I want to trade my SUV - Mothering Forums

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#1 of 11 Old 10-08-2007, 01:40 PM - Thread Starter
 
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So here is the deal, we currently have two cars, I think we could hypothetically live with one car, but my dh work schedule requires us to have two cars.

We have
Liberty 03
Probe 85

The probe is giving us a lot of trouble, and I'm afraid it would only get worst once the winter is here. I don't want to put more money in it.

The liberty is working fine, I'm the primary driver of it and we fill the tank every two weeks, so is not too bad.

However, if we want to change the probe for something better we need to sell the liberty. The problem is, we are still paying the loan. What's the best route?

Should we take the liberty to a dealer and trade it for two smaller cars (and one newer than the probe). ?

Should we sell the liberty (I don't know if we can, given that we still owe money) directly?
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#2 of 11 Old 10-08-2007, 01:46 PM
 
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I need a little more info - how much do you still owe? What are the terms of the loan? How many people do you need room for in your vehicles?
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#3 of 11 Old 10-08-2007, 01:55 PM
 
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It also depends on your budget, emergency cash, etc. Look up the private seller value for the Liberty. Figure out how much you are upside down in your loan. If you can afford to pay for the difference in cash then sell it yourself.

Going to a dealer to trade it in will end up costing you a lot more (because you are financing that difference over a number of years instead of paying the difference in cash).

Another option, keep the Liberty and if you have a little bit of cash (like $1500 or $2000) then just sell the Probe and buy another inexpensive but more reliable used car to replace it.
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#4 of 11 Old 10-08-2007, 02:01 PM
 
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How much do you owe, and how much is it worth?

I've always been able to get dealers to take a trade in at the private party sale value, not the trade in value...but we take really good care of our cars, and I have to negotiate a long time to get it.
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#5 of 11 Old 10-08-2007, 02:20 PM - Thread Starter
 
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I owe about 10k, and I think the liberty is worth about 12k. The liberty is in prety good condition. Just did the tune up and oil change. The carpet is clean, only some dog hair in the back, but I'm going to vacuum it this weekend to get it out.

We have no extra money, actually I think we are gona run out of funds before the year ends. That's another reason we want to downsize the cars.

I was thinking about getting a Jetta as a primary car, probably 03. As a second car I was thinking a toyota Corolla, 95 would be good, but we are not too picky on that one. It's only dh, dd and me, so a small car will do it.
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#6 of 11 Old 10-08-2007, 02:31 PM
 
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Are you planning to do another car loan or hoping you can trade in/pay in cash for two other cars?

Because based on what you wrote, I am guessing you can get ~$1,500 (max) for the Probe and then if you get $12,000 for the Liberty (which is on the high end of what they sell for used) and pay off of the 10k loan, you'll have $3k with which to buy two cars.

You will be able to afford a 95 Corolla with that - including tax/title/license costs. But for another car you'll have to pay for that all without the help of trade-in.
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#7 of 11 Old 10-08-2007, 02:40 PM - Thread Starter
 
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Yeah, I'm thinking I'm gona need another loan, although it should definitely be a lot smaller than the one for the liberty.
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#8 of 11 Old 10-08-2007, 03:07 PM
 
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Quote:
Originally Posted by Cuau View Post
I was thinking about getting a Jetta as a primary car, probably 03. As a second car I was thinking a toyota Corolla, 95 would be good, but we are not too picky on that one. It's only dh, dd and me, so a small car will do it.
I'd say go for the Corolla. Or two of them - they'd use the same oil filters and everything. Inexpensive insurance, great gas mileage (probably double your Liberty), and you can fit a forward-facing Britax Marathon and rear-facing Britax Roundabout. It's tight and difficult to get the seats in (i.e. once they're in, you don't want to move them), but can be done. We have a 1995 Geo Prizm which is the same car but with a different name - and doesn't hold it's value as well as a Toyota (like you could find a Prizm like ours for $1500-$2000 if that). And I swear we've had to do less maintenance on that sucker in all these years than the 2002 Subaru Impreza we have.

In fact, we have to get a bigger car (or I just flat out can't leave the house except on foot for 5 years) before June and we're planning on selling the Subaru and keeping the Prizm.

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#9 of 11 Old 10-08-2007, 03:15 PM
 
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I think if you can find a dealer who will give you $12000 for the Liberty, and a good deal on the new car, and if you have cash to put down to cover taxes & registration etc, go for it.
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#10 of 11 Old 10-08-2007, 05:00 PM
 
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I wouldn't take it to the dealer. They will never give you as much as you could sell it for. Go to www.kelleybluebook.com and look up how much it is worth for a private party sell then compare it to trade-in value. That is how much more you will make if you sell it yourself. If it is worth $2,000 more than you owe sell it by yourself and use that money to get one of your cars. Maybe you can wait a bit to get the second car and save up as much as you can before you do. Then look to buy your next car through a private party as well. You will save yourself a lot of money. Good luck!

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#11 of 11 Old 10-08-2007, 06:36 PM
 
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I would not trade the car in to a dealer. The dealers make money buy giving you as little as possible for the car, regardless of trading it in for another car. It is quite simple to sell the car privately and you can still do it even if you still have a loan. Edmunds.com is a good source of information for setting a sales price, and be prepared because a buyer will want to bargain. Also, be sure the car is spotlessly clean when you show it. Sell both cars and get something more reliable and less expensive (and no car payment). Buy a used car through a private person (you'll also do better buying this way rather than through a dealer). Again, you can use edmunds.com to research sales prices and have a mechanic check out the car before purchase.

Personally, I don't think a Jetta is a good car choice. Many have a lot of problems and poor reliability. I'd pick a Toyota or a Honda.
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