Isn't it best to keep car we bought new 5 yrs ago and just paid off instead of getting new car w new note?

Question

Dealer claims not to "worry" about the new note payment; equates a car note with car "maintenance" as lots/stuff will start to go wrong with our car even tho' has only 36K miles and is in great condition. Isn't this just sales pitch? We don't believe there would be as much maintenance, repairs, etc. on our present car as to justify buying a new car, at least not till our car is much older.

Answer 1

He must think that you are suckers. Keep the car you have and put a little money into it, if you have to. It is a lot cheaper than paying the note for 3 to 6 years. He is on commission and he wants the sale. That is how he makes his living, so sure, he is going to say get a new one.
The cars today last longer and perform better than they did years ago. The unleaded gas and fuel injection with the cars computer makes them run longer and better than before.

Enjoy a few years of not having a monthly car payment, you might really like it. Plus it will give you time to save up more money and you may not have to get a loan on the next one. Good luck.

Answer 2

You are absolutely right! The car salesman is trying to make you buy something you don't need.
Put the amount of money you would spend on the new car note in the bank every month, and in 2 years you will be able to pay cash for your next car (as opposed to making interest payments over the next five). if your 5 y/o car has only 36K on it, it will last you a least another 5 before maintenance costs even begin to factor into the deal.

Answer 3

Banks are far better ! if you have a good credit history with your bank then use them. The dealer finance has hidden costing so that the dealer makes a commission from you choosing there finance package. The dealer will make a larger total sale profit from there finance package. Use the banks money and you will be able to get a better deal from the car seller as you have the hard cash in your hand. Demand as many extras, like floor mats, full tank of gas, first service free and a hamper with wine or a bottle of champagne. This may sound very demanding but i assure it works. If the salesman says no dont be afraid to walk way, I'm sure there are many other places that sell the same car and will love to take your money and provide a few little extra for a cash sale. The banks total interest is safer and if you do get into trouble the banks are better to deal with and to refinance through. If you need to sell the car its easy if its bought on a bank loan, its VERY HARD ! to sell a car that's on finance as its on a HPI register and the car remains the property of the finance company even if you sell it to someone else.. so people do not buy cars that are owing finance. Happy buying.

Answer 4

Let's examine this..Dealer say's not to worry?=he's not the one making the payments..36K? let us take that junk off you hands in trade=he's already got a buyer..most likely himself. Yes, it's a sales pitch. I'm really not the one to be answering this question as I am heavily prejudiced. I still drive daily the truck my dad bought new in 1961. He still drives his 64 mercury and my brother drives the 88 Daytona and sister has her 72 duster (both bought used). We do all our own work under a spreading chestnut tree in my back yard. All our houses are paid for, free and clear and I still watch my black and white T.V. (every show is a "classic"). Keep the car, you don't have to follow the Jone's, they're on their way to bankruptcy court.

Answer 5

I'd say if you are getting a good return for your used car then sell it. There are lot of buyers of second hand cars. If your car is on loan then by selling it you can pay off your old loan (which is good from a credit history perspective). 5 year old car may still be good enough but newer cars are a lot safer with added safety features and more airbags and also the manufacturers are giving huge warranties (ex. Kia or Hyundai or GM). This way you can keep yourself away from service/repairs of your old car and buy a lot of peace of mind. But again, all this depends on your budget. If you can then go for it. If you can't then let the sunny day come.

Answer 6

I'd keep it. Don;t listen to a dealer who is trying to get a sales commission. I have a 97 ford Taurus with 212,000 and it looks good and runs good. I haven't had to put much money into it. Make sure you do regular maintenance and oil changes. New car prices are crazy, so why would you want payments when the car you have is a good one and you don't have to make those payments?

Answer 7

id have to agree with you i think it would be a lot cheaper than buying a new one, i debated this a few years ago on my truck,and decided to keep it ,since then all i have had to put on it was a water pump,so it saved me a lot of money,i wouldn't even have got the other one half paid for by now,and the same dealer keeps telling me i should trade it before it starts causing problems,I'm going to keep it and drive it,i like being totally out of debt,it feels good,so as long as the wheels will stay on this one i,ll drive it,but your right if the one you have is in good shape,it would probably be a lot cheaper than buying another new one,just take care of it,and it should be alright,don't let small repairs go un -attended for a long time,and you should be ok,good luck ,hope this helps.

Answer 8

Its just a sales pitch. If you like your car, take care of it by keeping it maintained and it'll last you a long time.

Dealers tell you what you want to hear to make a sale.

Answer 9

If it only has 36k miles on it, I would definitely keep it! You will enjoy not having a car payment!

Answer 10

Some people just want to move up to a smaller or larger car after five years.The car your in if its been good to you i would stay in it for as long as you feel good about it.Tradeing a good car with low miles and paid for makes little sence if your happy with it. Hope this helps.