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If a person is a slave to the dealership, they should never buy a $2k anything. I've commented time and again around these boards that my volvos have been no more costly or problematic than any other late-model car I've owned. But I also don't let the dealer do anything other than fluid changes on my vehicles, so my comparison is parts only.
I would wager that a nice 240/740 volvo is one of the better "beater" bets on the market, if you know what you are doing. Personally, I have no problem with 850/s70, either, but that's because I'm now familiar with most of the bugs, what to look for, etc.
Important part to all that is "know what you are doing." I only suggest volvos to people who take care of their vehicles and aren't scared to get their hands dirty. Why? Because dealership costs are astronomical and competent private repair shops are few and far between. For those who want an appliance that I know they will neglect, I suggest otherwise. Not because any car should be neglected, but because, in my mind, any corner repair shop can fuddle their way around a Honda and parts are plentiful.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
not a blemish anywhere, Black/Black? The car was a returned 2 year lease car from Lakeland, FL. They are asking $25K plus the snake oil. It has a year left on the factory warranty and then one year of PreCertified warranty. I need to know what counter offer I should make, and roughly the least they will take.
Just checking in again on this one:
Myrtle Beach, SC
2006 Mazda MX-5 Sport
6-speed manual
22k miles
Blue exterior/ Black cloth interior
No major options
Looks to be well maintained
What's the wholesale value? and what would be a fair offer?
Thanks.
Offer 14 and see that happens.
Along the same lines, they are now at almost $8k off of the new 2008 sport I mentioned the other day. $26,350 down to $18,500. This should help in my negotitions on the 2006.
4.4L V8 engine and AWD
14,500 one owner miles
3rd row seat, DVD in the headrests, moonroof
18 inch wheels
Black pearl with beige leather
Carfax clean
Dealer is asking $32,500. What do you think it's worth. It is not CPO. Want to be fair in the offer, while still getting a good deal, of course:)!
Some Volvo owners are very good about proper maintenance, others aren't. Esp as the car ages.
A properly cared for Volvo can last a long long time. Always get the service records
If you can buy a CPO 08 ML for $38k you should probably do it.
But, let's say $14.5. That means only $4k more for a new '08. 3-5 years down the road, the difference between the 2 will be at least $4k. Probably more. If you want to make a comparison, maybe volvomax would be so kind as to provide value for an '04?
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Looking at trading in my 03 Civic Hybrid. Or selling outright. Any idea on a fair trade in price or suggested private party sale price given gas prices are headed up again?
66,700 miles (40 mpg)
Auto
New tires
Runs great, previous Honda Certified
2003 Toyota Avalon XL w/118000 miles. Good shape, desert beige, power driver and pass seats, cream leather interior, tire 90%, new brakes, needs timing belt done. JBL sterio system with CD and Tape. The exterior is good minus a few small chips.
We are considering trading or selling it ourselves. your thought on trade or private sale?
Thank you.
2002 Mazda Tribute LX
4dr
3.0 v6 automatic
4wd
114k
White
Looks to be in good condition for its age, clean carfax. Cloth interior.
Its listed for 6k at a local used car lot. Seems like a fair price, but with those miles I wanted to get an idea of how much room I have to negotiate on the price
2003/Infiniti/G35
4dr
3.5L V6 Auto RWD
75000 mi
Silver
Leather, Sunroof
Condition: some scratches on paint from roughing a railroad tie retaining wall
Brakes: 1 yr old
Tires: 1.5 years old
Maintainance: good
Hoping to get 10K for a trade in for an X5 at a VW dealer...
Brand new and you've got 3/36 b2b and 5/60 on the powertrain.
3-5 years from now you should at least have a portion of the powertrain warranty remaining on the new one.
Buy new, the deals are too good to pass up. Of course I would think so - I bought mine when the rebate was $2500 and now it's $5000.
Just hurry before the last few are gone.
Car strikes me as closer to $9000 real money.
If they have enough room in the X5,they can certainly show you 10k.
I saw the new Competition Yellow yesterday (went to buy some rubber mats for mine) and it looked even better in person. It's only on 2009 models, though, and not on the hard top models. Bummer.
2004/Mazda/Mazda3s
4 dr
2.3 L
FWD
45,500 miles
Silver exterior, black interior
Alloy wheels, power windows/locks (all typical)
Minor scratches on bumper. Otherwise in good condition inside and out.
Tires - brand new rear, probably 10,000 miles on front
Brakes - 50% worn?
Regular maintenance
2004 Volvo S80
2.9
FWD
45,000 miles
Silver exterior/black leather interior
Alloys, sunroof, leather (typically equipped S80)
Condition: Medium dent on fender (deer accident) and small to medium dent on front valence (hit a high curb)- Nothing wrong mechanically however, all cosmetic
Interior: Cupholder in front broken
Tires: 2 years old
Brakes just replaced, but emit noticeable screech when hard braking
Regular maintenance done
I know I'm going to lose some in the trade value, but i don't want to go through the hassle of getting any of the mentioned issues fixed. I hope to get around $8000 or maybe slightly more. Possible? It is a trade in at a Volvo dealer (if this makes any difference) and i plan to buy a new XC90. Thanks.
If the dents can be pounded out, you should be ok.
If you have to replace sheet metal, you will be dinged accordingly.
Year/Make/Model: 1999 Nissan Altima GLE
Body Style: 4dr Sedan
Engine: auto
Mileage: 81000
Color: Dark Red
Opions: Sun roof, ABS
Condition:
Seems to be in very nice condition for a 10 year old car. Regular maintenance done. No damage.. Clean Car title
Private Owner. Asking for 5k firm. Should I buy? Do you think its a fair price... I was expecting to give around 4.5k
Is maintenance for 10 year old car high? First car so little over cautious...
Most dealers have started around $5K, best offers I have received after negotiation are 6500 (cheaper new car price) and 6750 (more expensive new car price). I would be happy with $7K and a reasonable discount on a new car. I am looking at a 2009 Civic LX-S Automatic. Right now, my best combined offer is $16885 for the new car with the $6500 trade-in. What do you think?
Year/Make/Model: 2003 Jeep Wrangler Sport
Body Style: 2dr SUV
Engine: 4.0L I6, 4 speed auto
Driveline: 4WD
Mileage: 43700
Color: Red exterior, black interior
Major Options: Dual top, 30 inch tire package, tube bumpers, running boards, AC, fogslights
Condition:
Interior is in very good condition. Exterior has no rust, but some scratches and chips in various locations.
Tires - 50%
Brakes - new within last 5000 miles
Maintenance - regular maintenance done.
Other: No prior damage or repairs. Vehicle was originally a Canadian market vehicle if that makes a difference. (Not sure it really does since it is beyond warranty anyway)
I currently have a 2008 BMW 328i. 5000 miles. No options besides auto transmission and BMW Assist/ Bluetooth.
I was thinking of trading into something like an Accord or Camry. But I was not sure i this makes much financial sense, considering the depreciation I've already eaten on the BMW, and also the depreciation I will eat on the new car.
I would save insurance/ gas, however.
Any advice on whether this would be a good move would be appreciated
of course you'll pay a steep price for the 5,000 miles you just drove -- but that money's already gone; no use crying over spilled milk.
unless you're right-side up on the bmw loan, it'll be a disaster for your cash flow.
i'd only do it if i had reason to be concerned about my finances.
there's got to be a reason you sprung for the bimmer in the first place... if you
can, enjoy it and cut back elsewhere.
-Mathias
The answer is that it rarely saves you a dime to trade down. The main reason to do it is if you suddenly need a vehicle with different capabilities -- you have a two-seater and a kid's on the way, or your contracting business tanked and you don't need a pickup anymore. But don't kid yourself that you're going to save any money. When you trade down, you're lucky if you come out even.
Let me tell you how it really works out.
First of all, I'm going to make an assumption -- that you purchased instead of leased. If you leased, the numbers are so incredibly out of whack that getting out of your car early and saving money is just plain unthinkable. So forget that. You're stuck. No point in even thinking about it.
So let's assume you purchased. Let's also assume you didn't pay cash, because hardly anyone does that. (If you paid cash, it's more a question of whether you're willing to accept a $10,000-$15,000 loss and drive a lesser car in order to save a few hundred bucks a year on gas. Not a good economic decision, in my book.)
So okay, you're making payments. You say you're thinking about saving money on operating costs alone, but I know better. And If you haven't considered the effect on your monthly payment, you should.
Right now you're making a payment based on the retail value of the car at the time you bought it -- and since it's an 08 with low miles, I'm assuming you bought brand new, toward the end of the year. So your purchase price was probably about $40,000.
Let me guess -- unless you made a huge down payment, or you traded something in that had some equity, your payment is about $800 a month. Ouch!
And right now you probably owe somewhere in the high thirties.
The dealer will pay you a wholesale price based on its value today, as a used car. He's going to pay you somewhere in the mid-20s. He might jigger with the figures a little to make it look like more, because he knows how much you're going to howl if he gives you the real number, but if you do the math, you'll find that he's still paying you somewhere in the mid-20s, because that's really all it's worth.
So you're somewhere between $10,000 and $15,000 upside down.
You add that "negative equity" to the payment on your new car and the odds are you're not going to save a dime, or the payments are so close that it's not worth the bother. (Generally speaking, you're not going to be right-side-up until the final year of a purchase contract. By the time you pay it off, you BMW will have a wholesale value around ten or so.)
Now, if you have $10,000 to $15,000 in negative equity, that translates out to a $200 to $300 monthly payment right there.
It used to be that you'd just tack that negative equity onto the loan you took out on your new car. So a car that would normally cost $200 a month would cost $400 or $500 a month instead.
Okay, so you're saving a few hundred bucks here -- probably not as much as you figured. Still sound good?
Well, here's a new wrinkle. Banks are reluctant to take on that kind of negative equity these days. It's really an unsecured loan, and unless you have a beacon score around 800, you're going to have to do something to pay it down. Either you can put down a large down payment or you can buy something brand-new with enormous rebates that will absorb that negative equity. If you can't pay it down (and who has $10,000 to $15,000 to throw away?), you can forget about buying used. Used cars don't have rebates, the markups are usually only a few thousand bucks, and banks usually won't let dealers finance much more than they're worth, anyway.
Okay, so you have to buy new. And what kind of a new car can you consider? You can forget the Kia Rio or the Chevy Aveo or any of those other cheap and godawful cars that you could get for $200 a month and which you would probably hate yourself for buying after a few months anyway. The rebates on that kind of car are rarely more than a grand or so. Instead, you're looking at something that normally sells around the $20,000 mark, most likely a midsize domestic. Say, the Impala or the Taurus or the 300. Those cars are gathering dust in the showrooms right now, and the dealers are practically giving 'em away, going into the holdback to do it. The rebates are enormous.
Now, on one of those cars at about $20,000 plus tax, without negative equity, the payment would be around $400. Tack on the negative equity and you get $600 or $700.
So if you save anything at all, it's probably no more than about a hundred bucks a month on your payment. Is it worth it? You've got one of the best cars made, and you're not going to be all that happy with the new car you pick up, and in a couple of years you're going to be looking again and you'll have another negative-equity crisis.
As for saving money on operating costs -- you know, with that Beemer, you're probably getting highway mileage in the mid-20s. With the very best of the domestic midsize cars (or even the imports) you're not going to get anything better than a 5-6 mpg increase. Even with an econobox, (which probably won't be financially feasible because rebates are too low) the difference is probably no more than about 8 mpg.
Okay, you save $400-$500 a year on gas. Who cares?
Then there's repair/maintenance costs. Yes, on a BMW, repairs are twice as expensive as they are on more plebian makes. Even routine maintenance, like oil changes, is more expensive. But you have a warranty right now, and if I remember right, isn't there some sort of a maintenance program? Anyway, if you save anything here by getting out of your BMW, over the next couple of years it's going to be on the order of a few hundred bucks.
If you were thinking that you might save money by getting a hybrid or some incredible gas-sipper (Honda Civics have a good rep, for instance), you can forget it, because the rebates on this type of car are quite low, dealers don't have to give 'em away, and the chance of getting a loan in a negative equity situation like yours without plunking down a big wad of cash is very, very low.
Nope, if saving money is your only goal, you're best off staying with what you have. You have one of the finest cars made, and you'll be happy with it for the next eight years or so, before things start breaking down and you begin repair bills. Yeah, you're paying through the nose for it, but I'm afraid that's the decision you made when you bought the darn thing.
I guess I've rambled on at length here b
I will provide some additional details. The purchase price of the car was in the mid-30s. 2.9 APR, so monthly payments are in the 600s (no down payment).
I could have paid cash, but decided not to because of the solid interest rate.
And of course, I am negative on the loan. But I was thinking of paying off the loan (since I have the cash for it anyways), then trading the car for a cheaper car without having to take out another loan, and maybe getting 2-3k from the dealer.
Not sure if the changes anything...
Thanks!
Your going to be looking at spending what, $35K (to pay off loan), buying something for $18K while getting $25K on trade, so netting $7K back.
So in essence, your paying $28K for an $18K car. ($35 spent minus $7K back = $28K spent total)
That of course doesn't account for the immediate 25%-30% depreciation in the new car too.
You will have spent $28K out of pocket, and be eating an immediate $4K or so in negative equity, (tot $32K) and be driving half the car you have now.
Based on these fictitious numbers, you really would only save $3K in the transaction. Not worth it IMO. If you want to rid yourself of the payments, then just pay the loan off and drive the car. However, with the competitive rate you have at 2.9%, I think I would just drive it, and if the payment is a bit heavy, then roll some of that $35K you have to pay it off into the payment each month so it doesn't feel like as big of a chunk of your monthly pay.
Have you actually calculated the gas/insurance savings? I don't know what your insurance rates are, but the 328 already gets darned good mileage. You might see a 10% improvement if you buy a 4-cyl.(?) Let's say you go from 28mpg to 32mpg. Even if you drive 20k miles per year, that works out to approximately $200/year. I'm willing to bet the insurance savings is a pretty similar number.
I guarantee you will not enjoy a base 4-cyl family midsizer as much as the bmw. You should have no doubt about this either. Now, is it really worth it?
If you have the cash for the bimmer, I can't see any reason why you'd want to pay off the loan now. Let your money work for you. I'm sure you are at least earning back the interest in a money market, making the 2.9% very very close to 0% in the end.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
That's really cheap. If you're here in PA, I will swap my '07 Altima, 1.5 year old, for that car.
Personally, I will keep the BMW. However, I don't look at numbers like fformula88. I don't think it's fair to deduct 4K depreciation from the new car unless he's going to trade it in about a week. Even if he trades in a week later, the depreciation on those, Accord, Camry, and Altima, cars shouldn't be more than 3K.
Here is my numbers: 26-27K trade - 18K base Camry = 8-9K in pocket. The price will be about the same for either '08 328i or '09 Camry 10 years later.
Please look above the "post a message" box at the bottom of the page, and provide all requested info. That's the only way anyone can give you an accurate estimate.
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