so on the fence about 45th anniversary

[kiteman]

i'm ready to buy a 45th, even getting a good deal on it. but what's holding me back is my damn trade-in! it's a bmw 530i that i paid 29k for a little over a year ago. i can only get 20k for it in trade in, plus the tax break makes it about 22k. 7k in depreciation in 1 year...ouch :(

but on the positive side, this dang bmw has done nothing but give me problems and the gas mileage is terrible (not that it's any better in the v8, but hey at least it's faster!). and i have a feeling the central computer is going to die soon based on it phasing out on me already recently. so it's like get rid of it and potentially save money, but lose money in the pricing. plus i could get a much lower interest rate. arghhh!!!

i just don't know what to do!!!!!!!!! thoughts??

[TheHorse13]

Dump it. Here's why.

1) If you're right about the BMW, you will be kicking yourself in the ass later when it breaks and you can only get 15k for it.
2) Even with the money loss on your BMW (normal btw) the perma grin is well worth it when you step inside your new 45th.

No fence needed here. It's a clear choice.

[SUX2BU]

That sounds about right.

[Sir Nuke]

Originally Posted by TheHorse13

Dump it. Here's why.

1) If you're right about the BMW, you will be kicking yourself in the ass later when it breaks and you can only get 15k for it.
2) Even with the money loss on your BMW (normal btw) the perma grin is well worth it when you step inside your new 45th.

No fence needed here. It's a clear choice.

[SS_Matt]

Originally Posted by Sir Nuke

Get the 45th. Get rid of the BMW before it breaks down.

[Camaro45thAE]

I dumped my 06 Mini Cooper S for the exact same reasons of BMW being a complete POS. It barfed a clutch bearing/clutch slave (thankfully Im mechanically inclined as saved myself $2k and did it myself), kept having a speed sensor prob, and an airbag sensor prob in the pass seat. When the pass seat recline handle broke, I put the damn thing up for sale and had it sold in 24 hours off craigslist with my asking price.

I then ordered a 45th.


Moral of the story? Go ahead and get yourself a 45th too.

[BBQdDude]

Private sale the BMW and try to recoup some of the loss?

[2010 SSRS]

get the 45th

[beecamaro]

Originally Posted by BBQdDude

Private sale the BMW and try to recoup some of the loss?

Private sell it, you will get more than the tax offset.

[Sterling]

Don't you wish you just bought a Camaro in the first place?

[ORANGA2D]

Look into Carmax as well, as we all know doing a private sale is a pain in the ass.

[Caspers2SSRS]

Intuition comes to mind. " Being Ready and Being Prepared are two entirely different scenaio's", Wanten desire can fairly be described as an illusion, worth every dime spent avoiding it. ........................if your first and foremost worry is the trade-in allowance, essentially you're saying that you'll be financing upside down (Negative Equity) in addition to the 45th's loan, do the smart thing..........forget it.

If your determined otherwise.......cut your best deal on a LT, ( If your loan maker can get the dealer to juggle the math, bargining you the best interest rate) and accept you'll absorb financing the old debt on top of the 24K loan. Keep a close eye on your realistic auto budget (available disposable income), the term length and monthly installment $$. Good Luck!

"Splinters on fences are there to keep the unprepared at bay momentarily so they might avoid stepping into a BIG pile of manure on the otherside"

[kiteman]

carmax won't give me what i want, but i'm hoping the dealer can match carmax, though unlikely. if they could match, i'd only get another 1-1.5k in a private sale once the trade-in and tax help is factored in. 1-1.5k is worth losing for the convenience of a trade-in i think.

yeah it would have been great to buy a car i liked in the first place. unfortunately that didn't happen. even though the bmw is not the speedy and sporty car i now want, i think had the bmw not been in the shop for ELEVEN problems since i bought it 12 months ago, i probably would not have ever even considered another car altogether.

Originally Posted by Caspers2SSRS

Intuition comes to mind.........................if your first and foremost worry is the trade-in allowance, essentially you're saying that you'll be financing upside down (Negative Equity) in addition to the 45th's loan, do the smart thing..........forget it.

If your determined otherwise.......cut your best deal on a LT, ( If your loan maker can get the dealer to juggle the math, bargining you the best interest rate) and accept you'll absorb financing the old debt on top of the 24K loan. Keep a close eye on your realistic auto budget (available disposable income), the term length and monthly installment $$. Good Luck!

i wouldn't be upside down. i make double payments each month on the bmw and i put a nice sizeable down payment on it as well. i owe <50% of what i paid for the car. the payments wouldn't be a problem on the camaro and with my credit i already know i can get a great loan.

but it's still not the smartest financial decision to trade-in or sell a car a year after owning and losing $7k on that vehicle. maybe i can justify as others have said with the "well it might break since it has already been trending that way" argument, but that doesn't mean it will break yet. that is the obstacle and dilemma i'm debating right now.

no thanks on the LT, i owned an SS before the BMW, so it'd have to be the speed or i'd keep the bimmer.

[BumbleBee3]

I was in similar situation, Truck was looking like it would need about $1500 in repairs to it soon, owed $7200 on it still and sold it for $6000 ate the $1200 and ordered the Camaro. I'm with everyone else here sell it before it breaks and you lose out on getting a Camaro all together or lose even more money into it.