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LouiseVargas
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« on: October 07, 2007, 06:40:38 PM »

CAR QUESTION

I'm clueless about new cars and purchasing and financing.

I drove my mother's 65 Mustang for 22 years. It had a lot of radiator problems (I must have put in five radiators but it didn't help) so I advertised and sold it for $4,200 to a professor from Cal Tech for his son to tinker with. The original price was $3,200. Then I drove a used 1987 red Honda Prelude which my mother bought me. Originally she bought my daughter a used 1987 red Prelude and we loved it so much we searched for another one and found it and she bought it for me. Daughter and I had twin cars.

In March 2002, I got involved in an accident wherein three cars crashed into each other and hit me. I had Auto Club of Southern California tow my car to the Honda body shop. An adjuster looked at it and declared it "totaled." I had a service/repair record book and I just bought four great Pirelli tires. They gave me $3K for it. Meanwhile, I was driving a rental car the Auto Club paid for - they gave me two weeks to get a another car.

A lot of things were going on in my life at the time and I was zoned out. My daughter just had a miscarriage and I was running back and forth between her house and mine.

My daughter took me to Honda of Santa Monica with baby Joe in the stroller. I was too traumatized to negotiate. I wanted another Prelude but the 2002 model had such a small back seat that even I could not climb into it. I test drove several cars and decided upon a top of the line Honda Accord Coupe V6 Special Edition in black, with a moon roof and charcoal leather interior. My daughter negotiated for me. I later found out she remembered the things my mother said when she bought my Honda and my daughter's Honda.

The negotiating part of buying a new car is a farce. They tell you a price and you have to negotiate downward. Then the guy goes to the boss and comes back with another offer. You reject that and they come back with another offer and so on. We finally got the car for $25K at a high interest rate. After a couple of months, I refinanced to another company with a lower rate.

I've been paying off the car since 2002 and pay $358.12 per month. I have $4K left to pay. I like the car very much.

Here is the question. What if I wanted to trade it in for a new model? How does this work? The car is in pristine condition except for a dent in the left front bumper. It has low mileage, less than 20K miles. How does the trade in process work? Will they give me the Blue Book value of the car? Will they deduct that from the price of a new car?

I would be very grateful if someone could explain to me how it works.

With thanks in advance,
Louise
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2NJSons_Mom
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« Reply #1 on: October 07, 2007, 06:59:45 PM »

Louise,

Have you looked at www.kbb.com?  If you enter the info for your used car, they'll calculate the value dealer may offer, private sale by owner or overall retail value.  I'm not a walking authority, but would say that a dealer will not give you as much as you might get if you sold your car yourself.  Just winging through the questions at the Kelly Blue Book site, there is a 2K difference between the dealer & private values.  Realistically, you could have 6 to 8K down payment after the existing loan is paid off.  (not a math wiz, either, but current interest rates & downpayment would determine your new monthly payment)   If I'm way off here, I do hope someone with more knowledge speaks up for you.

Good luck.
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« Reply #2 on: October 07, 2007, 10:29:23 PM »

LV,
the main thing to remember in negoitating that car is mainly this...

you don't need a new car, you want one... (this is a key and I will explain why in a second)

your car is valuable because Hondas weill go forever.... with that low mileage it is a car they can easily re-sell

put those two things together and keep in mind when you go to the dealer...and don't let them tell you any different.  Decide on a price you are willing to pay... and make sure that you get enough for your car as a trade in that two things happen... (a) dealer pays off the loan and (b) there is equity for a down payment...

check out KBB as NJmom said...

decide that you will only take xx amount of dollars for your car and that you are going to only pay xx amount of dollars for the car you want... you must be reasonable, but if you remember that you don't need a new car then it's easier to stick to your guns ... if the dealer acts like a jerk - turn on that stilleto hill and walk right out of there.... you are the one with the power .... car sales are way down right now.... and the credit crunch isn't helping that issue...


hope I have been able to give you something that makes sense... it works, I got a great deal when I bought my car the last time...
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LouiseVargas
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« Reply #3 on: October 08, 2007, 09:39:10 PM »

Thank you both so much. {{{{{{Hugs}}}}}

I checked out kbb but the site was slow tonight.

Thank you for reminding me that Hondas go forever and that I don't need a new car.
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« Reply #4 on: October 08, 2007, 09:56:41 PM »

Louise ~  Just a suggestion. Have your car cleaned and detailed.  It makes it feel nice again.   Smile  Or buy some new floor mats.   Or some snow leopard seat covers?   I've done that in the past when I was considering a new car.  And I thought about how much it would be in car payments for a new one, plus higher insurance.  Unless your car is a real lemon and you've had mounting bills, it's good to try to keep it if you can. 
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« Reply #5 on: October 08, 2007, 10:05:18 PM »

I just had another thought.  Louise, if you do decide you want a new car I would try to get a ride to the dealership.  Don't tell them you have a trade in.  Get someone else to take you to look at cars if you can.  It's always better if you don't go alone, btw.  If the dealer knows you have a trade in and what it is, he already has half the sale figured.  He may give you good trade in value, but up price of car, so your trade in isn't truly worth as much as you think.   If you need to do a trade in, then I would get the new car figured out first, then trot out the trade in.  You at least have a figure for the new car.  And you can look at Blue Book value for the used one.  More bargaining power.   Frankly, I wouldn't trade a car in.  It is better outright selling.  However, if you are a single lady, that can be difficult.  You would get more selling your car outright and taking the money toward your new car.  I hope it all works out for you Louise.
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LouiseVargas
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« Reply #6 on: October 09, 2007, 06:45:32 PM »

Thank you, MuffyBee, for your good advice.

I always have my car waxed by hand and detailed when I go to the car wash. The leather seats and floor mats are in pristine condition. The car isn't a lemon, I have never had any problems with it. And I never thought about higher insurance premiums when one buys a new car.

Fortunately, I don't NEED a new car. I am very happy with my car. It is a splendid machine.

I just wondered how it works when one has a car that is not paid off and wants to buy a new one.

I had a bad experience with my 65 Mustang. It was always something. That's why I kept a repair booklet so I could see what repairs I had and when. I always felt the Ford dealer was taking me for a ride. So I switched to independent car repair dealers and I never trusted them either. But one time when I was going to the Valley for a job interview in the heat of the summer, my radiator hose pooped out and I could not drive to the Valley and be at my best with no AC. A man from a foreign country took a rubber hose and made temporary repairs so I could go to the interview. I would never consider a Ford again, or any American car. I'm unsure about them.

That's why I bought another Honda after the accident.

My daughter drives three American cars. Ford Thunderbird, Lincoln Navigator and a Hummer (who makes the Hummer?). I often laugh to myself thinkging how much money it takes to fill the gas tanks of these big gas guzzlers.
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« Reply #7 on: October 12, 2007, 07:49:24 AM »

Louise, get a hold of yourself.  You don't need a new car.  It sounds as if your car has been meticulously maintained and is still a low mileage vehicle.  If it's running well and nearly paid off, I'd keep on trucking. 

I'm just not a new car person I guess.  I just want transportation.  I'm the "drive it till it won't drive no more" kind. 

If it ain't broke, don't fix it. 

Unless you're just driven.  Then by all means, follow the advice you've been given here.  I would take a MAN with me to look at cars.  I think they are taken more seriously and screwed less often.   It's not fair or right but it is life on this planet. 
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LouiseVargas
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« Reply #8 on: October 12, 2007, 08:01:06 PM »

Thank you, Peaches. I loved it when you wrote: Louise, get a hold of yourself.  You don't need a new car.

 Smile Smile Smile
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MuffyBee
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« Reply #9 on: October 12, 2007, 08:17:31 PM »

Thank you, Peaches. I loved it when you wrote: Louise, get a hold of yourself.  You don't need a new car.

 Smile Smile Smile

That was pretty cool.  "Louise, get a hold of yourself".   
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« Reply #10 on: October 12, 2007, 09:02:09 PM »

Here is the question. What if I wanted to trade it in for a new model? How does this work? The car is in pristine condition except for a dent in the left front bumper. It has low mileage, less than 20K miles. How does the trade in process work? Will they give me the Blue Book value of the car? Will they deduct that from the price of a new car?

I would be very grateful if someone could explain to me how it works.

With thanks in advance,
Louise
--------------------------------------------
Car Dealers have several ways they rip you off.. Rarely do they ever give book value for a trade in and they make far mor on used cars and trade in's then selling brand new vehicles..When buying a new car they nail you on the price,payments or financing..Best thing to do is never buy on the spot and to look at several dealerships and get the best deal..No question you are much better selling your car to a private party as you will get thousands more than trading that in to a dealership. Craigslist.org is free and a good way to sell anything in your local area. My father just bought his car online as their is a website that has several dealerships that compete to give you the best deal..Its a good idea to always have someone with you as Car Dealerships know that they have one shot most of the time on selling to a customer and will do everything to never let you leave..

Everyone here is right..Hondas last forever as most will go up to 250k miles..When you are tired of the car and have to have something new..They have one of the highest resale values on the market Wink
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Peaches
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« Reply #11 on: October 13, 2007, 10:46:22 AM »

Thank you, Peaches. I loved it when you wrote: Louise, get a hold of yourself.  You don't need a new car.

 Smile Smile Smile

Gotta look out for Mama Louise! 
Love you, love reading your adventures. 
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LouiseVargas
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« Reply #12 on: October 13, 2007, 11:10:55 PM »

Thank you darling.
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« Reply #13 on: October 14, 2007, 11:00:13 AM »

Louise
I'm rotten at making "good deals" but everything posted is spot on... esp Peaches' comment of "Louise, get a hold of yourself.  You don't need a new car."

IF YOU were to trade your car for a new one... and you still owe on it... the bank holding the title will get involved,  since they are the one that Technically owns the car.  Just like a home mortgage.  This will also happen if you decide to sell it and still owe on it too.

The dealer will handle all the contact / paper work with the bank for you (You get to pay for them doing it though).  If you sell it yourself  you get to find out what needs to be done and what froms are required.

The dealer will give you the least amount that they can for your trade in.  PERIOD

When the time comes to get something different do your homework on the value of your car and whatever you are wanting  then go for it.. !

I will mention to revisit  the warranty info.  Miles should not be concern but years might be for any warranty coverage should it be needed. (NOT)

Hope this helps....
OldF


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