Ok so I went car shopping found a used 06 Audi a4 convertible for 26,000. I have an 07 Nissan Titan that I owe 28,000 for and I’m up side down in my loan for about 8-9k. The dealer was willing to pay off what I owe on the car plus still negociate on the used car if I put 5,000 down. I have around 2500 cash and the rest would have to be put on a card. I’m not sure if this is worth it to me or should I look for a cheaper car? The problem is, is that if I trade in my truck we’d have to buy something for my husband to drive and if we both bought cars from the same lot they were willing to do a deal. However since all our money would be going towards my down payment he would be putting nothing down on a car he found for 20,000. So my proposal I want to make to the salesmen is if we buy the 2 cars we want both for 40,000 out the door with 5,000 down and to pay off my truck out right. If he goes for this witch I have no doubt he wouldn’t because he was showing us cars for around 30k and said he sell them to us for 25k witch is what we said our price range is. Does this seem like a deal that is to my benefit? I’m not worried about securing a loan I have good credit so that’s not a problem. Should I be looking for cheaper cars? Any advice would be helpful. Were pretty set on getting 2 cars and from the same lot so the dealer will take the loss on our truck. Witch isn’t a problem because we both want Audis. I no by securing this deal I’ll be 2500 in debt when I leave the lot but isn’t that better then a truck that’s 9-10k that were upside down on?
Well, I see everyone thinks this is a bad idea but can someone please explain why.
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{ 7 comments… read them below or add one }
all i can picture is the repo man comming to get your car/truck…you are 8/9K under water and you want to go 10K worse…
no
look on autotrader.com thye have good deals!
I think that you should wait and do a little more research as to what is out there and what options that you have as far as getting rid of the Titan. I know what it is like when you get into a car and it feels so good to drive it and you want it, but remember that the feeling is fleeting. If your titan is running fine and there is nothing else that is making you really want to rid yourself of the vehicle, then I would suggest wait. On the flip side, if you know that you have enough money to get the vehicles, make your car notes with no problem, and still be comfortable, then there is nothing wrong with some debt if you are happy. You only live once after all. Good luck and go with your gut on this one.
Apparently money is an issue. If it were not, you would have been paying more than what your payment was and would not be upside down on the Titan you purchased. You may have good credit now but if you keep up the creative accounting, and continue to shift debt from one vehicle to another, you won’t have good credit for long. Be very careful dealing with this guy. Make sure what he is telling you is in the contract you sign.
You speak of an Audi A6. Check the MSN Auto reliability rating. It shows a problem with the rear brake calipers costing over 900 in parts and 175. in labor.The only thing I know about an Audi is that repairs are expensive. If you keep the Titan, how long before you will owe less than the book value? Is keeping it an option?
Were it me I would opt for a used Toyota Camry, or Avalon with a proven reliability record. You can pick a decent one up for 12 to 15000. It appears you already have more vehicle than you can afford. Don’t make the same mistake twice.
As far as the dealer taking the loss, they are not in the business of losing money. If he can’t make money on the deal, there won’t be a deal.
You’re saying 26,000 and 28,000, etc. If you are meaning dollars; somebody has lost their mind. My head is swimming. Are you made out of money? Or, What??
You must have more money than you know what to do with. I can’t keep all of these numbers straight in my head. With the economy the way it is; it seems like you would want to keep your spending down.
Eight years ago; I paid $5500 for a used Dodge Caravan. I’m still driving it and I love it.
I just hope my next van will be as great. I will drive this one until it starts to give me problems.
Every time you trade, you get wholesale or below for your car and you pay retail or above for the one you are buying.
You will go from being upside down $8-9k to being upside down $10.5-12k.
You are just digging yourself a deeper hole.