Hi, Guest
09-23-2006, 01:02 AM
What is your car worth -- if your car is basically stock and within normal kilometers, your car is worth as follows:
From a dealer - no more than what they could get your car for at a wholesale auction (and they will initially offer you far less)
From a person - no more than what they could get your car for from another private seller (generally the more vehicles on the market, the lower the resale value) - autotrader is a good resource here.
Your situation in the business is called being "upside down" - you owe more on the car than it's worth - so unless it is a life and death situation, don't even think about selling the car or trading it until you are no longer upside down.
Yes there are dealers who will try to convince you that they can "take care of it" for you, but you end up re-financing the difference and that starts a chain of events that only gets worse.
You are now discovering why a lot of people say you shouldn't finance a vehicle for longer than the warranty period.
This is also why a lot of people lease vehicles, because then the only concern is wear and tear - no need to be concerned about future value because the manufacturer guarantees it.
From a dealer - no more than what they could get your car for at a wholesale auction (and they will initially offer you far less)
From a person - no more than what they could get your car for from another private seller (generally the more vehicles on the market, the lower the resale value) - autotrader is a good resource here.
Your situation in the business is called being "upside down" - you owe more on the car than it's worth - so unless it is a life and death situation, don't even think about selling the car or trading it until you are no longer upside down.
Yes there are dealers who will try to convince you that they can "take care of it" for you, but you end up re-financing the difference and that starts a chain of events that only gets worse.
You are now discovering why a lot of people say you shouldn't finance a vehicle for longer than the warranty period.
This is also why a lot of people lease vehicles, because then the only concern is wear and tear - no need to be concerned about future value because the manufacturer guarantees it.
2008 Fusion SEL MTX - DD1 * 2009 Fusion SEL - DD2 * 2007 Focus ZXW - R*I*P * 2004 Focus ZTW CD Silver - sold * 2004 Focus ZTW Black - sold * 2003 Focus ZTW Black - sold * 2001 Focus ZTW Gold - sold * 2000 Focus SE Wagon (ZTW option) - Black - sold * 2000 Focus SE Wagon (ZTW option) - Gold R*I*P
2003 Focus ZX5 infra-red Track Rat - R*I*P
2003 ZX5 CD Silver Track Rat - retired, but still in the driveway
New track rat: 2000 ZX3, Atlantic Blue * JRSC with lots more to come
* New Zetec crate motor - NFG - thanks Topspeed *
2003 Focus ZX5 infra-red Track Rat - R*I*P
2003 ZX5 CD Silver Track Rat - retired, but still in the driveway
New track rat: 2000 ZX3, Atlantic Blue * JRSC with lots more to come
* New Zetec crate motor - NFG - thanks Topspeed *