How to...sell my new car.

[JohnnyA]

2 years ago I was making more money then I am today and I thought I would reward myself and go out to buy a new car. I purchased a 2002, new off the lot, Dodge Intrepid. Now it's 2004 and I really don't want to make these $358 a month payments. I have better places to be spending my money then in a new car that I really didn't need. If I could go back and do it again I would have bought a used car and have been done paying a year ago. But, you live you learn I guess.

Does anyone have any advice on how to get out the situation? I can make the payments, it just makes me sad to see my money flitter away towards something I regret buying. I'd love to get rid of my car somehow and just have a used vehicle that could get me from A to B.

 

[Dannyblake]

Yup--
Sell it outright and take the hit. Without knowing the specifics, I'd say that you are probably 4k upside down.

Sell it by havibg the buyer take over payments. Lose the equity, lose the high payment.

Do you have full insurance? Just a thought....

 

[fgarvb1]

First things first.

It is a used car. Is it a good one and do you like it?

Do a search. How much is it worth? How much do you owe and is refinancing an option?

 

[JohnnyA]

It's a brand new car. Well it was a brand new car when I took it off the lot. And it is a excellent vehicle. I owe about 14,000.

 

[SexyChele]

You would also have to take into consideration the mileage, features, and overall condition of the car. You can go to Kelley Blue Book to get an estimate of what the car would be worth. I put in just the basic information, guestimated the mileage, and used my own zip code (So Cal) and came up with a value of just under $13,000. Not good if you still owe $14,000.

If you can re-finance, that might be an option, though it means you'll be paying even longer for the car. I doubt anyone will give you $14,000 for the car when it doesn't appear to be worth that much. I would suggest trying to wait it out for another year and see where the value goes from there. Right now, you stand to be paying this car off and buying a used car at the same time. If you could find some one who is willing to take the car and take over the payments, that would be a good idea. Not sure, again, how many people would be willing to take on a $14,000 debt when the car isn't worth that.

Whatever you do, I wish you the best!

 

[JohnnyA]

Thanks , I appreciate the help.

 

[MagicFingers]

Try CARS.COM

and edmonds.com
Both have used car value lookups and lots of other good stuff.

 

[FastFastr]

I can make the payments, it just makes me sad to see my money flitter away towards something I regret buying. I'd love to get rid of my car somehow and just have a used vehicle that could get me from A to B.

It depends on what you get to replace the current car. Keep in mind:

1. percentage rates on loans for used cars (the one you'd buy after selling the Dodge) are usually higher than new car loans, especially if you got one of these 1.9% deals from Chrysler.

2. If you are replacing the car with a used car with a $300 payment, then you are only "saving" $58/month. If you're out $4K on this deal as has been suggested, the savings of $58/month would take a looong time to make up.

3. DO NOT SELL THIS TO A DEALER, YOU WILL GET HOSED! Sell it privately by getting prices from www.Edmunds.com or www.kbb.com (Kelly Blue Book) Take this advice from a reformed former car sales rep.

4. If you do sell the car, a portion should go toward sales tax (depending on your state's laws) this could shave between 5-9% off the price that you get for the car.

My advice... bite the bullet, keep the car and drive it til it drops. In the LONG run this will save you money.

 

[nekos]

i know every one loves the kelley blue book and the so called black book.
kelley blue book is made by dealers. there prices are usealy 1- 3 k over the price the car is worth. dealers love when you quote the kelley blue book. they know they can rip you off.
same thing goes for the black book, only slightly diffrent. there are 2 versions of it. 1 the public can get there hands on < and the dealers are more then happy to let you see the prices in these ones> and the real ones that the dealers use to price
used cars from auctions and to sell to auto brokers.

atleast this is what a good friend of the family says . < he is an auto broker >