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Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
1160 messages, Last post on Oct 22, 2009 at 7:11 PM
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Replying to: phollie (Mar 15, 2007 8:58 pm) The cheapest way out? Buy a $3000 beater, and park that Saab when it hits 49,900 miles.. That way, no out of warranty costs and minimal mileage charges.. At the rate you are driving, that will only be 10 months of driving a beater.. When the lease is up, turn in the Saab and sell the beater, and start with a clean slate... This is way cheaper than paying maintenance/repair bills on a used Saab, or buying an extended warranty and paying the over-mileage charges.. Of course, you won't be driving a Saab for a year. Don't lease for four years.... and don't take a lower mileage allowance than you need.. regards, kyfdx Edit: Buy the beater now.. Use it to commute... You'll still have the mileage on the Saab to use for weekends/travel..etc.
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Replying to: kyfdx (Mar 16, 2007 5:11 am) |
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Replying to: kyfdx (Mar 16, 2007 5:11 am) My advice is to not make payments on something to have it sit in the garage. Drive it, if you go over on miles so be it but at what you project your mileage would be at .20 a mile you are talking about $2800. Don't try to trade it you would lose 4 times that.
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Replying to: joel0622 (Mar 16, 2007 9:38 am) If your old POS car needs a bunch of work, you can just dump it... You are out $3000 at most... A Saab out of warranty? The potential loss is unlimited (well.. at least up to the residual value)  I do agree... driving the Saab and racking up the mileage charges would be preferable to trying to trade it in for a $10K loss.. But, I'll stick with my beater recommendation.. I want that Saab in warranty until it leaves my driveway.. regards, kyfdx
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Replying to: kyfdx (Mar 16, 2007 12:23 pm)
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Replying to: joel0622 (Mar 16, 2007 12:33 pm)  part.. Also, I try not to look at it, as making a payment on a car that is sitting... His payment is what it is, because of the mileage allowance.. So, he has sort of already used up those last payments, even though he hasn't paid them yet... If he had taken a 15K/yr allowance, his payment would have been even higher. I'm guessing that he went for the 4yr/48K lease, because with the negative equity from his last car, it was the payment that fit his budget, even though it didn't fit his driving needs. Another reason I like the idea of the beater, is the idea of doing penance for making poor car decisions.. Instead of trading into another nice car, you get to feel the consequences.. hopefully, keeping you from making the same mistake the next time..  Just kidding on that last part (maybe)... I really do think buying a nice $3000 car to put 12K miles on over the next 18 months is the best idea.. Plus, you'll still have your Saab to drive to McDonalds on dates..
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Funny thing (not really), I was told my Saab lease was for 15k a year. In fact, I remember the salesman saying that specifically. But when I checked it later on....it was only 12. My fault for being too emotional at the time of purchase. I had just gotten the bad news that my previous Saab, that I couldn't wait to get rid of, was filled with sludge. This is before they suggested synthetic oil or offered any warrenty. I got hosed. So here I sit with a leased car with three months to go with a blown engine that they blame on me. Lesson learned, instead of getting mad, then resigned to paying the higher price...perhaps I should have fought more. Needless to say, whenever I make my payment today...I'm not happy. I like the car just fine...just not for the price I'm paying and the situation. From now on its synthetic oil changes, a file folder for receipts and cross my fingers. Bottom line...I have to pay the money sometime...either at the end of the lease...or now by bringing cash on top of my trade. What say you? |
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Replying to: phollie (Mar 16, 2007 4:07 pm) So what's the problem? It sounds like the car is almost as good as new and the price you are paying each month is the same as it was when you began the lease. As Joel suggested, keep driving the car and pay for the additional mileage when the lease is over. You aren't losing anything. If the original lease had been for 15K miles per year, it would have cost more, so it all evens out. Next time leae a more reliable car like an Audi or a Jag.
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Replying to: phollie (Mar 16, 2007 4:07 pm) phollie-- Maybe I'm missing something here, but given your tale of woe with the first Saab I'm surprised that you bought a second, particularly since corporate Saab has laid the blame for the sludge on you, which I find questionable. As has been pointed out there are no great solutions to your predicament. Kfydx was quite helpful to me on the "real world trade in" forum and suggested roughly $2900-$3400 for an old Civic I own. Given my history with the car I would trust it infinitely more than your significantly newer Saab and would expect to spend considerably less on repairs. I wouldn't even view driving a Civic as penance although you might. So I concur with kfydx that a sensible used car (aka beater) might be cheaper in both the short and long run--especially if the Swedish stars fail to align. Gogiboy |
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Replying to: phollie (Mar 15, 2007 8:58 pm)
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