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Discussion Starter #1
If someone liked your car and offered to buy it from you for what it's worth (retail) plus wheels/upgrades etc you've done and your upside about 5k. Would you sell it to him and payoff the differnce or keep it for another year and see if someone would buy it then?
 

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Kinda rare you'd be so lucky to find someone willing to pay you retail for a car these days especially with whatever mods you have. Most people are forced to part mods out and return it to stock. I guess it all depends on what you think about your car. Only you know that.

Next year things could be entirely different plus your car would be worth less being another year older. You'd get even less as a trade in and by that time your car is 3 years old. That's about the time most people think about trading and buying a new car. You have to think what you're going to replace it with too.

I say go for it.

Bernie
 

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Discussion Starter #3
I like my car but I'm also thinking long term, and like you said Rambit it would be worth less each year that passes. So it could take a couple of years to break even on a trade.
Thanks for your imput Rambit.
 

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You say that you're upside down at the moment with trade value and loan for the car. Since you're asking it, sounds like this is becoming a discomfort for you (being upside down). So... if you can sell the car for what you say and pay-off the difference I would do that. At least it sounds "right side up" to me.

But...

Then what will you drive? Will you have to buy something else? If buying, how do you keep from being upside down again with the new ride... unless you're going to purchase a "beater" until your funds comfort level returns.

So if you're happy with the ride, and not uncomfortable with the upside down nature of your current situation... then drive on and enjoy. Otherwise, take the money and run...
 

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Discussion Starter #7
If I sell, I would buy a beater to get me by and pay off the difference.
 

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If I sell, I would buy a beater to get me by and pay off the difference.
If I understand you correctly, you are not necessarily wanting to sell your car but you are worried that you are upside down on the loan?

Being upside down is only a problem if you don't have the money to make up the difference and (a) you have to sell or (b) the car gets totalled and you don't have gap insurance. Since you say you have the cash to pay the difference between what it is worth and what you owe, why not just apply that cash to your loan's principle? That way you would save on interest, you will own the car outright sooner, you won't need gap insurance, and you will still be driving your awesome 300C instead of a beater.

Then after its paid off drive it for free for 5 years while you save up for your next car. My rule is never finance a car; if you own it you can never be 'upside down' :) .
 
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