My car is 3 years and 4 months old now. I have a 2.2 liter special kind of model like half cent has, which comes with a SS 2.4 interior with leather and the Pioneer 7 speaker system. Its pretty much loaded with every option I could of got except for a 2.4 engine and exterior bumper fascias. I got a loan through GMAC for $17.300 new for it at 4% finance. Its in poor condition becuase I have been hit several times in my college parking lot. I give up I have had the rear bumper replaced twice and was hit again. So basicly after looking on kelly blue book I almost had a heart attack looking at the values. I have 51 miles and a owe $10.560. It said my dealer trade in for average/poor condition was bewteen 6-7 grand, private party for excelent condition was $10.200 but obviulsy its not in that kind of condition. I think I screwed up three ways. First, I shoulda made bigger payments then my standard $240 a month. Second, when my smart buy lease was up there was a 1 month curtosy gap between the refinanced loan where I did not have to pay. Third, I got screwed by my bank with this $26 payment protection thing thats added up to $300 Since I had the loan, so I would of been been below 10 grand which, wouldent be to bad. An too top it off my Finance went from %4 to 10% . People make fun of me and say its your fault for buying an american car. I dont care as long as it dosent break down on me its fine, but it just scares me that I owe so much then what its worth right now

 

welcome to the wonderful world of chevrolet

 

Lol ^

 

Thats not just a chevrolet or even American thing.

 

That's basically all cars lol

 

As soon as you drove it off the lot it was worth less than you owed.

 

x2

Any car that's in poor condition will have a much much lower resale value.

Domestic don't hold their value well at all. Even the Corvette depreciates like a ************. The only type of cars that are worse are Kia and Hyundai.

Buying new fails hardcore with value of cars.

 

The reason that you have the $26 (am guessing that its GAP insurance), the bank is protecting itself if the car gets totaled, they would be paid for the value of the car which is less than you owe. This is why if you ever buy a car, you should have a down payment of atleast 10%, preferably 20%. I would have also never gone with a "smart buy lease". I would have secured a loan for the car that had a fixed term limit. The more creative the name of the program, and the more enticing it sounds, the more of the fine print that you MUST READ and UNDERSTAND.

Its not the cars fault, you must understand what you are signing and what issue may arise at a later date. Learn from this mistake so that you don't have to deal with it again.

 

Buying cars is a losing game. You lose money almost all the time.
And actually, value of a vehicle holds better with low production numbers. Higher production, lower values, because more are available.

 

Thats why I plan on driving my Cobalt for a good time.

 

Yea I'm never letting go of my balt. When she finally dies I'm rebuilding an engine/tranny and starting fresh

 

After my first deployment, Im going to pay off the car. Then I can keep it a long time withouth worrying about getting another for a DD if I have to.

 

Oh yeah definitely.

 

why did you buy out your car after your lease was up?
sounds like it is your fault
you should have insurance fixed up the body, and then turned it in

you would owe $0 on it

 

America **** Yeah!

 

Don't get backwards on loan and learn to put 10-20% down. That's simple.