Did I do alright on this car trade?
I had a 2011 ford fiesta se with sync and power package, 5 speed.
I owed 13.7k. I know I had significant negative equity.
I purchased a 2011 BMW 328i xDrive (base). With trade, out the door, I financed 26.3k
I'm married and we're looking to start a family. We both have wonderful jobs, so payments maintenance are not concerns. I was financed at %2.99 percent, 60 months.
Both vehicles have 30000 miles on them and both are in great condition (garage parked, no damage, low mileage).
Would that be considered an acceptable price? I know I'm upside down either way, but I decided I'd rather overpay on a vehicle that would hold value.
Both cars considered, is 26.3k "a good deal" or not?
You had a car that was only 3-4 years old. You traded it in for another more expensive 3-4 year old car. You now have more negative equity and double the debt and you still have a 4 year old car. In five years you are going to have a 9 year old wore out car that you are still paying on.
If you have such wonderful jobs it seems like you should be saving your money, building a nest egg, and not taking on more debt. You should be saving your money so you can pay cash for the next car or at least make a large down payment to avoid negative equity. Never finance for more than 2 or 3 years.
Stay out of debt as much as you can and you will do better in life.
Pat attention to what Burt says. He has it right.
I'd say so but BMWs are very expensive to maintain. BMW= Break my wallet
- Can i ask the ford dealer to trade my car in on full value? I bought a Ford Mustang GT in mid March brand new, but i bought it automatic. I now realize that this was a huge mistake, and i want to get the same car in manual. The MSRP on the manual is about 2000 less than the automatic. I have put about 3000 miles on the car. Do you think they will give me full value for the car?
- Should I sell the car or trade it in? I have a 2001 Ford Focus SE wagon. It has about 178,000 miles on it. Yesterday, I went to two dealerships. One told me I wasn't going to get much for it but would not give me an estimate. The other one I went to told me that it was in good shape but because of the year and mileage that it still would not be worth much. We were thinking about setting our own price and selling it ourselves. What would be the better deal - selling it ourselves or trading it in?
- What is better to sell a car in the street or trade it to dealer? I currently have two cars. One is paid for and the other one is a 2013 Ford Fiesta I owe about 11k and has 29k miles on it. A friend will give me $9500 but I have to pay the rest. If I do this I will not have a car as a back up or to travel because the paid off car is old and not reliable for long distance travel. What should I do. Sell the car to my friend or trade it off to a dealer and owe about the same? Why? I'm just trying to get rid of the Ford cause its too small…
- How early can i trade in my leased car for another lease? About a year ago i got into a ford focus 3 year lease. I'm unhappy with the car and the problems it has, etc. I'm really interested in getting a f150 or edge or even explorer, something bigger with more room. I still have two years left but i've heard that its easy to drop that lease if i lease something else. Anyone have any ideas or opinions?