Need opinion. Buy now or later?

[prostock69]

Hello, new here. Hubby and I have been mulling over whether to buy a new Camaro now or wait until Spring of 2010. Here is our situation. We would be trading in an '07 Dodge Charger R/T in excellent condition with only 13,400 miles. KBB is around $19,500. We owe $15,579. They are selling used Chargers around where we live like mine between $22k-26k (Actually, I could only find 3 within a 100 mile radius that is close to mine). I feel I could at least get blue book value for it. That gives us around 4k for trade in. We pre-qualified at one dealership for the best interest rates available (around 6.4%). My car is still under factory warranty.

So here is the conundrum. Hubby wants to wait until spring to buy the Camaro. He thinks the price will come down since GM said they are ramping up production which will put more Camaros on the dealer lots to be sold. And that would also allow us to save up more for a down payment than we have (not that we really need it).

My concerns are my car will depreciate significantly by next spring because it will be 3 years old and the warranty will be null plus I risk something happening to my car. I just had some minor repairs done to the body and it's now in perfect condition. I don't drive it in the winter (here in Ohio). Granted I still will be paying down the principal on my loan at the same time. But will it stay in line with the depreciation? Or will the depreciation start to eat away at the equity I now have in my car? There is no way to tell. I estimate I would put at the most 1,000 more miles on it by March of '10. And we risk the interest rates going up too. BUT, there is always the chance GM will come out with an incentive whether it's cash back or low financing come spring to get people to start buying again.

There is not a huge demand for the Camaro where we live (Dayton, OH area). I think we could get one below MRSP. As a matter of fact, I have yet to see one on the road and I live near the mall and restaurant row. I'm constantly looking out for one but have yet to see one.

So would it be really worth it to wait until Spring to save a few thousand and risk interest rates going up and something happening to my Charger? Or should we buy a new Camaro now while my car is till worth something?

Oh there are three dealerships in our area that have the exact car I want.

What would you do?

[nards444]

well you can expect to get a few less than what Kbb will give you on trade. And the camaro will not go down in price next spring. They might a small cash back(500 bucks tops) maybe 0%apr but doubt it. yeah your charger will go down in value, but you will have more paid off. it depends on what your finances look like. My advice is this. Ask the dealer what they would do on trade. at that point put an order in. You wont get the car any earlier than 4 weeks probably more like 6-8 weeks. During that time, try to sell your car for the 20-22, if you dont trade it in.

[EAkrish]

I say buy it now, see if the dealer will lock in your trade price. Mine did this for me, maybe you will get lucky....

[itsjO]

i'd go for it. currently im selling my 09 Accord coupe, kbb is around 21k i figured i might as well sell it off now (thats where im at the moment). if u want to get the most for ur car now sell it while the kbb is around 19500.. but thats just me.

[SWHCPA]

Just remember that pricing is always a bit more agressive during the fall and winter months because demand (& pricing) hits a seasonal peak in the spring after everyone comes out of the winter doldrums. Camaro pricing should stabilize until the market gets satisfied - which doesn't look like it will anytime soon.

If you're in positive territory on your Charger v. the loan balance and you have a decent downpayment, then do whatever you want to do.

[itsjO]

Originally Posted by nards444

My advice is this. Ask the dealer what they would do on trade. at that point put an order in. You wont get the car any earlier than 4 weeks probably more like 6-8 weeks. During that time, try to sell your car for the 20-22, if you dont trade it in.

exactly what my dealer said.. you cant lose, i wanted to here his opinion he told me as i begin to wait his advise to me was "sell the car privately.. why not? youll have at least 60 days to sell it off"

[mwoodengr]

Problem is you have already agreed to buy the car and set the price when you pre-order. Thus you have no negotiating power for your trade. I would guess they would ony offer you what you owe (if even that). Unless your trade-in is highly sought after, you will likely get screw'd when trying to trade it in.
Remember you past buying experiences and how they always low ball your trade?

[nards444]

i would always try selling private first, you have nothing to loose, and dont matter what 99% of time you lose money on trade.