Trade-in or Keep?

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Keep it. I've played the car trade rodeo it is not good for most people unless you absolutely can not stand the car.

If you do decide to trade in. Wait until a big big sale. Around a holiday weekend is best or end of the year. There is more offers rebates and incentives from the manufacturer and usually on the sales people.
 
Originally Posted By: millerbl00
Keep the Taurus. The Cruz ecotec will not last half as long as the old school Taurus


Do you ever *read* what people actually post?

Or do you just skim over everything, make assumptions on what you thought was written, and then comment on what you assumed was there?
 
Originally Posted By: Quattro Pete
Originally Posted By: Throt
The Taurus gets probably 26-28 on a good day. I was thinking of getting a Cruze which gets 38.

If these MPGs are accurate, rough calc shows you'll be saving about $500 on gas per year. This is hardly worth it to get yourself in even more debt by buying a new car that will depreciate fast due to all the miles.

Also, you don't know how long you'll stay at this new job. What if you stop working there in a few months? What if you move closer?



Yep.

Absolutely keep it.

You will never make back the $3500 loss on selling this car, as well as the big depreciation hit you'll take on a new car, in the first few years by saving a few MPG.

You'll lose thousands, reflected in your much larger payment, which will last for years longer, just to save hundreds in gas.

I've never owned a car as new as yours. Pay it off, drive it for a few years more, and you'll be far better off than you would be in buying a new, fuel efficient, car.
 
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Its like you are stalking me!!!


Originally Posted By: mrsilv04
Originally Posted By: millerbl00
Keep the Taurus. The Cruz ecotec will not last half as long as the old school Taurus


Do you ever *read* what people actually post?

Or do you just skim over everything, make assumptions on what you thought was written, and then comment on what you assumed was there?
 
Any savings in mpg you would see from trading your Taurus would have to be pretty substantial. If you're $3500 underwater on it you'd need to save at least $3500 in fuel over the remaining life of the loan before you see any actual savings.
Pay off what you've got, if it's really a big deal look into either a) moving closer; or b) carpooling and splitting gas with someone else.
Or take public transit if it's an option. The rising cost of gas may make that long of a commute expensive regardless of what you drive.
Also check out ecomodder.com forums for some good advice on increasing mpg.
 
Originally Posted By: Throt
Originally Posted By: OneEyeJack
I would drive the car until I'm out of debt. You've obviously gone to some trouble to maintain the car and now you need to drive those miles off.

Once you're out of debt with this car then decide the difference between what you need and what you want.

Try not to assume that a car payment is an unavoidable debt that you must always carry.


I've definitely gone to lengths to maintain this car and I do love this car. I've got 5.5 years left on the loan but I know it's got a good 10 years left, if not more. I'll work to pay it off.

Thanks.


Try putting a car payment in a savings account every month while you're driving the miles off your current ride. Use this account for maintenance and repairs.

Once the account starts growing you'll feel good about it. I did it early on in my marriage and I never financed a car with any other institution except my own piggy bank. The terms were great but once I had the money the approval process was still pretty rigorous. I had to justify breaking the bank and that had a major influence on the selection process.

When it comes to money you don't have to follow everyone else.
 
Originally Posted By: OneEyeJack
Originally Posted By: Throt
Originally Posted By: OneEyeJack
I would drive the car until I'm out of debt. You've obviously gone to some trouble to maintain the car and now you need to drive those miles off.

Once you're out of debt with this car then decide the difference between what you need and what you want.

Try not to assume that a car payment is an unavoidable debt that you must always carry.


I've definitely gone to lengths to maintain this car and I do love this car. I've got 5.5 years left on the loan but I know it's got a good 10 years left, if not more. I'll work to pay it off.

Thanks.


Try putting a car payment in a savings account every month while you're driving the miles off your current ride.

If he's got money leftover, he should probably accelerate paying off his current car loan since he's paying god know how much interest on it. Putting it in a savings account offers very little interest these days, although it does give some personal comfort to have a good chunk of change stashed up for the unexpected.
 
Originally Posted By: Throt

I've definitely gone to lengths to maintain this car and I do love this car. I've got 5.5 years left on the loan but I know it's got a good 10 years left, if not more. I'll work to pay it off.

Thanks.


Five and 1/2 years on a car that's already 5 years old? Another 66 months of payments, and you'll still be paying on it when it's a 10 year old car? Are you serious?
In addition to everything else I strongly urge you to take a course in personal financial management. You're digging yourself a deep hole and you are asking if it's a wise choice to dig it deeper and faster.
 
Trying to get my head around 5.5 years (66 months!?) left on loan on a 2010 and $3500 underwater. Is this a buy here - pay here deal? Pay it off as soon as you can, your interest rate probably isn't too low either. The difference in insurance alone would be more that the gas savings.
 
This Taurus has another 100K+ left in it.
Do the math. You'll never save enough fuel to make replacing the Taurus make economic sense, even if gas hits four bucks over the next six years or seven years that you'll keep it.
Use the car up.
Sixty miles of daily use is nothing.
I do nearly that myself.
28 mpg isn't too bad, either. It's not as though you're driving some fuel hog tank of a truck.
The Taurus is probably a comfortable car, more so than any fuel sipper you might replace it with, so is probably a more plesant way to spend the time you'll find yourself driving it.
When you've gotten your money out of the Taurus and it's time to move on, you could then consider what's out there and what qualities you value in addition to fuel economy.
If all you want is fuel economy, Mitsubishi and Toyota both have some pretty inexpensive cars that'll deliver.
 
Originally Posted By: Pop_Rivit
Originally Posted By: Throt

I've definitely gone to lengths to maintain this car and I do love this car. I've got 5.5 years left on the loan but I know it's got a good 10 years left, if not more. I'll work to pay it off.

Thanks.


Five and 1/2 years on a car that's already 5 years old? Another 66 months of payments, and you'll still be paying on it when it's a 10 year old car? Are you serious?
In addition to everything else I strongly urge you to take a course in personal financial management. You're digging yourself a deep hole and you are asking if it's a wise choice to dig it deeper and faster.
This has to be the first but I am agreeing with Pop 200%!

Seriously, take a course on personal finance because for sure you are flunking it in real life. Even to think about trading this tells us that you really need a huge dope slap.
 
My payment is less than $200 a month, so I could pay this car off long before the 5.5 years is up, which I have full intentions of doing. I'm going to start doing double monthly payments. APR is 3.96%.

Definitely keeping it! Calm down everyone!
smile.gif


Thanks guys!
 
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Originally Posted By: Throt
My payment is less than $200 a month, so I could pay this car off long before the 5.5 years is up, which I have full intentions of doing. I'm going to start doing double monthly payments. APR is 3.96%.

Definitely keeping it! Thanks guys!
I am suspecting that the loan you have on this does not allow pre-payment. Most used car loans when originated at the dealers are like that. Please prove me wrong by saying that you took a loan from your local credit union and there is no pre-payment penalty.
 
Originally Posted By: Vikas
Originally Posted By: Throt
My payment is less than $200 a month, so I could pay this car off long before the 5.5 years is up, which I have full intentions of doing. I'm going to start doing double monthly payments. APR is 3.96%.

Definitely keeping it! Thanks guys!
I am suspecting that the loan you have on this does not allow pre-payment. Most used car loans when originated at the dealers are like that. Please prove me wrong by saying that you took a loan from your local credit union and there is no pre-payment penalty.


There is a pre-pay off penalty but only a measly $150. I did the amortization, I have to pay it off 8 months early to save enough interest to cover that $150.
 
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If you're still making payments on the 2010 then you're clearly in no financial condition to buy another new car! Good lord. Keep it until it dies, fix it, and keep it some more.
 
Originally Posted By: oilpsi2high
If you're still making payments on the 2010 then you're clearly in no financial condition to buy another new car! Good lord. Keep it until it dies, fix it, and keep it some more.


This may be a 2010, but I have not owned it since then. I've owned this car for just over 8 months.
 
Originally Posted By: Throt
Originally Posted By: oilpsi2high
If you're still making payments on the 2010 then you're clearly in no financial condition to buy another new car! Good lord. Keep it until it dies, fix it, and keep it some more.


This may be a 2010, but I have not owned it since then. I've owned this car for just over 8 months.


Gotcha. I would still keep it, especially if you're going to be driving 60 miles a day. Change all the fluids and filters and keep fresh tires and brakes on it and you should be good to go.

If it's in rough shape power train wise then maybe look into a new car. Otherwise I would stick with it.
 
Originally Posted By: oilpsi2high
Originally Posted By: Throt
Originally Posted By: oilpsi2high
If you're still making payments on the 2010 then you're clearly in no financial condition to buy another new car! Good lord. Keep it until it dies, fix it, and keep it some more.


This may be a 2010, but I have not owned it since then. I've owned this car for just over 8 months.


Gotcha. I would still keep it, especially if you're going to be driving 60 miles a day. Change all the fluids and filters and keep fresh tires and brakes on it and you should be good to go.

If it's in rough shape power train wise then maybe look into a new car. Otherwise I would stick with it.


Powertrain is in perfect condition. Last (and first) UOA should awesome wear numbers. I've had every fluid changed since I purchased it.

Okay yea, I don't know why I thought about trading this in. But you all spanked me good, so don't worry, I'll be keeping it.
 
Good choice. Another thing to look into is the suspension/bushings. Make sure that's good as well and you'll be good to go for another 50-100k.
 
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