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Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
1148 messages, Last post on Jun 28, 2009 at 8:46 AM
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| I bought a 1995 saab 900 v6 last summer for $5K, expensive i know, but it was in perfect condition with all maintenance records. five weeks later the motor died with 82K miles... bad timing belt. that was another $2200. I still owe $6K, should i sell to get a cheaper, more economical car and take the loss to pay a chunk of the money off, or should i keep it and finish the payments? | |
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Well, the T Belt was more of a fluke thing. So, if the car was otherwise in gret shape and well maintained, it still is (only better, since you know the T belt, etc. are good to go!) Might as well keep it, if you do the math. And I am assuming you won't get 6K for it, and you will owe that 6K (and if it is a car lona, you have to come up with it when you sell the car. Say you owe 6K, and can sell it for 4K. You have to come up with 2K out of pocket just to get back to even. Then, you have to take out a new loan for the next car. Taking into account the 2K that wil ljust vaporize out of your bank account, what are you going to get for enough less in payments to make it worth while? |
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Replying to: benjaminh (May 17, 2009 5:24 am) I had a '91 Jetta, and after that experience, I would never buy anything remotely associated with VW, be it VW it self, Audi, Porsche... they los this customer for life. I went back to Honda has ave not looked back. |
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Hmm, some imports are 'unreliable'? Aren't they "all supposed to be better"? [sarcasm] Euro cars are tempremental.  Anyway, 'upside-down-ness' is one of the causes of the 'auto meltdown', hardly anyone can afford to trade in, and then the dealers complain? They are the ones adding all the 'profit makers' to the sales prices!
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Replying to: tomcatt630 (Jun 24, 2009 9:19 am) GASP!!!!!!!!! A retailer is adding profit to the price. Those greedy bastards, I can't believe they are not selling them for what they paid and just break even on every sale. 
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Replying to: tomcatt630 (Jun 24, 2009 9:19 am) Being "upside down" is not a problem if you wait until your car is paid off before buying another one. Never understood why people who must finance to afford a new car feel they "need" a new car every 3-4 years. All you are doing is putting yourself at the mercy of the dealers.
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Replying to: joel0622 (Jun 24, 2009 2:07 pm) 
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Replying to: dtownfb (Jun 26, 2009 9:58 am)  I mean we could tell everyone that the best vehicle for their needs would be a Camry and be right more often than we'd wrong. At least you could have done a Subaru.... And you'll never be upside down either way.
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Replying to: fezo (Jun 26, 2009 10:50 am) Which is one of the reasons why i bought the Camry.  Subarus are nice but the back seat is too tight for my kids. The new Forester is out of my budget range for now. Also don't need full time AWD.
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Replying to: dtownfb (Jun 27, 2009 8:30 pm) |
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