Shall I sell it now or drive for another year?

15

Asked by Feb 15, 2016 at 01:14 AM about the 2013 Mercedes-Benz C-Class C 300 4MATIC

Question type: Shopping & Pricing

Hi,
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..

SO,
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)

BUT,
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
OR
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.

in short,
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 :(

8 Answers

5,625

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

5 out of 5 people think this is helpful.
88,775

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.

2 out of 2 people think this is helpful.
63,015

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

2 out of 2 people think this is helpful.
Best Answer
228,145

All good advise here.

2 out of 2 people think this is helpful.
15

Thanks all, I decided to keep it for 1 more year and see how it goes..

1 out of 1 people think this is helpful.
63,015

You're welcome. Glad to help. I think you're making the right decision! -Jim

1 out of 1 people think this is helpful.
52,025

Dealers give you bottom dollar for trade-ins. You might break even if you sell it private party.

1 out of 1 people think this is helpful.
365

If u keep it 4 another year make sure that u have a good technician to maintain assuming that u have no obligation to go to the dealer 4 maintenance.

Your Answer

Add photo

Related Questions

  • Would it be wise to purchase a 1997 C230 with 135 K miles $5,000 2 answers

    The car seems in good condition, but I am concerned about incurring high expenses soon due to the high mileage. I have just glanced at the vehicle. I will see it this week to ask questions. I have ...

    1997 Mercedes-Benz C-Class C 230 Sedan

    -

    Shopping & Pricing

  • are they reliable 6 answers

    anything else you can tell me

    2004 Mercedes-Benz C-Class C 230 Kompressor Supercharged Hatchback

    -

    Shopping & Pricing

  • 1994 280C Benz, what to look out for. Buying 1 answer

    Hi, Thinking of buying a 1994 280 C Benz and was wondering what to look out for...common problems etc. Thanks, (my first Q).

    1994 Mercedes-Benz C-Class C 280 Sedan

    -

    Shopping & Pricing

  • Need help with Mercedes c230 7 answers

    Ok so I'm gonna be getting me a new car soon and i might get my sisters Mazda tribute i only want it because it's a v6 and it's 4 doors and I have a 4cyl 2 door coupe and I wand wondering if I end up...

    2006 Mercedes-Benz C-Class C 230 Sport

    -

    Shopping & Pricing

  • My car won't start, it says to remove my key 101 answers

    I have a 2008 C300 and new battery was placed last year, October. When pu the key in it tells me to remove my key and nothing else. Completely dead. Ordered a new key and it arrived this morning and ...

    2008 Mercedes-Benz C-Class C 300 Luxury

    -

    Maintenance & Repair

C-Class

Looking for a Used C-Class in your area?

CarGurus has 30,885 nationwide C-Class listings starting at $1,500.

ZIP:
Get More Money for Your Car
Be seen by 20 million shoppers. Create Your Free Listing

Search Mercedes-Benz C-Class Questions

Mercedes-Benz C-Class Experts

#1 Lorne Grandison
Lorne Grandison
Reputation 4,480
#2 PPC123
PPC123
Reputation 3,110
#3 dandyoun
dandyoun
Reputation 2,290
View All

Related Models For Sale

Used Mercedes-Benz E-Class
475 Great Deals out of 22,705 listings starting at $1,999
Used BMW 3 Series
1,113 Great Deals out of 35,574 listings starting at $900
Used Mercedes-Benz CLA-Class
131 Great Deals out of 4,131 listings starting at $17,900
Used Mercedes-Benz S-Class
151 Great Deals out of 6,420 listings starting at $2,300
Used BMW 5 Series
526 Great Deals out of 14,722 listings starting at $1,375
Used Audi A4
205 Great Deals out of 11,130 listings starting at $1,333
Used Mercedes-Benz CLS-Class
71 Great Deals out of 2,271 listings starting at $6,786
Used Mercedes-Benz CL-Class
28 Great Deals out of 608 listings starting at $4,988
Used BMW M3
61 Great Deals out of 1,935 listings starting at $4,999
Used Mercedes-Benz M-Class
197 Great Deals out of 5,244 listings starting at $2,955
Used Ford Mustang
319 Great Deals out of 45,670 listings starting at $2,000
Used Honda Accord
739 Great Deals out of 82,789 listings starting at $500
Used Chevrolet Camaro
144 Great Deals out of 35,549 listings starting at $1,995
Used Dodge Charger
246 Great Deals out of 27,490 listings starting at $1,997

Used Cars For Sale

2017 Mercedes-Benz C-Class C 300 4MATIC For Sale
4,506 listings starting at $40,472
2016 Mercedes-Benz C-Class C 300 4MATIC For Sale
97 Great Deals out of 2,003 listings starting at $28,993
2015 Mercedes-Benz C-Class C 300 4MATIC For Sale
23 Great Deals out of 642 listings starting at $21,998
2014 Mercedes-Benz C-Class C 300 4MATIC For Sale
43 Great Deals out of 1,592 listings starting at $13,980
2013 Mercedes-Benz C-Class C 300 4MATIC For Sale
34 Great Deals out of 893 listings starting at $12,995