Hey guys, those of you that know me know im only 18 and self employed and thats how i pay for my max, but i think my big *** payment was pretty stupid considering im self employed and could turn that huge payment into more money instead of paying off interest.... So im thinking of pulling a Russ and getting rid of it... What kind of car do you guys recommend?? Im thinking older model maxima. Like a 95 or 96 SE or I30. Probably black too. I always loved those and wanted one before the 5th gen ever came out... Plus they have a little more after market support plus who cares about how fast it is. I never go to the track and street racing hardly happens here in tempe Az. So what should i do guys and how much you think im gonna lose trading the car this early???
And all you guys that know about financing and stuff, what is the best way to take care of this?? Should i sell the car? or trade it or what???
Adam

 

how much do u still owe?? i'd say read russ' posts.. but most got deleted.. to sum it up.. if u bought the car your going to lose out.. if you leased the car your set.. see leaseing was invented for russ new car every 2-3 years is a good deal.. however others think diff.. im sure they'll voice their idea.. if u really think u want another nissan maxima.. y don't u just try dealing with yours.. you have aftermarket support.. i don't see the diff really.. i mean all but a performance clutch is avalible for u.. dun see y u'd wanna "downgrade" unles its a matter of actually not being able to afford the payments your on now.. which if it was.. you should seriously think of taking the hit and getting a car you can afford and not living beyond your means.. ever see the discovery card commercials on tv?? living beyond means isn't a smart thing.. espicially since ur 18 and ur credit is just starting to form

 

I can afford the car, i just cant afford to do anything else like expand my business with this huge payment. I dont care about "downgrading" i used to drive an altima and loved that car (except for the 2nd gear accelration...) I would love to have a clean black 96 max. It would be sweet..

Adam

 

If you can afford the payments, I say keep it for now. You will take a big hit if you get rid of it now. You have already taken the depreciation hit by just owning it and selling it so soon is not a good idea. Generally, you should plan on keeping a new car that you bought at least five years. Any less and you should be considering leasing.

 

Thats what i was trying to say!! good job

 

Okay.. using woodears plan of thought.. affording means that not all of your money goes towards this so called affordable object.. just out of couriosity what are your payments neway?

 

Why? The 2k+ Maximas are not depreciating like the older ones. There still in the bluebook for 22k trade in for a loaded 2k! I got that for my 2000 when I traded it in, and was very little upside down.

 

russ your just hmmmm whats that word.. special

 

Depreciation applies to all cars regardless if they are a Maxima or not. Once you drive the car off the dealer lot, it loses 20% - 30% of its value right there. Blue book values are fine, but you paid say... $27k or $28k for that car and got $22k for it less than a year later. You just lost $6k in one year. If you had kept that car longer, that depreciation would have been spread out. Depreciation on a car is not linear, it is more a curve that levels out as the car gets older....but the first years are the worst.

 

Ok here are the numbers
$561 a month
13.5% interest
6 year loan
27,500 with ttl
Loaded except for leather, i see 20-22 on kbb and edmunds for trading it in...

Im looking at 96 or 97 i30's
I found a black/tan 97 for 17,347 with 49k miles or a white 96 i30 for 11,995 with 70k miles..

adam

 

Dunno, I paid 26,400 for my 2k loaded auto maxima. And traded it in 1 yr later for a 2000 Sentra and got 22k for it. I don't think that is bad at all.

 

13.5%?!?!?!?! Why so freakin high?! Only people with bad credit should be at 13.5%!

 

u can thank my mom for that. I dont have credit yet so we had to use hers. She was alot of credit, not bad credit.

Adam

 

If you're talking about when to get out and lose the least, now is definitely not the time to sell. Depending on how much you put down, you could find yourself selling the car and still oweing $$ on the loan. To get the most value out of your car, you obviously need to keep the car longer. Look at it this way: if you bought the car for $27 and sell it for $20, you paid $7,000 for use of a car for one year -- that's not much of a bargain. But if you keep it two years, and sell it for $19, you paid $8,000 to use it for 2 years -- still not a bargain, but the annual cost over time is still much less.

But finance aside, it still comes down to: it's your life. And if it's squeezing you too much, even though you may lose the most now, it might be worth it to take the loss to get the payments off your back.

To really make an informed decision, I'd sit down and write out different scenarios... what if you sold today? What if you sold 6 months from now? 1 year? etc. Go to one of those loan amortization calculators on the web and see how much you owe at different points during the loan. You'll kind of have to guess at the depreciation on the car over time, but you'll see how at certain points you will have more $$ left over, and you can use that money for a down payment on another car.

If you didn't put a lot down, chances are you have little if any equity in the car right now because of how much the car depreciates when you take the title. That means when you sell it, you won't be left with much to use as a down payment on another car. The last thing you'd want to do is sell the Maxima, break even, have nothing to put down on a used car and end up with a note that's almost as high as you're paying now but for a used car (the finance rate is usually higher on used cars as well, and they might not be willing to extend the note as long).

You can also look into refinancing through a credit union too. That might end up extending your loan a bit, but you may get a better finance rate and lower monthlies -- especially if they extend your loan by a few months.

Good luck.. monthly payments are a *****. That's the only thing I miss about my Sentra... I owned that *****!

 

Is that including tax or plus tax? Still, I think losing close to $5k in a year is a lot.

 

26400 out the door!

 

russ thats still almost 5k loss.. how bout u send me a check for 2.5k and u can drive my car for the half a year i don't drive it

 

Sell The Max and get a 2001 Suzuki Swift hatchback. its only 7K and It gets something like 400,000 miles per gallon. Plus you have that peppy 55 Hp 4 cylinder. Then you'll have plenty of dough to expand your business. Just joking. By the way what is your business. I'm 18 now and I am thinking of starting a construction business next year. I allready have a lot of hook ups in the field so I should do alright. Hows the self employment working out for you?

 

with you...I too want to get out of my 2K Max but probably for different reasons that you have stated. My base SE with auto and splashguards as only options out the door for 21946.00. I'm double your age and my loan is almost half yours per month....talked with some dealers and what these guys are saying is right...you'll take a bath and a half especially on a loaded up car. I was offered about 18,000 by my dealer when I was comtemplating getting a 5 spd 2K....4000 dollar hit and car wasn't even 5 months old yet...ouch...plus you take into account the money from my trade in of 3800 that would be pissed away and .....big ouchie....

I too have thought about getting into an older Max SE 5spd...I think the problem is that usually after a few years, you'd get a better trade in value at a Nissan dealer but not right now....problem is is my case that the dealer is selling base 2K1 SE's for less than I bought mine...something like 21700.00....so.....in other words Nissan dealers probably don't even want you car unless it is a huge steal for them.

I like Maximas, I just happen to hate mine if that makes any sense I fell victim to an impulse test ride buy and didnt really get the Max that I wanted...my bad, hard lesson learned.

Still havent ruled it out but I may tough it out another year....maybe not....I don't want too many more things to go wrong with the car

Good Luck!

13.5? Ow!! Man thats killer....

[Edited by jnm2kse on 01-04-2001 at 08:27 PM]

 

paid over $40,000 for someting that cost $27,000.
Interest payment of $13,000!!!

You need to get out, but not now.

Wait little bit, then sell it or trade it in.
You will definetely lose money by not keeping it, but not anywher near $13,000.

So in other view, you make money by selling the car, by not paying as much interest as you would have to if you pay it off in 6 years.

$13,000 in interest is ridiculous.

 

Ya the interest is damn rediculous. No way i plan on keeping it for the next 5 years either! especialy with all the bad *** nissans about to come out. but i realize that trading it now is a big no no so im gonna suck it up and keep it and borrow the money to expand the business.

68stang: Check my profile for my business homepage..

Adam