OK, we're looking to trade in RM95 Girl's Civic. She's upside/down 5k (I mentioned this in another thread), and she thought she had a wholesaler (friend of her late best friend) in Albuquerque that would give her what she owed on it. Well, he will, but only if we get her new car from him. He doesn't have too much in the way of foreign cars. No quality Accords, Camrys, etc. to speak of. However, he does have a 2004 fully loaded Chrysler 300M that he'll sell us for 22k. The only problem is the car already has 20k miles on it, in like six months. He also has a 1999 fully loaded Tahoe with 60k miles for 16k. I think I'm leaning towards that one, but I'd rather have one of the newer body styles (I'm assuming that it's an older body style). Anyone have an opinion on this car in general and would you be wary of a car that had that much mileage put on in that short period of time?
A 300M is somewhat nicer than what your g/f has, but, I don't mean to sound rude, but shouldn't she pay off her car first before buying another one? Just a thought. I'd keep the Civic, pay it off and get something she really likes.
Well, if she can get out from it right now for what she owes on it, why pay on it for three more years, other than the ability to have a wider selection on which car she drives next?
Yeah, the 1999 Tahoe is the old body style. My Dad has one of the newer ones and likes it a lot (an '03 model), though he doesn't really drive that much (and he's got a Jag that's his main car now). I wouldn't want to have to keep the thing filled up with gasoline, though. I don't know anything about the 300M. I remember looking at them before I bought my A4 back in 1998, but it wasn't my kind of car (especially since it didn't trust me to shift the gears myself), so I didn't dally long.
My point is this: debt is a killer. If she owes only 5 grand on her Civic, finish paying that off rather than trading 5 grand worth of debt for 20 grand or more worth of debt, which is what you are considering doing. Do you want her paying 300 bucks or more for a car for years and years more?
She owes 10k on the Civic. It's not worth nearly that much. She's getting out of a car that is not worth near what she owes.
I totally agree. Debt is debt. Even if it is a car note you should pay this off. Even if it isnt worth what she owes it makes sense to pay it off. The vast majority of the time you owe more than what a car is worth. Thats why they call a car a depreciating asset. Never borrow money for things that depreciate in value.
I may come off sounding like a jerk here, but this is bothering me for some reason. There are any number of valid reasons why she might want to get into another car before completely paying off the current one. Frankly, I find it rude and arrogant to even question this. This is a very personal decision and every person's desires, needs and circumstances can be different, so there is no "best thing to do". Sorry if this was too knee-jerk.
They posted this here so that they could get feedback. That means people will give their opinions. That is his opinion and if they dont like it than they shouldnt have asked. I think the only person being rude is you.
Into another car that soon won't be worth what she owes. One of the problems with compromising and just taking what's on the lot is running the risk that in a year or two, she's going to want to get out of the new car and find herself just as far upside down (if not worse) and having to repeat the same process. But hey, if it works, I guess that's okay. Back to the original question, I would be a little concerned by the high mileage on the Chrysler. It is high for an 04 model that can't be more than six months or so old.
He asked for opinions on the cars, not on whether or not they should even be thinking about looking at new cars. Bama's response just seemed [presumptuous in that he knew what was best for them without knowing all the information.
Yeah, that's my main concern. However, this guy's been getting kudos from everyone in the business here she's talked to. He's sending us all the info on it and whatever it is you get from Carfax. As far as the rest of it, she just really wants out of the Civic. She doesn't like it at all, is sick of driving a standard, and is currently in a job where she can afford a more expensive car. An opportunity has been presented to where she can get out of what she owes on the car without have to go even more upside/down on a new car. Thanks, deepellumrocket, I didn't really expect this type of response.
I think it would be good advice if she wasn't getting exactly what she owed to pay it off or if she couldn't afford the new car.
That is usually just a ploy to get you into a car. He sells you a car that isnt worth what you are buying it for. Thats why he wont buy your car outright. Your car: Owe: $10k Worth: $5k Car you buy: Buy: $22k Worth: $15k Dude still makes money off of you and you are still upside down. They are in the business of making money and will not just give you a car because they want to help you. If the numbers do not work then they wont do it. This is from a guy that sold cars for several years. I just hate to see someone keep putting money into something that will never make them any money.
OK, can someone tell me what a 2004 300M Special Sedan with 20k miles is worth (kbb doesn't have 2004 used car numbers)? I'm pretty sure it's more than 15k.
Anyone? I've tried a few of the car sites and can't find any of them with 2004 used car quotes. The MSRP on the car was $32k. I doubt it's decreased in value by 17k in six months, but I could be wrong.
Well, Chryslers depreciate faster than ice melts on a hot July day, but 22K is probably a decent dealer price for that 300M. Edmunds puts the 2003 in that range. I'd just worried about what it'll be worth 2 years from now.
