Leo
08-18-2016, 05:19 PM
Normally it is always always always a bad idea to trade in a car while being upside down in a loan.
Here's my problem, I pretty much was a dummy when I bought the Challenger, way too excited to get a Challenger and got into a bad deal. Bought way too much car and got nailed on extras they through in.
To make matters worse when I drove the car off the lot well it was towed the next day, the transmission blew up...seems to be a thing with Dodge and Chrysler... Anyway they did fix it and the transmission works fine but I don't have confidence in it and the service isn't the greatest and the urge to drive excessively fast it is probably a good idea to get rid of the car. I don't think it will be reliable in the long run and might end up getting me hurt, killed or put in jail.
So I've decided to look into getting another Prius. I had the Prius c before, good car, too small. Since gas prices are cheap they are selling a regular Prius about $5,000 below MSRP, which puts the one I'm looking at $21,463.
So here's where I sit with the Challenger. I'm making payments of $634.90 a month, fucking Christ right? I owe about $31,800 on the Challenger and on a trade in should get around $24,000, which leaves a good bit of negative equity. However, with the purchase of the Prius I still end up shaving off a bit from what I owe and still come about the same on payments but with a shorter loan term, so essentially I still pay off the new car the same time I would have with the Challenger.
Your thoughts... My intent is to keep the Prius indefinitely. My sister has had very good luck with her 2007 and consumers agree... Aside from the Honda CRV, Prius owners hang on to theirs for a long time.
Does this sound like a reasonable plan? I know what I will and won't take for the Challenger, same with interest and so forth.
Generally speaking I would say rolling over a loan is a bad idea, but I'm pretty sure if I stick to the Challenger I'll be stuck trying to fix a car out of pocket... They're not known for their reliability, warranty isn't good for as long as what Toyota offers, on and on.
Here's my problem, I pretty much was a dummy when I bought the Challenger, way too excited to get a Challenger and got into a bad deal. Bought way too much car and got nailed on extras they through in.
To make matters worse when I drove the car off the lot well it was towed the next day, the transmission blew up...seems to be a thing with Dodge and Chrysler... Anyway they did fix it and the transmission works fine but I don't have confidence in it and the service isn't the greatest and the urge to drive excessively fast it is probably a good idea to get rid of the car. I don't think it will be reliable in the long run and might end up getting me hurt, killed or put in jail.
So I've decided to look into getting another Prius. I had the Prius c before, good car, too small. Since gas prices are cheap they are selling a regular Prius about $5,000 below MSRP, which puts the one I'm looking at $21,463.
So here's where I sit with the Challenger. I'm making payments of $634.90 a month, fucking Christ right? I owe about $31,800 on the Challenger and on a trade in should get around $24,000, which leaves a good bit of negative equity. However, with the purchase of the Prius I still end up shaving off a bit from what I owe and still come about the same on payments but with a shorter loan term, so essentially I still pay off the new car the same time I would have with the Challenger.
Your thoughts... My intent is to keep the Prius indefinitely. My sister has had very good luck with her 2007 and consumers agree... Aside from the Honda CRV, Prius owners hang on to theirs for a long time.
Does this sound like a reasonable plan? I know what I will and won't take for the Challenger, same with interest and so forth.
Generally speaking I would say rolling over a loan is a bad idea, but I'm pretty sure if I stick to the Challenger I'll be stuck trying to fix a car out of pocket... They're not known for their reliability, warranty isn't good for as long as what Toyota offers, on and on.
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