Fiat 124 Spider Forum banner

1 - 18 of 18 Posts

·
Registered
Joined
·
40 Posts
Discussion Starter #1
Oh no. Hubby just bought a Roushe Mustang, and then I fell in love. But what can I do? I love the Abarth but I dare I say I really love this. Well if I want one I have to sell the other. Offers will be considered. 2017 Grigio Abarth - Red and Black Seats, Manual and Luxury Package. Hilton Head SC. Haven't even made my first payment. Willing to take a loss just not so much on a trade in. So if you're interested please let me know. I have to make a pretty quick deal as the dealership only has 2 cars that I am interested in from the previous year and they are going pretty quickly with my hubby acquiring one. If not, I remain a happy Abarth owner.
 

·
Super Moderator
Joined
·
1,210 Posts
Holy depreciation Batman. I mean this very respectfully, but that's crazy.
 

·
Registered
Joined
·
727 Posts
Manual, red seats, and luxury package are highly desired options. For buyers the current pickings are pretty slim, so you might find a taker without going full depreciation. I'd advertise on Cars.com, Cargurus, and EBay.

On the flip side, purchasing the Mustang would be like deleting half your Facebook friends.
 

·
Registered
Joined
·
609 Posts
I've sold cars after owning them for just a couple months after I realized I was not going to be happy enough to keep them. Buy what you like and don't look back.
 

·
Registered
Joined
·
727 Posts
I've sold cars after owning them for just a couple months after I realized I was not going to be happy enough to keep them. Buy what you like and don't look back.
Agree. After owning my Corvette for five years I drove a Mercedes SUV for 5 months before purchasing the 124. I absolutely loathed the SUV and was thrilled to dump it, even though I took an economic hit. Happiness is priceless, and as we get older time is not on our side.
 

·
Super Moderator
Joined
·
1,210 Posts
Not a game I could afford to play. If I buy the wrong car, I'm stuck with it for at least a year.
 

·
Super Moderator
Joined
·
1,210 Posts
If you are paying cash, yes. If you are on a lease plan, turning a car over in the first couple of years can leave you totally upside down.
 

·
Registered
Joined
·
609 Posts
If you are paying cash, yes. If you are on a lease plan, turning a car over in the first couple of years can leave you totally upside down.

I always purchased my cars & bikes so I know nothing about leasing so I trust you and the other person know what is best! But for those on the fence that may have purchased something you are not 100% happy with move on since you only live once!
 

·
Super Moderator
Joined
·
1,210 Posts
My car and my wife's car are on Novated Leases and are paid for with our car allowances. We usually take 3 year leases and you are typically upside down on residual value until you are into year 3.
 

·
Registered
Joined
·
609 Posts
Sure it is, why not? And someone else replied that if it were a lease, which I did not know nor did the poster reveal, they would lose more money now as opposed to waiting. But if someone paid cash or financed it why would they have to wait until next year? It surely will not be worth more next year if they bought it as compared to leasing so it would be better to sell it now and cut their losses than waiting a year! On the other hand if it were leased, as RBH58 stated, you could wind up upside down in a year. Again, I have never leased a car so that is why I asked, which made it a serious question. Capeesh?
 

·
Registered
Joined
·
476 Posts
the logic of a lease is basically you only pay for the part of the car that you use. The lease company tries to figure out what the value of the car would be at the end of your term, then they basically finance only the portion of the value you are using, which is usually the greatest portion of it's initial value. Hence why you end up with a smaller payment than if you had a car loan outright. If you purchase a vehicle with a car loan but had very little in trade in or put very little in down payment, then you will be upside down in the value of your vehicle until near the end of loan payment also. That is why the guy in the finance office usually offers you gap insurance, in case you have happen what happened to me. I did not have the gap insurance, as i had $13k in my vehicle when i bought. Had it been a bit older and there were used on the market to set a value, then i would have lost a lot of that equity when the insurance company payed out.
 

·
Super Moderator
Joined
·
1,210 Posts
the logic of a lease is basically you only pay for the part of the car that you use. The lease company tries to figure out what the value of the car would be at the end of your term, then they basically finance only the portion of the value you are using, which is usually the greatest portion of it's initial value. Hence why you end up with a smaller payment than if you had a car loan outright. If you purchase a vehicle with a car loan but had very little in trade in or put very little in down payment, then you will be upside down in the value of your vehicle until near the end of loan payment also. That is why the guy in the finance office usually offers you gap insurance, in case you have happen what happened to me. I did not have the gap insurance, as i had $13k in my vehicle when i bought. Had it been a bit older and there were used on the market to set a value, then i would have lost a lot of that equity when the insurance company payed out.
I've never needed gap insurance because my cars usually go full term or close to full term and I set my residual value conservatively at the start. I work on 40% residual value at 3 years and I've never failed to achieve at least 45-50% at trade in time and I've financed 7 cars that way. So at 3 years I usually have a (very) small amount of equity. I treat cars as an "expense". I pay about USD$700 a month to drive a nice new car...with a new car warranty...with no expectation of owning it. At the end of 3 years, by which time I'm usually bored, I get another one.
 
1 - 18 of 18 Posts
Top