Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
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Thanks.
2009 Infiniti FX50
Base (which is still loaded up - navigation, 360 cameras, front/rear/side sensors etc)
13,000 miles
Dark blue/graphite color
Pristine condition - this car has been my dads baby and has NO marks on it whatsoever.
We got an excellent deal on it, so I'm curious to know where we stand.
Thanks!
Is there any chance you'll be trading it for another Infiniti model? The Infiniti dealer is going to be your best bet for getting the most trade-in value! The car is in pristine condition with very low mileage, so it would naturally be re-sold as thru their Certified Pre-Owned Program.
Just to cover all your bases, if there is a Carmax in your area- take it to them for an appraisal. They will make you a purchase offer on your vehicle even if you have no interest in buying anything from them. Usually, the dealer from whom you're buying a new car will offer you a bit more than Carmax (they have more riding on the deal- a sale!) but in some cases Carmax will offer more.....so it's a good idea to check and be aware of all options you have availiable!
Good luck!
No carmax, but there is that carsense place. Can't say as I've had a good experience with them. The one time I called they were real low.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
2007 Honda Odyssey EX-L
44k
Black/Beige Leather
Some cosmetic scratches, we'll have it detailed before showing it around and it should look great.
OEM tires and brakes.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
What I'm trying to figure out is this--I still owe money on this car, so at what point do I tried to maximize my "net." I owe about $10.5k, and I'm paying exactly $250/month. So does the rate of depreciation exceed $250/month/$3000 a year?
Again, different answers from different sources. In order to try to project out, I used 2006 and 2006 values and tried to project every 6 months. (For the May 2011 value, I took the average of the 2006 and 2007 modes, and for May 2012, I took the average of the 2005 and 2006.) For mileage, I projected out based on our current average of about 1200 miles a month.
It broke down like this: May 2011: Kbb $18112, Edmunds $16671, November 2011: Kbb $16350, Edmunds $15402, May 2012: Kbb $14625, Edmunds $14307, November 2012: Kbb $12575, Edmunds $13040.
So what's interesting is that Kbb.com has the car depreciating at a much higher rate than does Edmunds. It matters because at the rate I'm paying down, going with the KBB value, I should trade sooner, rather than later, but going by Edmunds, I should actually wait it out because I would net more at the end of my two year run than I would right now.
Now, you have to factor in a few other things: maintenance/repair expenses (depending on how long I wait, this van is going to need new tires and front brakes, so that's probably $1000+) and the price of the new vehicle I want to buy (likely going down during the 2011 model year, and then back up with the 2012 model due to the standard price increases.)
But the general question is how rapidly will this vehicle depreciate? More than $250/month/$3000/year, or less?
I should mention that I actually paid $25294 for this van new, in November 2007--so regardless of which value is right, it has held its value remarkably well.
It seems to me though that the real question here is how much more will a new one cost (both in absolute terms and depreciation) and whether you want to (or can) pay the difference.
Right--I'm basically going to be trading one loan for another, and since this one isn't going to be paid off for quite a while (2014). All I'm really interested in is keeping the monthly payments relatively close to one another. (I've got another, more expensive loan coming off the books next summer and I'm not planning on replacing that vehicle.) If I put down $10k on the vehicle I'm looking to purchase, I should be able to keep the monthly payment within $75 of that $250 a month I am paying. (And most of that $10k would come from what I net on this one.)
Yes, residuals are a % of the original MSRP.
This morning I heard an ad for an Elantra lease for $99/month. :surprise:
I guess they are clearing the old ones out for the arrival of the far more handsome replacement.
That's really a different vehicle. With those options, that would appear to be the Touring model with Nav. Per Galves, that would, in fact trade for $20k-21,300. So while your friend did get high trade, its still accurate.
$3k difference for Nav, DVD, and whatever else Touring comes with may seem like alot, but it is apparently what the market dictates.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Touring does add a whole bunch of other things.
Not surprising that they eliminated that model in '11. Canniablized Touring too much. Although the Touring Elite in the '11 is apparently in highest demand, and that's another case where between Touring and Touring Elite, I don't get the value.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
The price difference between the Touring and Touring Elite is $2495. That adds High Intensity Discharge (HID) headlamps, Blind Spot Information System (BSI), Honda DVD Wideview Rear Entertainment System and a 650-watt 12-speaker Premium Audio System with 15GB Hard Drive and Surround Sound.
All essential features on a minivan, right?
Can't see how one could put 10K down on an '11 Odyssey and have a payment of $325 per month.
Now, just as I would do this time, I put $10k down last time too, also from a trade. As long as you do that, you're not going to be underwater on this vehicle even with an 84.
Now, just as I would do this time, I put $10k down last time too, also from a trade. As long as you do that, you're not going to be underwater on this vehicle even with an 84.
Location: Ft. Lauderdale, FL
Year/Make/Model: 2006 Lexus IS 250
Driveline: RWD
Mileage: 81,000
Color: Black exterior. Cashmere interior
Major Options: Wood, Ventilated/Heated seats, Navigation
Condition:Interior is in good shape. Looks newer than 5 years with no leather cracking (normal wear on seat). No dings on exterior, but front shows a lot of road rash from highways driving. Brakes/tires replaced within last 6 months.
Other: Rear end accident repaired at Lexus dealership ($10,000 worth of damage).
You might do better selling it privately where you can explain the damages/repairs directly to the next owner. You might get $14,000 or maybe better if someone happens to come along that isn't concerned about the damage. Dealers aren't going to be likely to take on that bet.
Odyssey is reliable and should last 10 years with no issues; just make sure you get the soft brake pedal recall done. In addition, I am willing to bet anything that the 07 Odyssey will be more reliable than 11 for the next 5 years. 11 is a new model year and it will have bugs and design issues.
In addition, when you extend the loan to 84 months, you’ll have lower monthly payment, but you are paying more interest over the life of the loan.
Your best bet will be to try selling it to a private party. You are the car's best advocate to a potential buyer, you can discuss the extend of the damage and what repairs were required and who did them. If you trade it to a dealer, they'll just sell dump it at auction and it'll be just another wrecked car with questionable history!
Not to open a can of worms here, but when did the accident occur, was the other driver at-fault and were you compensated for diminished value?
Does waiting another year make a difference as the car will be over 5 years old and just below 100,000 miles? The car runs fine so keeping it isn't a big deal.
What's an '08 (pre-beak) TSX worth:
Manual trans
Base (no nav)
Phoenix area
42K miles
Red ext/black int
High-end (Huber-optik) window tinting
No damage
I used to drive a Kenworth.
You seem to be onto something; US ULSD doesn't seem to getting along too well with the new euro diesels. I was considering a new Jetta wagon, but the HPFP problems that 09+ VWs are having is keeping me away. Especially when VW is not consistently covering this under warranty...major money to fix, just as your friend found out.
I think I've heard some BMWs are having issues too??
25 NX 450h+ / 24 Sienna Plat AWD / 23 Civic Type-R / 21 Boxster GTS 4.0 / 03 Montero Ltd
If you're gung ho on getting a "driver's car," either step up to a BMW or get an Accord, Civic, Sonata, or Altima with a manual (none of those are all that different from VW's current offerings). If you're gung ho on getting something that's very technologically advanced, get a Prius, Fusion Hybrid, or Sonata Hybrid.
But seriously--there are a lot of factors. It really depends on what I can get for my '07. I am at a point where I really am going to need the 5 latch positions in the 2011.
You will pay more over the life of the loan if you pay the same amount for 84 months. But why not just pay it down faster? This way, you can go at your own pace. In my instance, since I have $410 a month coming off the points on my other car in a few months, I can put more down on the principle of the Odyssey (new or old.)
As far as reliability--of course you are right about first year models. I am concerned about that. I am also concerned about driving my 07 out of warranty. Mostly when the powertrain warranty expires. We have had some issues. And, as I said, I need to put about another $1k into it just for tires and brakes anyway. So...like I said, lots of factors.
All essential features on a minivan, right?
Man, no kidding.
I remember buying my first new car, still in college, and all I wanted was A/C and a cassette player.
Now the family wants 17-zone automatic climate control with heated and cooled and massaging seats and independent blue-ray screens for each of the 7 passengers.
My 1st new car, bought while I was a college sophomore, was a '68 Rambler American 2-door sedan for $1795. That bought me a 199 cubic inch 6 with a 3-speed manual on the column (3 on the tree) with non-synchro 1st gear (had to learn double-clutching), absolutely no power assists, no A/C, 4-wheel drum brakes & front crank windows (rear windows were fixed). Only options were AM radio & cigarette lighter.
No carpeting. That was an option, so my car's floor were covered with black vinyl, which looked good for the 1st day that I owned the car.
Dad paid for the car, & he refused to shell out an extra $25 for electric windshield wipers. Standard wipers worked off engine vacuum, so when you drove up a long hill, of which there are plenty in upstate NY, the wipers would gradually slow down to a near standstill. Then, as you started down the other side of that hill, the wipers would speed up. GM, Ford & Chrysler had made electric wipers standard back in the 40s, but poor little AMC didn't follow suit until 1970 or thereabouts.
When I pointed out to Dad that those lousy vacuum-powered wipers would probably kill me, he shrugged & promised to spend an extra $25 on my funeral.
Most of you guys have probably always taken radial tires for granted and never got to live with non radials. Talk about feel of the road. Those pre radial tires would follow every little nook and cranny in a road. Radials made a ton of difference and were a big deal when they first came out.
2013 LX 570 2016 LS 460
Strongly agree.
I might be wrong about this, but I think that radial tires have been around since the 50s. (I'm too lazy to google for verification.) But until the mid-70s, only expensive imports were equipped with radials as standard equipment.
Here's another reason to appreciate radials: the bias-ply tires that were standard on 99% of new cars sold during the 60s typically lasted for only 12K miles. For the average driver, that meant replacing your tires every year. (If you lived in the snowbelt & switched to snow tires for winter driving, you might go longer between tire purchases.)
The last new car that I bought that wasn't factory-equipped with radials was a '74 Honda Civic, which came with Yokohama bias-ply tires. That tire had an awful reputation, so on my way home from the Honda dealer, I stopped at a tire store & replaced them with Michelin steel-belted radials.
I can't tell you how many people would flag us down at stop signs, and tell us our tires were low!
A car with A/C? I didn't get my first car with air until 1990! (and, I started driving in 1974).
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My first car was a used '71 Dodge Charger that had bias ply tires. When it was time for new rubber, I looked in the owner's manual and it said that radial tires were not recommended. I was bummed. I called a Dodge dealer and asked a veteran salesman about it and he shrugged it off. He joked that 1971 must have been a bad year for tires.
I went ahead and bought a set of radials. Wow... what a difference. Hadn't thought about that in a long time... thanks for the memory.
2013 LX 570 2016 LS 460
That was because some models weren't equipped with anti-sway bars. When my wife got her 74' Charger the salesman had to look under the car before he would sell them to me. Something about radials flexing in the sidewall and the car leaning too much if you didn't have a sway bar.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
2010 328i Convertible in Palm Springs
3.0 Liter Power folding top.
10,000 miles
Atlantic blue
perfect condition
Premium Package
Sport package
Steptronic Trans
Comfort access
Heated seats
ipod
Navigation
Logic 7 sound with sat.
MSRP was $56,525 six months ago. Paid $51,200
What should we expect to get for trade in at a dealer?
Thanks