Owe more than its worth?

Discussion in 'Community' started by MacDawg, Jul 31, 2005.

  1. MacDawg macrumors Core


    Mar 20, 2004
    "Between the Hedges"
    So, with all of the "employee discount pricing" going around here (General Motors, Ford, Chrysler, et. al.), I thought I would check it out and see what I could do about getting a new Ford F150.

    I currently have a 2002 F150 SuperCrew. It's very nice and I'm not unhappy with it, just thought if I could afford to upgrade, I would with the deals around now. (Mine is immaculate and well kept).

    Well... when I had them check the payoff of my current F150 I owe more than the trade value! No way I'm gonna buy a new truck and finance what I owe on my old one too!

    I was really bummed...

    I checked 3 sites that calculate your used vehicle trade in value.

    Kelly Blue Book said $8,000 :(
    Another said $12,000 :eek:
    Vehix said $16,000 :)

    I know I could sell it for more than a trade, but I'm lazy.

    My brother-in-law's F150 was just totaled (newer than mine), and they didn't give him near his payoff.

    I know that is the way financing is,(and trade ins too) but I'm just wondering if anyone else gets bummed knowing they owe more than their item is worth, whether it is a car or anything else. I bought a Mac one time on a credit card (big mistake), and it was obsolete before I was close to paying it off. That won't happen ever again!

    So, there you have it, what items do you have that you owe more than its worth?

    Woof, Woof - Dawg [​IMG]
  2. iGary Guest


    May 26, 2004
    Randy's House
    Feel your pain. I dealt with many cutomers in the same boat as you when I was stupid enough to sell cars for a while in my early twenties.

    I was petrified when I bought my car four years ago because I onlly put a grand down and had a 500-dollar trade, but making as little as 30-40 dollars a month extra on your payments can keep you from being "upside down" in your vehicle.
  3. MacDawg thread starter macrumors Core


    Mar 20, 2004
    "Between the Hedges"
    That's what I'm about to do.
    I financed 2 years ago for 5 (bought the '02 in '03), with 3 left.

    I'm gonna accelerate my payment with what I would have been paying for a new F150 and get it paid off.

    I'm really at about break even, but I want to be ahead! :eek:

    Woof, Woof - Dawg [​IMG]
  4. joecool85 macrumors 65816


    Mar 9, 2005
    I financed my 2001 ZX2 in april of this year. 5 year loan. The car books for $7k and I owe $5050 right now. How is this? I bought it for $5400 after tax, title etc. From a dealer. I love Newport Ford :)
  5. stubeeef macrumors 68030


    Aug 10, 2004
    2000 Honda Minivan.
    Owe 9100
    Trade in 8095 (kbb)
    Private Sale 10275 (kbb)
    Retail 13520 (kbb)

    What ya gonna do!
  6. nospleen macrumors 68020


    Dec 8, 2002

    Don't forget you do not pay tax on the new truck for the value that your trade is worth. So, you may not be as bad off as you may think.

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