Trade in Stang or not?
6/11/07, 09:27 AM
#41
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Join Date: September 21, 2005
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If anything, you'll get a good lesson in auto economics when you go to trade....Make sure before you go that you know exactly what your parents paid for your car, including the finance charges, and then try to swallow what the dealer offers you for trade in value as if you paid the original amount yourself. This may be a tough lesson to learn since it wasn't your money the first time, but just pretend it was.
Getting a car as a gift is an extreme; most people never get a car as a gift. The down side of getting a gift of that value is not understanding that parents just do that kind of stuff because it's for their kids, and nothing is too good for them. Once you put a $ amount on the loss in trade you'll get a golden opportunity to show your parents how much of an adult you really are. An adult would probably decide to stay with the car you have and not take the hit from the trade. A kid would probably blow off the difference because it wasn’t their money to begin with. As a parent, I'd sit back and see just how adult my son was in this situation, and learn a lot about him by his decision. I’d say make em proud and keep the car that you all mutually agreed on. Once you’re on your own and can afford whatever you want, go for the bigger and badder then.
hags1
Getting a car as a gift is an extreme; most people never get a car as a gift. The down side of getting a gift of that value is not understanding that parents just do that kind of stuff because it's for their kids, and nothing is too good for them. Once you put a $ amount on the loss in trade you'll get a golden opportunity to show your parents how much of an adult you really are. An adult would probably decide to stay with the car you have and not take the hit from the trade. A kid would probably blow off the difference because it wasn’t their money to begin with. As a parent, I'd sit back and see just how adult my son was in this situation, and learn a lot about him by his decision. I’d say make em proud and keep the car that you all mutually agreed on. Once you’re on your own and can afford whatever you want, go for the bigger and badder then.
hags1
6/11/07, 10:51 AM
#42
Legacy TMS Member
Tres, Joe, and Dan have pretty much given you all that you need to make your decision in posts 39, 40, & 41. I currently have a son in college and my wife and I have about 35K set aside for his education. So from his standpoint his education is free and his grades reflect the fact that he isn't paying for his education. He has already been told that if he graduates any and all funds left in his education account are his. He has also been advised that if he fails to graduate, I'm going to have a great retirement celebration at his expense. Right now it looks like I'm going to have a very good party unless he does an immediate about face. Yep, I'm a harda$$, I didn't make Staff Sergeant in the Marine Corps in under four years by being a nice guy. I too frittered away a free college education in my youth but after the Corps screwed my head on straight I went back and paid my way for my degree and everything since then.
My son currently drives a '93 Camry with 150K miles on it and it runs fine. It even still has that new car smell even though it's a family hand me down. I pay his insurance and even though he works three days a week while in school we don't ask for room and board while he is here at home. Whenever there are repairs, I show him how to do them and let him get some hands on experience as I'm trying to teach him the value of a dollar. We could have afforded to get him a new car for his high school graduation but I don't view that event as worthy of a new car. My son just turned 21 and three of his high school friends have already died in vehicle collisions with hot cars that they received for their graduations. Unlike a high school education a college degree is a major milestone that has been earned, we will consider a new car for him if and when he graduates.
On the subject of trading in a vehicle, I would avoid this at all costs. Dealerships are in the business to make money and to maximize their profits wherever possible. Trade ins offer one of the best means for them to maximize their profits. They will never offer you more than what they can get for that car at auction should it not sell on their lot. They will play games with the figures to make it look like you're getting a good deal but they make it up on the pricing of the new car. If it is more than three years old or has been wrecked then it will almost always go directly to auction. If you ever run the vin numbers from those mom and pop used car lots through CarFax you will find that the majority of them have been wrecked.
As a general rule, if you plug your car's info into one of the pricing packages such as Kelly Blue Book you can expect to get somewhere between the private seller price and the wholesale price if you sell it outright. It's a little more effort but you can pocket an extra couple of thousand by selling it yourself. Also keep in mind that add ons usually work against you rather than for you at a dealership.
Just my $.02
B
B
Semper Fi
My son currently drives a '93 Camry with 150K miles on it and it runs fine. It even still has that new car smell even though it's a family hand me down. I pay his insurance and even though he works three days a week while in school we don't ask for room and board while he is here at home. Whenever there are repairs, I show him how to do them and let him get some hands on experience as I'm trying to teach him the value of a dollar. We could have afforded to get him a new car for his high school graduation but I don't view that event as worthy of a new car. My son just turned 21 and three of his high school friends have already died in vehicle collisions with hot cars that they received for their graduations. Unlike a high school education a college degree is a major milestone that has been earned, we will consider a new car for him if and when he graduates.
On the subject of trading in a vehicle, I would avoid this at all costs. Dealerships are in the business to make money and to maximize their profits wherever possible. Trade ins offer one of the best means for them to maximize their profits. They will never offer you more than what they can get for that car at auction should it not sell on their lot. They will play games with the figures to make it look like you're getting a good deal but they make it up on the pricing of the new car. If it is more than three years old or has been wrecked then it will almost always go directly to auction. If you ever run the vin numbers from those mom and pop used car lots through CarFax you will find that the majority of them have been wrecked.
As a general rule, if you plug your car's info into one of the pricing packages such as Kelly Blue Book you can expect to get somewhere between the private seller price and the wholesale price if you sell it outright. It's a little more effort but you can pocket an extra couple of thousand by selling it yourself. Also keep in mind that add ons usually work against you rather than for you at a dealership.
Just my $.02
B
BSemper Fi
6/11/07, 02:34 PM
#43
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Join Date: January 22, 2006
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great post tres wright-well thought out.
I agree with the others, I'm amazed that you're letting someone else make payments on a car that you drive when you're working full time. If you want to get the GT, then don't expect someone else to pay off the V6 you're driving now in order for you to "upgrade". Either keep the sixxer and be thankful you have such generous parents or give it back to them and go buy the GT yourself. Oh, and you might want to verify the insurance upcharge before you get too far with this, that might change your mind.
And college is never, ever "free". You may not be paying anything for it out of your pocket, but that does not mean it's "free".
If you think you're being misunderstood in this thread then maybe you should try to step outside of it and look at it from our perspective. You come off sounding like a spoiled brat with no appreciation for the gifts that others are bestowing on you. It is true we do not know you and also true that this impression we're getting is likely completely wrong, but all we have to go on is what you type here. Be careful how you word things if you want to portray a different impression.
And college is never, ever "free". You may not be paying anything for it out of your pocket, but that does not mean it's "free".
If you think you're being misunderstood in this thread then maybe you should try to step outside of it and look at it from our perspective. You come off sounding like a spoiled brat with no appreciation for the gifts that others are bestowing on you. It is true we do not know you and also true that this impression we're getting is likely completely wrong, but all we have to go on is what you type here. Be careful how you word things if you want to portray a different impression.
6/11/07, 03:06 PM
#44
I agree with the others, I'm amazed that you're letting someone else make payments on a car that you drive when you're working full time. If you want to get the GT, then don't expect someone else to pay off the V6 you're driving now in order for you to "upgrade". Either keep the sixxer and be thankful you have such generous parents or give it back to them and go buy the GT yourself. Oh, and you might want to verify the insurance upcharge before you get too far with this, that might change your mind.
And college is never, ever "free". You may not be paying anything for it out of your pocket, but that does not mean it's "free".
If you think you're being misunderstood in this thread then maybe you should try to step outside of it and look at it from our perspective. You come off sounding like a spoiled brat with no appreciation for the gifts that others are bestowing on you. It is true we do not know you and also true that this impression we're getting is likely completely wrong, but all we have to go on is what you type here. Be careful how you word things if you want to portray a different impression.
And college is never, ever "free". You may not be paying anything for it out of your pocket, but that does not mean it's "free".
If you think you're being misunderstood in this thread then maybe you should try to step outside of it and look at it from our perspective. You come off sounding like a spoiled brat with no appreciation for the gifts that others are bestowing on you. It is true we do not know you and also true that this impression we're getting is likely completely wrong, but all we have to go on is what you type here. Be careful how you word things if you want to portray a different impression.
6/12/07, 07:46 AM
#45
Cobra Member
Im 16, i work on my farm making $10 an hour. when i turn 17 Im going to buy a brand spanking new mustang GT, it will be spotless.
I've had everything given to me up until now,because im tired of it and its time i learn to become a man.
but if i got the car for grad i probably would trade it in but i would have guilt that i was hurt my parents feelings
I've had everything given to me up until now,because im tired of it and its time i learn to become a man.
but if i got the car for grad i probably would trade it in but i would have guilt that i was hurt my parents feelings
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