08-10-2015, 11:46 AM | #1 |
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Should I pull the trigger?
Hey guys,
Let me start off by saying, please keep your personal opinions about my financial state to yourself. If bashing people or putting yourself on a higher financial platform helps you sleep at night fantastic. I am 21, work 3 jobs and a full-time student. I am about to trade my '15 Honda accord in for a Loaner '15 BMW X1. The X1 is equipped with the premium and xline package with 8k miles on it. Car is listed for 31,991 but I got them to take another 1k off. so 30,983. Also got them to come up on my trade from 16k to 19k. I shopped my trade at about 3 different dealers. I am upside down on my accord because I didn't put cash down and I had a 11% interest rate. I am going to do an owners choice, because I don't want to put cash down and don't want to roll the negative equity into the BMW's negative equity. I want to do the OC for 3 years and turn the vehicle in and start fresh with at least 5k of a down payment. Also the plus is driving a niiiiicccceee BMW. SO my question is am I getting a good deal? 30,983 @ 36 mos. @ 36k miles. -4000 Negative equity Residual value of 21,000. 537 a month. Thanks everyone! |
08-10-2015, 02:40 PM | #5 |
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Nice car, deal seems fair enough TBH but I am used to CDN prices which are higher.
I'm not gonna lecture you but i will give you a story. At your exact age I bought a 1971 Alfa Giulia Coupe, fucking gorgeous. Drove it everywhere but upon shopping around for a mod shop to tweak her a bit i was told "buddy, buy a house instead". I did not and modded the Giulia. All told i dropped $22K on the car, basically my house deposit. If i do the math, I am out about $1M in lost equity as a result. Just sayin'. |
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08-10-2015, 02:50 PM | #6 | |
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08-10-2015, 09:55 PM | #7 |
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Bit different numbers but I got in December of 14 a 14 s drive base with 15k. It was a demo but didn't show any signs of a loaner(no ring scratches under handles, curb rash, or even any bumper chips). I got the cpo warranty (100k) all for $25,200 before taxes. No trade.
As far as I'm concerned I got a great deal. Yours seems decent as its newer and better optioned. Not sure on the trades, they rarely seem like a good deal to me. |
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08-10-2015, 10:57 PM | #8 | |
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08-16-2015, 10:00 PM | #9 |
That was a hell of a thing...
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28i or 35i? I have to assume it is a 28i due to loaner status.
Is it a CPO car? I personally think it is a bit pricey. I have seen 28i with less miles selling for under 30k. Some with about 15k on the clock going for under 25k. |
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08-19-2015, 10:34 AM | #12 |
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08-19-2015, 10:54 AM | #13 |
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08-19-2015, 11:55 AM | #14 |
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I would say a definite no. You are putting over 4000 dollar of negative equity into the deal on a lease??? That is crazy. Is there something wrong with your Accord? Does it break down every month? If no keep it and pay it off early.
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