A poll of sorts

TotallyNot_Isha

We have (had yesterday, anyway) the opportunity to trade in our Endeavor for an Outlander. Our Endeavor is an 07, and has one more year on warranty. It does have under 40k miles, though, which is good.

The Outlander was brand new, gets better gas miles, and the warranty would of course start new. We are upside down on the Endeavor due to negative equity from earlier trade ins.

The trade would have raised our monthly payment from 25-55 dollars. DH decided that was too much of a raise (we have more than that to spare from our budget on a monthly basis).

Would you have gone for the trade?

greenclown

Probably, if I could afford it. I like warranties.

Lambie.

I am not sure.  I need more info like how much better gas mileage and was it closer to the 25 than the 55 dollar end.

hippotree

Yes.

bensbabe

Lambie.:

I am not sure.  I need more info like how much better gas mileage and was it closer to the 25 than the 55 dollar end.

This.

A higher car payment & better gas mileage doesn't mean you're getting a better deal.

TheMrs923

How many years/how much do you have left on the Endeavor note?  If trading it now would continue your being upside down on car loans I would keep the Endeavor for as long as possible and try to pay off that loan before buying a new car.

TotallyNot_Isha

bensbabe:

Lambie.:

I am not sure.  I need more info like how much better gas mileage and was it closer to the 25 than the 55 dollar end.

This.

A higher car payment & better gas mileage doesn't mean you're getting a better deal.

The 25 range included some down. It would have been 55 more if we put 0 down. 2.9% financing.

Gas mileage is 10mpg higher on city and about 13 more highway.

cookie_queen

Most likely. I'd take paying more in payments for a newer car with better gas miles and a longer warranty.

Mrs_Liberto

bensbabe:

Lambie.:

I am not sure.  I need more info like how much better gas mileage and was it closer to the 25 than the 55 dollar end.

This.

A higher car payment & better gas mileage doesn't mean you're getting a better deal.

Agreed. How's the interest rate/term of the loan? 

I generally prefer smaller payment and/or shorter loan terms so you can have a car note paid off faster. 

Also, would the new car increase your insurance premiums?

Dee1028

New and shiny gets me every time.

No but seriously, if I could afford the increase no problem then I would have. 

TotallyNot_Isha

Mrs_Liberto:

bensbabe:

Lambie.:

I am not sure.  I need more info like how much better gas mileage and was it closer to the 25 than the 55 dollar end.

This.

A higher car payment & better gas mileage doesn't mean you're getting a better deal.

Agreed. How's the interest rate/term of the loan? 

I generally prefer smaller payment and/or shorter loan terms so you can have a car note paid off faster. 

Also, would the new car increase your insurance premiums?

There are options with the loan...0% for 60 months or 2.9% for 72. The 60 months would bring the payment up about $100. While I don't prefer the 72, it would remain under warranty the entire life of the loan and then some, as Mitsu has a 10 year/100k miles warranty.

We have a second car that is an 2004 and has a small amount left on that we are working on paying off first, regardless, just because it's less and has a shorter term. It is out of warranty and we have already sank nearly $2000 in it in repairs and have had it 8 months. We are hoping to pay it off within the year. It's not really a family car in any sense of the word.

The new car insurance premiums would remain about the same--the Outlander is safer than the Endeavor, and we live so close to work that we have an amazing insurance rate for the 2 cars.

DrBeepersWife

I would have traded it in.

melodylb

No way. But I am anti-financing.

buckin

when did u trade the montero for the endeavor?

TotallyNot_Isha

buckin:

when did u trade the montero for the endeavor?

It's always been an Endeavor.

LucyAnnie

How long would your new loan be for?  I guess my feeling is it sucks to start off on yet another loan being upside down.  However, the warranty is a great feature, yet you only have 40,000 miles on your current vehicle. 

 

Would you save that extra payment in the savings with gas?  We recently bought J a car (2000 Grand Prix for 1500k) - we paid oop - but thinking we did a loan - at 100$ a  month - we are still saving almost 50$  a month - assuming gas prices stay constant. 

 

- edited to say - I started this hours ago and just realized I didn't post.  

caffinated_tulip

If it has better gas mileage and the increased monthly payment isn't going to be a burden I might go with the new one. I've never had a new new car, but I'd like to get one. But then again, I'm basically planning on driving my car until the wheels fall off then buying a new one. (It's paid off and I love it).