I can think of no better options. Does anyone have a better option, or am I just stuck with this?

 

Sell the Volks and buy a cheap Honda civic. Then make higher payments on your Z. You say you want to "end the cycle" but trading your Z in and getting 5-6K less than you owe will only continue the cycle.

 

That was my original idea. But it would still take a lot longer to pay off vs a new loan of only 10,11 grand. If I planned on keeping the Z, that would be my move. But it seems like a waste too keep paying so much on something I know I am not going to keep.
Plus here in Snowland I would really like to have a decent reliable truck for winters.

 

you've been paying on your car for a few years and still owe 22 grand on it? doesnt make sense to me.

if you got a truck worth 7-8 grand, how do you think you will get a loan approved to roll over the massive upside down portion of your current loan man? they will probably offer you like 14k tops for trade in, on a good day. that would make your 7-8 grand truck, a 15-16k truck. not really much less then your current loan..

the only positive side to your scheme that I can see is that you want a shorter term loan to pay off the car faster. if you can put up more money then you currently pay then why arent you just dropping more money on your loan as is?

no idea what to tell you. you need a good down payment if you want to get out of your Z. no lender is going to approve your swap when your truck will only be worth half or less of your new loan.. you become unable to make the payments and they are stuck with a vehicle worth half of what you owe them? they dislike that idea.

 

your idea of getting into a 7-8k truck with only a 10-11k loan is fantasy land. they are NOT going to offer you 19-20k for your trade in. they couldn't even sell your car for 19-20k. they would be lucky to sell it for 17.

the market sucks.

 

So you were upside down before, upside down again, and you want a truck AND a more mature sports car (I'm assuming even more expensive) ... see a pattern here?

The only way to get right side up is to stop wasting your time trading cars ever few hundred days. Pay cash for your vehicles or at least drop tens of thousands of dollars on them. Buy used and let some other sucker pay for those first few days of tremendous depreciation. Choose your transportation with awareness and keep them for years and years and years bankrolling the money that would have gone to your transportation costs. Buying the wrong vehicle for the wrong reason is a bit of a mistake.

Driving a brand new sports car is a life style that's very expensive and not everyone wants to spend that much of their life's energy on transportation. It looks like it's grinding against you now and you're bankroll is suffering ... but the desire is still there.

So there is no magic, no shortcuts, no secret to getting right side up. A private party sale can earn you a few thousand dollars more but most people would rather buy such an expensive car from a dealer where the have at least some recourse rather than from a private party where sales are "as is" unless stated otherwise.

 

Any pictures of your Z? And how much would you sell it privately for?

 

tell the bank to stick it. how's your debt situation? have you considered
bankruptcy? i think you're even worse off than we understand.

rent? living expenses? school?

just how screwed are you?

 

Damn...I'm really not as bad off as any of you are making it seem. I can afford my Z fine. I still owe 22,000 because I had to finance for 29,000 because my last car ****ed me over. I was a dumb kid when I bought it and I had to pay a RIDICULOUS interest rate to get it....but at the time I didn't care because I was young and stupid.
Me end goal is to have a decent truck AND a sports car. I'm unhappy with the Z, so the easiest way to do this seems to be to lose money now....get a truck, get that paid off and then buy a sports car.
I'm either going to have to buy a pos cheap truck/car for the winter and keep my Z until it will at least break even on a trade....or trade the Z in now on a nicer truck. Get what I'm sayin?

 

I could take pics, hadn't really considered selling it private party because I know how long that can take.

 

if you have gap insurance , trade volks for stockers and some cash, and then find something hard to hit....

 

I have thought about this.....but it's illegal and I really don't want to destroy my Z. Plus that will increase my insurance....

 

LOL you actually thought about this?

 

Not seriously, but in a similar situation, you'd be a liar if you said it didn't cross your mind.

I guess my best bet is to keep the car until the value is close to what i owe and then try to private sale. Unfortunately this will be awhile

 

on a rainy day there are hundreds of accidents... people spin out left and right....

also, look at all the threads about keyed cars and stock rims stolen....

ps. and btw, we are paying ridiculous rates because of that already ....

 

if you like the z, keep it. find a part time job for a few months, save up 7-8 k and then run to a nearest credit union with that cash-in hand and refinance .

 

I like the Z....but my biggest problem is it's too hard to mod. You can add a few things and bump the hp up a bit....but to really make it faster you need to go FI. And even there if you want to really see some gains you'll need to rebuild the engine. I just don't have that kind of money. There are plenty of cars out there that if you drop 5-10 grand into, they will absolutely fly.
But....looks like I'll be stuck with it for awhile.

 

wow.... man you have some issues .... did you see the news lately ? who da f. mods right now ?


i can't believe this chit..... i drove my z like 10 times this summer... saving for some track time....

 

I haven't done mods lately either....I just bought a house. I'm not an idiot.
I was just saying....there are reasons I am considerring getting rid of the Z. That was one, and the impracticality was another. I live in PA....so 5 months out of the year i can't even drive the Z.

 

If you can afford the payments, Part out any mods you have done to the car and apply it to your Z loan.

It sounds like you have "The Bug" to get a new car. Trust me we have all been there. Be patient it will save you thousands. Not to mention the Z should hold its value better.

What you dont want is to roll $8,000 into a car loan where you are going to pay a high interest rate. If you paid a high rate a couple years ago and just bought a house my gut tells me your FICO score isnt that much better now than before. Not to mention if the car is older your loan terms will be shorter. So in reality you may pay more for that POS truck, you wanted to save money, than if you would have kept the Z. You are paying interest on not only the 1st car that you had negative equity on Plus now a second car you have negative equity on Plus the interest on the new car.

I can appreciate you not thinking the Z is practical in PA but what have you done in previous winters?

If you absolutely have to get rid of your car sell it privately. Dealers arent going to give you sh*t for your car because the market is terrible and the banks aren't lending money.

My wife had an 04 Touring 60K mile that we just traded on a new pathfinder and they gave us $9,000 for it. We are officially not a 2 Z family anymore Now our friends may make us drive when we go out LOL.