Trading up (dealership responses appreciated!)

Dreadnaught · Oct 19, 2007

With the Shelby GT out and dropping in price, as well as the Bullitt soon to be, I was considering trading in my 07 sixer sometime next year.

Grant it, I just bought it in February '07 and will be making payments for four more years, here's the question.

If i wanted to trade it in towards a Shelby GT or a Bullitt, how would that work? Would they take the value of my car (MSRP was $24,800), subtract what I still owe, and roll the rest into the monthly payments of the new Mustang? Was never sure how this would work, and since there are alot of members who work at dealships, I figured I could get intelligent answers here .

bigcat · Oct 19, 2007

yep, any negative equity would roll into the new loan. trading out of cars frequently can get you into a mess of trouble, financially. once might be alright, but any more than once, and you are shooting yourself in the foot.

hypothetical numbers here: say you owe 30,000 now, but dealer gives you 20,000 for trade value. that 10,000 would be added to the price of the new car. thats an extra $200/month for the new car just for the negative equity. (rough estimate on a five year loan)

PUNISHER RACING · Oct 19, 2007

Usually you will get what they give you and hope to God its enough to cover what you still owe!!!

stanmckinney · Oct 19, 2007

But in the first couple of years it probably isn't unless you put a lot down.

stangdude2000 · Oct 19, 2007

Thats exactly how it would work. Honestly with a car that new, you are going to come out way on the short end of the deal. If you were to trade it in now, I'd be amazed if you got 18,000 for it trading it to a dealer, maybe 20,000 if you sell it private party. I guess depends on mileage though - I did a KBB with 5k miles. I also did a quick lookup on autotrader, and dealers are selling most v6 mustangs for 18-20k. One in my area is even down to 13k! With a similar market near you, they'd probably offer you about 15k for the trade. It sucks.

stang8urimport · Oct 19, 2007

I did the same thing with my Black 07 GT. Traded it in to get the Grabber Orange 07 GT. They gave me exactly what I still owed on it, so I got out breaking even. Granted, I did get a great deal on the Black 07 GT which is why I got what I had left in it. I got the same good deal with the Grabber Orange, too.

Nick

Marine One · Oct 19, 2007

Remember that depreciation on a new car is the heaviest in the first 1-2 years

PUNISHER RACING · Oct 19, 2007

Marine One said:
Remember that depreciation on a new car is the heaviest in the first 1-2 years

Heard That!!!!

Dreadnaught · Oct 20, 2007

So that's how it works.

Well, the MSRP on it was $24,800. I put a down payment on it of $4,500, which leaves about $20,628 as of February '07. Technically then, by the time February rolls around, I'll be close to the trade-in value in money left owed on the sixer - if my math is correct.

The big question is break even and get a GT, or wait until it's paid off or close to it, and use it to sell/trade-in on a special edition Pony in '09/'10

1965coupe · Oct 20, 2007

Dreadnaught said:
With the Shelby GT out and dropping in price, as well as the Bullitt soon to be, I was considering trading in my 07 sixer sometime next year.

Grant it, I just bought it in February '07 and will be making payments for four more years, here's the question.

If i wanted to trade it in towards a Shelby GT or a Bullitt, how would that work? Would they take the value of my car (MSRP was $24,800), subtract what I still owe, and roll the rest into the monthly payments of the new Mustang? Was never sure how this would work, and since there are alot of members who work at dealships, I figured I could get intelligent answers here .

You should really figure out whether or not you want a "special edition" car, versus the V6. I traded my '04 vert for the Shelby GT, and now I'm kicking myself in the a$$. The '04 was my daily driver, rain or shine...

When I got the Shelby, I had every intention of driving it everyday, regardless of mileage.. Now though, when I tell my car show friends about the car, and that I drive it, they treat me like a criminal.. They think it should be locked up for 30 years...

So, every time I get in the car, I feel guilty because it's a "Shelby"...

kkdoughboy · Oct 20, 2007

Dont feel guilty driving a Shelby GT as a daily driver. Kick those guys in the ass next time you see them. Mustangs are meant to be driven no matter if there a "Shelby" or not. Tear it up in that beast!

stanmckinney · Oct 20, 2007

Same thing happened to me with a 2003 Mach 1. I was hesitant to drive it because it was a "limited" edition which turned out not to be so limited.
You may think you will be happier but you may not be.
If you like your car, keep it.

stangdude2000 · Oct 20, 2007

I wish I got the Shelby instead of my car. I almost did, but decided the extra $6k wasn't worth it. I kinda regret it now, but I do absolutely love my car. Probably worked out too, because I moved within 3 weeks of buying my car, and now I have to park it outside :-( I would not have been happy doing that with a Shelby. Hell I'm not happy doing that with mine.

Dreadnaught · Oct 21, 2007

Mustangs are meant to be driven. I will not lock my car up and only drive it on the most pristine weather conditions - so that won't be an issue.

I do love my sixer, but I've always wanted a V8 muscle car. My financial situation will more than likely change next year, and I may be able to get the GT. I'm sure I will love the GT, and always know what I can do some serious upgrades to it if and when I want to. The only reason I brought up buying a Shelby GT is if I wait until my sixer is paid off, then I have a serious leg up to buy the current special edition Mustang of '09/'10.

1965coupe · Oct 21, 2007

stanmckinney said:
Same thing happened to me with a 2003 Mach 1. I was hesitant to drive it because it was a "limited" edition which turned out not to be so limited.
You may think you will be happier but you may not be.
If you like your car, keep it.

When I first got my '04, that happened because it was a "40th Edition." It ended up being parked under a cover for a year..

Just the other day, I realized I had only driven the Shelby 2600 miles in 7 months and thought it was worthless to even own the car if it won't be driven...

1965coupe · Oct 21, 2007

Dreadnaught said:
Mustangs are meant to be driven. I will not lock my car up and only drive it on the most pristine weather conditions - so that won't be an issue.

I do love my sixer, but I've always wanted a V8 muscle car. My financial situation will more than likely change next year, and I may be able to get the GT. I'm sure I will love the GT, and always know what I can do some serious upgrades to it if and when I want to. The only reason I brought up buying a Shelby GT is if I wait until my sixer is paid off, then I have a serious leg up to buy the current special edition Mustang of '09/'10.

If you want an '07 Shelby (black or white), they are going for less than MSRP on eBay. Of you opt for a Vista blue or Grabber Orange, buy an '08 Shelby (no more black or white for '08).

Also, do whatever it takes to let the dealership test drive the car; make sure you like the Hurst Shifter.

Have fun though, regardless of what you choose!

1965coupe · Oct 21, 2007

kkdoughboy said:
Dont feel guilty driving a Shelby GT as a daily driver. Kick those guys in the ass next time you see them. Mustangs are meant to be driven no matter if there a "Shelby" or not. Tear it up in that beast!

Yeah, psychologically, they really affected the way I originally felt about my Shelby. They could not believe I drove it to school!

kooldawg6 · Oct 21, 2007

I wouldn't even think about buying a car, new or used, if I did not plan on driving it. Screw all that perfect weather 3 weekends a year or enclosed trailer junk It's just a car...a brand new one at that. If it were an original '60s Shelby, yeah then I'd be a lot more selective, but I would still put about 5K miles on it and actualy enjoy the car for what it was intended...to be driven If I had more money to spend and bought the Shelby GT or even the 500 it may have turned into my DD as well

tr7driver · Oct 22, 2007

PoopDawg said:
I did the same thing with my Black 07 GT. Traded it in to get the Grabber Orange 07 GT. They gave me exactly what I still owed on it, so I got out breaking even. Granted, I did get a great deal on the Black 07 GT which is why I got what I had left in it. I got the same good deal with the Grabber Orange, too.

Nick

Nick,
How is the quality of the orange one? I know you had more than your share of problems with the black one.

stang8urimport · Oct 22, 2007

I've had no real problems with the Orange one. Been real nice having a new car that has no problems. Knock on wood.

Trading up (dealership responses appreciated!)

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