Real-World Trade-In Values

Buylow1 · January 2019

28firefighter said:
22.5-23k at auction means they may have stepped up a bit over if it was really nice on a trade because they wouldn't have transport costs - that would hurt your leverage. I'd say there is no price leverage in this, especially if they had to do any reconditioning.

Thank you for the clarification!!

Mr_Shiftright · January 2019

anthonyrrr said:
I agree with all mentioned and there is a 100 dollar deductible per occurence. That being said 100 dollars doesn't cover the hr of shop labor. For ten years that's 340 a year less than 34 dollars a month. I have a Subaru legacy the goes through wheel bearings like gasoline. I wish I had so coverage. Life is a gamble. Sometimes a little piece of mind of priceless so to speak

You have to read the warranty, word for word, cover to cover. Check for all/any exclusions that are noted, and if you aren't sure, ask.

explorerx4 · January 2019

Don't forget, the warranty company still has to exist to pay any claims.

Mr_Shiftright · January 2019

That's another problem!

henryn · January 2019

And when the dealership or independent repair shop starts arguing with the warranty provider, you are the one stuck in the middle. Which is why I would never buy an extended warranty from anyone besides the original manufacturer (in this case, GMC).

corvette · January 2019

Agreed. I wouldn't buy a non-OEM extended warranty, other than something like CarMax, where it's underwritten by a major insurer and CarMax is unlikely to go bankrupt and be unable to pay the premiums.

Sandman6472 · January 2019

Looks like I got my name back in Edmunds. Turned my laptop off yesterday for a few hours and when I came back on, Edmunds asked me to sign in but forgot the password. Put in a new one and there I was, the Sandman was back! Well, who knows for how long but am happy I'm back!

tjc78 · January 2019

Good news!

anthonyrrr · January 2019

So this is going to be another I don't know if I posted this in the right spot but I hope you all can help I guess I'm looking for just a little reassurance because buying a car is always a pain in the butt when it comes into negotiating I picked up a 2016 Denali ultimate pickup with 39000 miles for 37000 even. $3,200.50 and sales tax with a $358 DMV fee and whatever fee give me a $443 payment spread out over 84 months that's what $12,000 down I'll be financing $28,559 a finance charge of $8,735 and I keep seeing deferred price $49,294 what exactly is the Deferred price

henryn · January 2019

Add together the amount financed, the interest charged over the 7 years, and the down payment.

$28,559 plus $8,735 plus $12,000 == $49,294

You're seriously going to finance a 3 year old truck for 7 years? That thing will be 10 years old and you'll still be making payments.

And you're paying 7.9% interest? If you have halfway decent credit, you should be able to beat that.

stickguy · January 2019

That’s the total you are paying including interest.

nyccarguy · January 2019

anthonyrrr said:
So this is going to be another I don't know if I posted this in the right spot but I hope you all can help I guess I'm looking for just a little reassurance because buying a car is always a pain in the butt when it comes into negotiating I picked up a 2016 Denali ultimate pickup with 39000 miles for 37000 even. $3,200.50 and sales tax with a $358 DMV fee and whatever fee give me a $443 payment spread out over 84 months that's what $12,000 down I'll be financing $28,559 a finance charge of $8,735 and I keep seeing deferred price $49,294 what exactly is the Deferred price

Throws the Flag! Blows the whistle! Raises the arm and opens up the door to the penalty box! Why on god's green earth are you taking out an 84 month loan to begin with, much less on a 2 year old vehicle with 39,000 miles?

Can you black out your personal information at take a snapshot of the contract for us to take a look at?

tjc78 · January 2019

OK, how is your credit? The interest rate on this loan seems really high to me. I backed into the payment and it's nearly 8%.

If you get it down to 4.5% and afford a little more monthly you could save 5K

qbrozen · January 2019

anthonyrrr said:

So this is going to be another I don't know if I posted this in the right spot but I hope you all can help I guess I'm looking for just a little reassurance because buying a car is always a pain in the butt when it comes into negotiating I picked up a 2016 Denali ultimate pickup with 39000 miles for 37000 even. $3,200.50 and sales tax with a $358 DMV fee and whatever fee give me a $443 payment spread out over 84 months that's what $12,000 down I'll be financing $28,559 a finance charge of $8,735 and I keep seeing deferred price $49,294 what exactly is the Deferred price

1. Buy a less expensive vehicle if you need 7-yr financing on a used one.
2. As was just said, a 5-yr loan at a halfway decent rate is not much more per mo.
3. Buy a less expensive vehicle.

pensfan83 · January 2019

4.5% is actually right in the ballpark, at least at my company. Even if you take into account a maximum markup from the buy rate, which is generally around 2%, the rate is still higher than it should probably be unless you are below Tier 1 for credit.

4.19%-4.49% for 12-48 months
4.29-%-4.59% for 49-60 months
4.79-5.09% for 61-72

henryn · January 2019

I belong to 3 credit unions, this one has the best rates for car loans.

Note that they do not want you to finance for 84 months unless you're financing over $40k. Which is a pretty good rule of thumb, I would say.

kyfdx · January 2019

84 month loan on a 3 year old used car?

7.9% is probably top tier.

Not that I've shopped that combination..

andres3 · January 2019

kyfdx said:

nyccarguy said:

mhockey21 said:
@nyccarguy I am but grew up in Cos Cob! Was just at Half Full Brewery near you

However, no one answered my question
We have a resident expert who will get back to you sometime today and give you a "dead on balls accurate" number of what you should pay for the Q3. Why the need for Quattro in FL?
It's hard to order a car from the used car factory...

It rains a lot in Florida; Quattro every time!

andres3 · January 2019

kyfdx said:

nyccarguy said:

mhockey21 said:
@nyccarguy I am but grew up in Cos Cob! Was just at Half Full Brewery near you

However, no one answered my question
We have a resident expert who will get back to you sometime today and give you a "dead on balls accurate" number of what you should pay for the Q3. Why the need for Quattro in FL?
It's hard to order a car from the used car factory...

It rains a lot in Florida; Quattro every time!

anthonyrrr · January 2019

My credit took a crap recently so I was expecting a mediocre rate.i plan on keeping the truck for a long time as its gone a be an extra vehicle I'm sure the numbers add up I guess I just wanted the internet to tell me the same thing

tjc78 · January 2019

Numbers look right, I would try and get a better APR if possible.

On a side note, surprised they are using an AS/400 system. Haven’t seen that a car dealer in a long time.

xwesx · January 2019

If it is going to be an extra vehicle, I would go the complete opposite route: Find yourself something that you can buy for that down payment, still keep it a long time, and still use it as the "extra" vehicle. Save the $37,300 you would have spent over the following SEVEN years!

anthonyrrr · January 2019

I plan on paying for the warranty plus taxes separate..no need to finance that too any suggestions as to where I can inquire auto loans I checked chase where i do all my banking and they came in around the same thing

xwesx · January 2019

If you're under 700 credit, and must do the seven-year loan, you probably won't get a better rate. If you have the option of a high-credit family member who will co-sign, that's probably the only thing that will bring it down with any significance.

kyfdx · January 2019

As I noted above, the rate is not that bad for a used car on an 84 month loan

henryn · January 2019

xwesx said:
If you're under 700 credit, and must do the seven-year loan, you probably won't get a better rate. If you have the option of a high-credit family member who will co-sign, that's probably the only thing that will bring it down with any significance.

Depends on just how bad his credit is.

If he has any family members who work for a large corporation, check into joining the credit union there. My brother, my son, my two granddaughters, a nephew and a niece are all members of the credit union sponsored by my employer. I posted their interest rates a little while ago (look up), and I doubt anyone can beat those numbers. And I can sponsor family members.

And, no, I'm not going to adopt jmonroe. Nor jmonroe1. Sorry.

andres3 · January 2019

Geico is getting me for $1,500+/6 months now. Others were even higher.

It is bad enough every time I got a competing quote they knew to ask me about what happened with that accident in January of 2014 (the not at-fault S4 incident), but State Farm also asks this whopper:

Have you had any moving violations which you got erased by the Courts by going to Traffic School in the last 5 years?

I find the question to be irrelevant to my insurance rating for one, but more importantly,
I can say with certainty anyone answering that question in the affirmative is an idiot, an imbecile, and a sucker. They know too much already, why volunteer more irrelevant information.

The correct answer is either "NO" or "to the best of my recollection, no."

28firefighter · January 2019

Man, wouldn't it be unfortunate if you lied on that form and they had a mechanism for pulling the court records for your citation (which is separate and distinct from your driving record)?

explorerx4 · January 2019

@anthonyrrr,
Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
For a spare vehicle, could you rent something when you need it until your credit score builds back up?
Once you lock into that loan, it going to be difficult to change anything.
I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
The rate would have to be 1.9%, which is not happening for anyone.

qbrozen · January 2019

This is a ridiculous use of money for someone with poor credit. Oh well. Good luck to you.

xwesx · January 2019

explorerx4 said:
@anthonyrrr,
Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
For a spare vehicle, could you rent something when you need it until your credit score builds back up?
Once you lock into that loan, it going to be difficult to change anything.
I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
The rate would have to be 1.9%, which is not happening for anyone.

Yep, so true. Once the buy happens, he's gonna be upside down on that rig for a long, long time.

Mr_Shiftright · January 2019

I suppose if you take the LONG view, and amortize this out over 10 years, it's not so bad. This little scenario presumes, of course, that the vehicle remains relatively trouble-free over that period--behind the normal maintenance and replacement of "expendables" that any car would incur.

I'd be more inclined to pay less attention to a loan like this if it were on a work vehicle--one that is earning money for the lender.

corvette · January 2019

28firefighter said:
Man, wouldn't it be unfortunate if you lied on that form and they had a mechanism for pulling the court records for your citation (which is separate and distinct from your driving record)?

I don't think I've ever been asked those types of questions when I've worked with an agent. I assume they pull my MVR, I sign something, and they give me a quote.

28firefighter · January 2019

corvette said:

Man, wouldn't it be unfortunate if you lied on that form and they had a mechanism for pulling the court records for your citation (which is separate and distinct from your driving record)?
I don't think I've ever been asked those types of questions when I've worked with an agent. I assume they pull my MVR, I sign something, and they give me a quote.

Me either. But, if they ask, I assume they have a way of verifying it - or will in the future.

sda · January 2019

xwesx said:

explorerx4 said:
@anthonyrrr,
Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
For a spare vehicle, could you rent something when you need it until your credit score builds back up?
Once you lock into that loan, it going to be difficult to change anything.
I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
The rate would have to be 1.9%, which is not happening for anyone.
Yep, so true. Once the buy happens, he's gonna be upside down on that rig for a long, long time.

With the reality of being upside down for an extended period, GAP insurance could be a good investment.

roadburner · January 2019

qbrozen said:
This is a ridiculous use of money for someone with poor credit. Oh well. Good luck to you.

X1000

kyfdx · January 2019

xwesx said:

explorerx4 said:
@anthonyrrr,
Not trying to sound like (whomever aggrevates you the most) but 12K is a lot of money and you are going to average paying $100 month interest on that loan for 7 years.
For a spare vehicle, could you rent something when you need it until your credit score builds back up?
Once you lock into that loan, it going to be difficult to change anything.
I tried to figure out if you made payments for a year and your score went up, how you could go from the remaining 6 years and refinance to a new 5 year loan.
The rate would have to be 1.9%, which is not happening for anyone.
Yep, so true. Once the buy happens, he's gonna be upside down on that rig for a long, long time.

$12K down on a $40K vehicle? Even on an 84 month loan, at what point you think he’ll be upside down? I’ll guess.... never.

GAP insurance on that loan would be a waste of money.

andres3 · January 2019

28firefighter said:
Man, wouldn't it be unfortunate if you lied on that form and they had a mechanism for pulling the court records for your citation (which is separate and distinct from your driving record)?

Well, you wouldn't be lying, you'd just be forgetful.

Also, they couldn't deny a claim for a frivolous question on the application; come on, what jury is going to go for that?

stickguy · January 2019

well, if you are going that long on a loan, a loaded PU is probably the way to go. Those things just seem to hold value like crazy.

stickguy · January 2019

oh, they can deny a claim. Just consider it insurance fraud (lying on the application) and the policy is invalid.

tjc78 · January 2019

Why try and scam the system.... people like you is what causes the rest of us to have obscene rates.

steine13 · January 2019

There are a few answers to that...

- Because my driving record is my driving record, as defined by the legal/court system. If it's good enough for the state, it's good enough for Geico.

- Because the system resembles a scam in itself. The underlying issue for the higher rates is a correlation but not causation; people with accidents have more tickets. People with tickets may or may not have more accidents.

- Because (here in MI) 1/3 of drivers don't have insurance at all. THAT is driving up rates more than anything.

- Because safe driver discounts are on the order of 20 percent (around here), whereas in the German system, the only other example I'm familiar with, the difference between a new driver and one that's accident -free for two decades is a factor of > 5. The difference to a new teen driver is more like a factor of 10. THAT reflects the risks, not the traffic-court voided ticket, which is typically a once-in-your-life deal anyawy.

Whether I would risk lying to my insurance company is a different question.. when an accident occurs, they have the money, and it could get dicey.
But after years and years of accident-free driving for my whole family, I'd have no moral qualms about it. There are plenty of things that need fixing more than snooping around an voided moving violation.

I feel better now. -mathias

kyfdx · January 2019

So... do you want to pay 10 X the price for your teenage driver?

Sounds like the system might be working for you.

steine13 · January 2019

I gotta ask my dad what he pays in car insurance... it's probably $30 to 40/month after all this time.

To answer your question, YEAH I would... because it goes down after 6 months of accident-free driving.. and down... and down. She would have been adjusted downward four times already and be paying 0.8 x the standard rate by now, after starting at 2.3 x the standard rate.

The other factor in the system -- and that is kinda dumb but kinda effective -- is the rate is indexed to horsepower. That has nothing to do with risk but keeps kids in smaller, slower cars, which is not a bad idea.

I'm not saying we should adopt that model..there are other problems with it... I'm saying we should improve OUR model. And we should get uninsured drivers off the road. In reality, the problem is ignored, but if an individual is caught driving without insurance, it can easily send them into a downwards spiral of fines and debt from which they can not extricate themselves. This serves nobody well. A friend's wife works at the Lansing court, she has some horrible stories.

An old friend of mine got stupid and simply forgot to pay his car insurance. He just wasn't taking care of his mail -- this is in the 80s. When his insurance lapsed, the police came and unbolted his license plates. No more driving until he fixed it. Seems like a pretty simple solution, but in 2019, we can't figure this out in the great state of MI, which has rates to rival New Jersey.

This started with a question about "scamming" Geico. I'm saying it's pretty clear car insurance has bigger problems than andres3 fibbing about a voided ticket.
I'm buying insurance, not consenting to a colonoscopy.

kyfdx · January 2019

Someone has to pay for all of those commercials.

At least most of them are funny.

Mr_Shiftright · January 2019

stickguy said:
oh, they can deny a claim. Just consider it insurance fraud (lying on the application) and the policy is invalid.

Insurance companies can do anything they want. If you don't like it, then you have to fight it. And remember, insurance company lobbyists helped to write all the various state insurance laws. It has been my experience that insurance companies are entirely unpredictable, and can maintain the most irrational unfair positions and thumb their noses at you. At other times, they can be unexplainably generous for no reason.

roadburner · January 2019

I've repeated this before, but one of my friends was a state legislator who served on an insurance subcommittee. He once asked some insurance officials for data that showed that 1-2 speeding tickets increased an insurer's loss exposure; he never received it.

henryn · January 2019

steine13 said:

An old friend of mine got stupid and simply forgot to pay his car insurance. He just wasn't taking care of his mail -- this is in the 80s. When his insurance lapsed, the police came and unbolted his license plates. No more driving until he fixed it. Seems like a pretty simple solution, but in 2019, we can't figure this out in the great state of MI, which has rates to rival New Jersey.

They don't do that here in Texas, but you have to prove liability in order to get your plates renewed every year (windshield sticker). I wish they would go out and pull the license plates, that would have saved me a few bucks.

Back about 5 or 6 years ago, I sold a 2008 Passat to an individual for cash. He showed up with hundred dollar bills, I filled out all of the paperwork for him, and sent him on his way. But ... and this was my bad entirely ... I failed to get him to sign a bill of sale / receipt for the vehicle. About 18 months later, I get a registered letter from the toll road authority that I owe them $145. The Passat had gone through the express lane many times with no express tag.

When I started looking into it, he had never transferred the title, which means the license plates were expired, and there was no possibility of insurance. I could have beat this in court by producing witnesses who knew I had sold the car, but it wasn't worth a court appearance for $145. I did have the name and address for the guy, I filled out the PDF form for Texas title transfer on my computer, and still had that document. It just wasn't signed, so the the toll road authority wouldn't accept it.

I needed to find a way to insure that I wouldn't get stuck with more bills or liability. I talked to the highway patrol, who said they would look into the matter. About 2 months later, the idiot who bought the Passat sent me an email. It seems the state of Texas was after him, and he wanted to know if I would sign another title transfer form with the current date so he could avoid paying a fine for not transferring the title within a certain number of days.

Some people have an enormous amount of gall. I ignored the email, but was happy to know that he was going to be fined more than what the toll road violations cost me. I would have been happier if he had been caught driving with expired license plates and no insurance and gone to jail.

fushigi · January 2019

My wife is getting the urge to get a new car. Can you give trade-in for:

2012 Hyundai Elantra Limited w/Technology Package
Almost 41K miles
Light Blue ext / Tan leather int
Tires are practically new. All servicing done at the dealer. Is ready for rear brakes.
Western suburbs of Chicago (Aurora/Naperville area)

It was in an accident a year ago. Damaged limited to radiator & forward. A Lyft driver pulled out in from of her when she had right of way (they were ticketed). ANyway, it was fully repaired by Gerber Auto Collision; a visual inspection would not easily show evidence of the accident. I do not know if it shows on Carfax; VIN is KMHDH4AE0CU277252. The zero might be an oh.

qbrozen · January 2019

VIN works. Accident on autocheck.

I’d hit it about $5k, but you could get lucky. With such low miles, you should get bids from carvana and vroom.

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