npgraphicdesign 2 #1 December 21, 2010 Just wondering if this is a smart move or not. Currently, I have an 07 Scion TC that has $3500 left to pay off. I am tempted to trade it in for a 2011 WRX Limited that's 26000. I was given a 5100 trade in value on my TC, and $407/mo payments for 6 years. That's with no downpayment aside from the trade-in value. Does that seem like a good deal, and a smart deal? My only reasoning for wanting this car (besides the fact that I've always wanted it) is that I live in New England, and AWD is very appealing. Quote Share this post Link to post Share on other sites
shermanator 3 #2 December 21, 2010 I did it for my wife's car. I even had her old car (trade is) upside down. they tacked on the extra, from that loan, onto the new car.CLICK HERE! new blog posted 9/21/08 CSA #720 Quote Share this post Link to post Share on other sites
npgraphicdesign 2 #3 December 21, 2010 QuoteI did it for my wife's car. I even had her old car (trade is) upside down. they tacked on the extra, from that loan, onto the new car. Yea, that's what they're doing here. I just don't want to get screwed on the monthly payments. Also trying to get more for my trade-in as well. Quote Share this post Link to post Share on other sites
turtlespeed 212 #4 December 21, 2010 Quote Just wondering if this is a smart move or not. Currently, I have an 07 Scion TC that has $3500 left to pay off. I am tempted to trade it in for a 2011 WRX Limited that's 26000. I was given a 5100 trade in value on my TC, and $407/mo payments for 6 years. That's with no downpayment aside from the trade-in value. Does that seem like a good deal, and a smart deal? My only reasoning for wanting this car (besides the fact that I've always wanted it) is that I live in New England, and AWD is very appealing. The second you sign that paper you are upside down in your car for 5 years.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
npgraphicdesign 2 #5 December 21, 2010 Quote Quote Just wondering if this is a smart move or not. Currently, I have an 07 Scion TC that has $3500 left to pay off. I am tempted to trade it in for a 2011 WRX Limited that's 26000. I was given a 5100 trade in value on my TC, and $407/mo payments for 6 years. That's with no downpayment aside from the trade-in value. Does that seem like a good deal, and a smart deal? My only reasoning for wanting this car (besides the fact that I've always wanted it) is that I live in New England, and AWD is very appealing. The second you sign that paper you are upside down in your car for 5 years. I'm a skydiver...I'm upside down anyways. Oh..and explain what you mean by that. I'm clueless in that department... Quote Share this post Link to post Share on other sites
skyrider 0 #6 December 21, 2010 What is your income? Life is short, I usually go with my wants, if I can still pay the bills, BUT, that is not a smart way to live.. BUT, I do have a lot of toys! Quote Share this post Link to post Share on other sites
npgraphicdesign 2 #7 December 21, 2010 Quote What is your income? Life is short, I usually go with my wants, if I can still pay the bills, BUT, that is not a smart way to live.. BUT, I do have a lot of toys! Those payment will only be 50 dollars more than what I pay now...the problem is my full-time job contract expires in June. I'll be job searching starting in February, and relocating IN june, but.... Quote Share this post Link to post Share on other sites
skyrider 0 #8 December 21, 2010 Quote Quote What is your income? Life is short, I usually go with my wants, if I can still pay the bills, BUT, that is not a smart way to live.. BUT, I do have a lot of toys! Those payment will only be 50 dollars more than what I pay now...the problem is my full-time job contract expires in June. I'll be job searching starting in February, and relocating IN june, but.... Then no way in hell now...Pay off what you have...Sell it yourself, THEN go buy a car, if you have the money/steady income! this sounds like the makings of a bag lady/man too many things could go wrong.... Quote Share this post Link to post Share on other sites
Southern_Man 0 #9 December 21, 2010 Quote The second you sign that paper you are upside down in your car for 5 years. I'm a skydiver...I'm upside down anyways. Oh..and explain what you mean by that. I'm clueless in that department...Upside down means you owe more on the car than it is worth (than what you can resell it for."What if there were no hypothetical questions?" Quote Share this post Link to post Share on other sites
catfishhunter 1 #10 December 21, 2010 What answer do you want? It seems like you know what you want and want someone else to tell you it is ok to get what you want. If you want a "Dave Ramsey" answer it is not only NO but HELL NO. (unless you have a million in the bank) having a paid off car is a really nice feeling and 3500 you can have that paid off in 7 months paying what they are asking you to pay and should be able to pay it off in 3-4 months if your income can sustain a $407 month payment. I would suggest you pay it off as fast as you can and put the 407 in the bank for the next 24 months and then go buy the same car your wanting now for almost the amount of money you had socked away but you will be paying cash and have let someone else take the depreciation. MAKE EVERY DAY COUNT Life is Short and we never know how long we are going to have. We must live life to the fullest EVERY DAY. Everything we do should have a greater purpose. Quote Share this post Link to post Share on other sites
npgraphicdesign 2 #11 December 21, 2010 QuoteWhat answer do you want? It seems like you know what you want and want someone else to tell you it is ok to get what you want. If you want a "Dave Ramsey" answer it is not only NO but HELL NO. (unless you have a million in the bank) having a paid off car is a really nice feeling and 3500 you can have that paid off in 7 months paying what they are asking you to pay and should be able to pay it off in 3-4 months if your income can sustain a $407 month payment. I would suggest you pay it off as fast as you can and put the 407 in the bank for the next 24 months and then go buy the same car your wanting now for almost the amount of money you had socked away but you will be paying cash and have let someone else take the depreciation. If I had a million in the bank, I wouldn't be financing a $25000 car. ;) You make a good point..it would probably be smarter to pay it off first. Quote Share this post Link to post Share on other sites
NewGuy2005 51 #12 December 21, 2010 In my world, an '07 is is a brand new car. Just keep it and enjoy the peace of mind. Quote Share this post Link to post Share on other sites
turtlespeed 212 #13 December 21, 2010 QuoteQuoteWhat answer do you want? It seems like you know what you want and want someone else to tell you it is ok to get what you want. If you want a "Dave Ramsey" answer it is not only NO but HELL NO. (unless you have a million in the bank) having a paid off car is a really nice feeling and 3500 you can have that paid off in 7 months paying what they are asking you to pay and should be able to pay it off in 3-4 months if your income can sustain a $407 month payment. I would suggest you pay it off as fast as you can and put the 407 in the bank for the next 24 months and then go buy the same car your wanting now for almost the amount of money you had socked away but you will be paying cash and have let someone else take the depreciation. If I had a million in the bank, I wouldn't be financing a $25000 car. ;) You make a good point..it would probably be smarter to pay it off first. Pay it off - Drive it untill the wheels fall off while you keep making car payments into a savings account - It's a kind of a long term investment, but it works out pretty well.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
skycamefalling 0 #14 December 21, 2010 Quote Quote Quote What is your income? Life is short, I usually go with my wants, if I can still pay the bills, BUT, that is not a smart way to live.. BUT, I do have a lot of toys! Those payment will only be 50 dollars more than what I pay now...the problem is my full-time job contract expires in June. I'll be job searching starting in February, and relocating IN june, but.... Then no way in hell now...Pay off what you have...Sell it yourself, THEN go buy a car, if you have the money/steady income! this sounds like the makings of a bag lady/man too many things could go wrong.... I will second what rider said. If you know you will be without a job in about 5 months and not sure when you will get another, your best bet would be to wait. You dont wanna get yourself stuck in a worse case scenario. I like the TC, but like the WRX even more. A car with AWD and turbo is a big upgrade from what you have now. But is it a necessity? Probably not. Do what you can to try and pay off your car before you are out of a job. Imagine how many more jumps you could get a month with no car payment.Speedracer~I predict that Michael Jackson will rise from the dead. And that a giant radioactive duck will emerge from the ocean and eat Baltimore. Quote Share this post Link to post Share on other sites
Airviking 0 #15 December 21, 2010 QuoteJust wondering if this is a smart move or not. The only way to answer that, is you have to do some research and work out the numbers yourself: What is the book value of the purchase? What is the book value of your TC? What is the payoff amount on your TC? What interest rate are you quoted? Remember that the dealer is entitled to something, but not a Maui vacation. Consumer Report is my bible when it comes to this stuff. They offer good advice dealing with dealers.I believe you have my stapler. Quote Share this post Link to post Share on other sites
Gawain 0 #16 December 21, 2010 Quote Just wondering if this is a smart move or not. Currently, I have an 07 Scion TC that has $3500 left to pay off. I am tempted to trade it in for a 2011 WRX Limited that's 26000. I was given a 5100 trade in value on my TC, and $407/mo payments for 6 years. That's with no downpayment aside from the trade-in value. Does that seem like a good deal, and a smart deal? My only reasoning for wanting this car (besides the fact that I've always wanted it) is that I live in New England, and AWD is very appealing. How many miles on your Scion? I'd pay it off and save some dough for a while. Not having a car payment is one of the best feelings in the world. If you must get a new car, then the only way to get what your Scion is worth is to do a private sale (autotrader.com is a great resource). Then your "new" car "should" be a used one anyway --- the market is so ripe with so many choice vehicles out there. If you take your time, you'll score a way better "deal" than what's being offered for that WRX and you won't take the depreciation hit. Seriously, take your time and hunt the market, especially with cars. I was in the market starting in August for a "new" pick-up and found a sweet '07 Silverado LTZ in October the low 20s (book mid-20s) and I negotiated an even lower price because I knew the thing was sitting on their lot since August and I had cash. If you can save enough after paying off your Scion, walking into a dealer with cash will put you in a way better negotiating position - not every dealer will bend over for it, but it helps, and if you don't get what you want, walk. The auto industry is in the toilet and while that new car price for a WRX is pretty good...I wouldn't take it, not when there are so many amazing opportunities for really high-quality used vehicles out there.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
skybytch 259 #17 December 21, 2010 I just got a 2001 Toyota Corolla with 120k on it for $2000. I can put another 100k on it and still sell it for close to what I paid for it. That's five years of driving a comfortable, reliable car with good gas mileage and - get this - NO MONTHLY PAYMENTS! You should sell what you have for what you can get for it, pay off the loan, buy something inexpensive and spend the rest of the money on jumps, beer and women. Or are you not really a skydiver? Quote Share this post Link to post Share on other sites
airdvr 197 #18 December 21, 2010 You don't give much of a description on your trade but $5300 may not be that good of a number. Here's what car dealers are paying WHOLESALE for '07 TC's around the country. Date Location Origin Amt Miles Condition Color Engine AT/MT 12/16/10 MANHEIM Lease $7,750 45,396 Avg SILVER 4G A Yes 12/16/10 MANHEIM Lease $6,750 80,163 Avg BLUE 4G A Yes 12/16/10 HOBBY Regular $7,400 40,403 Avg MAROON 4G A Yes 12/16/10 GTR TMPA Lease $8,600 53,343 Avg WHITE 4G 5 Yes 12/16/10 GTR TMPA Regular $7,800 64,505 Avg BLACK 4G A Yes 12/16/10 GTR PHNX Lease $7,500 87,928 Avg BLACK 4G A Yes 12/16/10 GTR PHNX Lease $7,200 75,841 Avg MAROON 4G 5 Yes 12/15/10 SEATTLE Regular $9,300 19,071 Avg GRAY 4G 5 Yes 12/15/10 SAN DIEG Lease $7,700 69,200 Avg GRAY 4G A Yes 12/15/10 NADE Regular $9,400 49,364 Avg SILVER 4G A Yes 12/15/10 NADE Regular $8,100 86,700 Avg PURPLE 4G A Yes 12/15/10 NADE Regular $8,100 63,891 Avg SILVER 4G A Yes 12/15/10 NADE Lease $5,000 102,226 Below SILVER 4G 5 Yes 12/15/10 DALLAS Regular $7,000 78,182 Avg GRAY 4G 5 Yes 12/15/10 CEN FLA Lease $9,500 56,526 Avg GRAY 4G A Yes 12/15/10 BAY CITI Lease $8,000 81,745 Avg SILVER 4G A Yes 12/15/10 BAY CITI Lease $7,600 59,792 Avg FLINT MI 4G A Yes 12/14/10 STATESVL Lease $9,500 43,045 Avg WHITE 4G A Yes 12/14/10 RIVRSIDE Regular $9,600 69,354 Above GREY 4G A Yes 12/14/10 GA DLRS Lease $8,500 64,646 Avg PLUM 4G A Yes 12/14/10 FAAO Lease $10,200 57,488 Above BLUE 4G A Yes 12/14/10 FAAO Lease $8,100 52,287 Avg LT BLUE 4G 5 Yes 12/14/10 FAAO Lease $6,700 60,773 Below PURPLE 4G 5 Yes 12/14/10 FAAO Lease $5,000 132,848 Below GRAY 4G A Yes 12/14/10 FAAO Lease $5,000 127,978 Below BLACK 4G A Yes 12/14/10 AMERICAN Regular $5,500 79,038 Below RED 4G A Yes 12/13/10 MILWAUKE Lease $8,500 54,147 Avg GREY 4G A Yes 12/13/10 MANHEIM Lease $7,800 47,441 Avg BLUE 4G A Yes 12/13/10 BAY CITI Lease $10,300 45,913 Above BLUE 4G A Yes 12/10/10 MANHEIM Lease $8,700 68,273 Avg GRAY 4G P Yes 12/10/10 MANHEIM Regular $7,350 97,244 Avg WHITE 4G 6 Yes 12/10/10 LAUD/MIA Regular $8,100 94,398 Avg WHITE 4G A Yes 12/09/10 MANHEIM Lease $7,750 41,629 Avg GRAY 4G A Yes 12/09/10 CHICAGO Regular $11,000 36,468 Above BLUE 4G A Yes 12/08/10 UTAH Regular $8,500 79,015 Avg GREY 4G A Yes 12/08/10 NEWBRGH Regular $5,300 84,058 Below SILVER 4G A Yes 12/08/10 MINNEAP Regular $10,700 34,357 Above BLUE 4G A Yes 12/08/10 DALLAS Regular $11,000 57,516 Above WHITE 4G 5 No 12/08/10 CADE Regular $9,600 25,988 Above SILVER 4G A Yes 12/08/10 ATLANTA Lease $8,200 62,555 Avg BURGANDY 4G A Yes 12/07/10 PORTLND Regular $10,800 36,875 Above GREY 4G 5 Yes 12/07/10 OHIO Regular $8,500 45,185 Avg BLACK 4G A Yes 12/07/10 LAUD/MIA Regular $8,400 58,055 Avg Black 4G A Yes 12/07/10 LAUD/MIA Regular $6,300 70,093 Below WHITE 4G M Yes 12/07/10 FAAO Lease $6,800 87,442 Avg LT.BLU 4G 5 Yes 12/07/10 COLORADO Regular $9,400 47,295 Avg BLUE 4G 5 Yes 12/06/10 SAN DIEG Lease $9,400 54,390 Avg SILVER 4G 5 Yes 12/06/10 MANHEIM Regular $7,300 89,798 Avg BLUE 4G A Yes 12/03/10 NEVADA Lease $10,300 31,686 Above BLACK 4G A Yes 12/03/10 MANHEIM Regular $8,500 42,052 Avg BLUE 4G Yes 12/03/10 MANHEIM Lease $7,600 68,035 Avg LTBLUMET 4G 5 Yes 12/02/10 OMAHA Regular $9,600 41,001 Above BLUE 4G A Yes 12/02/10 MANHEIM Lease $6,500 94,534 Below BLKSD 4G A Yes 12/02/10 MANHEIM Lease $6,500 88,630 Below BKCHY 4G 5 Yes 12/02/10 GTR PHNX Lease $10,000 50,153 Above GRAY 4G A Yes 12/02/10 GTR PHNX Regular $8,600 49,089 Avg CREY 4G 5 Yes 12/02/10 GTR PHNX Lease $7,700 96,439 Avg BURGANDY 4G A Yes 12/01/10 SEATTLE Regular $9,400 37,573 Avg SILVER 4G 5 Yes 12/01/10 SAN DIEG Lease $6,700 89,136 Below GREY 4G 5 Yes 12/01/10 CADE Lease $8,500 61,115 Avg BLACK 4G A Yes 11/30/10 SKYLINE Regular $7,000 96,058 Avg BLUE 4G A Yes 11/30/10 OHIO Regular $7,700 70,660 Avg BLACK 4G M Yes 11/30/10 GA DLRS Lease $2,000 91,064 Below GRAY 4G 5 No 11/30/10 FAAO Lease $9,700 48,494 Above BLACK 4G A Yes 11/30/10 FAAO Lease $4,600 75,993 Below BURGUNDY 4G 5 No 11/30/10 COLORADO Regular $8,500 44,141 Avg SILVER 4G A Yes 11/29/10 GTR PHNX Lease $9,800 33,964 Above BLACK 4G A Yes 11/29/10 BAY CITI Lease $9,200 77,718 Avg CLASSIC 4G A Yes 11/24/10 SEATTLE Lease $7,500 53,535 Avg PURPLE 4G 5 Yes 11/24/10 MILWAUKE Regular $7,800 68,756 Avg BLUE 4G A Yes 11/24/10 MILWAUKE Lease $7,300 61,285 Avg BLUE 4G A Yes 11/24/10 CEN FLA Lease $9,100 55,834 Avg GREY 4G A Yes 11/24/10 CEN FLA Lease $7,200 75,966 Avg GREY 4G A Yes 11/24/10 ATLANTA Lease $10,400 26,190 Above BLACK 4G 5 Yes 11/23/10 FAAO Lease $8,000 54,972 Avg GREY 4G A Yes 11/23/10 FAAO Lease $6,800 98,365 Avg BLACK 4G A Yes 11/22/10 SEATTLE Lease $10,800 46,036 Above SILVER 4G A Yes 11/22/10 MILWAUKE Lease $8,300 56,544 Avg LT BLUE 4G A Yes Remeber...the dealer will add $2-3K to this number and put it on his lot hoping to get a bite.Please don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites
npgraphicdesign 2 #19 December 22, 2010 Quote I just got a 2001 Toyota Corolla with 120k on it for $2000. I can put another 100k on it and still sell it for close to what I paid for it. That's five years of driving a comfortable, reliable car with good gas mileage and - get this - NO MONTHLY PAYMENTS! You should sell what you have for what you can get for it, pay off the loan, buy something inexpensive and spend the rest of the money on jumps, beer and women. Or are you not really a skydiver? I am really a skydiver ...don't drink much and don't like to spend money on women ;)) Or at least use money to attract them. I'm single...a nice car that'll keep me happy during my lengthy commutes makes more sense right now ;) Quote Share this post Link to post Share on other sites
millertime24 8 #20 December 22, 2010 I heard once that putting money down on a car also affects your interrest rate. Anyone know if this is true?Muff #5048 Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #21 December 22, 2010 Quote Just wondering if this is a smart move or not. I have a 1998 car with a $0/month car payment and not much left to depreciate. Given state and federal tax rates totaling 40%, buying a car with a $407/month payment would be like taking an $8000 paycut for the next 6 years or $48,000 in pre-tax money over that time. Quote Does that seem like a good deal, and a smart deal? No. Quote My only reasoning for wanting this car (besides the fact that I've always wanted it) is that I live in New England, and AWD is very appealing. I'd buy a set of 4 nice snow tires from tirerack.com for $500-$600, spend $50 twice a year to get them swapped, and save myself almost $24,000 out of pocket. Especially if I didn't have 6-12 months of cash to live on in the bank (it would suck to need to sell things to survive if you lost your job in a down economy) and/or stashing $15,000+ annually in tax advantaged retirement accounts (it would suck more to live on social security and cat food). Quote Share this post Link to post Share on other sites
skybytch 259 #22 December 22, 2010 QuoteI'm single...a nice car that'll keep me happy during my lengthy commutes makes more sense right now Twenty jumps plus a month (or a brand new container in only four or five months) vs the privilege of paying the same amount to be driving a "nice" car. To each his own, I guess. Most jumpers I know would choose the jumps. Quote Share this post Link to post Share on other sites
npgraphicdesign 2 #23 December 22, 2010 Quote Quote I'm single...a nice car that'll keep me happy during my lengthy commutes makes more sense right now Twenty jumps plus a month (or a brand new container in only four or five months) vs the privilege of paying the same amount to be driving a "nice" car. To each his own, I guess. Most jumpers I know would choose the jumps. Well, I have a decent rig with a good main/reserve now, and don't plan on upgrading until i can fly, land and pack it with my eyes closed...metaphorically speaking. Besides, I can still jump even if I'm driving a nice(r) car...right? Quote Share this post Link to post Share on other sites
skycamefalling 0 #24 December 22, 2010 Quote Quote Quote I'm single...a nice car that'll keep me happy during my lengthy commutes makes more sense right now Twenty jumps plus a month (or a brand new container in only four or five months) vs the privilege of paying the same amount to be driving a "nice" car. To each his own, I guess. Most jumpers I know would choose the jumps. Well, I have a decent rig with a good main/reserve now, and don't plan on upgrading until i can fly, land and pack it with my eyes closed...metaphorically speaking. Besides, I can still jump even if I'm driving a nice(r) car...right? Not if you have to sell the new car just to survive. But then if things go really bad and you cant find a job as soon as you thought, you will have to sell your rig just to have some cash on hand. Keep the car, buy some snow tires and enjoy the extra jumps a month you could get. Who needs a nice car anyways??Speedracer~I predict that Michael Jackson will rise from the dead. And that a giant radioactive duck will emerge from the ocean and eat Baltimore. Quote Share this post Link to post Share on other sites
BIGUN 1,053 #25 December 22, 2010 Quote07 Scion TC that has $3500 left to pay off. I I live in New England, and AWD is very appealing. Contract running out and looking for a new one Evidently, you bought the '07 while living in New England for the past three years and must have done alright. My suggestion is to pay off the the '07, get secure in your employment situation. You'll have paid down the car some more and have more of an equity position for trade-in later or can sell it yourself and/or keep it as a back-up ride. If you decide to move forward with the purchase.... also check what it will do to your insurance payments on the new car... Take that from someone who has two paid off vehicles in the garage and likes not having payments.Nobody has time to listen; because they're desperately chasing the need of being heard. Quote Share this post Link to post Share on other sites
