Sell or trade in '11 5.0, financial advise

[black5.0]

First off, I love my car with the exception of one thing, trying to keep a black car clean. I was debating on selling it and going in a completely different route such as a Pontiac G8 GT or something similar, but I decided the upside comparison is not even close and I want to stay with a Mustang, just not black and while I was at it since 6M mustangs can't beat autos mod for mod, might as well join them...

I'm trying to decide between two plans that I've thought of.
1. Trade in my car to get a used mustang with the options I want and color I want.
2. Sell my car, use the payments I would be making on the car and pay off the $6k credit card debt I have and save some for a down payment to buy a new one if I can get a great financing rate, otherwise find a low mile used.

I've never sold a car with a lien on it so I'm confused with the process and the best way to do it without oweing money. I just looked up the value of my car and selling private party it's worth $27.6k which is about $1500 more than I owe and trade in value is about $900 less than what I owe. My car is a premium with the brembo package, no nav/comfort/heated seats etc. and it only has 8838 miles.

If I decide on option 2, when is the best time to buy a new mustang and what price should I expect for an premium auto with elec, comfort, brembo package?
I think if I can sell my car soon I should be debt free by July if I maintain the current payment amount plus my car payment amount. I can drive my truck in the mean time which I'm sure won't make global warming activists happy.

Just looking for more opinions and thoughts, I asked the wife and she just said whatever makes me happy and driving a 5.0 makes me happy! :dancenana:

Thanks in advance...

 

[Blackness03]

#2

Best time to buy another mustang would be when you pay off the other debt

 

[11dsgGT]

I did the exact same thing a while ago. Traded in my M6, because of tranny issues. The warranty was at 25k and it was starting to shift rough again. Went to the dealership and traded it in for an A6 with less miles and lost 2k, but gained a piece of mind, auto tranny and Kona Blue paint. I did sell some of my mods so it was probably around 1.5k.

The lean on my old M6 was paid off and I the difference was added onto the A6 lein at an even lower APR. I guess the lower (about 3%) APR brings the difference down quite a bit as well, but I never calculated it.

 

[lobra97]

numero dos

 

[pho_phizzat]

numero dos

You know we don't speak chinese.

 

[11GT50]

I'm trying to decide between two plans that I've thought of.
1. Trade in my car to get a used mustang with the options I want and color I want.
2. Sell my car, use the payments I would be making on the car and pay off the $6k credit card debt I have and save some for a down payment to buy a new one if I can get a great financing rate, otherwise find a low mile used.

I'd go with #2.

I've never sold a car with a lien on it so I'm confused with the process and the best way to do it without oweing money. I just looked up the value of my car and selling private party it's worth $27.6k which is about $1500 more than I owe and trade in value is about $900 less than what I owe. My car is a premium with the brembo package, no nav/comfort/heated seats etc. and it only has 8838 miles.

I'd be very surprised if you could get $27.5k for that car, even with as few miles as you have. $25k might be a bit more realistic, and even that might be slightly optimistic.

If I decide on option 2, when is the best time to buy a new mustang and what price should I expect for an premium auto with elec, comfort, brembo package?

December is usually the best month because they're eager to move inventory off the lot before year end, and it's usually the slowest month of the year anyway, especially for these cars. Unfortunately, that's obviously 11 months away, but it sounds like you're willing to wait.

Too bad you're in CA, I've got a Kona Blue '11 GT premium with an auto, security package and 19" premium wheels that I'd trade ya.

 

[Rct851]

Are you hoping someone here will help you rationalize why you should pick #2? Come on get that CC paid off fast!

And as mentioned above, don't count on getting 27k

 

[black5.0]

I agree I probably won't get 27 for it. My payoff is 26.1k right now so I might just try for that and wait until December...such a long way away.

Also how does a trade work with a loan on the car? Stl is a ways aw.ay

 

[xXGadfly09Xx]

I agree I probably won't get 27 for it. My payoff is 26.1k right now so I might just try for that and wait until December...such a long way away.

Also how does a trade work with a loan on the car? Stl is a ways aw.ay

Ok lets say you find the mustang that YOU want and it costs $27,000 and your trads is valued at $25,000 we will keep you payoff at $26,100

$27,000 (new car)
- $25,000 (trade in value)
_____________________
$2000 (net value)
x 1.0625 (sales tax in Turlock CA)
_____________________________
$2125
+ $26,100 (The amount you owe on your current car)
______________________________________________
$28,225 (the loan amount)

Now if you were to finance that for the following terms in months; 36,48,60,72, the rates would be (assuming great credit); 1.79%,1.99%,3.99%, 4.24% and the respective monthly payments would be (with NO money out of pocket), $805, $612, $519, $445

Let me know If I can help you further!

~Keith

 

[PSUCOBRA96]

pay off that debt before it gets way outta hand.

 

[nickf2005]

Sell the car. Pay off what's left on the loan. Pay off your credit cards. Save up enough for 20% down on your next car. If you don't hit the CC payments hard now, you're going to regret it later. Also, keep $1,000 back in an E fund. You never know when something is going to go wrong. Especially if you own your home.

 

[KYSVT]

Sell the car. Pay off what's left on the loan. Pay off your credit cards. Save up enough for 20% down on your next car. If you don't hit the CC payments hard now, you're going to regret it later. Also, keep $1,000 back in an E fund. You never know when something is going to go wrong. Especially if you own your home.

This :rockon:

 

[black5.0]

Sell the car. Pay off what's left on the loan. Pay off your credit cards. Save up enough for 20% down on your next car. If you don't hit the CC payments hard now, you're going to regret it later. Also, keep $1,000 back in an E fund. You never know when something is going to go wrong. Especially if you own your home.

Do own a home and know exactly what you're talking about. I regret not putting anything anything down when buying my current car, if I had I wouldn't be in the situation I'm in. At my current rate, if I don't sell my car I can pay off my credit cards by December, if I used the loan payment money they'd be paid off by July. Maybe I just need to sleep on it and see if I want to find another one someone didn't abuse, or buy new from the stealership.