car news diesel image
Jesse Jame
Im looking for a new car but I want a reliable,affordable, but yet goodlooking car.
Answer
JEEEZZZ! Everybody says Honda, Toyota Etc. but you know, they are just like all the other cars out there, and so many of them too! You`ll just blend in with the bland with those. Cheap plastic interiors too!
Honda wants you to change the timing belt every 50,000 miles at $600. Toyotas and Honda both are so easily stolen because the ignition switches are made of cheese.
Gas VW`s are cool but get average gas mileage...
, but the diesel ones are super reliable because there are no electronic spark timing sensor stuff in them, They`re diesel, NO spark plugs, NO tune-ups, only oil and filter changes, AND 50MPG!!
Dieswels las 3X longer than gas engines do...
The Diesel Jetta looks good..
http://www.stealthtdi.com/index.html
and heres the pro`s and cons of going diesel!
http://www.bankrate.com/brm/news/auto/20030804a1.asp?prodtype=auto
ever seen an odometer hit a half million miles? SAME engine SAME EXHAUST!!
http://www.autoblog.com/2007/08/23/vw-finds-highest-mileage-diesel-in-ohio/
Diesels sound cool under the hood, and if you ever drive one, you will DEFINETLY notice the tourqe it puts out, you wont kill it when you let the clutch out!!
JEEEZZZ! Everybody says Honda, Toyota Etc. but you know, they are just like all the other cars out there, and so many of them too! You`ll just blend in with the bland with those. Cheap plastic interiors too!
Honda wants you to change the timing belt every 50,000 miles at $600. Toyotas and Honda both are so easily stolen because the ignition switches are made of cheese.
Gas VW`s are cool but get average gas mileage...
, but the diesel ones are super reliable because there are no electronic spark timing sensor stuff in them, They`re diesel, NO spark plugs, NO tune-ups, only oil and filter changes, AND 50MPG!!
Dieswels las 3X longer than gas engines do...
The Diesel Jetta looks good..
http://www.stealthtdi.com/index.html
and heres the pro`s and cons of going diesel!
http://www.bankrate.com/brm/news/auto/20030804a1.asp?prodtype=auto
ever seen an odometer hit a half million miles? SAME engine SAME EXHAUST!!
http://www.autoblog.com/2007/08/23/vw-finds-highest-mileage-diesel-in-ohio/
Diesels sound cool under the hood, and if you ever drive one, you will DEFINETLY notice the tourqe it puts out, you wont kill it when you let the clutch out!!
Trading in one car for two of less value?
Brian
I have a car that has about $14,500 left to pay on the loan. I am planning to trade it in for a car of less value ($3000) with a possibility of another car about that price. My wife and I need to separate cars for work. So a total of less than $8000 for the other two cars, which I have yet to purchase. The car I currently own has a trade-in value of $9,500.
Is this possible to do? I've read online and so far everything points to yes and that the dealer will make more money off the re-sale of my current car.
And any recommendations are much appreciated.
Besides trying to get a car each for my wife and me, I am trying to take away from the high monthly car payment that I'm currently going through.
Answer
This isn't going to happen. Here's why:
First and foremost, unless you have enough equity in your trade to pay off both cars, each car has a separate loan. Why is this important? Because it means you can only trade in your car towards one of the two vehicles you plan to purchase.
Second, you need to know that banks loan money based on "loan to value". This means that the amount they will lend is directly proportional to the retail value of the vehicle. Most lenders will not exceed 125% loan to value. You will not receive more than $3,750 (125%) for a $3,000 car, and this will include tax, title, and license. $3,000, plus tax ($240 - estimated at 8%), title and license (estimated at $150), will give you $3,390. This gives you a total of $360 to put towards the negative equity on your trade. You will need to come up with an additional $4,640, just to get the deal "in line" with the lender's guidelines. The second car is a completely separate loan.
Third, you're not going to be able to finance two $3,000 cars. In order to get the value of a car that low, it would either be very old, have extremely high miles, or both. After 4 years, most lenders won't do 72 months. After 6 years, most won't do 60 months. In addition, most lenders will not finance a car with more than 100,000 miles (one exception being full size trucks with diesel engines).
You're not going to be able to trade out of it, even if you tried to buy a more expensive vehicle. You are going to need a significant amount of money down if you try to trade it, or sell it (you'll need to pay the difference before the lender will release the title). Your best bet would be to save enough to pay cash for a beater. After you do that, put every penny towards paying off your truck, or, at the very least, paying enough to sell it, and come out even.
Sorry I don't have better news.
This isn't going to happen. Here's why:
First and foremost, unless you have enough equity in your trade to pay off both cars, each car has a separate loan. Why is this important? Because it means you can only trade in your car towards one of the two vehicles you plan to purchase.
Second, you need to know that banks loan money based on "loan to value". This means that the amount they will lend is directly proportional to the retail value of the vehicle. Most lenders will not exceed 125% loan to value. You will not receive more than $3,750 (125%) for a $3,000 car, and this will include tax, title, and license. $3,000, plus tax ($240 - estimated at 8%), title and license (estimated at $150), will give you $3,390. This gives you a total of $360 to put towards the negative equity on your trade. You will need to come up with an additional $4,640, just to get the deal "in line" with the lender's guidelines. The second car is a completely separate loan.
Third, you're not going to be able to finance two $3,000 cars. In order to get the value of a car that low, it would either be very old, have extremely high miles, or both. After 4 years, most lenders won't do 72 months. After 6 years, most won't do 60 months. In addition, most lenders will not finance a car with more than 100,000 miles (one exception being full size trucks with diesel engines).
You're not going to be able to trade out of it, even if you tried to buy a more expensive vehicle. You are going to need a significant amount of money down if you try to trade it, or sell it (you'll need to pay the difference before the lender will release the title). Your best bet would be to save enough to pay cash for a beater. After you do that, put every penny towards paying off your truck, or, at the very least, paying enough to sell it, and come out even.
Sorry I don't have better news.
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