esfkotaro

Thinking about trading my '08 2.4 in for an '09 SS.

Why? Because I can...and due to a semi-fucked up situation my dad got me into, it may actually be cheaper than keeping the LE5 (cheaper yet would be trading in for another 2.4, but why not upgrade?)

Anyhow...are the new Cobalt SS's really all they've claimed them to be?

Or should I just bite the ~$1300 bullet my dad managed to shoot my way, and hold onto the 2.4?

(basically, because my dad talked me out of my original financing plan for the 2.4, I may have to literally buy the car from him now, and pay sales tax on a car I already paid sales tax on, plus new registration fees and whatnot)

DarkSergeant

Well..
Is the car in your name or your dad's? If the car is in your name - I'm assuming you'd be trading it in to buy the new car?

If that's true, remember that your new loan will be the cost of the new car plus the, minus the trade-in value of your car, plus the remainder of your loan. IF the 2.4 is an 08, and you didn't buy it in the best circumstances, that can be very bad. So, in math (numbers assumed):

22,000- 12,000 + 15,000 = 25,000

That means you'd be getting a loan for $25,000 for your new $22,000 car. This is all kinds of bad - your interest rate will likely be much higher, and not to mention (god forbid..) you were to wreck and total it, you'd likely be liable for that extra $3,000.

If the 2.4 is in your dad's name.. what would he do with it? Is he willing to just keep it? It wouldn't hurt you so much financially, but it could put him in a rough spot.

Not asking you to air your problems, but if have some more detail on the situation - you'd be more likely to get guidance.

If you're going straight in, sure the TC is going to be quite a deal more of a car than the 2.4... though still I'd encourage you to find an 08 still on the lot vice buying an 09.

esfkotaro

he has to get it taken out of his name because he's trying to buy another house (right now 8 cars in his name, only 2 or 3 should be)

it's only registered in his name because I let him talk me into it to stay on his insurance. fact of the matter is:

didn't help my interest rate. stayed the same with cosign, my credit is awesome.
cost more for insurance, because my brothers are on same plan and between them have 7 tickets and 4 accidents in the last 2 years, so I get hit with ****-fees.

i've sent payments through february in already, plus an extra $2k since taking the car home in principal-only payments, and put $3500 down when I bought the car. I also got the car with full i/e GMPP below sticker (sticker being price WITHOUT GMPP)

car has 7k, all maint. done on time at same dealer I'd trade to (graduated with owner's son, we know the fam. pretty well) plus we've now bought 7 cars from them in 2 years.

to have the car put in my name now, they're telling us I'd have to "buy" the car from my father, even though the LOAN is in MY name with him as cosigner (no problem, just get a loan for what I still owe). but they're telling me I have to pay 7% sales tax on the KBB value of the car, plus registration fees, etc etc...which I already did, technically, 5 months ago.

as far as I can tell, i can walk out with the new car for the same payment I have now, with the same insurance i pay now (courtesy of no longer paying for my brothers' failures), but have a "better" car. and just have to take a small loss that realistically, I'm going to be forced to take regardless.

DarkSergeant

Yeah, I'd say just get the car you want. No use making payments for one you don't want.

I'd say sell it over trade it though. Private sale price will undoutedly be much more than you get for trade in... as long as you can sell it for what you owe, you're good.

YSUsteven

I don't know about Jersy, but all it took for me to get the truck that I was promised when I graduated was go to the title office, pay like $10 in title fees and $60 for plates, and the truck was mine. Titled from my Dad's name to mine. The truck had no loan attached to it at the time though.

esfkotaro

it's not that I don't want this car...it's that I don't want it bad enough to deal with all the suggested hassel. not when the simpler approach is to get the SS, which is identical in almost every way that it's not better, and better in every way that it's not identical. =)

except for the rims. but I'd probably sell the rims and get ones I really want anyhow...

as for private party sale, not gonna happen fast enough. I need it done within the next month...either "buy" it from dad, and pay the fees, or trade on the SS...can't sell that fast. not around here.

DarkSergeant

List it on Craig's list, put a sign up and see... Worst that could happen is you DON'T sell it. It will mean thousands of dollars in the end, trust me..

An 08 is going to be worth much, much more on the private market than it is for a trade in.