Would you take a $3k loss on your car?

[stooken]

if you could sell your car and take a $3k hit on it, would you do it?

please consider this before making your decision:
- downgrading would save you about $400/month on payments and gas (with current gas prices & assuming it doesn't go down anytime soon). therefore, it would take about 8 months for you to break even on the $3k loss.

if the answer is no, then what $ amount loss or # of months to break even would be reasonable for you?


of course, i'm leaning towards NO but i wanted to get some more insight.

[Big Windy]

no offense but this is a terrible question. what kind of car? how long have i had the car? i'll just say NO.

[stooken]

Originally Posted by Big Windy

no offense but this is a terrible question. what kind of car? how long have i had the car? i'll just say NO.

what kind of car? the BMW? had the car for 1 year.

[ideliver]

what do you mean a 3 k hit??? are u upside down or the cars value has gone down by 3 k...please clarify

[stooken]

Originally Posted by ideliver

what do you mean a 3 k hit??? are u upside down or the cars value has gone down by 3 k...please clarify

title states "$3k loss".

as in, the new buyer is buying it for $3k less than what i actually owe so i'd have to cover that difference. hence, the $3k loss. blue book value on the car is way less than my payoff.

[ideliver]

so u r upside down by 3 k...simple it is a ROI...you did the math...u will be ahead by 8 months...

can u live with the new car is the question...

[stooken]

Originally Posted by ideliver

so u r upside down by 3 k...simple it is a ROI...you did the math...u will be ahead by 8 months...

can u live with the new car is the question...

being able to save $400 a month is very tempting

its rough because i might have to get rid of the car by the end of the year anyways. thats the only reason why i considered possibly doing it now rather than waiting for the last minute.

i guess i'll just wait it out to see if anyone is willing to do a lease takeover rather than a direct buyout.

[HD Auto Salon]

Will you break even when you sell your rims and mods? What do you have for sale? IMO if the blue book is less than what you would be losing on the sale, then do it, only if you are really in a tight spot. G/L

[stooken]

Originally Posted by D1swoop

Will you break even when you sell your rims and mods? What do you have for sale? IMO if the blue book is less than what you would be losing on the sale, then do it, only if you are really in a tight spot. G/L

nope, i'll still be down a bit.

i'm sure everyones blue book value is a lot less than what they owe.

[mpimping]

keep the car unless u r gng to get a 10k car

[J.P.]

Originally Posted by stooken

if you could sell your car and take a $3k hit on it, would you do it?

please consider this before making your decision:
- downgrading would save you about $400/month on payments and gas (with current gas prices & assuming it doesn't go down anytime soon). therefore, it would take about 8 months for you to break even on the $3k loss.

if the answer is no, then what $ amount loss or # of months to break even would be reasonable for you?


of course, i'm leaning towards NO but i wanted to get some more insight.

just buy a shitbox for 3 grand like a used civic to commute in, and drive the bimmer on the weekends.

[G-Mach1]

With out knowing the Situvation it is hard to say. But if you want to downgrade and save money. Yes I will take the 3K hit.

It all depends on your past vehicle history and what you have driven before and how frequently you will change your car. If you have used to certain life style and if you think you will not be happy with the downgrade. Don't do it if you think you will regret it.

[Buschy]

are you talking about downgrading from the 328i? no its not worth it. unless your getting a beater. but in that case you are going to miss the bmw.
also don't you get good mpgs in a 328??????????

[stooken]

Originally Posted by JP_335xi

just buy a shitbox for 3 grand like a used civic to commute in, and drive the bimmer on the weekends.

then the BMW is going to waste. if i'm gonna keep the BMW then i'm gonna drive it.

Originally Posted by G-Mach1

With out knowing the Situation it is hard to say. But if you want to downgrade and save money. Yes I will take the 3K hit.

It all depends on your past vehicle history and what you have driven before and how frequently you will change your car. If you have used to certain life style and if you think you will not be happy with the downgrade. Don't do it if you think you will regret it.

i probably will regret it a little bit but i want to save money and also free up some cash to buy my parents a car. i'm sure i can afford both cars but it just makes no sense to me spending that much a money on cars.

Originally Posted by buschy

are you talking about downgrading from the 328i? no its not worth it. unless your getting a beater. but in that case you are going to miss the bmw.
also don't you get good mpgs in a 328??????????

mpg isn't the problem. it's the $600 monthly payment and pumping premium gas every 4-5 days. i could be paying ~$300 a month and pumping regular gas on a different car.

[its ray den]

i'm not a rich person, so i'd do it if i was tight on cash. bottom line is that you'll be financially better off this way and i think that's more important than enjoying your ride.

[stooken]

Originally Posted by its ray den

i'm not a rich person, so i'd do it if i was tight on cash. bottom line is that you'll be financially better off this way and i think that's more important than enjoying your ride.

agreed.

[Hawkeye]

Personally I wouldn't do it but I love my car. Depends on if having extra spending money or your car is more imporant to you.

[TurboFan]

My question would be what will you do with the extra $400 / mo after you cover the loss? Party with it or invest it? Either way, only you will know if you will be disciplined with the money, and if it's worth it to you.

[stooken]

Originally Posted by TurboFan

My question would be what will you do with the extra $400 / mo after you cover the loss? Party with it or invest it? Either way, only you will know if you will be disciplined with the money, and if it's worth it to you.

buy my dad a new car. he needs one but can't afford it right now.

[iatacs19]

i'd do it, you have the right mindset. BMW is just a car, you got a taste of it, now you can move on. Money in the bank > any BMW.

[SunnyBoo]

Originally Posted by iatacs19

i'd do it, you have the right mindset. BMW is just a car, you got a taste of it, now you can move on. Money in the bank > any BMW.

Money in the bank > anything......................

[ejazbmw]

Originally Posted by stooken

buy my dad a new car. he needs one but can't afford it right now.

wow thats a noble move on your part I'd sell it and just take the loss man its better to sell it now before you don't get any offers cuz your still putting miles on it aren't you?