Rhett Posted October 17, 2009 Report Share Posted October 17, 2009 (edited) Ok, I want to get rid of my Mustang. I owe about $2k more than its worth, or that they are going for. Should I try to ask for the extra 2k in parts. Or should I just pay the 2k then sell it. I really would like to just get rid of it. I mean its a waste of money to me anymore. Too much in gas, slow, slow, and I cant drive it in the winter or the rain barley... and I am just not feeling the whole car thing right now in my life. I need to focus on other things in my life. Like school. So what would you all do? Because if I find someone to buy it for whats its worth and then I pay the negative. I really wont have the money for a decent daily. Or should I trade it in on a decent daily and try to put down the negative. The car payment isn't really the issue its the gas, parts (cause shit keeps fucking up) Let em know what you all think I should do. -Rhett EDIT: Also, How fucked would I be if I traded it in on a lease and paid extra to get the negative to go away?? Edited October 17, 2009 by Rhett Quote Link to comment Share on other sites More sharing options...
Guest tbutera2112 Posted October 17, 2009 Report Share Posted October 17, 2009 best bet would be to put all your stock parts back on it, or trade your parts for stock parts + cash....you have a ton of money in suspension parts, you could make a good buck if you sold it all...little more work, but it would be worth it then sell the car, it worth the same amount stock as it is modded Quote Link to comment Share on other sites More sharing options...
Tripleskate Posted October 17, 2009 Report Share Posted October 17, 2009 best bet would be to put all your stock parts back on it, or trade your parts for stock parts + cash....you have a ton of money in suspension parts, you could make a good buck if you sold it all...little more work, but it would be worth it then sell the car, it worth the same amount stock as it is modded +1 I've kept almost all of my stock parts, the only things that I need to return completely to stock can be bought/traded with relatively little pain. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted October 17, 2009 Report Share Posted October 17, 2009 yep. sell your parts and put it toward the negative equity, unless the price you were offered was as-is condition. its wierd though when you get a few years out of HS and realize cars arent really too much but something to get from a-b, isn't it? Quote Link to comment Share on other sites More sharing options...
Ramsey Posted October 17, 2009 Report Share Posted October 17, 2009 just wreck it and collect the insurance Quote Link to comment Share on other sites More sharing options...
Archie Posted October 17, 2009 Report Share Posted October 17, 2009 just wreck it and collect the insurance What he said. Insurance companies are pure evil, take advantage of them whenever possible. Quote Link to comment Share on other sites More sharing options...
Rhett Posted October 17, 2009 Author Report Share Posted October 17, 2009 It will be winter with tons of Ice when I get back... rear wheel drive with no traction control... who knows.. shit happens! Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted October 17, 2009 Report Share Posted October 17, 2009 How much do you need to break even (shoot me a pm if ou dont want to post it publicly) Quote Link to comment Share on other sites More sharing options...
Rhett Posted October 17, 2009 Author Report Share Posted October 17, 2009 Like $2500. Its a ball park... Kinda hard to keep up on it while I am gone.. no statments Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted October 17, 2009 Report Share Posted October 17, 2009 Like $2500. Its a ball park... Kinda hard to keep up on it while I am gone.. no statments So like $12,000 for the entire car including the 2500 over resale value? Quote Link to comment Share on other sites More sharing options...
Rhett Posted October 17, 2009 Author Report Share Posted October 17, 2009 Where did you get $12,000 from? I have seen these things going for like $7,500 to $8000 I think I owe like $9,500 or $10,000 Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted October 17, 2009 Report Share Posted October 17, 2009 Where did you get $12,000 from? I have seen these things going for like $7,500 to $8000 I think I owe like $9,500 or $10,000 I lie to you not.. when I was at the dealerships over the past few weeks looking for cars I have seen about 6 mustangs being sold for $9000 - $11,000... Quote Link to comment Share on other sites More sharing options...
Rhett Posted October 17, 2009 Author Report Share Posted October 17, 2009 Rely? Mine is a 2001 with 85k and is in good shape.. just needs the front bumper resprayed and the exhaust fixed... welded again where the cat back meets the x pipe. other than that no issues. Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted October 17, 2009 Report Share Posted October 17, 2009 Rely? Mine is a 2001 with 85k and is in good shape.. just needs the front bumper resprayed and the exhaust fixed... welded again where the cat back meets the x pipe. other than that no issues. Yeah the dealership would give you about $6k for it then sell it for $8k-9k. Quote Link to comment Share on other sites More sharing options...
Rhett Posted October 17, 2009 Author Report Share Posted October 17, 2009 But Then I am like 4k neg. So thats what i am trying to figure out... Maybe trade it in on a car that would keep my payments at the same as they are no.. and do the term I did when i first bought this. Its not the payment. Its me needing a decent daily.. year round. What would you do? Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted October 17, 2009 Report Share Posted October 17, 2009 But Then I am like 4k neg. So thats what i am trying to figure out... Maybe trade it in on a car that would keep my payments at the same as they are no.. and do the term I did when i first bought this. Its not the payment. Its me needing a decent daily.. year round. What would you do? If you can talk a dealership up on the trade in to a point that you only carry 2k over I would do it. Any more than that I would save up for a bigger down payment. The issue is if you move over too much negative equity then you could run into the same problem if you want to sell the new car a year or two from now. Quote Link to comment Share on other sites More sharing options...
Snowflake Posted October 17, 2009 Report Share Posted October 17, 2009 If you are willing to take the negative equity and put it into the new car payment as long as the payment stays around the same Id just trade it. Id de-mod it first and get some of the money back out of it. Quote Link to comment Share on other sites More sharing options...
Rhett Posted October 17, 2009 Author Report Share Posted October 17, 2009 Truth to both. I was $4,500 neg when i bought this. So I have done alright staying ahead. So I will try to Demod it some and talk to some delarships when i get home... What about leasing right now? Horrible Idea!?!?!? Quote Link to comment Share on other sites More sharing options...
jeffro Posted October 17, 2009 Report Share Posted October 17, 2009 leasing probably isnt a bad idea if your just going to daily the thing around. with the value of cars getting less and less your getting the same amount of car (maybe more) for the same monthly payment if that makes any sense Quote Link to comment Share on other sites More sharing options...
V8 Beast Posted October 17, 2009 Report Share Posted October 17, 2009 Dont lease. I'm in the process of turning a lease back in now. The dealership is trying to convince me that my 50k mile envoy is worth the $23k thats on my lease if I decide to keep it I found the exact car with less miles for $18k at another dealership but they wont budge on the price because its on the lease that way. Now I'm forced to find a new used car to replace this one as my daily. What ever it is I'm putting $10k down because I'm sick and tired of car payments. Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted October 17, 2009 Report Share Posted October 17, 2009 Truth to both. I was $4,500 neg when i bought this. So I have done alright staying ahead. So I will try to Demod it some and talk to some delarships when i get home... What about leasing right now? Horrible Idea!?!?!? You are taking one problem and making it worse if you trade it in. If you go to a lease you are going to get raped twice. Bad idea on both parts. You need to sell the car and clear out the negative equity THEN look at purchasing another car. If you are deployed you should be saving some GOOD money and it's probably the best time to make it happen. As others have suggested, de-mod to recoup some of the lost value but there isn't much you can do. You either have to bite the bullet or keep the car and make it work. Keeping it and paying it off is probably the best idea if the catback exhaust leak is really the only issue. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted October 18, 2009 Report Share Posted October 18, 2009 What about leasing right now? Horrible Idea!?!?!? Leasing isn't a bad thing, but you better check how much neg. equity you will be allowed to roll into one. At one time it was 110% of retail, but in today's market that may have changed....and you'll need a great credit score too. Your best bet and wisest move is to pay off the neg equity but personally, sell it outright and hang onto it until you can either break even or profit when you do. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted October 18, 2009 Report Share Posted October 18, 2009 Dont lease. I'm in the process of turning a lease back in now. The dealership is trying to convince me that my 50k mile envoy is worth the $23k thats on my lease if I decide to keep it I found the exact car with less miles for $18k at another dealership but they wont budge on the price because its on the lease that way. I can't say if they are trying to "convince you" but in the end, the car is owned by the leasing company not the dealer, so they are simply trying to get you to pay as much as they can like any other sale they make. The way it works, is they can negotiate to buy the car from the leasing company and sell it to you / profit. What they should do if you don't want it, is just have you turn it in and try and sell you something. Quote Link to comment Share on other sites More sharing options...
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