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Would you take a $3k loss on your car?
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06-10-2008, 10:56 PM | #1 |
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Would you take a $3k loss on your car?
if you could sell your car and take a $3k hit on it, would you do it?
please consider this before making your decision: - downgrading would save you about $400/month on payments and gas (with current gas prices & assuming it doesn't go down anytime soon). therefore, it would take about 8 months for you to break even on the $3k loss. if the answer is no, then what $ amount loss or # of months to break even would be reasonable for you? of course, i'm leaning towards NO but i wanted to get some more insight.
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06-10-2008, 11:21 PM | #3 |
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what kind of car? the BMW? had the car for 1 year.
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06-10-2008, 11:21 PM | #4 |
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what do you mean a 3 k hit??? are u upside down or the cars value has gone down by 3 k...please clarify
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06-10-2008, 11:22 PM | #5 | |
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Quote:
as in, the new buyer is buying it for $3k less than what i actually owe so i'd have to cover that difference. hence, the $3k loss. blue book value on the car is way less than my payoff.
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06-10-2008, 11:24 PM | #6 |
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so u r upside down by 3 k...simple it is a ROI...you did the math...u will be ahead by 8 months...
can u live with the new car is the question...
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06-10-2008, 11:32 PM | #7 | |
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its rough because i might have to get rid of the car by the end of the year anyways. thats the only reason why i considered possibly doing it now rather than waiting for the last minute. i guess i'll just wait it out to see if anyone is willing to do a lease takeover rather than a direct buyout.
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06-11-2008, 12:31 AM | #8 |
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Will you break even when you sell your rims and mods? What do you have for sale? IMO if the blue book is less than what you would be losing on the sale, then do it, only if you are really in a tight spot. G/L
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06-11-2008, 01:17 AM | #9 | |
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i'm sure everyones blue book value is a lot less than what they owe.
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06-11-2008, 08:42 AM | #11 | |
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06-11-2008, 08:57 AM | #12 |
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With out knowing the Situvation it is hard to say. But if you want to downgrade and save money. Yes I will take the 3K hit.
It all depends on your past vehicle history and what you have driven before and how frequently you will change your car. If you have used to certain life style and if you think you will not be happy with the downgrade. Don't do it if you think you will regret it. |
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06-11-2008, 10:05 AM | #13 |
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are you talking about downgrading from the 328i? no its not worth it. unless your getting a beater. but in that case you are going to miss the bmw.
also don't you get good mpgs in a 328??????????
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06-11-2008, 10:24 AM | #14 | ||
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mpg isn't the problem. it's the $600 monthly payment and pumping premium gas every 4-5 days. i could be paying ~$300 a month and pumping regular gas on a different car.
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06-11-2008, 11:18 AM | #15 |
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i'm not a rich person, so i'd do it if i was tight on cash. bottom line is that you'll be financially better off this way and i think that's more important than enjoying your ride.
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06-11-2008, 11:27 AM | #16 |
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agreed.
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06-11-2008, 11:37 AM | #17 |
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Personally I wouldn't do it but I love my car. Depends on if having extra spending money or your car is more imporant to you.
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06-11-2008, 12:22 PM | #18 |
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My question would be what will you do with the extra $400 / mo after you cover the loss? Party with it or invest it? Either way, only you will know if you will be disciplined with the money, and if it's worth it to you.
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06-11-2008, 01:48 PM | #19 |
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buy my dad a new car. he needs one but can't afford it right now.
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06-11-2008, 01:50 PM | #20 |
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i'd do it, you have the right mindset. BMW is just a car, you got a taste of it, now you can move on. Money in the bank > any BMW.
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06-11-2008, 02:20 PM | #21 |
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06-11-2008, 02:38 PM | #22 |
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