Might get rid of my truck

B

Blackmirror

New member
I think I might have to get rid of my truck. Now I don't really want to but have to. The monthly payments of $600 a year are killing me:wall ! I mean I could pay for it but then I always feel broke. It is a $37k truck! I'm thinking of getting an lancer evo since its way cheaper and the monthly payments should be half of what I'm paying now for the truck. NOw I don't know anything about trading in cars because I never done it before. So here's my question. Even though I haven't finished paying for the truck, can I go to a Mitsubishi dealer and tell them I want and evo and want to trade in the truck and use that for a down payment? I need all the help I can get so any suggestions are appreciated. THanks!
 
Blackmirror said:
I think I might have to get rid of my truck. Now I don't really want to but have to. The monthly payments of $600 a year are killing me:wall ! I mean I could pay for it but then I always feel broke. It is a $37k truck! I'm thinking of getting an lancer evo since its way cheaper and the monthly payments should be half of what I'm paying now for the truck. NOw I don't know anything about trading in cars because I never done it before. So here's my question. Even though I haven't finished paying for the truck, can I go to a Mitsubishi dealer and tell them I want and evo and want to trade in the truck and use that for a down payment? I need all the help I can get so any suggestions are appreciated. THanks!
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In that situation, make sure to have the salesman use a condom.



I am sure some of the other guys will chime in.



Good luck.



PS: Buy silver.
 
know what you want before you go in and know what your price will be. then work from there use kelly blue book or any other site. go there late on a friday near the end of the month(make sure to leave a few days so it goes on there month sales) this makes them more reasonable they want to make money and it will be tight. hold your line and you'll not get bent..
 
holland_patrick said:
know what you want before you go in and know what your price will be. then work from there use kelly blue book or any other site. go there late on a friday near the end of the month(make sure to leave a few days so it goes on there month sales) this makes them more reasonable they want to make money and it will be tight. hold your line and you'll not get bent..
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I always go throught www.autobytel.com and purchase the car a few hundred dollars over invoice and BS is involved.



Take your car to a number of different dealers to see what they would give you for it.



BTW, a dealership doesn't pay blue book value. They buy wholesale hence the condom suggestion.
 
I'll admit that I never drove a stick shift car before but I think I can learn it quick. I have an idea in my head how to. Just gotta get a feel for it.
 
tdekany said:
I always go throught www.autobytel.com and purchase the car a few hundred dollars over invoice and BS is involved.



Take your car to a number of different dealers to see what they would give you for it.



BTW, a dealership doesn't pay blue book value. They buy wholesale hence the condom suggestion.
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they will give you both on the site and you deside were you want to end up.. I traded a year old tibron for a sonanta and was very happy I did the friday night thing and wanted 13,000 for the car they wanted 11,000 well the manager wanted to leave and i got 12,500 :woot:
 
Blackmirror said:
I think I might have to get rid of my truck. Now I don't really want to but have to. The monthly payments of $600 a year are killing me:wall ! I mean I could pay for it but then I always feel broke. It is a $37k truck! I'm thinking of getting an lancer evo since its way cheaper and the monthly payments should be half of what I'm paying now for the truck. NOw I don't know anything about trading in cars because I never done it before. So here's my question. Even though I haven't finished paying for the truck, can I go to a Mitsubishi dealer and tell them I want and evo and want to trade in the truck and use that for a down payment? I need all the help I can get so any suggestions are appreciated. THanks!
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$600 a year payments. Whats wrong with that:o



Your situation will depend on how much you owe on your '03. You need to determine how much the '03 is worth and then subtract your payoff to get your equity. If you owe more than the truck is worth you have negative equity or "upside down" in car speak.

Always best to sell your vehicle outright and buy another. Easier said than done sometimes.
 
beck27...i kinda get what you were saying about the payments left but just to make sure...can u give me an example with numbers? my truck (kellybluebook) is currently worth 23,000 but my balance right now is 29,000 (i owe). if the lancer evo that i want costs about 34,000, how does that work? do i need to pay the difference of 34,000 and 29,000 or the difference between 34,000 or 23,000? thanks in advance for your reply.



i asked the dealer where i got the truck from and they said they could lower the monthly to 500 but i really dont want to extend the number of years. i'd rather just trade it, reduce the amount i owe each month and the number of years i need to pay for the car.



what do u think?
 
beck27 said:
$600 a year payments. Whats wrong with that:o



Your situation will depend on how much you owe on your '03. You need to determine how much the '03 is worth and then subtract your payoff to get your equity. If you owe more than the truck is worth you have negative equity or "upside down" in car speak.

Always best to sell your vehicle outright and buy another. Easier said than done sometimes.
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i meant 600+ a month
 
Blackmirror said:
beck27...i kinda get what you were saying about the payments left but just to make sure...can u give me an example with numbers? my truck (kellybluebook) is currently worth 23,000 but my balance right now is 29,000 (i owe). if the lancer evo that i want costs about 34,000, how does that work? do i need to pay the difference of 34,000 and 29,000 or the difference between 34,000 or 23,000? thanks in advance for your reply.



i asked the dealer where i got the truck from and they said they could lower the monthly to 500 but i really dont want to extend the number of years. i'd rather just trade it, reduce the amount i owe each month and the number of years i need to pay for the car.



what do u think?
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If KBB on your truck is $23k that means a dealer will pay about $19-$20k for it. I'll go with $20k to make the example easier.



Balance outstanding on truck = $29,000

- Dealer trade in ($20,000)

---------------------------------------------

You have $9,000 negative equity.



If the Evo you want costs around $34k you'll be paying the monthy payments on the FULL $34k, PLUS the $9k negative equity you owe on the truck.



In simple terms, you'll be paying $34k + $9k, times interest, divided by the term of your new loan.



In the end you won't be reducing your monthly payments, you'll probably be increasing it, your too far upside down already.
 
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