Shall I sell it now or drive for another year?
Let me tell you my current situation first.
Last year I bought a 2013 Mercedes Benz C300 Sports 4Matic CPO 22K
miles from MB dealer for 28K+Tax (roughly 30K) and put down 5K so
financed for around 25K.
After a year,
I paid 386/month and now currently have about 22K remaining in payment.
My mileage is around 28K (I barely drive..)
I am trying to get rid of the car since I'm regretting and trying to get a
bigger midsize reliable car which lasts for 10+ years (considering Accord,
Camry, etc) It was a stupid impulsive purchase...which was actually caused
by my frd..
I went to carmax and they offered me 21K,
Most dealers (I went about 5) offered me between 18K ~ 20K,
I'm looking for cars around 15~17K used (2013 Accord, 2014~15 Camry
comes into this range)
since its upside down (which I panicked,, i mean it dropped 7K in a year)
do you guys think i should just get out now?
meaning pay 1K to carmax and get 15K ~ 17K a car NOW
if i do the math my remaining payment will be roughly 17.5K by next year,
so will my car value drop to maybe 19K (in carmax)
and change the car next year with a bit of positive equity
I just cant make up my mind right now.
either pay 1K and get out now and buy a car or wait 1 year and HOPE the
value wont go down that much or at least equal to the remaining loan at
that time and then buy a car (that's of course assuming I have no accident
or any issue)
Please someone give me an advise :(
Its all about the money here - you need to make the decision - one option you could look at that you didn't mention is selling the vehicle yourself - if you did, you would be able to sell it for a profit and apply that to the new purchase
Find out what the payoff would be, check the going prices around your area for what they are selling for and see if you can make a profit by selling it yourself, some places do have other fees for early payoff, so make sure you cover your bases. Or if you just want out you can advertise it to take over payments, then your totally done with the car.
Usually the vehicle is worth more than you owe on it about halfway through the payment term. If you can afford the payment I say keep it. You could try to sell it yourself but that's going to be a hard sell since you don't have a title in hand. Nobody is going to hand over 22 thousand dollars and not get a title! The dealers that you spoke with are offering wholesale or trade in prices. They're in business to make money. So no dealer is going to give you a retail price. You may be able to get out from under it by leasing something new. Instead of buying. If you buy something else that $22,000 is added to the price of the new vehicle and you'll never be rid of it until the new loan is paid for. Another thing to consider is you'll then be paying for TWO cars, one of which you no longer have! I obviously don't know your financial situation but I'm guessing the real reason for wanting to get rid of this car is because you can no longer comfortably afford it. I've been down that road before. If that's the case, get a part time job to make up the difference of the car payment and just stick it out. HTH. -Jim
All good advise here.
Thanks all, I decided to keep it for 1 more year and see how it goes..
You're welcome. Glad to help. I think you're making the right decision! -Jim
Dealers give you bottom dollar for trade-ins. You might break even if you sell it private party.
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