DodgeIntrepid.Net Forums banner

1 - 20 of 47 Posts

·
Registered
Joined
·
2,220 Posts
Discussion Starter #1
... and had them run some numbers for me.

They're offering me $6K for my Intrepid, leaving another $6K in negative equity that I have to eat (no way around it unless I drive my car another year or so). Add that onto the cost of a 2003 Accord EX sedan, and my total comes to $30K. They offered me a 5yr loan at 2.9% interest, translating to a payment of $550/mo.

.. or a 6yr loan at a rate they didn't specify (which I thought was strange) which drops my monthly payment about $20-30.

The car is the EX model with the 5-speed automatic and the 160hp 4cyl.

I test drove the car (which wasn't my color... I want silver) and I liked it a lot. With me and the salesman from the dealer in it, the A/C on high, etc. there was a lot more acceleration than my car has. Plus, the EX has all the nice luxury features.

Now I have some choices to make:

1.) Do I want to take this offer.. or do I wait until I owe less on my car? .. keeping in mind that my car's value decreases as time goes on.... hopefully not more than the balance I owe on it is decreasing.

2.) Is a bank or credit union worth asking about a loan in this case instead of using dealer financing? .. keeping in mind that because of the negative equity, there's a likelihood that most banks wouldn't want to give me a loan.

Keep in mind a couple facts:

1.) My car payment now is about $430... on a 3-year loan.. which I have about 2 years left on.

2.) I do not want to have my car another 2 years... past 100K miles, in other words.

3.) If after a year or two I want to refinance this new loan (for the Honda) I can do so... just as I did with the loan for my current car.

Anyone have any insight and/or advice?
 

·
Registered
Joined
·
4,083 Posts
If it were me I'd want the V6, but that's personal preference.

If that rate is not in lieu of a rebate then it is fantastic. I am paying 3.9% through my credit union. I don't think you'll get a cheaper rate than that. This is definitely a borrowers market.

I don't know about the price but it is definitely a buyers market. If you wait a few years and the economy is better you'll pay a higher interest rate and won't get as much of a discount.

This is definitely a good time to buy.
 

·
Registered
Joined
·
2,220 Posts
Discussion Starter #3
The finance manager at the dealer is going to call me tomorrow with the details of what they can offer me.

Assuming he comes back with the numbers I saw yesterday, I might say yes to the whole thing. The numbers he gave me were with $0 down too.

.. but I think I'd go with the 5 year loan.... just to get the 2.9%.

As for the car itself, I think it's a good choice. It will be worth something after those 5 years.

My only gripe is with the trunk lid. It doesn't have the hydraulic lifts that the Intrepid has. However, the trunk is much easier to get stuff into.

I also want the EX.. as opposed to the LX.. because it has 16" alloy wheels standard. It also has the dual-zone climate control and moonroof standard on the EX as well. Another convenience is having the keyless entry buttons integrated into the key, although the LX has this too.

If cost wasn't an issue, I could have gone with the leather interior on the EX... with the heated seats... but cloth has its advantages.

Overall, it would be a substantial upgrade from my Intrepid... that, above all else, will hold its value; a major consideration for my next car.
 

·
Registered
Joined
·
4,908 Posts
Dealerships, EVERY dealership, will go out of their way to sell you a new car, and most are friendly about it etc.

When it comes to a trade in, I'm sorry, but they'll **** you as hard as they can, In fact you're now their little ***** when you suggest it. Trust me, I've worked in the car dealership business.

Reason why they do that? Well they take into considderation how many miles, what year your car is, and what shape YOu say it is in. Then they take the average price range you can get for your car, and often offer maybe to pay 1-3k less than the lowest price on that average. Because if they can't turn that car around and sell it for more, or at least even for the price they discounted off of that new car, they're loosing money. It's just business.

If you go privately, you can sell to someone who is LOOKING for that car, and knows they won't have to settle for dealership prices, and they know the private seller KNOWS this car, well most anyways.

Bottom line here? Sell privately. If and only then you can't, and you NEED that new car, then go with the stealerships as a last resort. And remember, the devil smiles too. Don't take a smile for granted. ;)
 

·
Registered
Joined
·
3,503 Posts
00ChryslerIntrepid said:
... and had them run some numbers for me.

They're offering me $6K for my Intrepid, leaving another $6K in negative equity that I have to eat (no way around it unless I drive my car another year or so). Add that onto the cost of a 2003 Accord EX sedan, and my total comes to $30K. They offered me a 5yr loan at 2.9% interest, translating to a payment of $550/mo.
Without crunching numbers, that just doesn't seem right. I paid roughly $25k for my car brand new and have a 5 year loan at 9.?% and I pay $533.79/month.

Granted that is $5k less than you, but it is also about 7% more than you.

Hmmmmmmmm.......

So why are you looking for a new car now anyways?
 

·
Registered
Joined
·
4,908 Posts
Re: Re: Went to the Honda dealer yesterday...

Warlord187 said:
Without crunching numbers, that just doesn't seem right. I paid roughly $25k for my car brand new and have a 5 year loan at 9.?% and I pay $533.79/month.

Granted that is $5k less than you, but it is also about 7% more than you.

Hmmmmmmmm.......

So why are you looking for a new car now anyways?

He doesnt want to own his Intrepid over 100k Miles, where all the problems seem to start regardless of the car.
 

·
Registered
Joined
·
2,369 Posts
What about another Intrepid(buy the extended warranty). They are cheap right now and the dealers are hungry(maybe they will eat some of your loan). Still it will have a very low resale value if you want to turn it around again.

The other thing to consider if you wait a year is that you have a 2.7 and an Ultradrive with no warranty. One problem and it could cost more to fix than your car is worth.

Tough choice for you. I jumped ship from DC and am very happy. We are in the same position with my wifes PT(Only there is no loan). Do we keep it and hope everything stays together(3 years old, still no problems), or trade it in and get a very poor trade value for something new? She has her eyes on the new Mazda 6(V6 5 speed in electric blue) maybe it will not be a hard decision.
 

·
Registered
Joined
·
2,220 Posts
Discussion Starter #9
Well, from a pure affordability point of view, I can do the $550/mo... especially if I trim some from other parts of what I spend every month. Like lunch during the week... I usually go out to lunch, which costs an average of $5 per day. I can bring lunch to work every day and save about $100 per month just by doing that alone.

I dunno... this could all be a moot point if they can't do the loan with the numbers they showed me yesterday.

At the same time, if I wait until the 11th of August, which is when my next payment on my current loan goes through, I'll owe less on the car, which may change the numbers a bit.

We'll see.

As for jumping ship on DC, it's not that I hate my car or DC's products... I just don't want to have this (or any) car past 100K miles... and I want to get into something that will hold its value, but also something that's more luxurious, affordable, and stylish.

The 2003 Accord EX sedan does all of those things for me. :)
 

·
Registered
Joined
·
2,220 Posts
Discussion Starter #10
EvilDeadFan said:
Dealerships, EVERY dealership, will go out of their way to sell you a new car, and most are friendly about it etc.

When it comes to a trade in, I'm sorry, but they'll **** you as hard as they can, In fact you're now their little ***** when you suggest it. Trust me, I've worked in the car dealership business.

Reason why they do that? Well they take into considderation how many miles, what year your car is, and what shape YOu say it is in. Then they take the average price range you can get for your car, and often offer maybe to pay 1-3k less than the lowest price on that average. Because if they can't turn that car around and sell it for more, or at least even for the price they discounted off of that new car, they're loosing money. It's just business.

If you go privately, you can sell to someone who is LOOKING for that car, and knows they won't have to settle for dealership prices, and they know the private seller KNOWS this car, well most anyways.

Bottom line here? Sell privately. If and only then you can't, and you NEED that new car, then go with the stealerships as a last resort. And remember, the devil smiles too. Don't take a smile for granted. ;)
I was actually expecting to get less than $6K for my car. Blue book for it is about $4100.. and NADA lists it at about $5600.

How would that work, though, if I tried to sell it privately?
 

·
Registered
Joined
·
518 Posts
if there is no life-threatening rush, i would sell the Trep privately.

Number one, that Accord EX will still be there. Number two, you SHOULD get more cash selling it privately. At the very least, break even.

Every vehicle I have owned, I have sold outright and NEVER came out upside down if I still owed on the vehicle.

Like stated eariler, it is a buyers market(for now), so selling the Trep shouldn't be too tough.

Good luck and sorry to hear you want a Honda! :p
(kidding)
 

·
Registered
Joined
·
2,220 Posts
Discussion Starter #12
Titleist said:
if there is no life-threatening rush, i would sell the Trep privately.

Number one, that Accord EX will still be there. Number two, you SHOULD get more cash selling it privately. At the very least, break even.

Every vehicle I have owned, I have sold outright and NEVER came out upside down if I still owed on the vehicle.

Like stated eariler, it is a buyers market(for now), so selling the Trep shouldn't be too tough.

Good luck and sorry to hear you want a Honda! :p
(kidding)
The only problem with that is... I doubt I can get the $12K needed to pay off the loan.

Do you honestly think I'd have a chance getting $12k from someone for this car?
 

·
Registered
Joined
·
8,099 Posts
00ChryslerIntrepid said:
Do you honestly think I'd have a chance getting $12k from someone for this car?
No way in hell. I doubt you'd be able to get the 6K they are telling you they are giving (I'm sure they've played with other numbers to make it look like you are getting 6K for it)
 

·
Registered
Joined
·
2,220 Posts
Discussion Starter #14
Intrepid99 said:
No way in hell. I doubt you'd be able to get the 6K they are telling you they are giving (I'm sure they've played with other numbers to make it look like you are getting 6K for it)
Well, they listed $6K as the trade-in amount on the title application.
 

·
Registered
Joined
·
2,220 Posts
Discussion Starter #16
Intrepid99 said:
I never said they didn't. But they know they won't make money off of that car if they really gave you $6k....so they probably inflated the cost of the car you are buying.
They listed the price of my car as $22K on the title application.

Honda's website lists 22K as the price for that car... the EX with automatic trans.
 

·
Registered
Joined
·
2,220 Posts
Discussion Starter #18
Intrepid99 said:
you don't pay sticker for a vehicle??? do you?
I'm going to ask them what they can do about the price of the car before I say yes.

Geez... relax, Randy. You seem kinda edgy on this.
 

·
Registered
Joined
·
2,220 Posts
Discussion Starter #20
Intrepid99 said:
how can i sound edgy? you are only reading text on a screen. there is no emotion.
Well, as I read what you typed, it comes off sounding like that.
 
1 - 20 of 47 Posts
Top