Go Back  DVD Talk Forum > General Discussions > Other Talk
Reload this Page >

Question on new car purchase/trade...

Other Talk "Otterville" plus Religion/Politics

Question on new car purchase/trade...

Old 12-29-04, 04:26 PM
  #1  
DVD Talk Special Edition
Thread Starter
 
Join Date: Dec 2000
Posts: 1,778
Likes: 0
Received 0 Likes on 0 Posts
Question on new car purchase/trade...

I purchased 2 brand new 2002 Hyundai Accents on the same day back in 2002. I brought my own CU financing to the dealership. I financed the entire amount over 5 years. Now, Id like to trade 1 or both in for a new car(s). How much of a loss am I going to take by doing this? Or should I wait until Ive paid both cars off before trading in?
Old 12-29-04, 04:40 PM
  #2  
DVD Talk Hero
 
D.Pham4GLTE (>60GB)'s Avatar
 
Join Date: Jul 2001
Location: Stick out your tongue!
Posts: 39,350
Likes: 0
Received 0 Likes on 0 Posts
if you do a trade-in, you typically won't get very much money, compared to selling it yourself. also, cars depreciate the most in the first 3 years (especially the first year), so you won't get close to as much as what you paid for it. you can go to edmunds.com and get an idea of what the dealer will pay you for trade in.
Old 12-29-04, 04:41 PM
  #3  
DVD Talk Hero
 
Join Date: Dec 2000
Location: Home again, Big D
Posts: 29,265
Likes: 0
Received 2 Likes on 2 Posts
Originally Posted by Patrick G
I purchased 2 brand new 2002 Hyundai Accents on the same day back in 2002. I brought my own CU financing to the dealership. I financed the entire amount over 5 years. Now, Id like to trade 1 or both in for a new car(s). How much of a loss am I going to take by doing this? Or should I wait until Ive paid both cars off before trading in?

You would lose less if you sold the car(s) out right rather then trade them it.

Check the Kelly Blue Book and with your credit union on how my these cars should sell for. There will be at least three different values,

Retail - unlikely you will get this unless the cars are very low milage, in mint condition and you sell yourself
Sale Price - I actually forget the real name of this one, but this is what you can typically expect to get for your car if you sell yourself
Trade in - What you are likely to get from a dealer.

No offense, but there is a real possibility you are up-side down on these. Since the Hyundai does not hold it re-sale value very well, you financed for 5 years, it is very possible you owe more on the cars then they are worth. Meaning even if you sold the car(s) outright, you would not get enough to pay off the loan. This can really get you into trouble. As an example, lets say you owe $10,000 on one of the cars, but you can only trade it in for $7,000. You would have to pay $3,000 cash to pay off the load or "roll" the $3,000 into your new loan on the new car. So then again, you will be in a bad spot having a loan bigger then the value of the car.

Why do you want to sell the cars? If it is due to wanting to save money, I would sell them both, get the most you can for them and then buy something really cheap like a 5 or 6 year old car and pay as little as possible for it. You may still have a loan to pay off, but at least you won't have a loan PLUS a large car payment.
Old 12-29-04, 05:11 PM
  #4  
DVD Talk Special Edition
Thread Starter
 
Join Date: Dec 2000
Posts: 1,778
Likes: 0
Received 0 Likes on 0 Posts
Well, I really only want to get rid of one, and only because both cars are so small. We'd like to trade one in and get an SUV.
Old 12-29-04, 05:19 PM
  #5  
DVD Talk Hero
 
Join Date: Aug 2001
Location: in da cloud
Posts: 26,196
Likes: 0
Received 0 Likes on 0 Posts
with a hyundai you are probably upside down

you will have to cough up the cash to pay off the loans or get a hyundai SUV and have the dealer arrange an upside down loan like GM loves to do
Old 12-29-04, 06:36 PM
  #6  
DVD Talk Hero
 
D.Pham4GLTE (>60GB)'s Avatar
 
Join Date: Jul 2001
Location: Stick out your tongue!
Posts: 39,350
Likes: 0
Received 0 Likes on 0 Posts
Patrick G: how much is left on your loan?
Old 12-30-04, 12:23 AM
  #7  
DVD Talk Legend
 
Heat's Avatar
 
Join Date: Dec 2000
Location: Central Illinois
Posts: 16,701
Likes: 0
Received 0 Likes on 0 Posts
How much is left on the loan, and what is your car worth, per www.edmunds.com? Tell me these numbers, and I can tell how much of a loss you would take.

My advice? Keep them both, pay off the loans and build up a few thousand minimum before looking for anything else. You don't really need an SUV.
Old 12-30-04, 08:46 AM
  #8  
DVD Talk Special Edition
Thread Starter
 
Join Date: Dec 2000
Posts: 1,778
Likes: 0
Received 0 Likes on 0 Posts
I know I don't really need one, but it sucks always having to take someone else's vehicle when we go out with friends. It's kind of a running joke that "Well, we know Pay ain't drivin'".
Old 12-30-04, 12:21 PM
  #9  
DVD Talk Hero
 
Join Date: Jun 2000
Location: Words
Posts: 28,207
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by Patrick G
I know I don't really need one, but it sucks always having to take someone else's vehicle when we go out with friends. It's kind of a running joke that "Well, we know Pay ain't drivin'".
I know what you mean...but that again, I dislike driving in general, so I'd welcome someone else driving.

-pedagogue

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread

Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.