Can anyone help me get out of an upside down problem?
I owe $21k on a vehicle. It was valued at $20k by carmax and I did not take it. Then I had a bumper to bumper 1 mph accident in parking lot scratch. The idiot called the police so we both have accidents on our driving records and our vehicles.
Carfax says "Left Front Impact Collision"!!!!!!!!!!! Sounds so serious, my vehicle is now toxic. I was $1k upside down now it is much more.
The vehicle was repaired and looks great.
I have found some deals from Honda and Toyota dealers and I need advice.
Out the door prices including all taxes and fees and DMV and after paying off my vehicle in full:
1. 2016 Camry 4 cylinder XLE $25.5k MSRP $28,083.00
2. 2015 Camry 4 cylinder XLE $24.5k MSRP $27,923.00
3. 2015 Honda Accord LX $22k
Would I be in a better equity position doing these deals in your opinion? Most of these out the door prices have me paying invoice according to NADA.
I was preapproved for up to $26k at 1.99% for 60 months.
Thanks for helping!
Carfax says "Left Front Impact Collision"!!!!!!!!!!! Sounds so serious, my vehicle is now toxic. I was $1k upside down now it is much more.
The vehicle was repaired and looks great.
I have found some deals from Honda and Toyota dealers and I need advice.
Out the door prices including all taxes and fees and DMV and after paying off my vehicle in full:
1. 2016 Camry 4 cylinder XLE $25.5k MSRP $28,083.00
2. 2015 Camry 4 cylinder XLE $24.5k MSRP $27,923.00
3. 2015 Honda Accord LX $22k
Would I be in a better equity position doing these deals in your opinion? Most of these out the door prices have me paying invoice according to NADA.
I was preapproved for up to $26k at 1.99% for 60 months.
Thanks for helping!
0
Best Answer
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stever Guest Posts: 52,454
Okay, instead of buying a Camry, go buy a kayak or mountain bike or small sport bike or some rock climbing gear or a hang glider. Minivans are great for carrying all that kind of stuff.
You could even start putting floors in for a side business, lol.
Unfortunately hobbies aren't any cheaper than buying cars.5
Answers
If I need to get out of the debt, will these deals help me be less upside down?
How much do you think a 2016 Toyota Camry XLE 4 cylinder is worth after you drive it off the lot?
I wonder how much carmax would pay for it?
First year depreciation on a 2015 Camry XLE is $4,612. That's for twelve months - the initial depreciation isn't quite that bad. We don't have True Cost to Own numbers for the 2016 model yet.
And - my guess is that the length of the current loan is less than the length of the new loan (60 months).
My suggestion is to take the extra amount you would have been paying on the new loan and apply it to the current loan - that way, the loan gets paid off faster and you'll be upside down a shorter amount of time.
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However, three years from now you'll be in a better equity position. This is a Toyota, and they hold their value extremely well.
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Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige