Finance Help

"Mythlin" (kxcmiles) 10/04/2015 at 22:26 • Filed to: None

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Hey Oppo I have a quick finance question, I have a ‘15 FoST which I owe a little over $22k on it. Ive been missing the mustang life now and have seen a few 11-13 GT’s in the high teens to low 20’s range and was wondering what approach you would take if you were to buy one of those GT’s. Is it better to sell the FoST and pay off the loan, trade it into a dealer, or is there some other way that I’m just not thinking of. I know its probably not a good idea and I should just keep the FoST, I’m just day dreaming right now to see if its feasible. Any help is appreciated! GT photo for your time.

macanamera > Mythlin 10/04/2015 at 22:31

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Well..a private sale would probably net you the most money, except for some reason dealers discount the absolute shit out of new FoSTs. I’d say the move is worth it if you can get a great trade for your car, and also some great new car incentives for the ‘stang (I’m talking 2015.)

Short-throw Granny Shifter is 2 #blessed 2b stressed > Mythlin 10/04/2015 at 22:40

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I’ve wondered about this as well. The only things I think I know:

-If you sell privately, you’re going to have to pay off the bank to remove the lien from the title.

-Your interest rate on a used car is going to be significantly higher than the rate in the FoSt you bought new.

Get some quotes for loans and trade-ins and run the numbers to see what you would have to sell for privately.

K-Roll-PorscheTamer > Mythlin 10/04/2015 at 23:09

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I’m genuinely curious to this as well, since I owe about $10k on my ‘14 ST and would one day love to get myself into a proper piece of ‘Murican RWD pony goodness.

Since that idea is currently made of unobtanium, I wonder if it would be better to trade in with that amount owed or sell and use money to pay off loan and put rest on downpayment. I’m also curious how rolling over a loan works.

shirosake > Mythlin 10/04/2015 at 23:14

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Remember about the sales tax incentive on a trade. Depending on the car, it can equal up to what additional you’d gain from selling it private party.

The dealer will ALWAYS lowball you for your car as trade up front, but I promise - ask a reasonable amount and they’ll do it.

Case in point - just went through this exercise with my STi. The dealer originally offered me $22 for it. I told them to go to hell and I needed at least $32 since thats what I could easily sell it for. They came back with $29k, plus an extra $1K off the car + approximately $2500 in sales tax and I was good to go.

smobgirl > Short-throw Granny Shifter is 2 #blessed 2b stressed 10/04/2015 at 23:29

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Not necessarily true on the interest rate, depending on the age of the used car. I actually got a better interest rate from my credit union on a 2-year-old Abarth than I would’ve gotten from the dealer on a new one (and I have good credit, we aren't talking 19% vs 20% or something absurd...I'm only being vague on specifics because I'm too lazy to look it up again)

CCC (formerly CyclistCarCoexist) > K-Roll-PorscheTamer 10/05/2015 at 00:31

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K Roll, you have a FiST?

K-Roll-PorscheTamer > CCC (formerly CyclistCarCoexist) 10/05/2015 at 00:44

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I’ve had a FoST for well over a year now.