Selling new 2003 mustang v-6 just 1 year after buying

I have a 2003 v-6 black mustang that i bought in Dec of 02. At the time, I put down $7500 + $3000 dealer rebate. The PRINCIPAL of the amount still owed came to 11,500 (total amount + loan interest was $15,000+).

I'm now in a difficult financial situation and would like to unload the car for something used, cheaper, and more economical on gas. I figure if I sell and get something else for around $5000-6000, my payments would be about $100 less per month, and my insurance would probably also be about $100 less per month (I pay $320+ a month now!).

Is it worth it to take this vehicle back to the dealer and trade it in for something less expensive? Would I even get any money back? I did some calculations and I figure I would get a few thousand back, but these are just raw calculations I put together and who knows how accurate they really are.

I'm going to take it in and talk with someone at the dealership about it, but I was wondering if anyone has had any experience with a similar situation?

Reply to
MichaelJ
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wow, so basically you paid 22000 for a v6 mustang ? Sounds a little on the high side. Did you bargain and do your homework before you bought it ? On a v6 you should have been able to get a super bargain. ok, enough about that, water under the bridge.

well, you need to shop for insurance for sure. Did you get some quotes from other companies ? 320+ sounds extreme. Trust me, there are HUGE differences between companies. Also try increasing your deductible (depending on your accident rate) If you are a safe driver that doesn't get into any accidents then bump it up to 500 or 1000 even.

no, it's not worth it. You won't save any substantial money on gas. Forget about that reason to do it. You will loose money big time by trying to get rid of the mustang fast.

Don't do it. They don't care about your hardship, they only want to make money on you.

Try cutting other things first, maybe get an extra job until you are more stable. Trading in a car in the first 3 years from buying new is bad. You will pay the most in the first 3 years for the depreciation. Try to keep it. Remove NO-SPAM from email address when replying

Reply to
Rein

at 16 Feb 2004, Rein [ snipped-for-privacy@NO-SPAMyahoo.com] wrote in news: snipped-for-privacy@4ax.com:

Look at when he bought her. an 03 V6 in december of 02. When they had just reached dealer lots. $20K was unfortunately quite common a price at that time. Now an 02 V6 in dec 02 would have probably been $13K. But as you said, water under the bridge and can't be undone. I second not trading it in. The dealer will rake him over the coals and he'll come out worse then he already was. Based on what is still owed he's what they call in the trade 'upside down' on the vehicle. That is what dealers love cuz they'll have you in a barrel. he'll probabably end up in a festiva for marginally less a month then he's paying now. And with all the 0% financing offered on new vehicles, the used car market is at an all time low. I doubt there's much chance of selling her privately and coming out ahead.

The 'shop for insurance' suggestion is also very valid. I only pay about $600 a year for my 95 V6 and that's with full coverage. Check out Great American. That's who I have it through.

Reply to
Paul

My insurance is 415/month...I have shopped around, and a 23 year old male and a 21 year old female, on two new cars seems to be about average. We are married, and I have a 2003 V6 Stang and she has a 02 dodge neon se...

Reply to
Shane Metzler

just reached ? I thought they get them in August/september already ? Even then, nothing changed from the year before... same engine.. same body.. This is a v6 so they're not that hot selling cars.. Nope, he got screwed.

it just amazes me how they screw uninformed people.

Remove NO-SPAM from email address when replying

Reply to
Rein

There is a lack of financial common sense throughout this guy's post.

Reply to
yooser

he's at $22K out the door... so that's probably about 20K before taxes and fees unless he's in a low sales tax area. A V6 coupe MSRPs for

18,700 or so. Add an automatic trans and a better stereo or some other minor item and bingo it's 20K list. Invoive is 17,300 or so, add in a couple more options to make up that difference like antilock brakes and an appearance package...
Reply to
Brent P

at 16 Feb 2004, Rein [ snipped-for-privacy@NO-SPAMyahoo.com] wrote in news: snipped-for-privacy@4ax.com:

Actually, Ford dealers tend to sell mare of the v6 than of the GT version. So what vehicle are you considering a hot seller?

Reply to
Paul

exactly, they do volume. That means they can cut you a real good price if you're willing to work for it. they can't pull the limited thing on you like a cobra. Even GT's you can bargain down quite a bit.

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Reply to
Rein

hmm, let's see, go to carsdirect.com a 2004 v6 PREMIUM is priced at 16K..... the base model is priced at 14.7K I don't see why you should pay 22K for that. Information is power, use it. Remove NO-SPAM from email address when replying

Reply to
Rein

On 15 Feb 2004 15:44:05 -0800, snipped-for-privacy@hotmail.com (MichaelJ) wrote something wonderfully witty:

I think you will take in the shorts like you've never taken it before. I doubt they will give you much more then you owe on any type of down-trade. A fully equipped `03 has book values of $16,975 & $19,675 for trade-in & retail. You just might get somewhere in between those #'s in a private party sale. However, you also need to figure out what new ones are selling at and factor those #'s in.

You are paying an ungodly amount for insurance. You kill somebody or what? Unless you have the most absolute worst driving record in the world I would think you can get insurance for less then the ~$4000K you are paying now. Try to get a new policy from someone else.

If you have to sell, try to sell outright. I have been told I am not allowed to use a broadsword to disprove ?The Pen is Mightier than the sword?.

Reply to
ZombyWoof

I wasn't saying anything about *should* or *good*, only showing that the number makes sense given invoice and MSRPs. and BTW, your carsdirect.com site is taking off the 3,000 rebate. So your range is actually 17.7K-19K before rebate. Compare apples to apples here.

Before rebate, before taxes the guy paid about 20K. And a preimum V6 according to your website cite does not include antilock brakes, the big stereo, or the automatic. Those three things right there will add about $2500 to the price. So, your 16K preimum V6 is really

19K, add on a few options and it's 21.5K

Information is power, use it and you won't fall for standard car dealer tricks.

Reply to
Brent P

yes, it had the 'pony package', which added better rims, the scoop on the hood, and 'smoked' headlights. i dont remember the extra cost for it though....

Reply to
MichaelJ

nevermind. im not going to trade it in. i have already shopped around for new insurance, and have gotten quotes as low as $160/month, which is HALF of what I pay with Progressive right now with the SAME coverage....

Reply to
MichaelJ

I have progressive also...Can I ask where you found it for 160/month...I would love to reduce my insurance.

Reply to
Shane Metzler

Reply to
Shane Metzler

I dunno what kind of interest rate you got on your loan, but you might also look into refinancing for a better rate. Even if it goes down just one or two points, it's still money saved. Just don't let them refi you at a longer term, unless that's what you want (for a dramatically reduced payment).

-=-=- ~angela email not valid

Reply to
defeated

On Tue, 17 Feb 2004 14:33:47 -0500, "Shane Metzler" wrote something wonderfully witty:

I'm in Va and I have a Pony Package on my `01 drop top. I have been told I am not allowed to use a broadsword to disprove ?The Pen is Mightier than the sword?.

Reply to
ZombyWoof

Oh I didnt know that...I thought I read it somewhere about the Pony Package...I will have to look it up.

Thanks for the correction

Shane

is Mightier than the sword'.

Reply to
Shane Metzler

If I am reading the OP right, that is $22,000 minus $3,000 the dealer took off, leaving about $19,000 for that I hope is a fully optioned out

2003 Mustang coupe.

Re> wow, so basically you paid 22000 for a v6 mustang ? Sounds a little on

Reply to
Walt

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