Hey everyone, I just went to the local dealership and they had a black 05 ss and I couldnt resist. I went in and am now the proud owner of this awsome car!

 

Awesome, congrats!

 

That is the way to do it!

 

How much did you pay?

 

22 grand, which isnt bad considering how much I wuz in the hole from the last 2 auto loans I had taken out. I think the car alone wuz around 16 grand. Its got 4100 miles on it. oh well, you only live once so you might as well have fun while your here.

 

Cool !! Bout time

Pics coming I hope ?

 

why would anyone buy a car then in only 4 to 5 months trade it in? you must be paying a high payment




___

 

Why wait 5 years to own an SS? Doesn't mean he is paying a high payment. You can get almost 3/4's of the value of the trade in and take a 3k hit and be paying maybe $30-50 more then you are now.

 

he traded a slightly used car for another slightly used car ...I bet he is not paying that much more than the difference between a SC and Non SC ...good call in my books

 

Good choice. Now save up some money, if you can with the loans, and get some mods.

 

I thought about doing this, but I had to roll 5,000 from my cavalier into the cobalt, take that plus what I would get for a trade for my Base Balt, lets say I can get 10,000 for it, that is now 7,000 negative equity, add in the cost of the SS/SC, and I would have a 29,000 SS/SC. Not worth it to me. If I hadnt been so upside down on my cavalier though, I would definately upgrade to the SS/SC, especially after everything I have read on here!

 

you can trade in a car while making payments on it!?? wtf? or did you already pay it off ..

 

Sure, you dealer will be more than happy to finance the pay-off amount into your next loan. Unless you are getting a much better rate than before, you essentially are paying MSRP (or whatever you negotiate) plus what you owed on the old loan for your new car. If you get a better rate (and you might if your credit has improved/rates drop) since the orginal loan started, you might do slightly better than that.

The downside is that (using the example of the original poster) is that you now owe 22K on a 16K car (not including interest, which will probably be another 50% over the next 5 years) and if the car is totaled and you do not have any gap insurance, you will still owe 6 grand and have nothing to show for it. I have seen guys turn over upside down loans a few times and it gets real ugly after a while. One I know, is paying over $17K (again, not including interest) on a Geo Tracker. I forget the year, but it is not anywhere close to new. He turned a loan over twice because he was bored with his previous vehicles.

Nothing against the original poster, his choices are what's right for him, just using as an example, but what if he gets tired of his SS, or decides the insurance is too high, or loses his job, or his rent goes up and needs the cash..for whatever reason he wants to get rid of it after a year. He has paid some of the loan off, but the car has depreciated at a faster rate (typical for the first few years of a car loan with late-model cars). Now, the difference between what he owes and what he can sell the car for is $7000. He has a couple of choices at this point. His loan principle is at $21K (a reasonable estimate on a loan as the interest is paid mostly up front), he can go out and buy a $10K car, and his loan balance essentially becomes $17K, saving him the interest money on $4K every month (if he gets the same rate). Not that much cash. Or he can buy a $700 beater, hope it needs no repairs in the next year and then he simply owes the $7000 outright. If he needs the money, might be a bit tough to come up with 7 grand up front.

If you turn the loan over again, it gets worse.

So, if you decide to go that route, be absolutely sure you can afford to take a big financial hit or that you are going to keep the 'new' car for at least long enough to pay the loan down to at or below the value of the vehicle. Might take the entire loan. Go in with your eyes open.

 

i dont think i'll sell/trade my cobalt in until i pay it off, if even. it is pretty much my first real car. and i'm pretty much in love with it, i know i made some mistakes with the hub caps, lol...for those who know. but it is still my baby. payments are pretty cheap,4.9% financing. 250 a month and about 150 for insurance, but my mom pays for my insurance. only thing that sucks is i chose the 72 month plan lol, so it will be a while. like 14k for the car, 18 with finance. but when i pay it off i get 1000 back....some special they had i dont know.


but if he can pay for it then sweet dude lol. if i had a good job with real good money and could pay for it and still have extra, i would do it too, oh , and if i knew how to drive a stick haha