I have one with only 21,000 miles on it and it's in great condition. It's the Dark Stone color. I got the Ford Employee family "A-plan" discount, 0% financing for 6 years and the car that I traded in on it had only $500 in negative equity. Here's my point : I bought this 2005 model at the END of 2005 (11/9/05) and still owe $28,000 on it...BUT the Kelly Blue Book value is about $17k - $18 and this leaves me with $10k in negative equity and this is RIDICULOUS !!! I got ripped...even with all of my discounts, etc.--I know that it's because big SUVs aren't selling right now because of the gas prices...even though they've dropped lately. I have been needing to trade this big ol' vehicle on a smaller, more practical car because I no longer need a huge SUV like this and can't really afford it. I love this car and it's nice but I'm in a pickle with it. What should I do ?
2007-01-31 16:39:28 · 3 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
You really didn't get ripped no more than anyone else does when they buy a new car. The Blue book value usually won't match what you owe on a new car until your half way into the loan. Until you have paid off half the loan you will owe more than the car is worth - that is normal. That is why they say that buying a new car is such a bad investment. You only have two choices, either take a big loss or wait until you have reached the halfway point of the loan before you try to trade it in. It has always been that way and every car you and everyone else ever finances in the future will be that way.
2007-01-31 17:01:26 · answer #1 · answered by boogie2510 3 · 1⤊ 0⤋
The only good news is that the 0% interest loan will save you enough to buy lot's of gas. I think all you can do for now is drive it until what you owe equals what it is worth. At that point you can then trade it for something different.. I am guessing that will be about 4-5 years from now.. Option 2 is let them have it back and ruin your credit.. not a good one..
2007-01-31 18:19:45 · answer #2 · answered by the_buccaru 5 · 0⤊ 0⤋
Never buy a car from a friend; it's a good way to ruin a friendship. That being said you'll need to do your own appraisal. No one can tell you what a car is worth sight unseen. The condition and type of tires it has could change the price by $1,000. You haven't even mentioned which options it has which could add thousands to it's value. Use some of the many price guides to make your own appraisal.
2016-05-24 00:54:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋