trade-in delimma
12-03-2001, 10:35 AM
#1
Guest
Posts: n/a
trade-in delimma
we have a 99 max gxe and 95 altima gxe. we want to trade one of them for a new frontier or xterra. the 99 still has low miles (23K) but still has 3.5 yrs left on lien. however, we have until 8/03 to pay off the 95 in full but it has negative equity. should we trade in one of them? if so, which one? the 95 also has about 85K miles. or should we just stick it out and wait until the 95 is paid off? 
12-03-2001, 11:16 AM
#2
Supporting Maxima.org Member
Join Date: Aug 2000
Posts: 2,138
Re: trade-in delimma
Originally posted by MAXIMAMA
we have a 99 max gxe and 95 altima gxe. we want to trade one of them for a new frontier or xterra. the 99 still has low miles (23K) but still has 3.5 yrs left on lien. however, we have until 8/03 to pay off the 95 in full but it has negative equity. should we trade in one of them? if so, which one? the 95 also has about 85K miles. or should we just stick it out and wait until the 95 is paid off?
we have a 99 max gxe and 95 altima gxe. we want to trade one of them for a new frontier or xterra. the 99 still has low miles (23K) but still has 3.5 yrs left on lien. however, we have until 8/03 to pay off the 95 in full but it has negative equity. should we trade in one of them? if so, which one? the 95 also has about 85K miles. or should we just stick it out and wait until the 95 is paid off?
Just wait and pay off one (or both cars) early, if you can. Any money you owe on the car you trade in will be added to the loan for the new vehicle. Once a loan is upside-down like yours, the only way to get out is to pay it off...and don't let it happen again. The answer to debt is NOT more debt.
Jim
12-03-2001, 12:27 PM
#3
Supporting Maxima.org Member
Join Date: Aug 2000
Posts: 604
JJW95SC's right.
A few things to add. When you trade in a vechile the dealer isn't going to give you what the cars worth, so you'll get hit with yet more loss.
Ask yourself why do you need a new car? Did you know that you lose 60% of the value of the car in the first 3 years you own it? If you do need a truck/suv why not pick up a 3 year old one? Expecially with a Nissan, they are very reliable, great cars/trucks but that resale?
One more thing. In order to keep from going upside down don't take a loan out for longer then (3) years. Yes (3) years if you can't pay it off in that time period, then you can't afford the car. There are alot of people on this board that are driving cars that really should be from a financial stand point. IMHO...
My garage.
95 Maxima. SE purchased in late 97
85 Nissan pickup 205,000 miles bought in 92
91 Nissan Sentra SE-R 180,000 bought in August.
A few things to add. When you trade in a vechile the dealer isn't going to give you what the cars worth, so you'll get hit with yet more loss.
Ask yourself why do you need a new car? Did you know that you lose 60% of the value of the car in the first 3 years you own it? If you do need a truck/suv why not pick up a 3 year old one? Expecially with a Nissan, they are very reliable, great cars/trucks but that resale?
One more thing. In order to keep from going upside down don't take a loan out for longer then (3) years. Yes (3) years if you can't pay it off in that time period, then you can't afford the car. There are alot of people on this board that are driving cars that really should be from a financial stand point. IMHO...
My garage.
95 Maxima. SE purchased in late 97
85 Nissan pickup 205,000 miles bought in 92
91 Nissan Sentra SE-R 180,000 bought in August.
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