The trade up

[bongono93]

I made a post asking about financing vs buying and I now know that financing if for sure not a option. I just got my camaro 1ls and I have to say im fully satisfied. I dont feel like it has enough power and I dont like that it has almost no features. I settled and now im not fully happy with my purchase. Needless to say I want to upgrade to a camaro 1ss or at lest at 2lt but I still owe money on my 1ls so I was wondering how trade ins work when you still owe money on the car? Would it be better to keep thr car a little longer (like a full year) and then trade it in?

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[Muscle Car Memories]

Originally Posted by bongono93

I made a post asking about financing vs buying and I now know that financing if for sure not a option. I just got my camaro 1ls and I have to say im fully satisfied. I dont feel like it has enough power and I dont like that it has almost no features. I settled and now im not fully happy with my purchase. Needless to say I want to upgrade to a camaro 1ss or at lest at 2lt but I still owe money on my 1ls so I was wondering how trade ins work when you still owe money on the car? Would it be better to keep thr car a little longer (like a full year) and then trade it in?

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You can trade up for sure but your gonna have to find the right deal and you will probably lose some money on your Camaro for trading so early.....You will be at a break even point on your Camaro in about 2-3 years and depending on how much you originally put down and paid for the car.

[Cody2399]

As another person who wants to trade in for an ss, I put the popcorn in the microwave

[JGS]

If you really need to upgrade asap, I would probably sell the car and payoff the loan to release the lien. (not trade in because trade in's you usually get hit pretty hard ). If you cant do it this way, you can always trade in. The reminder of the debt will merge with the the loan you will take on the new car. Just a basic example: You owe $30,000, Dealerships pays you $25,000 for current car. Remainder $5000 of debt will be added to the cost of new car. New Car $40,000 plus $5000.00 of previous debt still owing, new loan will be $45,000.
It also depends on the terms and conditions of your contract, but in general that's how it works. If you keep your car for a year, value of car will decrease while the debt wont decrease as fast as car value, so I would probably say the sooner the better. Hope this helps. Good Luck !

[Ragnar]

Whatever your payoff is, that is the number that you owe. The term upside down is when you owe more than the car is worth. I would keep the car longer! If you transfer the negative equity to the other car, it makes your payment bigger, unless you can offset it with down payment. The trade in value is less than retail. Selling the car outright will get you the most $. Just my $.02

[notmidlife]

Originally Posted by Muscle Car Memories

You can trade up for sure but your gonna have to find the right deal and you will probably lose some money on your Camaro for trading so early.....You will be at a break even point on your Camaro in about 2-3 years and depending on how much you originally put down and paid for the car.

^ x 2. The sweet spot for depreciation is around 30 months. The dealer would be happy to roll negative equity into your new loan if you really want to do it sooner. Good luck on your decision.

[stlrammer]

It's difficult to trade early without being punished. If you go for a used 1SS or 2LT there may be more give in your favor. It worked for me. I look for low mileage, private owner Camaros that have sat on lots for 12 months or longer. Dealers are anxious to part with these. There are better finds in rural areas (someone trades camaro for truck and Camaro sits due to lack of demand). It takes a little time to find but pays big dividends if you can handle a used vehicle. You may also try listing current car on cars.com to improve your equity position on next ride. Low mileage used may be the sweet spot to balance your upgrade desires.

[Evergreen6]

Originally Posted by bongono93

I made a post asking about financing vs buying and I now know that financing if for sure not a option. I just got my camaro 1ls and I have to say im fully satisfied. I dont feel like it has enough power and I dont like that it has almost no features. I settled and now im not fully happy with my purchase. Needless to say I want to upgrade to a camaro 1ss or at lest at 2lt but I still owe money on my 1ls so I was wondering how trade ins work when you still owe money on the car? Would it be better to keep thr car a little longer (like a full year) and then trade it in?

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Hang on to your car for a while. Get to the point where you owe a lot less than it's worth.

It's almost guaranteed you'll lose a lot of money if you trade in your 1LS. If it's not enough to cover what you owe, then you'll still owe money on the old car. You have two really bad options at that point. You can pay the difference in cash, which, you might have to. Or, you might be able to add that balance on to the loan on your new car. Negative equity, my friend. It's the dumbest of dumb financial moves to roll negative equity forward. Never owe more than your car is worth; that's the best advice I can give.

[007s 'Vert]

I waited 28 months with my 1lt, they paid off what I owed on it(no being upside down) so......like someone else said in here.....wait about 30 months
Plus when you DO go to trade it in, ........be patient! Trust me, it will pay off for you. Do your research! And dont show any emotions towards the one car you fall in love with.....dealerships can sense that and use it against you. Just play it off and act like you havent made your mind up, tell them you are gonna look around some more, and walk out.
I worked the dealers for two more months until they finally gave in and made the deal, I ended up making this deal-
-Got the car I really wanted (2lt/RS, loaded out, heritage grill, convertible, doual mode exhaust, windscreen, cargo mat, stripes,etc...) a total of aproxamately worth $12000 more than what my 1lt was worth new
-Got the car knocked down $3000 less than sticker
-Got the trade in paid totally off
-No money down
-Same payment
-2000 cash back and USAA rebates
-AND........0% financing!

All for being patient......

Good luck OP, I suggest you just enjoy what you have for a couple years and that way you will be finacially ready and you will know just what exactly you will want in your next ride....

[maddoggyusa]

my step dad has traded up at the dealership shortly after purchase and they didn't screw him over too bad. I'd ask to talk to the general manager directly... just tell him you aren't happy with the car and want to upgrade and see what he can do. just make sure you're 100% happy with the next car. I don't think a LT is a whole lot different than you think. if you like the V8, get it now so you don't "upgrade" again later.

[c5Legend]

I just want to know how is it not enough power?? how fast do you go every day?? do you drive like a maniac?? Are you a street racer or hit the track every weekend??

Just be patient, your going to lose a bunch of money if you trade in now, plus the 6th gen is around the corner and you might have regrets about not waiting..

[abaucom21]

If you finance, do a web search for "Cost of financing a $..00.00 auto (just fill in the auto dollar amount). You might be shocked at the $1,000s you are paying extra finance.

Suggest to the OP, read your finance contract regarding early payoff and if you will be hit by paying off early. If no penalties, then add additional $20 to monthly payments when you can. Paying more now then your min. auto payments might reduce the finance debt and put you in a better position to finance your next auto.

Anyone who gets a loan for a auto (new or used) should first calculate your added loan interest expense over the cost of the loan. You might be shocked at the many $1,000s you will be paying in interest over the loan term.

Financed loans make it too easy, too fast, to get over your head in debt. Upgrade your home, car, furniture, vacations...easy. About 15 years ago I had upgraded all the above then realized with tacked on interest would take me over 100 years to pay off debt even if I doubled monthly payments. So I cut back, sold off. Now I have all I need, pay credit card bills in full monthly, no debt. Wrote a check in full for my Camaro because I waited 14 years before I traded autos.

[sstephen17]

I just got my 2014 2LT/RS. I waited a few months so I could afford all the bells and whistles that come with the 2LT package. Although I'm thoroughly enjoying these features (especially the leather and Boston Acoustics stereo), at the end of the day the best part of owning a Camaro is that it's a Camaro. Yes, the RS package really enhances the look of the car, but even a Camaro without it still looks pretty damn sexy.

I made a huge financial error many years ago trading in a car early (just over a year). Was almost $3k underwater. Don't make that mistake; it can really hurt you financially. Give it at least a few years if you really want to trade it in. Trust me, it will be worth it.

[bongono93]

I just dont want to drive. Manuel anymore

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