Selling or trading in my car?

[Maxtro]

I have a 2001 Mitsubishi Eclipse Spyder GS. That’s worth about $7,000. I got it for $14,000, sometime back in 2004. KBB

It runs perfectly but the AC doesn’t work and it has several scratches around the body. I think it looks good but on close inspection the imperfections are obvious. I also go rear-ended and the bumper is kind of smashed in but you have to look hard to notice it. The car basically needs about $1,500 (maybe more) to get everything fixed and looking new.

I bought it used several years ago. I bought it from a shady dealership and there were several things wrong or just plain missing with the car that I didn’t realize when I took it home. So far I’ve spent about $1,700 on mechanical repairs. I want to get a new stereo, one that has an mp3 hookup and the speakers are starting to go.

So now I’m deciding if I want to do the upgrades and repairs or just get a new car. As I said before the car may be worth about $7,000. The problem is that I owe $7,354 on it. So I owe more money than the car is worth. At my rate of pay off, the car will be paid for in 2.5 years. I used a few skip a payment offers from my credit union.

I have found a car online that I really like, a 2005 Scion tC that’s selling for $14,000. KBB

Actual Photo

If I traded in my current car and got that one I’d basically be making the same amount in payments but for 5 more years instead of 2 and a half. I’d also be getting a newer car and hopefully better car.

Does that make sense or is it a bad idea? Any thoughts?

 

[Bible_Belt]

What is the approximate mileage on each car? The eclipse is a convertible, right? Are you tired of the convertible?

The AC being out can be a simple need of a coolant charge, or as bad as the compressor being out, so the cost of that repair will vary a lot depending on exactly what is wrong with the ac.

I tend to be against payments and always try to buy less expensive cars for cash, but tt's hard owing money on an older car, because you have to save money for repairs and make a payment at the same time. If you have to make a payment, the car needs to be in good mechanical shape and well-maintained.

 

[Maxtro]

The Eclipse has 55k on it and the Scion has 23k. (I have the millage entered into the KBB links I posted) Yeah the Eclipse is a convertible but I hardly ever put the top down. Even though it only takes about 15-20 seconds I still think it's a hassle especially for short drives.

I have already replaced the coolant but I don't know if there is a leak or if something else was wrong.

I am worried about having to make other repairs on the car while I'm still paying for it. Unfortunately the Eclipse's warranty was already expired before I even bought it. I'm not sure about the Scion.

I don't know what else will go wrong with the car and it's about 7.5 years old now. I have been thinking of getting rid of it for a little over a year.

As for paying cash. That would be a good idea if I had a lot of cash on hand.

 

[Bible_Belt]

It sounds like you want the Scion. They are popular cars, and I have read nothing but good things about them. One of the mods here, Diablo, bought one not long ago.

 

[Maxtro]

I actually wanted to get a Celica back when I was car shopping. It was my number one choice and the Eclipse was my number two. I wasn't able to find a Celica in with the right color/price so I settled for the Eclipse. Now years later I was looking for Celica's again but it's hard to find one with the right color/price, then I realized that the tC is basically the successor to the Celica. In some circles it's said that the tC actually stands for Toyota Celica. So in essence I'd be getting my top choice that I didn't get those years back.

My main concern with this thread is if it makes financial sense to add three years to my loan but get a better car out of it. The way I figure is that I'll be making payments for the next 2 and a half years anyways why not get a better car and keep making those payments? Also that I owe more than what my current car is worth. No matter what I do with it, it will end up costing me more money. I don't really know what my options are about getting rid of it. I don't think I can sell it to a private party because of it's negative value. I think my best option is trading it in to just get rid of it.

 

[Booblepook]

Hmmm.. My 01 Ford only needed a battery recently. Old one was still alright, if I start it up every day.


Obviously you learned your lesson on Mitsubishi. Not a good car to have for a long term.


Question is have you learned your lesson on buying cars that depreciate this much? Toyota or Scion will do same thing Mitsubishi did, but with less things breaking down.


I'd sell that Eclipse, and hopefully pay off everything I own on it. Put it on eBay, if you know what you doing you will sell it.

----------------------
Basically, detail the car, make it nice and clean. Take good pictures, but not in against trash bin background near your trailer home. Take good pictures in a nice neighborhood.

Example of a good listing: http://cgi.ebay.com/ebaymotors/00-R...221925421QQcmdZViewItem?hash=item180221925421

Notice how he raises value of that piece of **** with picture, and words. The guy is a player, literally a PUA, you are too, thus learn to sell things.

List your number, and present it high value. People will buy if you do your job.

Oh, almost forgot, shill bid to raise value and make others want it even more. That guy shill bids. Ask a friend to place bids on it once someone else places a bid. When on the phone build rapport with the guy.. Want to find out how? Call that guy in that listing, pretend you're interested in a car.
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Now about a new car. Toyota or Scion, same thing, is not going to deliver. Again, it will be crappy value that will depreciate, same as with your Eclipse now.

Toyotas and Scions are only good if there is factory warranty on them. Otherwise, it's a bad idea.

Your best option is from a private owner. Get money (loan) and buy from a private party. I'd shy away from jap cars. Go for tried and true, ford. There are a lot of hot rods out there.


Mustang GT
Mustang Cobra
SVT Contour
Taurus SHO
SVT Focus


Get a hot rod for under 8,000 from a private party. It will last you a while.

 

[Bible_Belt]

Get a hot rod for under 8,000 from a private party.


fwiw, I bought a 95 Stealth RT (non-turbo) with 150K mi for $3,000. The car was neglected, and I had a lot of routine stuff done to it and bought the best tires I could get locally - all of that ran about $2000. The car was built by Mitsubishi, runs strong, women love it, and I just saw an older one in town with fewer options for sale for $5k. The car still turns heads, and I regularly see other drivers wanting to street race me. I should be able to get another 50-100k miles out of the car and spend less than a grand a year in maintenance. That comes out to much less than a payment, and next to zero depreciation. Old cars beat the depreciation problem, but you have to put up with having an older car. If you choose wisely and save some money for repairs, it is not so bad.

 

[Booblepook]

http://www.deftracing.com/bumpers/images/deftracing_stealth_venom_14.jpg

It's all how you look at it. The other guy that just bought a new toyota camry is not so bad. Add a disabled sticker to it, and he's on with the theme of the day. Tard!


Well kept modded car is a good way to go. Probably available exclussively from people on tunning forums. Modded = lower market value. But the irony is that most all mod their car by spending a lot of money on engine, suspension, stereo, interiour, etc.. Modded is the way to go.

 

[Booblepook]

Check this out

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http://cgi.ebay.com/ebaymotors/93-F...219671946QQcmdZViewItem?hash=item330219671946

 

[MacAvoy]

It all comes down to what do you want out of your life right now. Do you still want to be young and have fun? If so, then get the new car. If your ready to move on and start building for a future, then stick with the old car.

I went through my car phase when I was about your age. I had a collection of MCSS's. Its another great part of my memories. I wasted money on cars but to me, the memories were worth it.

Now, I'm in a different spot and have different spending habbits. It all depends on your current priorities.

 

[Bible_Belt]

must....have....turbo

I might buy or trade for this Stealth, price is $8k, not 10:

http://stlouis.craigslist.org/car/601556953.html

Here is another go-fast-cheap car:

http://stlouis.craigslist.org/car/608769899.html

 

[Maxtro]

I just happen to like cars that look fast. I don't have a clue on how a car can be a girls car. As long as it's not pink or purple what does it matter?

I'm still deciding if I want to keep my car or upgrade. It would be a lot more money in the long term but for some reason making the same payment for two and a half years vs. 5 years isn't that different. I guess it's cause I can't really imagine what life will be like in two years. By that time I should be done with college.

It's easy to get into the mindset of buying things with loans and credit. It's way to easy to buy all kinds of stuff that I really can't afford.

Maybe I should fix up my Eclipse and pay it off ASAP and buy a Ninja 250r for fun or something. Doing that should still be cheaper than buying the Scion.

 

[Booblepook]

I don't have a clue on how a car can be a girls car.

Daewoo!




Cars only look fast when they go fast, get a fast car.