Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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What is it ...? XLS Avalon ..? XLS ..what ..? -- I was at message #5912 .. is that like the movie "Planet 9"
I'm sorry, I can't read Martian, I can speak it though . -- *** jdurber..gs8enh ..! ***
Ok Bill, you might have to sneak up on this one ....I will hold the net.
Terry. :-)
I was just saying to Lance, where the heck is that Sober ... hey, what's the deal with #5912, is this some kind of Frat house thing ..?
Oh well ..I need a cig, so what's up today ..? ... Let me guess, it's another Honda -- what's the chances ..? l..o..l..
So we have a 4 banger, and we have new slicks to go with. Itsy Bitsy ding going on here .. and just in time for St Patty's Day - it's Greeeen, oh boy. Plus it's "Mortified' .. better yet..!
Miles are good, so you gotta be on the dark side of $16,500. The light side would be more like $15,500 and some change...
So, now what ..?
Terry.
No wonder they no saled it at $97...
The 355 needed $122 to break out (or so I was told) .. I was last man in at ..$117. I tried to buy it outside for $119, he said he would call me --- I'm still holding my breath, I'm the blue guy sitting in the corner ..l.o.l.... Next.
Terry.
What, either you had it sold or you needed to have a fun driver (methinks latter)... that is all the money, a bag of chips, hell... that's all the money and 100 shares of Lay's Potato Chips
Although I must keep my mouth zipped about going within $300 of Clean Book on a 93K mile 92 Vanden Plas Majestic ths week... but it is REALLY nice.
Another oen of those "Aww, gee.. it hasnt sold yet.. guess Dad has it as his driver" deals.. you know the drill.
Bill
Tom
The Q?
$12K is what I'd tell ya to bottom-line it at if it were yours..
$12,900 isnbt an out of line asking price.
Bill
$24Kish is what I think its gotta be wroth.
Why not just call around to some Toyo dealers in So FL?
Bill
Just found out he wants 27k for it... wholesale.
Why grab falling knives.
Thanks for the always-outstanding help.
2) Is this a 2000 Explorer XLS? 2WD or 4WD?
Bill
$27,000 Wholesale?
(laughter)
Well, there is that demand for Ice Water in Hell and all...
Bill
Who pictures the UC Mgr at Carmax in ATL saying "Suure... drive it up from Ft Lauderdale.. we'll give ya $27K for it...suuure..." and the laughs his tuckuss off as he hangs up the phone.
If you want to trade in the Explorer on a new car then you need to know what the current wholesale price is right now (which is $15-16000). Then you need to call your finance company to get the current pay off (have you done that yet? What is the exact payoff right now?). Then you need to read your contract carefully for language pertaining to early termination. This is important. Some leasing companies will let you out easily from your lease (no penalties), other leasing companies stick it to you. If you're not sure call the finance company and ask what their policy is regarding early termination and get their procedures.
You want to wait until December to pay off the remaining lease payments? Why? If you want out, get out now or stay until the lease is over. This picture is not going to get better looking for you. You seem to think that in December the clouds will part, the sun will shine, and you'll get out of the Explorer almost pain-free. Forget about it.
As JPHAM said in post 5882, in Dec you'll pay the remaining $4000 in payments plus a $3300 over miles fee. That's $7300 MINIMUM. And you will not have an Explorer to trade. You will have to give it back to Ford or the bank because it belongs to them, not you. So that means you will need more money for a down payment on the new car.
Let's say you keep your Explorer to the end of the lease, 9/03. And lets say the miles will be 75,000 at that time. Sound reasonable? OK, 75,000 minus 36,000 = 39,000 over your allotment. Follow me so far? Good. 39,000 mile times 15 cents per miles = $5,850 over miles fee. So what number is lower, $7,300 or $5,850? Riiiiiight, the $5,850 number. Verrry good.
Now we're going to use some advanced math so pay attention. Let's take the $5,850 number and add it to the $16,000 number which is what your Explorer is worth right now. What do they add up to, Mookie? That's right, $21,850. OK, here's the advanced part - - - remember I told you to call the finance company and ask for the current payoff? OK, take that number and compare it to the $21,850 number..... which one is higher? If the payoff number is higher, you should keep the Explorer. If the payoff number is lower, you should trade it or sell it. Please don't ask me how I know this; I'm not allowed to tell you. Ancient Chinese secret, and all that.
I hope all this helps. Now go do the right thing.
Did anyone see the Saturday Night Live skit with Phil Hartman as Frank Sinatra, Chris Rock as Luther Campbell, and Sting as Billy Idol? Each time Chris Rock would speak Hartman, as Sinatra would say "I have no clue what you are saying, it's all pops and hisses everytime he speaks."
I feel the same way about Mookie. It's just pops and hisses everytime I read one of his posts.
I am sympathetic to his plight, but I simply get very little understanding from his posts.
MIKEinTN
1) You have a 2WD Explorer in, according to your profile, Ohio. That is NO help up there.
Currently, your Explorer has a "reality" wholesale value of about $11,500 or so... assuming its SUPER nice.
2) A 1999 like yours with 58K miles is worth about $9,500-10K up there.
So here's what I want to make crystal clear:
1) At the end of the lease, you will have an Explorer that is WORTH $10K as a trade-in.
2) What is your residual? If it is MORE than the ACTUAL Value of the Explorer PLUS Mileage, pay the miles and turn it in.
3) IF YOU PAY ALL OF YOUR PAYMENTS EARLY, you will STILL Have to pay for the extra mileage. SO you might as well let the $$ sit in the bank. Unlike a Loan, you dont save ONE RED CENT by paying off the Lease payments early. Ford Credit just makes out like a bandit.
So what you need to do, BEFORE YOU DO ANYTHING ELSE... is Callyour leasing company and get your payoff.
From the sounds of it (And I do this for a living...) you are about to screw yourself!
Be careful here...
Bill
Ed
And as always, thanks in advance.
95 Explorer XLT 4WD
Minneapolis
75K Miles
Dark Green (yeah, I know)
Automatic
Power windows, doors, locks, seats
Cloth
Tow package
Tires only have 10K miles used on them
Newer brakes all around
Body in better than average shape
All maintenance records
God, I hope I didn't forget anything. No scolding please, I hate my room.
No, you dont have to go to your room
$6Kish is where it be at if nice I think...
(I.E. Nopaintwork)
Bill
4 doors.
6K. Trade-in value I assume? How about private sale? To your room Bill!
Thanks Bill.
Seriousl, yeah I assumed 4-door. Actually, its really a FIVE DOOR...
Both of us need to go to the corner.
Well, if its worth $6,000 wholesale, figure $100 is a fair profit... Seriously, joking aside...
Ask $8,500/bo and let someone beat you with a cat-o-nine-tails down to $7,500-7,800.
And take the money and run like a bandit
Bill
Anyway: Mookie, slow down, please. If you deal in cars like you type, it's no wonder you got yourself in a funny situation here. You have got 'diarrhea of the keyboard', or something.
Secondly, you can work out the numbers if you know the cash value of the Explorer, and the payoff number from the leasing company. Then you sit down and work out the three scenarious (sell now, run til december, run til 9-03). Not rocket science, but not trivial, either.
3rdly: My hunch is you'll be best off running out the lease. So what if you pay $.15/mile? My '92 Aerostar, which we only use for hauling/vacation/canoeing, has cost me $3k over the past 3 years and 20,000 miles. That's the same 15c/mile, for an old POS.
You pay your payments to drive the car for 36k miles, and then you pay the overmileage for the rest, and Allah willing, you won't have to pay a lot for repairs. Sounds like a good deal to me -- remember, this was a $25k or so car when you drove it off the lot. Add it all up, divide by 75,000 or whatever, and you may wind up with a very reasonable number.
The only wrinkle is that big chunk of change they'll want from you when you turn the car in... but you know it's coming, so start saving...
Good luck to you,
-Mathias
One additional question for you guys. I am really on the fence as to whether or not I want to buy a new vehicle right now or maybe wait a year. It is nice not having any car payments.
Now that my Explorer is only worth $6K (which is about what I expected), please look into your crystal ball. What do you think it would be worth in a year? If it is only estimated to be worth $3K next year, then I would probably pull the trigger now on a new vehicle. If it might be worth $5000 a year from now, that would not too bad of an additional hit IMHO. If I need to save $300 a month just to offset the future depreciation of the Explorer, I would rather put the money into a payment now and get that instant gratification. If a good portion of that $300 a month could go towards a larger down payment a year from now, that would be better.
What do you think?
That is the funniest SNL skit EVER. Remember who played Sinead O'Connor in that skit? He kept calling her Sinbad or Sineade.
Great call on that one!!
I'm sorry but when poor mookie was posting his notes I could not help but think of that skit.
MIKEinTN
$3K? nah. If I had to guess.... $4,500-5K or thereabouts. But who knows... I broke my crystal ball! lol... But that's where I[d put my $$ if I were a gambling man.
Bill
Is the data out of date, or do Saabs depreciate even worse in Phoenix than any place else. (Not meant to be a criticism of the car, you understand...I'm just interested in a bargain).
These little gems are doing "around" (97's TB) the upper $9's, lower $10's at the block ..if they are super sharp, clean, need -0- and the miles in the 40's -- so the asking price seems about right..
The turbo's pull more $$ than the V6's .. why ..? I have no idea. Saab's just don't have the re-sale and I don't understand it, there so pretty ..yup, that's it.
See I think, that the reason why they are so cheap is -- you can't carry more than 2 Cart golf bags at a time, and Scottsdale and Phoenix is known for their great courses. Can you see dragging those things out at Camelback or Wildfire -- I don't think so ..l..o..l..
Terry :-)
Also, here in FL, I can usually really just back-of-steal these cars, while the guys in New England/NY/NJ/MD/PA just pay ALL the money for em.
OTOH, I have seen WHite 2WD Navigators cross the auction block inManheim, PA.. it aint a pretty sight.
Bill
Thanks for any help
Terry.
(I am assumng the better deal came from the boys on Semoran since you do live on the coast... Just as since I live off Apopka-Vineland I'd get a better deal next to the space shuttle..)
Lets see... $1800 off ES.. versus $24,300 for trade? Sounds like a good deal in this market.
I'd call em and say "Deal". And tell em you want a deposit on the next incoming ES equipped and sprayed the way you want it.
Out of curiosity... who'd ya talk to over @ JB? If you didnt get anywhere.. shoot me an e-mail.
Bill
ALSO...Gambia.. Pearl White may be a little bit better choice resalewise.. that's the "Money Color" on a Lexus. But Silver is a smarter choice than Black amongst the Palm Trees
Bill
How NOT to describe a car on eBay:
http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=601550054
This had me howling!
Q
That's a good deal .. even from Jesse B. -- l.o.l. .. I must have read the figures wrong.
Terry.
Silver- Salsa interior 39,400 miles-heated seats
Dealer wants 31,200- I countered at 29,500 but dealer says he is firm at 31,200.( new MB no haggle policy)Any thoughts on if this price makes sense.I am in Pennsylvania. It is also a Starmark certified
Thanks
Heres one more:
2000 Accord Special Edition, Ruby Red Ext/Ivory Inteiror, 18500 miles, Looks Sharp, Minor ding on passenger side door. Tires good for more 30K miles (?) All maintenance records available (Private party)
$29,500 had damned well better buy that car.
Figure it for, on a push, $25K across the block... prolly they got $26,000-26,500 in it. Jeez.. $27K on a push... So I think $31,200 firm?
:Chuckle...:
Yeah... ok...
Keepshopping I think. $29-30K I can see (THeyre gonna make $3K on one of these...but...) $31,200 or nothing?
Good Luck!
Bill
So if it were yours I'd say to not take a dime under $15,900...
So what can ya get it for?
Bill
-Gerald
*1996 Honda Civic EX sedan
*5-speed (I know, I know)
*107,000 miles
*Silver over light grey interior
*Rear spoiler & factory CD player
slight mishap on front end, it was repaired but *the bumper is just a weeee bit off
*interior needs cleaning but there are no rips, tears, or unremovable stains
*tires are OK, but would probably need replacing in 15,000 miles or less
I'm thinking of trading the 01 Mazda for this car. I am a little negative in the Protege so total cost on the Civic would be $9000 or so. Is it worth it?
So whats that mean ..? It means that: "there is no bones ..in ice cream"
It should do an easy $4,5/$5 standing on it's head. Spend a few bucks and get it detailed ..
Civics are wonderful vehicles .. but, don't sell the Protege short. There a sleeper, and will last as long as any Honda.
Good Luck ... and may the force be with you .. :-)
Terry.
I know kids that have spent $5,000 ..and the vehicle is now worth $5,000 less than average book -- that's a $10,000 swing -- OUCH..!
Careful, it can get reeeal scary on those ...
Terry.
you dont wanna know... It can hurt a late-model Civic $2K...
Bill
$7K retail has tokill that Civic..$6,500 better be doable as well.
So, HOW MUCH Negative Equity did you say you had???
Bill
These are sleek, sexy, sharp little critters .. but so is a Honda S2000. Yours is a little stiff in the miles catorgory.
I see you are from PA, I have seen a lot of the "K's" run at the PA auctions. The Super Cleans, the ones with 15/20/25k are barely breaking the $26's .. So, I gotta think $31 is a little on the hhhigh side for the one your lookin' at.
Just like Bill said -- "These boots were made for walkin'" ... l..o..l.....
Good luck ... and let us know.
Terry.
Passat's are great vehicles ..this one is a GLS .. right ..? No V6 right ..?
If it's nice, clean .. no parking lot kisses, interior looks like an interior - not a Mcdonalds Factory, deep in rubber. Then you are staring down the barrel of the $15's on a trade.
Terry.