need some quick financial advice

[theken]

I owe 34k on a vehicle thats trade in value is around 25, the car I want to trade for would be 38, so the loan would be 46 i assume. the payments and everything would be similar to my original loan. would the smart thing be to trade in a fast depreciating vehicle for one that depreciates less, but over pay essentially for it, or just keep the vehicle I own and pay it down.

[dirtsniffer]

Keep the one you own. Why should you take a ten grand hit on it?

[theken]

i want out of the vehicle i own as it is not practical for me anymore,

[Sugarphreak]

...

[theken]

yes i do, they will all be for sale shortly, except the escalade, my wife likes it

[Cos]

.

[Sugarphreak]

...

[msommers]

What makes it less practical? Too small? Doesn't tow enough/not capable?

If it's fuel mileage, 10K is a lot of gas.

[max_boost]

Is the $38K vehicle brand new? If so take another hit? Obviously not a good idea. Debt on debt etc.

[theken]

i used my raptor for commuting to red deer, was planning on doing some off roading and having general fun. the truck is fun but i do not work in red deer anymore, so no commuting, and the warranty is done on it. paying out of pocket for bills sucks.

[theken]

sam the 38 is for a 335xi used. so losing money either way but a 335 would depreciate less. i am trying to sell privately also, but not many bites

[OU812]

raptor for 25? Whats the details?

[Kloubek]

What you're talking about is taking a hit on the Raptor (trade-ins always take a hit), and then buying a high depreciating vehicle in return.

So you want advice? Here's mine:
1) Sell the Raptor privately, and get what it's actually worth. Drive one of the other vehicles until you get something to replace it.
2) Buy a vehicle perhaps not quite as new so you don't take as huge of a depreciation hit, and save a ton of money in the process.
3) Try to avoid buying from a dealership. They have a profit to make, whereas a private seller may just want to get proper value and might even be more wiling to negotiate. Plus then you don't pay tax.

Done.

You seem to be comfortable owing an awful lot on a depreciating asset. Personally, I don't like adding more than a few grand borrowed on top of cash when buying my vehicles. Almost sounds like you're trying to live a bit outside your means, and paying dearly for it....

[Canucks3322]

As a 32 yr old who's just only now buying an entry level home...don't do it...trust me, this is just fucking stupid, no offence but give your head a shake...how much will you owe in a year, 41? 42? how much will that fancy Bimmer be worth?? you're just digging yourself a bigger and bigger hole...it's great to have a fancy rides and enjoy it but trust me, time flies and before you know it you'll be sitting there wondering how the fuck you ended up with so much debt...and yes, a lot of my problems came from trading in cars to dealerships because I wanted something nicer...but that is just getting fucked twice on one transaction, they kill you on the profit they make from selling you their car, then they fuck you again on the trade in.

[TomcoPDR]

Originally posted by OU812
raptor for 25? Whats the details?

Slightly used

2LDFWm4z3As

[theken]

Originally posted by Kloubek


You seem to be comfortable owing an awful lot on a depreciating asset. Personally, I don't like adding more than a few grand borrowed on top of cash when buying my vehicles. Almost sounds like you're trying to live a bit outside your means, and paying dearly for it....
I am definitely not outside my means lol. I make lots of money and have lots leftover after bills, I have a house that my mortgage is half paid off, just wanting to get into a better more reliable vehicle.

[OU812]

Originally posted by TomcoPDR


Slightly used

2LDFWm4z3As


puleeeeeeeeeeeeeeeeeeze....you can totally pdr most of that....at least a good tech!!

[SkiBum5.0]

Originally posted by theken
sam the 38 is for a 335xi used. so losing money either way but a 335 would depreciate less. i am trying to sell privately also, but not many bites

I would stick with the private sale route on the Raptor. Are you out of warranty due to mileage?

Also, a 335xi is a dangerous buy right now because the new 3 series just came out. The e90/92 series will be depreciating like Katy Perry's neckline last night.

You are going to be in the same boat with the 335xi when it's warranty runs out (you will have built negative equity from the Raptor which will put you upside down on the 335).

I would say sell the Raptor privately, take a smaller loss and then buy something thrifty for 1-2 years to take care of the loss.

Then you can start fresh in 2 years with a cool vehicle.

[msommers]

Originally posted by SkiBum5.0
Also, a 335xi is a dangerous buy right now because the new 3 series just came out. The e90/92 series will be depreciating like Katy Perry's neckline last night.

Had to confirm. Turns out it's true.

http://nationalpostarts.files.wordpress.com/2013/02/grc5.jpg

[skandalouz_08]

I'm with everyone else here, don't trade in and don't buy a 335. I understand you want reliability but buying a semi-used car around the $20K-$30K mark is way better than buying a vehicle at double that and taking a hit on both depreciation of the car and trade in of the Raptor.

Everyone always wants bigger and better, but really, owing money on a car is not smart debt.

[03ozwhip]

I'm sure you can off the raptor for more than that privately aand real quick.

[Redlyne_mr2]

pmed

[ercchry]

Originally posted by OU812
raptor for 25? Whats the details?

http://calgary.kijiji.ca/c-cars-vehicles-cars-trucks-2010-Ford-F-150-raptor-W0QQAdIdZ455299136

looks like its the cheapest on kijiji by a large margin.. you really havent had any luck?!

[theken]

that would be the truck....Had people interested but everything falls through. There is an extended warranty through Tricare ,but there is only a couple months left, they do I believe allow you to purchase more warranty again but at around 2000. I have had all issues resolved through them, the warranty is pretty good.
As it were I was looking at a used 335, around the 35k mark. I am hoping it sells privately, but if it does not, I will probably end up in the modding boat. whipple sounds pretty sweet

[My_name_is_Rob]

Well if you end up getting a new car let me know. I'll be sure to swing by and upgrade it with some new bieber stickers. :poosie:

[guessboi]

Originally posted by Canucks3322
As a 32 yr old who's just only now buying an entry level home...don't do it...trust me, this is just fucking stupid, no offence but give your head a shake...how much will you owe in a year, 41? 42? how much will that fancy Bimmer be worth?? you're just digging yourself a bigger and bigger hole...it's great to have a fancy rides and enjoy it but trust me, time flies and before you know it you'll be sitting there wondering how the fuck you ended up with so much debt...and yes, a lot of my problems came from trading in cars to dealerships because I wanted something nicer...but that is just getting fucked twice on one transaction, they kill you on the profit they make from selling you their car, then they fuck you again on the trade in.

Well said. In the end, you are getting fucked twice + a bigger loan. Is nice to get a better ride but a stupid financial decision down the road.

[theken]

Originally posted by My_name_is_Rob
Well if you end up getting a new car let me know. I'll be sure to swing by and upgrade it with some new bieber stickers. :poosie:
you better

[CapnCrunch]

I love these threads. Guy asks for advice, ignores advice he doesn't like.

[ExtraSlow]

Financial advice? Sell the truck privately, buy a nearly-new vehcile that's worth no more than what you make on the truck. Do not take out a new car loan at all. Do not buy a brand new vehicle at all.

[theken]

Originally posted by CapnCrunch
I love these threads. Guy asks for advice, ignores advice he doesn't like. Where have I ignored advice?
I have not not traded the truck in, nor have I purchased a vehicle, I am weighing the options. Also, I will be purchasing a car if it sells privately, buying one outright for a small amount of cash it not feasible for me.

[Cos]

.

[theken]

Not in the truck market anymore.

[funkedelic2]

Good luck with whatever you do. 335i imo isn't the best vehicle to switch to in terms of reliability. They are kind of hit and miss. A new BMW will be just as much if not more in maintenance costs.

[msommers]

Originally posted by ExtraSlow
Financial advice? Sell the truck privately, buy a nearly-new vehcile that's worth no more than what you make on the truck. Do not take out a new car loan at all. Do not buy a brand new vehicle at all.

This makes the most financial sense. But it doesn't really seem like this thread is actually about financial advice at all.


Originally posted by theken

I am definitely not outside my means lol. I make lots of money and have lots leftover after bills, I have a house that my mortgage is half paid off, just wanting to get into a better more reliable vehicle.

It's really hard to interpret the situation.