View Poll Results: wat to do
keep it
66
80.49%
dont keep it
5
6.10%
trade up or down
7
8.54%
get a cheap car to drive instead while paying truck down
4
4.88%
Voters: 82. You may not vote on this poll
Checked kbb today, upside down 20-22k dealer trade, 17k pp
12-20-2018, 08:20 PM
#43
OK, so if you financed 54k@4.74 for 72 months your would be around $863 month if you refinance 46k@2.5% for 60 months your payment will be around $816. That will save you 50 or so per month. If you can find 46k@3% for 72 months that drops you down to $699 month.
The Fiesta will be worth much less than the Corolla after 100k miles. New Corolla is around 17k, You may also consider a Nissan Sentra SV for 15k.
Before buying any new car, go to cars.com and search the vehicle your are looking for in a 250 mile radius. Then sort to lowest price. That will give you pretty close to bottom dollar and tell you how much the dealer is overcharging you. If one dealer can a sell a car for the price, they all can. Don't be fooled. Never pay more than $200 total for add ons. If they add tint, wheel locks, fabric protectant, and clear coat protectant and want to hit you for $1200 tell them to get one for you off the truck without the crap. Otherwise you will be a nice guy and give them $200 for the tint and take the rest for free.
The Fiesta will be worth much less than the Corolla after 100k miles. New Corolla is around 17k, You may also consider a Nissan Sentra SV for 15k.
Before buying any new car, go to cars.com and search the vehicle your are looking for in a 250 mile radius. Then sort to lowest price. That will give you pretty close to bottom dollar and tell you how much the dealer is overcharging you. If one dealer can a sell a car for the price, they all can. Don't be fooled. Never pay more than $200 total for add ons. If they add tint, wheel locks, fabric protectant, and clear coat protectant and want to hit you for $1200 tell them to get one for you off the truck without the crap. Otherwise you will be a nice guy and give them $200 for the tint and take the rest for free.
12-20-2018, 08:37 PM
#44
Senior Member
iTrader: (3)
- Can afford the payments without missing any
- Interest is at 4.74 through small local CU near the dealer
- I can get a new fiesta for 13k OTD, surely wouldnt tank that much... .maybe a grand and a half a year ...?
- was looking at a corolla or something cheap to drive while the truck just sits & i continue to pay on it
- Interest is at 4.74 through small local CU near the dealer
- I can get a new fiesta for 13k OTD, surely wouldnt tank that much... .maybe a grand and a half a year ...?
- was looking at a corolla or something cheap to drive while the truck just sits & i continue to pay on it
12-20-2018, 08:42 PM
#45
Large Member
i suggest you keep it, trading it in you're only going to dig the hole even deeper.
12-20-2018, 08:48 PM
#46
Large Member
- Can afford the payments without missing any
- Interest is at 4.74 through small local CU near the dealer
- I can get a new fiesta for 13k OTD, surely wouldnt tank that much... .maybe a grand and a half a year ...?
- was looking at a corolla or something cheap to drive while the truck just sits & i continue to pay on it
- Interest is at 4.74 through small local CU near the dealer
- I can get a new fiesta for 13k OTD, surely wouldnt tank that much... .maybe a grand and a half a year ...?
- was looking at a corolla or something cheap to drive while the truck just sits & i continue to pay on it
don't sweat it dude, we all make a dumb financial decision or two in our lives. live, learn and don't repeat.
12-20-2018, 10:37 PM
#47
Senior Member
Did you see that episode of Seinfeld where he tried to get rid of his Saab because it smelled? He drove to a shady neighborhood, dropped the keys on the seat and walked away.. I'm not condoning this, but you've got to keep your options open...
The following users liked this post:
user 83720 (12-20-2018)
12-20-2018, 10:54 PM
#48
If you can pay it you're really not that much upside down in real life, 10 grand or so in reality... cheap lesson. I wouldn’t get worked up over it.
When the economy was slow my construction company use to take small side jobs to keep everyone paid Etc. Why not pick up a hammer and get some misc construction work on the side, put the truck to use and then take the tax benefits.
With the new equipment tax incentives you can write them off pretty quickly (in a year or 2). Example I sold my 2015 for 35k, will sell my f250 for 10k (almost worn out), buy a 65k super duty in my company name, and with the write off I’ll be pretty much even for the time being.
When the economy was slow my construction company use to take small side jobs to keep everyone paid Etc. Why not pick up a hammer and get some misc construction work on the side, put the truck to use and then take the tax benefits.
With the new equipment tax incentives you can write them off pretty quickly (in a year or 2). Example I sold my 2015 for 35k, will sell my f250 for 10k (almost worn out), buy a 65k super duty in my company name, and with the write off I’ll be pretty much even for the time being.
12-20-2018, 10:56 PM
#49
Senior Member
OP - You know what you SHOULD do here, its just not what you WANT to do. Love the one your with, my friend.
Someone hit it when they talked about the interest only that is paid on a fairly new truck. This is true. In my experience, some, if not all lending institutions collect the interest on the loan first (that's why the principle doesn't seem to change much early on). Ask about making principle payments. My bank allows it online, but some you have to call. It's just an idea. There has been lots of good advice here, and I can't let you get away without hearing mine:
Don't make another mistake while trying to fix this one. I wish you luck.
Someone hit it when they talked about the interest only that is paid on a fairly new truck. This is true. In my experience, some, if not all lending institutions collect the interest on the loan first (that's why the principle doesn't seem to change much early on). Ask about making principle payments. My bank allows it online, but some you have to call. It's just an idea. There has been lots of good advice here, and I can't let you get away without hearing mine:
Don't make another mistake while trying to fix this one. I wish you luck.
