Okay here it goes: I had a jeep for only 6months that I purchased new. I then in May 2006 bought a Toyota Solara with $3,000 negative equity attached to that car. NOW, I'm at it again. I have my eyes on a 2007 Mustang, and I want that car!!! I know if I get it, there will be more negative equity attached to this car. I know that the rebate will help some, but not by much. What are my options here? Is there any way I can get this car without my payments going up anymore? OR am I stuck?!
2007-08-30 02:31:51 · 4 answers · asked by Whonosbest 3 in Cars & Transportation ➔ Buying & Selling
oh by the way, I've only had the toyota for one year, and some months.
2007-08-30 02:32:53 · update #1
Here is the technical answer. You can do whatever you want. If you want the Mustang, you can get it. You are going to pay more. You are best off selling your current car privately to get the most money for it. Hopefully, that will cover the outstanding balance on the loan although this is doubtful because you are still paying off your Jeep.
Now here's the real answer. You are slowly walking a path of being broke. You need to be a little financially disciplined. There are a lot of things i want right now, but I have to wait for because I can't afford them. Think about it this way. If you trade in your Toyota now, you will be paying off three cars at once since your loan balance will have a piece of the Ford, Toyota, and Jeep in it. I'd stick it out with what you have right now, which is a very nice car that will keep you going for a while.
2007-08-30 06:18:19 · answer #1 · answered by Jay P 7 · 1⤊ 0⤋
May advice is to buy a car and stick with it for a while. Especially a Toyota. That thing will last you forever. If you are going to continue to "trade" you car in every few years, have you considered leasing instead? I wish I had the money you do to be able to buy a new car every year.
2007-08-30 10:03:21 · answer #2 · answered by natedawg77 4 · 0⤊ 0⤋
they Rolling NEG into every car deal is a sure way to bankruptcy. Money is not 100% math. It's only 20% math and 80% behavior. See what millionares do - they never ask how much down (they always pay for the whole thing), and never buy new cars (always 2-3 y old ones). That's how they became wealthy - it's a behavior issue.
2007-08-30 11:30:37 · answer #3 · answered by gmfeds 2 · 0⤊ 0⤋
You trading out of vehicles every year or so is about as bad as a mistake as trading a Toyota for a Ford!!!! There is nothing good with a Ford, nothing!!!! Yea, the car looks cool, but that's where it all ends. Stick with the Toyota, it will outlast you.
2007-08-30 11:43:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋