If any of you recall, when i joined this site I was ****ting bricks because I got taken by the dealer. I pretty much paid sticker price for the car and got a ****ty interest rate. While i can afford the payments, I feel this car is holding me back.

I am currently living at home with my father in a "studio" and paying him rent, but It is nowhere near the amount I'd pay if I move out. I would not be able to afford to move out if I wanted to because I have a dog, so I'd need a place with a yard, and spots like that are more expensive as it is.

I am considering a change in careers, If i go through with it I'd take a huge pay cut for about 1-2 years, then I'd be OK if I'm able to get the job that i want. I can't take that pay cut with my car payments.

I know, I know. I should have put more thought into my purchase. I got sucked into it the second the salesman handed me the keys for a test drive. My IQ dropped to negative levels the second i heard that 5.0 fire up. Yes i can afford the payments, but I'm basically stuck where I am until i pay the car off.

2012 Lava Red Mustang 5.0 Premium, brembo brakes, comfort package, sync, Lo Jack. I paid MSRP, with a 4.9% interest over 5 years. Payoff total ( including downpayment ) would come out to be $44,xxx if I paid tomorrow. 5 year total is $48,xxx. I've checked KBB but it doesn't give an option for 2012 cars.

I was wondering if anyone has an idea as to what kind of price the dealership were to give me if I "returned" it, more like Sell it back. I've put a little over 900 miles since I bought it. Thanks guys

-Tony


TLDR what is a '12 GT premium with 1,300 miles worth?

 

Reading this just blows, sorry. It would have been great for you to have put more thought into this before, but that ship has sailed though. Sorry for your situation. I can't give any advice on doing the smart thing. Just hope you 1 day wake up & can keep your beauty.

 

maybe someone would really want lava red? would think best to try and sell private.

 

Trade it back in for a smaller car and take the hit, In the end you would be better.

 

you would take a 10k hit right now. I really do not think you got a bad apr.

 

Sorry to hear that. Factoring in the interest, it does seems to make for an expensive car. Hind sight is always 20/20 though. Just learn from the experience and don't make the same mistake again. And in the big picture you're better off to learn these lessons early and then be smart with your money going forward, rather than some people who spend their entire lives deep in debt.

But to try and answer your question... I've actually been thinking about trading my '12 GT, albeit for different reasons. I went to a dealership this past Saturday and the best they were willing to give me for my car was $28K. To help get a perspective I paid $31.5K (not financed) and it has 1500 miles.

And keep in mind, the above number is for a trade, not an outright sale. They have to be able to resell it at a profit, or at least make a profit from the vehicle I was considering buying. If you're just selling it to a dealer without buying something else, I don't think you're going to get a very good deal. IMHO if I were you I'd sell the car private party then pickup something used that you can pay cash for.

 

I am thinking you could get maybe 34-35K tops for a private sale. If you trade you will be lucky if you can pull $30-31 maybe.

Here is the problem though . . . that 10K hit you would take when you sell to a private seller would require you to pay up the $ difference when you sell. Based on your situation I'm thinking you don't have $10,000 laying around and if you do taking that much out of savings during a career change is tough.

If you are going to sell though do it sooner rather than later, if rebates keep going up on 12's and the 13's hit the lots you will be more in the hole.

 

Since when is a 4.9% bad? Yes you can get better, but that is not bad at all for a 5 year loan.

 

Could alway get a base fiesta, even stick is like 14000

 

You're going to be upside down for quite a while...and if trade it in for a cheaper car you're still going to have to finance whatever your loss is...

If you get extremely lucky you can try and private sell it for what your payoff is (which will get a little lower each month) but in reality you're better off just paying on it until it's worth more than you owe (at least 2-3 yrs).

 

To me it doesnt sound like you got a bad deal. You paid full price because you ordered yours with all the goodies. It was probably too early to get rebates when you purchased it. 4.9% is not bad at all, pay a little extra if you can each month to pay that balance down quicker. The sooner you pay your payment (don't wait until due date) the more goes to principle and not interest. Do this for 6-7 months, drive it until the spring, and if you still feel the same way then sell it. Your going to take an even bigger hit now going into fall/winter with a sports car. If you go that route, you'll get more money from a private seller than a dealer.

 

I'd try selling it on a forum. You have a sweet car & a sweeter color!! Not sure if this is only forum you're member of? I'd @ least try. Good luck!

 

Exactly! You got a brand new car, so of course you are going to pay Sticker then others with rebates. Like others have said you are much better off holding onto the car and if you do sell in a private party you will have to pay the difference what you still owe on the loan.

 

The OP will likely get about $30K max on trade-in. That $14K inquity cannot simply be added to a $14K Fiesta as that would leave a $28K loan. No bank in their right mind will loan 200% of the value of a car. It will take a bunch of cash down to trade in the '12. It will take a bunch of cash to sell it privately to provide a clear title. So, my advice is to keep the '12 for 3+ years until the OP isn't so terribly upside down in the deal.

 

I'm paying 1k monthly to help pay it off sooner. At that rate the car would be paid off in 3 yrs. Thanks for the suggestions guys, I guess my best option would be to hold on to the car for now. If I traded or sold it I'd have to get another car whether it's new or a beater.

God I wish I could win the lottery lol

 

you could always park it at the bottom of a lake

 

That's the route to go. Enjoy that car!

 

This is pretty much what I was thinking.

 

Tony, I am not sure where you are located, but all need to do is find a Cougar, and move in with her. They usually have pretty nice homes and money in the bank. No rent and all of your money is gravy. When the car is paid off...move out

Seriously, you could try a refi with a credit union. They usually have a lower interest rate. a l% reduction in interest would amount to a dollar per thousand on the loan, if I am not wrong. It may not seem like much, but in this instance every little bit will help.

Good luck. I think most of us have been where you at one time. It is the life of a car nut.

 

How's your credit? If you have good credit you can refinance usually for 3% up to 84 months. I usually wouldn't encourage loans that long, but since you're upside down anyways this may provide some breathing room with payments.

Once you get your new career figured out and start making more money, make double and triple payments to tackle that principle balance.