trading in the suv, for another suv - Mothering Forums

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#1 of 20 Old 02-01-2008, 01:13 PM - Thread Starter
 
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Dh is a carsalesman and someone just traded in an 04 cadillac SRX, well dh has fallen in love and I went and looked at it and sounds like a pretty good deal. It is fully loaded w/leather seats, dvd player/third row seating 40k miles and we can get it for the trade in value of approximitely 16k. We would be trading in our 06 honda crv which is worth about 15k w/ 30k miles. We talked to finance yesterday and we can get 3-4k cash back and our payments would be $40 less amonth than what they are now. Dh wants to take the cash back and pay our highest credit card w/ interest rate of 20%, we would pay it off completely when we get our income tax roughly freeing up 170 + 40 from the lower payments.

The downside is the gas milage as it get 15/21 vs. crv 23/28, but I don't work, so my errands are the only driving and dh's work is 3 miles away, so we do very minimal driving. Dh is calling to see if the insurance would be higher right now.

What do you all think? The new suv would be paid of in 5 years and the honda would be paid off in a little under three. The interest rate would be the same and with the cadillac, the sales tax is included in the loan, so no money is needed up front for it. I told dh I would do it as it would lower our payments, but I am really not digging the gas mileage, but like i did say, we don't drive that much anyway, so I wouldn't expect the gas prices to go up more than maybe 20$ a month. I just want to get some cc's paid down as we have 20k in cc's alone, I think knowing it would be paid off in 5 years would be worth it and we could focus on paying off our lower interest cc's.

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#2 of 20 Old 02-01-2008, 01:17 PM
 
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so wait... an older car with worse gas mileage, worse reliability, and longer payments?

Sounds like an easy decision
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#3 of 20 Old 02-01-2008, 01:18 PM
 
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There is no way I would do it.

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#4 of 20 Old 02-01-2008, 02:07 PM
 
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Gas is just going to get more expensive. Insurance will be higher.

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#5 of 20 Old 02-01-2008, 02:09 PM
 
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I wouldn't do it. It seems (from what I'm reading) that the car is more a want than a need. As for the credit cards... you wouldn't actually be paying them off... it would be more like just taking a reduction in interest rate. It might be easier to sell the honda and downsize for a little while. Once you pay off the cards... maybe then save up buy a caddilac!

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#6 of 20 Old 02-01-2008, 02:27 PM - Thread Starter
 
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Gas is just going to get more expensive. Insurance will be higher.
yes, dh called and the insurance will go up 22$ a month. So really there would be no savings there. I am just not feeling it. I really would like to downsize to a car, and I would love smaller payments, I guess I should jsut tell dh that we should wait and see. Right now we are paying 400/month, and I hate it, but dh will not go down to 1 car, eventhough I rarely go out.

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#7 of 20 Old 02-01-2008, 02:35 PM
 
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Dang 400$ per month? Is that one vehicle payment only or both of you guys? Or is your other one paid for? If I drove that little I'd sell your car and buy a super cheap one outright and apply that 400$ per month to the 20K in cc debt. 20K in cc debt would keep me awake at night.
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#8 of 20 Old 02-01-2008, 02:56 PM
 
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Originally Posted by ILoveMyBabyBird View Post
The new suv would be paid of in 5 years and the honda would be paid off in a little under three.

^^^ This part of your note sends up a red flag for me...

I can tell you want to lower your CC debt, but I don't think getting into a longer car loan will help matters in the long run!!

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#9 of 20 Old 02-01-2008, 02:58 PM
 
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Originally Posted by ShaggyDaddy View Post
so wait... an older car with worse gas mileage, worse reliability, and longer payments?

Sounds like an easy decision
OMGosh! I didn't even catch the part that you're driving an '06 now... I would definitely keep the reliable CRV over the other SUV!! I'm sure it's hard for your DH to be seeing all those cars and *not* fall in love. Stand strong, sister!!

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#10 of 20 Old 02-01-2008, 03:08 PM
 
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Originally Posted by ShaggyDaddy View Post
so wait... an older car with worse gas mileage, worse reliability, and longer payments?
:
Whatever "savings" you have will probably be more than made up by the time you know the Caddy mechanic by name and know his kids.

Then maybe skip ahead 1-2 years and estimate how much you'll be spending in gas when it's $4/gallon (if not $5/gal). Part of why we went with a CRV when we needed a new 3 kiddo carseat compatible vehicle (we got a 2008) was the 4-cylinder engine and mileage. Sure, I can't haul a football team around, but when my oldest is currently only 4yo, really, *will* I be hauling around a bunch of other people? Nope.

Sometimes being responsible totally sucks because you can't get the new, shiny things. But it'll be worth it in the long run when you don't have to ask your children for money or depend on them to support you.

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#11 of 20 Old 02-01-2008, 05:16 PM
 
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Run the math to double check, but based on the facts you have shared, you would be worse off financially. Is there any other way you can knock down your cc rate or debt?

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#12 of 20 Old 02-01-2008, 05:55 PM
 
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I wouldn't trade for many reasons, most that have already been posted.

1) The 'new' vehicle is older and statistically is less reliable.
2) It will cost you more monthly to use than what you currently have.
3) You will be paying on it for over two more years that your current vehicle.
4) You are not paying off CC debt, you are moving it into a different loan.


My husband is the finance director at a dealership and has been in the business for years. I have to fight him off some great new deal about every year or so, so I know what you're going through. I fell for his 'great new deal' twice. LOL No more! Money wise, it is almost always bad to trade in a car for another that is roughly the same age and still fairly new, especially when you are (in my opinion) stepping down from a Honda.

I'd be very happy with what you have in knowing that you are saving on gas, insurance, and will have it paid off in less than two years. Think what you can do to your credit cards with that 400 dollars each month!
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#13 of 20 Old 02-01-2008, 06:23 PM - Thread Starter
 
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So I talked to dh and told him I thought it was a bad idea for many reasons,

#1, we don't need third row seating, that was one thing he said he wanted, keep in mind we only have 1 ds. I told him when we have more kids, then we will talk about third row seating, and I am not currently expecting and we plan to wait at least 1 year to try for another little one, so that would be 2-3 years a way, even then the crv would be fine, but I figured we would evaluate the needs at a later date.

#2, the insurance would go up

#3, gas mileage

#4 I much rather drive the crv, I mean I like the style better.

Dh was fine w/it and he said even he was having second thoughts, so I guess everything is settled.

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#14 of 20 Old 02-01-2008, 06:41 PM
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Isn't your DH supposed to be immune to Car Salesman Pressure, since he is one? LOL Glad things worked out and you were able to get him back to reality.
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#15 of 20 Old 02-02-2008, 12:04 AM
 
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Yeah! Glad things worked out.

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#16 of 20 Old 02-02-2008, 03:07 AM
 
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Yeah!! good for you for sticking to your guns... I have a soft spot for whenever DH wants something. It's those puppy dog eyes...

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#17 of 20 Old 02-02-2008, 03:37 PM
 
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Isn't your DH supposed to be immune to Car Salesman Pressure, since he is one? LOL
I know this isn't directed at me, but I had to comment.

OH NO!! It's much worse! LOL They have to stare at it and talk about it all day! Imagine how it would be to work in a bakery, or clothing store, or baby things store, when that is where you like to spend money. Scary really. LOL
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#18 of 20 Old 02-02-2008, 09:24 PM
 
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mmmm ... working in a bakery ... droooool.

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#19 of 20 Old 02-03-2008, 01:25 PM
 
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Sounds like your family made a wise choice!!

Susan- Vegetarian Single Mom to 9 year old twins!!
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#20 of 20 Old 02-03-2008, 01:45 PM
 
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Not to mention the whole trading in a honda for a GM issue. Keep the Honda! I can't tell you how much I wish I could go back to my Honda and as soon as we can financially, I'm sooooo there~
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