Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
Options
Comments
Get a nice check in your hand, pay off the loan, hec, you could even buy a CHEAP car to run around in for a couple of years until your cash flow situation changes.
For instance, your car has NADA numbers of $9,925 and $11,925 - if you got $10,500-11,000, paid off the $6700, you have $4300 - but a $2000 car for cash, you have no payment, and still have $2000 in your wallet.
You don't NEED a payment at all, especially is cash is tight. You can also swap to liability only with a loan/leinholder and save some more money.
If your cash crunch is just for the next year, then you'd be better off putting that much on a credit card at 18% interest for that amount of time.. I know that sounds stupid, but you are giving away thousands of dollars, selling your car at wholesale, buying another at retail, etc., etc..
Also, if your payment is $144 and you owe $6700 on the Altima, then you must have just bought it in the last six months?
Anyway, at least you aren't buried in this car.. it looks as though you don't have any negative equity.. Find some other way to supplement your cash flow for the next year... $144/mo is a pittance.. quit eating out, or something..
Trading/selling your car to save less than $1800/yr. is a losing proposition..
regards,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
Listen, I understand about the cash crunch, having lived on a 1k/mo stipend. Look around for another source of funds for the next 24 months that is cheaper than trading cars (home equity if you own a home; personal loan at a credit union; Parents First bank; even (perhaps) cash advances from credit cards.) If nothing is available, do what Jim says - sell the Altima privately, find a nice 94-97 Prizm, have it inspected and buy it for 2-3k.
One consolation to you should be the fact that according to the resident dealers here, Altima resale improved greatly over the last several years after the 2002 model was introduced.
And some money in your pocket!
I know it sounds crazy...I owe 144 a month for it (bought in July 04) and I should stick it out, but I have had recent monthly increases of $400 - sick dog (don't ask, there is not a choice...), escrow increase due to bank/township miscalculation (almost $200), kids school tuition increase, some other stuff I don't want to mention and my second kid is starting school next year (another $125 a month).
So, 144 sounds small, but when 3 or 4 other expenses come up that have to be dealt with, a car becomes a VERY distant second...especially when it only needs to get me back and forth to work.
I'd love to sell it privately and make 4k profit buy a junker and pocket the rest. I haven't had a hit on the car yet (via the autotrader) but it's only been on-line for a few days.
I guess I thought I'd explore my options at dealerships, just to see if something could be worked out.
I am getting the impression that the "deal" I suggested in my first message about this situation is not necessarily "unfair", it's just that it's not gonna happen. Am I reading you guys correctly?
2) Forget looking at these crappy used cars at the lots.. Get yours sold, then find a nice $4K car from a private seller...
3) No judgements here.. just financial advice.. Like I said before, at least you aren't upside down on the loan... and, you are trying to fix the problem..
Good luck,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
The profitable thing to do, though, is to sell it privately or at CARMAX, buy a cheap car, pocket the rest of the money, and when everything blows over, buy another car.
Sometimes you know what you want to do at the outset, but then you start looking around at options and everything gets a little hazy.
This helped me focus (no pun intended) back on what I planned in the first place...selling the car privately.
Thanks again!
my solution to this problem is a little more old-fashioned, and might sound degrading, but consider it...
you could work at mickey-d's 7 hrs. per week and pay for the altima and its insurance.
ive been there. this winter was horrible for me in car sales, so i delivered pizzas 1 night/week to keep the little things going, like cable, internet, and other small things.
I got a call form a dealer (who saw the ad) saying they are interested in buying the car at a "fair market value". She said they are looking for quality imported cars.
I'm thinking this is roughly kbb value...is that about right?
I can't imagine them going much over that value and I assume the "market" they are speaking of is wholesale and not private party or retail.
You have gotten some really good advice here, but your not listening .. forget all that Nada/Edmunds/KBB stuff, those are wholesale figures (what the dealers will pay) .....
"If" your trying to "maximize" your dollars, then you need to go down Retail Rd ...
"If" this dude is an *automatic*, then a dealer will probably drop the mid/high $8's, "maybe" the low low low low $9's in it if it's puuuurfect, it's got the leather, slider and it glows in the dark and it needs -0- .... that means deep sneakers, seats been hovered in, no I drug my briefcase over the hood 50 times and the service is from yesterday ...
Low miles are wonderful .. but it needs to look like a 36k 01 .. a Major detail, a superlative 5/6 liner Ad in the biggest paper in the area and a good *asking* price, not the book price ...
***For Sale - 2001 Nissan Altima SE: 36,000 cared for miles, still under warranty, all records, adult driven, non-smoker, all the options like sunroof, leather and more - must see ~ must sell.! .. $10,900 .. call xxx xxx xxxx***
1.) odd numbers never sell anything - kick the $11,250, buyers "think" your not negotiable and maybe do $11,000 and most will pass - don't diminish the buying market ..
2.) tiny miles can get an audience, but clean cars get clean money and dirty cars get dirty money - don't diminish the buying market ..
3.) have all the paper work sitting in the front seat, people love the history - don't diminish the buying market
4.) keep the conversations down to a minimum on the phone .. with excitement, discuss all the high points and make an "appointment" .. and your stopping by when.? .. some buyers call every car in the paper and can't buy steam off a hotdog or they want to spend $5,000 on a $10,000 vehicle ...
5.) "are you negotiable.?" - yes sir, everything in life is negotiable, but you can't put a figure on something you haven't seen yet .. and your stopping by when.? - don't diminish the market, get them to the door.!
6.) if need be, if your in Yankee territory and you have rain/snow and salt all over the place .. then rent a $15 a day vehicle by the week and keep the Altima high and dry for the next guy .. the hand buys what the eye see's ..
7.) Park the ego - books, Edmunds, Kbb and the CIA don't buy cars, people buy cars ... if you can get $10/$10,5 then call it a day, you did good and you got all the money .. now, if your waiting for Jacques Chirac to show up with a million French francs, then maybe a trip to the Home Depot is your next step because your going to need some dirt to make a planter out of this puppy ...
Let us know how it goes ....
Terry.
Oldest trick in the book when a salesman's leads have dried up for the month and there's not much lot traffic.
They're not interested in just helping you out of your car, they want to generate a car deal - in your case, 87 experienced people here have given you great advice.
I feel like you just sold my car to me!
OBVIOUSLY - I have never sold a car before.
I appreciate the feedback and made some of your suggested changes.
I also stored the pics I took on the web...they can be found here (pictures are 01 through 09, just change the number in the link):
http://www.geocities.com/icedog_97/AltimaSE2001-01.jpg
The folks who are giving you advice here are seasoned (not OLD!!) pros, so if you take the advice you're getting here, you should be able to move this puppy quickly. Please do let us know how it turns out for you!
Since the advice is free, the only real "payback" we can get is the satisfaction of hearing about a successful transaction.
MODERATOR /ADMINISTRATOR
Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
Review your vehicle
I was a single owner of a car, that had never been in an accident, yet carfax turned up eight "events" on my VIN, so go figure...
Think of Yahoo as the same as ebay here.
They won't lift a finger, and you'll be SOL.
Icedog, all that effort to save a few bucks per month???
Good point .....
Remember, most registrations have your SS#'s and/or the DL's numbers on em .. kinda of a home run for some thief ...
Terry.
It's sitting in the old owner's garage....
Now, you have to have the car towed, a mechanic has to spend an hour trying to take off the lock without damaging the wheel, then you get the tire fixed and a nice bill for a tow and an hour's labor.
Makes it SO much easier when all that stuff is together.
Or, you could have to park the car for a month while Bubba gets the title from his Aunt Jessie's sewing machine storage drawer, except that Aunt Jessie is in a nursing home, and the sewing machine is in Idaho with her daughter...
My mom is going through a title issue similar to this right now. wierd...
My dealer is always calling me up asking where my wheel lock key is. Each car has it in a different location, specifically to confound the dealer service personnel.!.!.!. :-)
After a while, we just started dollying cars (extra $50-60) without keys, explaining that we did what we were told, we towed your car from point A to point B - the other idea would have been to drag it 10 miles with the parking brake on, or tow it with the steering locked at full left turn, smacking parked cars with your car as we cruised down the road...or charging you $50 to unlock it, but even that wouldn't release your steering column...
It was a little 2 bedroom house, probably rented. The guy looked all over for the car keys. The little 2 year old kid had done something with them.
I never did get to drive the car.
It was a 427 Tri-power 1967 Corvette coupe. Never been hit, looked straight and unmodified. He was asking $2,700........
Well, it was blue. And I hate blue cars. But if I had bought it, I probably would still have it. And it's probably worth $100,000 now....
I live in New England, where we are currently coming to the end of one of the worst winters in recent years. I assume this is the reason that there are hardly any such trucks available at dealerships.
Also, the few slightly used pickups that are around have inflated pricing. Some of the 2002-2003 Tacomas I've looked at were selling for more than the MSRP of a new Tacoma! Even after bargaining with the dealers, they would not come down more than $500 or so. Demand must be high.
Does anyone know a good time to buy trucks in the northeast? Will prices get more sensible as we get closer to summer? Any advice is appreciated.
I had a title issue once. Lost the darn thing for my Mystique. I know I had it not too long before I sold it (I think I had it in the car at one point in case I got impulsive). Anyway, looked in the special papers lock box the day before I had deliver to the girl that bought it. Turned the house up side down, never did find it.
Ended up at DMV to get a duplicate. Pretty simple, except they still showed a lien (long since released). Had to track down the lendor, and get them to fax a release to the DMV office.
All in all, a fun way to spend a morning.
Moral to the story: Make sure you have all the paperwork in order, before you place the ad!
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
What is a "best bet" in a used car in the $5k-$7k range. Key factors are reliability, low maintenance costs and availability. Secondary to those factors are the more subjective elements of "fun to drive" and "prestige".
Lets keep it to sedans.
For example, the other day I saw a 1991 BMW 535i 5-speed with 85K for $6,500. This guy (a doctor) says he has "all the maint. records" and a well maintained E34 can roll 200K easy. So this one gets good marks for durability but gets "dinged" for maint costs...and availability (if you limit your search to only "well maintained" ones). But on the other hand they are a blast to drive.
So what say the group?...offer up some quality $5-7K sedans...detroit-ers welcome. I know we have some guys in here that are big Tarus fans.
Bring it on....
99-2000 mazda 626, 98-99 nissan altima, 97 accords and camrys.
2000-2002 neons and plymouth breeze/dodge stratus.
2002 escorts
99-2000 crown vic/grand marquis
95-97 town car
94-96 maximas
When I am buying a car, I am looking for two things - reliability and durability. I want a car that will get me 150k miles and not be in the shop all of the time. I am also looking for a vehicle that will not cost an arm and a leg to own in terms of the cost of repairs. All for $5-7k.
Are there better cars out there than the Taurus and the Impala? Certainly. However, if I have to pay $6-8k more for a similar Camry or an Accord, I will buy the cheaper car and keep the rest of the money in my pocket for repairs.
DISCLAIMER: I have not run the numbers on the Camry/Accord as I have not purchased a vehicle for my personal consumption since 2000. Also, I have access to any number of cars at wholesale so my acquisition costs will be lower than the average bear.)
1. Porsche Boxster (98/99)
2. Subaru WRX (02)
3. Acura CLs (01/02)
4. BMW M3 (99)
Terry.
I'd like to add to what Terry said, since you're new here (I think?):
(i) If you don't have a German mechanic as a personal friend now, that's OK, a Boxster will fix that soon.
(ii) I thought he was always called Dieter or Klaus. Wolfgang Jörg will do, though.
Terry: How do you get the Umlaut? I can do it in programs like Word, but haven't figured it out for typing.
Car savvy, computer savvy, AND good-looking; I'm impressed!
-Mathias
The Acura CL is really out of place with the other three cars... They are great cars, but if you really like to drive, I'd take that one off the list...
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
BTW...it's my understanding that the standard Nissan powertrain warranties are transferrable (that's what the dealer that sold me the Altima told me). Is that true? If so, the car has 1 year/23k miles left on the 5 year/60k warranty.
What the heck is a Umlaut..?? .. I think I ate one of those in Costa Rica, it gave me gas ...
Terry.
The most important thing is reliabilty and being able to enjoy a vehicle without dropping large amounts of money, time and inconvenience into it ...
A rebuilt motor is like a rebuilt commode, some will last 10 years and some will last 10 weeks, it all depends on the plumber and how many times it gets flushed .. as long as you know there is a risk ~ a very expensive risk ~ then like some idiot always says: buy and drive what "you" like -
Terry.
Terry.
I'm in unchartered territory again...it looks promising that the potential buyer is going to get closer to my negotiated asking price (I'm thinking I'll get 10).
I contacted the bank and the title will be sent as soon as the loan is paid...but I need the money from the buyer to do that. I read up on this and it looks like I need a bill of sale and an odometer reading and then I can have the buyer sign that when he gives me the cash/check. Then once the title gets here, we can both go to the DMV and do the transfer. In the meantime, the buyer should take the car, correct (since he paid for it)?
Selling a car yourself sounds like the best way to go, but once you get started, it ends up being a lot more work...but then you guys already knew that!
Oh yeah, no problem ... everyone will give you $10 grand then hold their breath for 3/4 weeks for the title -- NOT.!
You need to get with the Branch Manager and tell him what your doing, make sure the title is there, if not, get it there .. then arrange a potential time so you and the new buyer (with a certified check) can nicely slip over and pay the vehicle off and the bank will flip him the title and the balance gets deposited in your account, shouldn't take but 25 minutes, then he can put anything he wants on the back and drive it home, at least temporarily .. a basic sales contract can be found at any of the Office Depots for a buck or so ...
If it's any other way, you will be sucking the end of that exhaust pipe before you get a buyer ...... it's a: I give you money, you give me title thing ...............
Terry.
What are your opinions on the relative value of a older imports vs newer domestics? I'm looking for a family sedan for $10,000 or so and am stuck between Accords/Camrys/Maximas circa 1999-2000 and Malibus/Tauri circa 2002-2003. My understanding is that the Mal-Tau have more features but poorer overall engineering (and less "cool" factor). I appreciate your suggestions!
Brian.
We finally started looking at the "other" import brands - Mitsubishis, Mazdas, and older (pre-02) Altimas. The Altimas were nice but I think the success of the '02 and up style has brought prices up on the older ones. The '04 Galants were very nice, but even though they're big cars my brother had a tough time fitting in them. We never tried the older style Galant but they seem to be pretty good deals. He finally settled on a low mile '03 Mazda6 in really nice shape for about $12,500. It was a stick shift, so that's why so cheap. It's a really nice car, and probably 3-4k less than a comparable Accord.
-Jason
6i (4-cyl) or 6s (6-cylinder)?
'24 Chevy Blazer EV 2LT
SOunds like a winner to me!
Terry makes a good point about rebuilt/modded engines. Just make sure you found the seller that spent a fortune on the custom beter-than-factory build up, not the dude that ordered a short block from Pep Boys, and did the build himself in the back yard.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
-Jason