I just looked at the resale value of my car in 5 years, and color me shocked. I was wondering about the feasibility of trading this car in so soon? It has just passed 6k miles. It is a base car with some mild add-ons (allow fuel door, side window deflectors, all weather floor mats, ralliart scuff plates, etc). Unfortunately I just put in a new Clarion nx500 touchscreen nav with backup camera, sirius satellite, and steering wheel controls too before my buyer's semi-remorse set in.. Here's the situation:

I bought my car in December before graduating and starting my new job in Chi-town. I paid invoice price and a -2000 rebate. They were really aggressive in moving this car and I was really anxious to move on from my Ford Probe. However, I put nothing down on it . My loan is for 60 months at 4.84% for a grand total of $25,738 remaining..

I was wondering if it would be entirely foolish to trade this car in for at least 2 of 3 the following reasons:

a)something more economical (45-60 minute commute everday)
b)something with better resale value
c)something with better long-term reliability. I know I can't judge yet, but from reading here I get the feeling this car isn't it and that worries me a lot...

It also may be because it's summer and I long for a convertible or because my new car lust has worn off and this will subside. If I will wind up with a downgrade or horribly upside down on my loan then the idea is moot...

Otherwise, I'm looking at used s2000's, golf TDI's (torque and economy!) and even new v6 camaros or volvo c30's. The new 2011 wrx sedan has caught my eye now that they gave it the extra flashiness but that's probably beside the point.

Opinions?

 

you'll lose a TON of money in a trade-in, no matter what you drive. too bad you didn't own your car because you can generally get a lot more privately selling it. It might be best for you to look for a job that's closer. mine is 10 mins away!

 

Only you can tell us if it's worth it, but you'll probably only get 19-20k for it on the trade (less if it's a 2009), so add 5-6k to the price of whatever you are looking at.

You are much better off sticking it out for a year or two until you can pay it down some.

 

i say keep it, but you have to make that choice, if you do what someone else says to do and not what you want to do, you will probably regret your decision. just my $.02

 

I'm kind of in the same boat as you but owe less. My girlfriend just rear-ended somebody with mine so I'm kind of sick right now. To me the car is damaged goods and I want something new. I just have to weigh my options once my Ralliart is fixed. The resale/trade in value for these things is terrible. Either way you and I will probably lose our a$$es.

 

I think about the same thing all the time. But my thing is a trade in for an evo. But I'm going to just ride it out hasn't given me any issues so I'm going to keep it for awhile. Evo keep up is a whole lot of money so it will definetly be a few years til I do that. I woul just keep it the gas mileage ain't bad and for the most part it's a good car.

 

Ya, it really hasn't given me any problems yet. I think I just read too many negative things on the forums that give me the impression I should be worried this won't be a 100,000 mile car without serious repairs. :-| The transmission feels herky-jerky sometimes in my daily commute - doesn't inspire confidence.

I wish I knew how much it cost to purchase the extended warranty after-the-fact now.

I think because I can afford it I will start paying 2-3x my car payment to pay her down faster.

 

If it makes you feel any better, my transmission has made it 40k (and still feels "herky, jerky" every day) So impending doom is not necessarily in your future. I think 100k should be doable with the car under "normal" conditions.

Mine is FS and I will take a hit, but it comes with the territory. I usually get 90-100k out of a car (24-30 months typically), but I am bailing a year early on the RA and will pay accordingly.

 

Not sure how old you are but i will give you a piece of advice. Pay off the car as soon as you can, and drive the mo fo into the ground. not having a car payment is certainly nice and once the car is ready to puke then trade it in. You still have warranty, if you can make 2 to 3 times your car payment then rock on and do it. once you get it paid for though, im just saying, don't trade it in, try to drive it for another or or two without car payments. Bank that extra cash and do something good with it.

otherwise with the amount you would lose right now, probably not worth it and since the car is running good, certainly no need to go further in debt over a car.

just my .02

 

All good advice. I think my problem is I'm more in love with the idea of shopping for a car then really owning one long-term. I think leasing is in my future since I'm always looking at other car's appeal even though I know mine is great too (I always seem to catch people turning around in my rearview to look at my car ).

I just haven't driven enough cars to really appreciate the one I have (awd, turbo, etc is just normal to me)...

 

When you start modding the car, the chances of problems and failures increase exponentially. Just keep the car stock, keep up on your service intervals, and in my humble opinion, you shouldn't have too much more headaches than any other car. The loss you would suffer from trade-in, or even selling the car on your own, wouldn't be worth it to save a couple hundred a year in gas for your commute.

 

My only "mods" are the GST basemap with AMS boostpill and a drop in HKS filter. Do you think this is actually risky? I was under the impression it was a pretty tame tune and these two things would not affect long-term reliabilty very much. I can't imagine going back to stock tune (it's even worse on mpg!) Thats the end of my mod plans.

 

I wasn't speaking specificially towards the mods you have, since I didn't know what you've done to your car. I'm just saying keep the car stock, in general, is the best route.

As far as your mods go, I guess they are pretty mild, but I'm no expert, so I can't say how damaging your mods really are, or if they are at all.

 

Fuel efficiency savings are a drop in the ocean compared to the depreciation.

Those other cars don't have full-time AWD and a twin clutch transmission

 

lol,

man ive had more cars than i know what to do with but im just saying in today's economic trends, you would appreciate the thought of not having a car payment.

when i look at the fact that I could have a house paid for from the last 3 cars I have owned and the mods done, its pretty pathetic!