Question about car trade in?

[MadHatter]

The OP is a car salesman's wet dream.  He has "gonna get taken advantage of" written all over him.

 

I suggest he get his dad or some other adult who has actually traded and bought a few cars to go with him.....disaster waiting to happen if not.

[Panthro]

I am not even sure a credit union will give you 60-72 months on a USED car.

 

I got 3(ish)% on 60 months and was offered something like 3.5% on 72

[Arroz con Panther]

I agree with Hatter.  You definitely need to go talk to a respectable parent/adult about it.  I almost traded my 2-year old car that I purchased new in for a brand new model.  The dealership threw in all the "bells and whistles".  I entertained the idea, but my dad talked me out of it.  I would have paid 4 grand more for a sun-roof.... whoppie!

 

 

P.S. Insert Panthro's joke about how I drive a camry and not a big truck.

[MadHatter]

I got 3(ish)% on 60 months and was offered something like 3.5% on 72

 

Wow....did not know that.

 

I remember when 48 months was the most anyone would give on a used car.

 

I guess with the shift in the automotive market (more people buying used cars) this was necessary.

[Panthro]

Wow....did not know that.

 

I remember when 48 months was the most anyone would give on a used car.

 

I guess with the shift in the automotive market (more people buying used cars) this was necessary.

Yeah I don't think the for profit banks would finance anything like that. 

[Johnny Rockets]

Wow....did not know that.

 

I remember when 48 months was the most anyone would give on a used car.

 

I guess with the shift in the automotive market (more people buying used cars) this was necessary.

 

 

I can vouch for this also. Got a 60 month for 2% on a used Lexus through Wells Fargo. 

[Panthro]

I agree with Hatter.  You definitely need to go talk to a respectable parent/adult about it.  I almost traded my 2-year old car that I purchased new in for a brand new model.  The dealership threw in all the "bells and whistles".  I entertained the idea, but my dad talked me out of it.  I would have paid 4 grand more for a sun-roof.... whoppie!

 

 

P.S. Insert Panthro's joke about how I drive a camry and not a big truck.

 

 

I had a Camry in High School...I have no idea what you are talking about.

 

LOL CAMRY

[frash.exe]

Bank is not going to touch a refinancing on a one year old car.

Not to mention a used car interest rate is higher than a new car....and the length of a used car loan is usually lower than a new car.

Yeap

I don't know too much about finance as it's not really my field but I have a grip on the fundamentals and I would not go in and try to refinance a car one year into a loan.

I do know that as soon as you drive off the lot with a new car the value goes down a ton, but considering the alternative (buying used, dealing with the general maintenance and replacing failing parts/components) the best thing you can do is try to take care of that car as best as you can, pick a brand that doesn't depreciate as bad as the others. If your credit is good enough and you don't drive so many miles in a year then a lease is the best way to go.

[MadHatter]

I had a Camry in High School...I have no idea what you are talking about.

 

LOL CAMRY

 

I could see you driving that in high school.

 

 

I was driving my mom's Datsun 510 Station Wagon....so who am I to talk.

[Panthro]

Yeap

I don't know too much about finance as it's not really my field but I have a grip on the fundamentals and I would not go in and try to refinance a car one year into a loan.

I do know that as soon as you drive off the lot with a new car the value goes down a ton, but considering the alternative (buying used, dealing with the general maintenance and replacing failing parts/components) the best thing you can do is try to take care of that car as best as you can, pick a brand that doesn't depreciate as bad as the others. If your credit is good enough and you don't drive so many miles in a year then a lease is the best way to go.

 

Well if he likes the car and is 12 months into a 60....take the remaining balance and spread it over 60-72 if you are in a place where you need a lower monthly payemnt

[KSpan]

Or do yourself a favor and ditch the car payment entirely.

[Cam2Benji]

As a general rule, new cars lose the biggest chunk of their value in the first year, and you're putting serious mileage on that thing seeing as how it's a current model year and you're already up to 14k miles.

My advice even though it's not really flexible since you bought it recently is maybe see if you can refinance?

Yeah I thought about refinancing it, but it isn't the car that I really want.

 

The reason I got the Avenger was because they told me that was the only car they could put me in that was in my price range at the time. My credit score wasn't high enough so I had to get a co-signer.

[Cam2Benji]

Or do yourself a favor and ditch the car payment entirely.

My credit score would take a huge hit as well.

 

 

No thanks!

[KSpan]

My credit score would take a huge hit as well.

 

 

No thanks!

 

No one wins the credit score game except for banks.  Been debt-free since 2008 and it's far and away the best financial decision I ever made.  What's your payment?  $450 a month or so?  That adds up fast when it's not being sent to a bank to purchase a rapidly-depreciating asset.