I am going to trade in my vehicle for a new one - i bought it new. It is in good - excellent condition.. It is a 2004 Chevrolet Impala with 37000 miles. I have an excess amount in my GMAC loan that i will have to roll over by about $4,000..00 My question is: NEW CAR DEARSHIP ADS IN SUNDAY PAPERS. A "few" of the big name dealerships run full page "SPLASHY" ads in the Sunday auto sections. They advertise new vehicles well below the cost for the same s at their other local franchises. For instance One dealer has NEW 2006 Chevrolet Silverados (Not a misprint) for $9600.00, 2006 New Impalas for $15,000.00, New 2006 Equinox for $19,000.00 There are only a few dealers that offer these prices for my . They are in Outlying are locations. On the phone the dealer tells me the ad prices ARE within the range advertised. I have to get my ROLLOVER balance down without getting into a lesser .
2006-08-01 10:52:33 · 4 answers · asked by westphalia1 2 in Cars & Transportation ➔ Buying & Selling
Why in the hell would you trade? Financing negative equity, in otherwords PAYING INTEREST ON A LOAN BALANCE FOR A CAR YOU NO LONGER OWN is about the worst thing you can do financially. What do you think is going to happen in 2 or 3 years when you want another new car?
2006-08-01 10:59:33 · answer #1 · answered by Manny 6 · 0⤊ 0⤋
First I will address your question. These "ad" cars do exist. Typically there is one car that fits the ad price. This car is a complete stripper. The Silverado would not have air/radio/cruise, they won't have any options. So they are not desirable, so now you are on the lot and you say "well this truck is nice, but I want a radio and air conditioning" so then they flip you to a $21,000 truck that suits all your needs. This is the same formula for all the cars you mentioned above. If you read the fine print of the ad they will always include the stock numbers of the vehicles listed (this is a law to prove the vehicles exist and they are not doing bait & switch advertising) and if you read that you will find there is one or two that meet the ad price.
No your real problem: You can't afford the car you dirve now, why would you want trade your "excellent" car in on another one and flip all that upside down money and go deeper in debt? Keep your car & pay it off and then keep driving it. In able to truly afford a vehicle means you can pay cash for it.
2006-08-01 11:03:23 · answer #2 · answered by ubet426 4 · 0⤊ 0⤋
Ubet426's advice is totally on the mark. Take it and save your money. You'll wind up with larger payments and be even farther upside down than you currently are and you won't have nearly as nice a car.
It will be so far upside down that even with good credit you'll be looking at a double-digit interest rate!
2006-08-01 12:58:15 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Just wait
2006-08-01 11:03:55 · answer #4 · answered by finesthaitian 3 · 1⤊ 0⤋