I found 2 cars, but which is a better deal in the long run?

Question

Hello, I currently own a 2004 chevrolet aveo with 90,000 miles on it (I drive 32,000 miles a year) and owe about $5,200 dollars on it and need to get out of it, as its already giving me some costly problems... I went to a scion dealership and they offered me $3,700 dollar trade in value on it and i'd be getting into a new scion XD for $18,978 dollars out the door at 6.9 interest rate.. if i get it, im about $1500 bucks upside down...monthly payment is $350 a month

Now, my friend called me and said his boss wants to sell his 2006 ford pick up truck with 27,000 miles on it for $14,000 dollars... it's a 6 cylinder and right now i drive a 4 cylinder and do about 100 dollars a week in gas... so i could imagine i'd be spending 150 dollars a week with the truck... ill have to get a loan from the bank and hopefully its at least 6.9 interest like the dealership offered... and i could probably get at least $5000 on my current aveo.... truck monthly payment: maybe $250

which car should I take?

Answer 1

You're better off with the Scion (if that's what you want) because it will get better gas mileage. However, if you really do put that much mileage on a car you are going to always be devaluing it quicker than you are paying it off so be careful to do your research and purchase a vehicle that will hold up it's value over time. I think the Scion will hold up better than the truck.

I used to sell new Chevy's and used vehicles so I know the gas mileage of most of the trucks. The engine sizes on Ford's and Chevy's are pretty much the same and you'll be lucky to pull in 21 to 22 MPG highway driving. Plus, the 6-cylinder trucks tend to be a little "gutless".

Good luck to you! Hope this information was helpful.

Answer 2

Scion TC. The fuel economy differences will make the truck the more expensive choice. The Scion TC is a remake of the Toyota Celica that was discontinued in 2004. It will last longer than the Ford Pickup and cost less to insure and repair.
PS Aveo's are Brazilian junk. Check out the net for some of the horror stories. I would not bet the farm on getting five grand for it. Dump it at the dealership and drive away happy and with a warranty.

Answer 3

Set up a spreadsheet, plug in the costs, and see what pops out. Don't forget to get a quote for the insurance on each one.

The one question I have is, how long was the Scion dealer financing the deal? I'm betting it was for 5-6 years, based on the payment. If you're driving that many miles a year, you're going to be upside down again in a big hurry. I'd set up the deal to finance the new car for no more than 3 years, and the truck for just 2 years. Yeah, your payment will be about $700. But if you can't pay for a new car in 3 or maybe 4 years at most, for the amount of driving you do, you can't afford the car.

Answer 4

in the long run u will be paying more in gas ... also you drive alot so you might as well get the scion... even tho i say that is a ugly car ... too boxy ... but financially is your best choice

Answer 5

get the cheapest new car you can find made by either Toyota or Honda. They will last.