I have been having issues trying to decide on a new car. My 6 is at around 50,000 miles now, and I think I want to trade it in.
The problem is, I want to find a car to get that won’t make my payments larger than what they are now. I pay $367/month for my 6.
It’s a 2004 V-6 6S. Fully loaded, with heated leather, bose, 6-disk, power seat, moon roof, sport package, front/rear airbags.
I paid 23,900 for it in Nov 2003. I put a Down Payment of $5000. 2.9% APR. I still owe 10,000 on it.
The KBB trade in states around $13,000.
I don’t know what price range to look in, and I feel if I buy a car that’s 20,000 i’d be taking a step down. No leather, etc… just basic. Who wants basic? LOL
I have been to edmunds.com and kbb.com and I can’t seem to figure this whole trade-in thing out. Why does a car that costs the same as my car show me at a payment of well over $400/month?
#1 after you pay off your trade in, you’re only putting like 3k down, not 5, so your payments are gonna be higher this time around
and #2 they probably arent quoting you financing at 2.9%.
If you want a low payment and dont keep your cars that long, try leasing. My car stickered for $36k and change and i pay $267 a month, nothing down.
+1. If you want the warranty, buy barely used. I’m getting a GTO soon, and I’m looking at 05’s with < 8000 miles for about 8k under sticker. There’s a car with the majority of it’s warranty still left, but someone else took the new to used depreciation hit. I’ll be putting 10k or more down, so the fact that used car rates officially suck right now won’t be as big a problem.
Care to explain? For me to lease a car in the mid 30’s for 2 years with 24k miles is costing me $6400, with everything included. To buy, not only do you have to finance and pay interest/tax on the whole amount, but you’d pay more than that for 2 years of depreciation. The payments would be MUCH higher than $267 a month, and you still run the risk of going upside down.
I just went and testdrove a black 2004 GTO with 16k miles on it. If I get what I want for my trade, and they sell it to me for how much I want, the car payment will be the same.
So… what do you guys think? going from a 2004 Mazda 6S fully loaded with 48000 miles, to a 2004 GTO with 16k miles…