Options in trading 6 month old car

My car was purchased at a Local Lexus Dealer and not a BMW if this makes any difference? BMW continues to show that it sets the bar for true driving performance! Id greatly appreciate some help. Your deal is a little different you financed a new car, you will lose a lot more money than the OP will. Therefore it made me wonder if I can make it happen? You may wind up with 4 doors, but you will be paying dearly for the convenience. Although I am only about 1000 upsidedown of my loan, I still reference the trade in value to the sold amount of the car.

This is your only reasonable option if it is possible. It is only about 5 months old now and I only paid about 3k in payments. Best thing you can do is make payments for a while then trade! The trade in value for my car is only 30k so I will lose 6k on the car. No offense, but maybe a BMW is not the best vehicle you could be owning. Even more obscene is taking out a 6 year loan on a 4 year old car. Easiest way is to trade it in on what you want. Choose your poison and be more careful car shopping next time. Can it be done, yes.

The other option is I trade it in soon before the next depreciation hits. This is my first time ever financing a car so please bare with me. Purchased my car 6 months ago but want to trade? Subaru, Honda, Kia, Toyota, etc. The longer you keep it the lower that monthly average will be. Pretty much what i expected out of this, and the reason for starting this thread was because yesterday night I got home to a letter from my local BMW with an invitation to come test drive the new 3 series and on that letter it said they will pay top dollars for my BMW trade no matter how much I owed. Is it going to cost you a lot of money. These are the three fundamental components of the new generation race car driver!

Any chance you can just live with the 2 door? There is no way you can dig yourself out of this situation, by purchasing another vehicle. The E9X is the 4th evolution of the BMW 3 series including a highly tuned twin turbo 335i variant pushing out 300hp and 300 ft. APR on a 5 year old car unless you finance it for 3 years or less. If you do, and you have decent credit, look at Pentagon FCU www. So as Kathy said, the longer you hold on to something you dont like, you will loose more because you get less back from the resale value. Lose lose situation on that but at least its resale value is up there.

Dont mean to jack your thread OP, but maybe we both can learn out of this. Looking at kbb, the avg trade in is 30k. If it was me, I would at least pay the car down some maybe one or two years. You are talking about a 11k hit in 6 months. You want to learn how to save? Anyone can join PenFed. The depreciation will be less the second year and on. Pretty much what i expected out of this, and the reason for starting this thread was because yesterday night I got home to a letter from my local BMW with an invitation to come test drive the new 3 series and on that l etter it said they will pay top dollars for my BMW trade no matter how much I owed.

If you trade it in earlier, you will be hit by the fact that you owe more than what you paid. You paid more for a, now 5 year old Bimmer, than you could have spent on a new vehicle from any of the above. The car was sold at 36. How long is a while? It only has 4K miles on it so it is practically still new. Yes nothing is wrong with test driving. Do you buy a vehicle based on the merits of that vehicle or because of the badge on the hood? KBB seems to be a bit high on their used car values. Sports cars, sedans, coupes, SUVs, trucks, motorcycles, tickets, dealers, repairs, gasoline, drivers.

You had a wide variety of options, explore them all. Thanks for any advice. How much can you afford? What vehicles are you interested in? Or something like a Toyota Camry. Keep in mind that all dealers are businesses for profit. Fusion and everything went well. Great car, fairly reliable, but try to find a CPO one.

Sentra about 6 months ago. Another option would be to continue paying down the loan, and putting some cash aside. So he and I went to a car dealership, he was interested in a 2010 Ford Fusion he told the dealer about his little problem. The company I work for has a work vehicle which is a Volvo station wagon, and I actually enjoy driving that too. It will last longer, yes, but I am just not completely happy with it. Someone may be able to explain this better than I could. Once I have enough for a nicer used car, should I trade it in and pay cash for a used car? Can someone explain to me what happens when trading in a car that you still owe money on? Just something to consider. In the meantime, should I be test driving other cars to get a feel for what I like?

Hence the decision to maybe look around some more. For security reasons, it was blocked and logged. VIN etching is a procedure that allows you to make an adhesive plastic stencil containing the vehicle identification number, or VIN, of your car. Plan prices vary by mileage, the term of coverage and by deductible level. Mike Quincy, auto content specialist at the Consumer Reports Auto Test Center in East Haddam, Conn. Trying to get an auto loan?

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Quincy says of this dealer option. Georgia without a car, and it was taking me 2hours to get to work everyday. This is if you want to keep it. Not to mention you say waiting until the summer which means 6 more car payments. The only thing that matters is wholesale becuase they buy the car at wholesale and resell it at retail. Chicago, I would like to get a small SUV to navigate through the snow. The longer you carry out an auto loan the more likely you are to go upside down.

Should I keep my Focus and just pay it off? So I would definately shop around and see who will give you the most trade. You can check the NADA value at www. We ALWAYS used NADA and you will find very few people use kelley blue book. But you have opened my eyes alot. Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.

Would that allow me to come out even? This may take a little time but you have had the car this long surely you can tolerate it for one or two months while you sell it. If I do this, would my best option be to get a cheaper car? Your responses are appreciated! EVERYONE that looks at it will want a deal and will try to talk you down. The problem is you took a 72 month loan. This is not great obviously but is not horrible compared to the previous scenario. On this note not sure what drummerboy is using for prices and not sure where you got yours but different dealers use different guides. And if you look at trade in you are more than that. Should I sell my car, pay off the neg.

If not invoice, very close to invoice. Your point is well taken. Just a little background: I know NOW that a 72 month loan is ridiculous. Your credit score is an aspect of your credit profile. This all factors into supply and demand. So this leaves you borrowing the difference if you dont have it saved.

But you live and you learn! Odds are by the time the next car is non driveable or you want to trade it you still owe on it. Now you take and list the vehicle on craigslist, autotrader, local papers, flyers at work etc advertising the car for sale. If you are willing to send me your trade in info such as miles, is it a 4 door? See where this is going down the road now? DO NOT TRADE IT IN AND ROLL THE NEGATIVE EQUITY! IT IS A MISTAKE.

Someone suggested that to me. Please keep in mind Kelly blue book means nothing. You could most likely talk them down to invoice price on the new car. Now you have a clean slate and owe nothing and can go find your new vehicle. If the dealer has high demand for that car or knows they can move it quickly you could get more for it. Totally not worth it. From someone who has sold cars in the past hopefully I can help you. Also, it depends on what your focus is wroth. Sell it like you said and pay off the negative equity. It didnt help I worked for a crooked dealer but thats another topic of discussion.

Obviously you cant get a new one which isnt always the best move anyway. Like I said personally I think option 2 is best as you will get more for your car and will come out ahead of the deal on this one and your next one instead of getting screwed on this one and starting in the hole on the next one. Well yes if you wanted to go that route you could open that option. Good Luck on your situation and keep me posted. If it snows then you could fall back on public transportation? If you dont want the car at all then you have three choices. Because when you roll the equity it just follows you and gains interest on every loan.

My recommendation would be if possible keep the car and drive it when you can. What if I traded in my car, but had 5K to put down on another car? This does not count interest. You cant sell it until it is paid for. If you want a used car that has already had the depreciation then you would have more options of dealers to trade in. Thus, most people trade in their cars with between 10 and 14 instalments before they reach the breakeven point. Consumers struck by the raft of increases coming from all directions might have started thinking of selling their existing car to move into something more affordable.

Currently the vast majority of vehicle finance applications are done over 72 months or six years. In an ideal world, car buyers are able to wait until their loan balance is equal or higher than the amount still owed. Longer contract terms and balloon payments will push out the breakeven point, and thus delay your new car purchase. The best way to bring this breakeven period forward is by using a larger deposit or shorter loan period. When customers sign a vehicle finance agreement for 72 months, their breakeven point only arrives at between 48 and 52 months into the contract. While the ideal point to sell a car is at the breakeven point in the finance contract, consumers can still take advantage of marketing incentives offered by manufacturers.

Trading the car in later puts the client in a favorable position because the dealership will pay them more than what is owed to the bank, leaving the client with a positive cash balance. Both options need to be explored to see which option suits the car buyer best. However, these incentives are only available when buying a new car. Consumers are left with the option of either hanging on to their cars until they reach a breakeven point, or to sell their vehicle privately. Selling privately takes a bit of patience, but the rewards could be very worthwhile. Although, car buyers should keep in mind that choosing this route also comes with its own sets of pros and cons. Trading in or selling a car may seem like a risky thing to do, but there is an optimum time to sell a car before the car starts to cost you more money than it is worth. Those who have purchased a car within the last 18 months might find that depreciation has made it difficult to trade in and buy a more affordable car. The choice to trade in a car at a dealership or sell the car privately has it benefits and risks.

Trading in a car before this breakeven point could result in the client having to pay in on their finance contract, as the vehicle has depreciated faster than they have made payments on the loan. Those who got into the habit of turning in their old keys and getting a new lease often never check for equity. We have a team of experts working to bring you useful tips and advice, car reviews and tools. As you approach the end of a lease, at about 90 days from the end, that is the time to get your lease contract out and look it over. There is another way! Trade the vehicle in: You can trade it in anywhere for any make and model you wish, you are not tied to the dealer you leased from. No matter what kind of vehicle you have, or where you are located, you should want to know where you stand before ending your lease. Purchase the vehicle: You have the first right of refusal to purchase your leased vehicle for the residual value.

Every case is different. The residual value is the amount you can purchase the vehicle for at the end of a lease, and that number is set in stone. We have carefully selected dealers in certain cities who share our vision to provide the best car buying experience possible. There is no reason to way overpay for your own car. Last weekend on the Car Pro Show, we had a large number of callers who were coming up on the end of their auto lease, and were not sure what to do. The opposite numbers apply. It can be a new car dealership, every one of them buys cars, but the trick is talking to the used car manager.

If you are in a lease maturing anytime in the next year, print this out and keep it for not difficult reference. Use our Dealer Locator by brand and distance, or click on the city closest to you. Join in the conversation as you explore the site. If you are in the market for a specific New or Used car, check out our Quick Search to find inventory available from a Car Pro Certified dealer near you! Now, you know Car Pro! We can make buying a car pleasurable again.

In most markets, there are large used car dealers who advertise they want to buy cars and have an not difficult process for making you an offer. OK, but you still want to go through finding the true value. Straight Talk and Honest Answers. There will be a ton of leases ending there soon with equity. CarMax is the largest in the country, but there are many others who pay top dollar. By trading, you avoid the disposition fee, mileage charges, and wear and tear. Although you may have no intentions of buying your leased vehicle, you still need to know this number to determine if you have equity. Use our Research and Reviews sections to help you decide.

Jerry Reynolds and his trusty sidekick, Kevin McCarthy take to the radio airwaves in over 20 cities across the US. She was just going to turn the Cadillac in where she leased it, and then lease an Infiniti. Unfortunately, finding a true value is not not difficult to do, and it is impossible to do online. Factor in the disposition fees, wear and tear, and any mileage charges. The values online are often too high, but I see many cases where the values are extremely low. No, there are many factors including what is going on in your market. Remember, in both these scenarios, you owe nothing further to the lease company. Like trading your vehicle in, if you purchase your leased car, there are no fees or charging, unless you are in Texas, which charges sales tax on the purchase of your leased car. You get an offer from a dealer.

So how do you actually find out what your leased car is worth? If you do not purchase it, the dealership has the next opportunity, and if it does not purchase it, the lease company gets it back and sends it to auction. This is when we walk away. What is Car Pro? Discontinued cars will not often provide equity, and convertibles in the dead of winter probably will not have equity. The second important number you need is a true value. Every time I mention you could have equity in a leased vehicle, people are amazed and confused.

Will everyone have equity? When you speak to the used car manager, just ask him should you decide to sell it, what would he pay for it? This is one of two very important numbers you need. VIP Certificate before you head that way. This Book will teach you to Manage Trades so you can Walkaway after placing them, Use Sound Money Management Principles, Use the Right Trading Psychology, Qualify Trades before you pull the trigger, Enter Trades at the right time and price, Place Exit levels when you enter the trade, Pictorial walk through.