Car trade-in question

[Cyclonepride]

We have a 4 year old car with two years left to pay (balance around $5000 as we went with a 6 year loan but big down payment). My wife is close to work so we're only a little over 20,000 miles.

I'm curious if we'd be better off trading it in two years when it's paid off or if a trade would be better (or financially similar) now?

 

[ArgentCy]

The balance you owe is pretty much irrelevant. You just have to figure out when the best time to trade a car. 20,000 miles is really low for a 4 year old car. I'd see no reason to trade it in now.

 

[keepngoal]

Curious to the need of a replacement car.

Is the trade in value more or less than what you owe, and what you will pay over the 2 years?

 

[CtownCyclone]

Paging Dave Ramsey....Dave Ramsey to Cyclonepride...

 

[isufbcurt]

We have a 4 year old car with two years left to pay (balance around $5000 as we went with a 6 year loan but big down payment). My wife is close to work so we're only a little over 20,000 miles.

I'm curious if we'd be better off trading it in two years when it's paid off or if a trade would be better (or financially similar) now?

Sorry off topic, but damn only 20,000 miles in 4 years? My wife's 3.5 year old Cruz is about to 100,000.

 

[Cyclonepride]

Sorry off topic, but damn only 20,000 miles in 4 years? My wife's 3.5 year old Cruz is about to 100,000.

Yeah, all parents and siblings live close, her drive to work is about 1 mile and we have flown for all vacations since we got it.

 

[coolerifyoudid]

Curious to the need of a replacement car.

There's bug splatter on the windshield. Pride's not washing that ****.

 

[Cyclonepride]

Curious to the need of a replacement car.

Is the trade in value more or less than what you owe, and what you will pay over the 2 years?

Well, car was $20,000 new (Kelley Blue Book website values it at $11,500 to $12,500) and we owe about $5000 (total payments, not pay off, though interest is only 2.9%).

 

[Cyclonepride]

Oh, the main reason for a trade in is that she doesn't like it. She wanted to go cheap and wishes she had spent a little more and got what she wanted (a Toyota RAV4 or similar).

 

[CtownCyclone]

Oh, the main reason for a trade in is that she doesn't like it. She wanted to go cheap and wishes she had spent a little more and got what she wanted (a Toyota RAV4 or similar).

Too bad, so sad, she's driving a mile. Tell her that.

 

[coolerifyoudid]

Too bad, so sad, she's driving a mile. Tell her that.

And tell her you hate sex while you're at it

 

[pulse]

If she doesn't like it, sell that ****. It's not like you're going to get any more for it in 2 years.

 

[brokenloginagain]

isn't it the worst when you hate your car and you have to drive it 2 miles every day?

 

[keepngoal]

My suggestion, is to try and sell it yourself before trading in, and after two months, go into the trade in option.

 

[CtownCyclone]

And tell her you hate sex while you're at it

Pride's been married long enough that he doesn't need to worry about that.

 

[Acylum]

2 miles per day!? Sell it and tell her to start walking. Oh, and refer back to post #11.

 

[BillBrasky4Cy]

4 year old car with roughly 20,000 on it and you owe right around $5,000? Pay that loan off and drive that **** box until its falling apart! Vehicles are one of the worst things people tie money to. No car payment for several years is the way to go.

 

[Cyclonepride]

4 year old car with roughly 20,000 on it and you owe right around $5,000? Pay that loan off and drive that **** box until its falling apart! Vehicles are one of the worst things people tie money to. No car payment for several years is the way to go.

That's our typical stance, and we'll undoubtedly drive a new one until it drops.

 

[ArgentCy]

Then I'd say just sell it privately now. Those values seem really low for a newer car with low mileage. Used car prices are really high.

 

[CycloneGB]

That's our typical stance, and we'll undoubtedly drive a new one until it drops.

At the rate you're/she's putting miles on, that could be the rest of your life. Sell it now while the value is higher and then run the new one she likes for a long time.