Trade or keep? - Jeep Commander Forums: Jeep Commander Forum
Off-Topic Discussions This area houses Off-Topic discussion that does NOT involve the Jeep Commander.

View Poll Results: XK or WK2?
Keep XK and pay it off 11 91.67%
Trade/sell, buy WK2 1 8.33%
Voters: 12. You may not vote on this poll

Reply
 
LinkBack Thread Tools Display Modes
post #1 of 11 (permalink) Old 02-07-2012, 05:52 PM Thread Starter
Senior Member
Points: 12,498, Level: 73 Points: 12,498, Level: 73 Points: 12,498, Level: 73
Level up: 12% Level up: 12% Level up: 12%
Activity: 0% Activity: 0% Activity: 0%
 
rwmorrisonjr's Avatar
 
Join Date: Mar 2007
Location: Alexandria, VA
Posts: 2,337
Send a message via AIM to rwmorrisonjr Send a message via MSN to rwmorrisonjr Send a message via Yahoo to rwmorrisonjr
Trade or keep?

I'm thinking about trading my Xk in on a new 2011 Grand Cherokee. My local dealer has two 2011s on their lot at a good discount, with full leather, towing and other toys. I estimate that I'll be in my current budget for payment, with about $10. Here's my dilemma: My XK has 90k miles on it, and I have another 25 months to go before its paid off. There's nothing physically wrong with the XK, but I'd like to get into something newer and more comfortable, as well as a little easier for the wife to drive if needed. Maybe I just have car fever, so give me your thoughts!

XK:
-owned since new
-90k miles now
-no issues currently, have had some previously, but they were lift related
-25 months to payoff, owe ~$14600, worth ~$10k on trade.

WK2:
-New 2011
-72 month note would have payments within $10 of current payment
-already $7k off, should be able to fight for more
-Fully loaded (Laredo, 25X package, Hemi, Off Road, Towing VI pkgs)

2006 XK Sport, 4.7l, QTII- many mods
----------------------------------------------------
'An armed society is a polite society. Manners are good when one may have to back up his acts with his life."- Robert A. Heinlein

"Men sleep peacefully in their beds at night because rough men stand ready to do violence on their behalf."- George Orwell



To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
rwmorrisonjr is offline  
Sponsored Links
Advertisement
 
post #2 of 11 (permalink) Old 02-07-2012, 06:27 PM
Senior Member
Points: 8,101, Level: 60 Points: 8,101, Level: 60 Points: 8,101, Level: 60
Level up: 76% Level up: 76% Level up: 76%
Activity: 0% Activity: 0% Activity: 0%
 
Matt_'s Avatar
 
Join Date: Jun 2010
Location: NJ
Posts: 1,128
In my completely unbiased, been there/done that, opinion.... out of those two options, keep the XK!

OR add a 3rd option: Trade in on another vehicle, slightly used, that you'll have the same payment paid off in 3 years or less.

Considering that you owe more than trade in value, so that's getting tacked onto the loan, and you'll need 72 months to make it "affordable" (in quotes because thats a relative term), that's just not something you want to do with a baby on the way.

NOT because i'm questioning whether you can afford it or not. It's because, i've been there, and while I could have kept my 2008 Sierra Denali (that i got for 15k off MSRP out the door) i realized how much cool stuff i could be buying for my children instead of paying that monthly note. (or saving for them)

In addition, with the scenario you mentioned, you'll basically be "locked in" to that vehicle for a long time (unless you left out the part where you're putting $10k down).... so if you realize you've made a mistake, or something unfortunate happens with either your wife or the child that results in a a hardship, you'll be in a really bad position.

.... I'm trying to keep this short....

Ok rather than go on and on, let me sum it up with this: Take whatever option leaves you in less debt until you get settled in after a few months with the baby. Make sure everythings cool and your budget is what you expected, and make the vehicle change ~5-6 months after birth (if you still want to).

Last edited by Matt_; 02-07-2012 at 06:29 PM.
Matt_ is offline  
post #3 of 11 (permalink) Old 02-07-2012, 07:33 PM
Senior Member
Points: 6,782, Level: 54 Points: 6,782, Level: 54 Points: 6,782, Level: 54
Level up: 16% Level up: 16% Level up: 16%
Activity: 0% Activity: 0% Activity: 0%
 
Nitemare3219's Avatar
 
Join Date: Nov 2011
Location: Springfield, OH
Posts: 389
Don't dig yourself into a hole like my mom did. She had a Pacifica with $20,000 still owed on it I believe. Her ex-bf talked her into buying a fully loaded Aspen (45k + the 20k she owed) put her at almost $1000 car payment. Topped with the price of gas and the horrid gas mileage, she spends more on her car than she does the house. The fact that her trip to and from work is about 90 miles daily doesn't help either.

If you really want a new car, you'd better be able to afford it, especially one like this.
Nitemare3219 is offline  
 
post #4 of 11 (permalink) Old 02-07-2012, 09:07 PM
Junior Member
Points: 125, Level: 2 Points: 125, Level: 2 Points: 125, Level: 2
Level up: 50% Level up: 50% Level up: 50%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Dec 2011
Posts: 2
72 months is a long time for a car loan. Especially considering that there are many new car deals avaialble with 0% financing these days. Just my $.02...
kdo0444 is offline  
post #5 of 11 (permalink) Old 02-07-2012, 09:34 PM
Senior Member
Points: 11,816, Level: 71 Points: 11,816, Level: 71 Points: 11,816, Level: 71
Level up: 42% Level up: 42% Level up: 42%
Activity: 0% Activity: 0% Activity: 0%
 
robby's Avatar
 
Join Date: Jun 2008
Location: Desplaines IL.
Posts: 3,262
Man-O-Man,

Thats kindof a tough one.
I really don't like the finance deal you have on your Commander.
Gotta ask.....how long did you finance it for......this 06 purchassed new and 25 payments left.....see my confusion?
The interest rate you currently have comes into play on this question as well.

My very first thought is.....is there any way you can get this paid off sooner.....like double payments or something along those lines?

Rolling $4600.00 into a new loan....thats a lot of money going to waste.

I know new car 'itis' well......got ten cars to prove it, but no loans.

So, conservitism is kicking in on your behaf........my advice, keep your well maintained Commander for now and try to double/triple pay to offset the current interest rate.

Jeep will keep making Grand Cherokee's for when it's your turn to buy.

Hope I didn't burst any bubbles......besides, I want you to stay on this forum.

Rob
robby is offline  
post #6 of 11 (permalink) Old 02-07-2012, 10:09 PM Thread Starter
Senior Member
Points: 12,498, Level: 73 Points: 12,498, Level: 73 Points: 12,498, Level: 73
Level up: 12% Level up: 12% Level up: 12%
Activity: 0% Activity: 0% Activity: 0%
 
rwmorrisonjr's Avatar
 
Join Date: Mar 2007
Location: Alexandria, VA
Posts: 2,337
Send a message via AIM to rwmorrisonjr Send a message via MSN to rwmorrisonjr Send a message via Yahoo to rwmorrisonjr
Robby, I had it financed for 72 months, but I've had to bump a couple of payments due to some financial & work related issues, so that's pushed it out. Plus I rolled several other bad deals into the XK, hence the longer term.

That's why I said I've got new car fever more than anything. I'm really not keen on restarting a clock that's already ticking down to the end. And you're right, they'll keep making WKs long after mine's paid off.

I'll keep the poll open, but I'm leaning toward keeping the XK and getting rid of the note on it.

2006 XK Sport, 4.7l, QTII- many mods
----------------------------------------------------
'An armed society is a polite society. Manners are good when one may have to back up his acts with his life."- Robert A. Heinlein

"Men sleep peacefully in their beds at night because rough men stand ready to do violence on their behalf."- George Orwell



To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
rwmorrisonjr is offline  
post #7 of 11 (permalink) Old 02-07-2012, 10:48 PM
Moderator
Points: 10,821, Level: 68 Points: 10,821, Level: 68 Points: 10,821, Level: 68
Level up: 93% Level up: 93% Level up: 93%
Activity: 0% Activity: 0% Activity: 0%
 
SAL-XK's Avatar
 
Join Date: Apr 2010
Location: North Carolina
Posts: 1,993
You already know what the right thing to do is bro.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Stop by and like the page

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
SAL-XK is offline  
post #8 of 11 (permalink) Old 02-07-2012, 11:34 PM
Senior Member
Points: 63,765, Level: 100 Points: 63,765, Level: 100 Points: 63,765, Level: 100
Level up: 0% Level up: 0% Level up: 0%
Activity: 0% Activity: 0% Activity: 0%
 
a49erFan's Avatar
 
Join Date: Jan 2007
Location: Sunny Arizona
Posts: 12,579
Send a message via Yahoo to a49erFan
I will vote for keep the XK but it is really a vote for NO CAR LOANS. Car loans are terrible and rolling a current loan in to a new loan is even worse. I owe 9 payments on my smart and then will NEVER have another car loan.





To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.



To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


2006 XK, Steel Armadillo Front Bumper w/Warn Powermate winch, Rear Bumper w/tire carrier & Super Sliders, Rhino Rack Roof Rack and Foxwing Awning, KC Lights on Steel Armadillo Light Bar, 4xGuard Rear Differential Cover, Steel Armadillo Plates.
a49erFan is offline  
post #9 of 11 (permalink) Old 02-08-2012, 01:04 AM
Senior Member
Points: 11,907, Level: 71 Points: 11,907, Level: 71 Points: 11,907, Level: 71
Level up: 65% Level up: 65% Level up: 65%
Activity: 0% Activity: 0% Activity: 0%
 
Kansas1230's Avatar
 
Join Date: Jun 2009
Location: Lawrence, KS
Posts: 809
Oh man, this is almost worse than just new-car itis, it's male nesting! I've gone through this several times (still going kind of with a baby due in March), where I get over excited about upgrading everything I know how to, which is always good-intentioned efforts in the wrong directions (bigger car, bigger house, bigger other car, bigger wheels for the first car, etc). Have to join the bandwagon and say hold steady with what you've got right now, there's enough adjustments on the way and the last thing you'll want to be bound to is more monthly payments.
Kansas1230 is offline  
post #10 of 11 (permalink) Old 02-08-2012, 01:20 PM
Senior Member
Points: 7,664, Level: 58 Points: 7,664, Level: 58 Points: 7,664, Level: 58
Level up: 57% Level up: 57% Level up: 57%
Activity: 0% Activity: 0% Activity: 0%
 
Adondo's Avatar
 
Join Date: Jan 2009
Location: Tri-Cities Washington
Posts: 862
I also say keep the XK, and for the same reasons as a49erFan mentioned.

It's just a bad idea to roll a remaining loan into a new vehicle. ALL vehicles, unless it's a Rolls Royce Silver Cloud kept in a museum, is an determent to your finances rather than an investment. Vehicles depreciate in value fast, (especially if they're new) and a loan on one you didn't roll another loan into becomes a "gap" in value. (You owe more than it's worth) Add in your remaining loan on top of THAT loan, and the gap becomes all the wider. Then... you need "Gap insurance" to fill in the gaping insurance payoff hole should you wreck the thing, and that adds more costs.

That being said, if you do buy a new vehicle, bypass the dealer's high interest rates and get set up ahead with a good credit union. Dealer's get a cut on most car loans, (It's a bank or C.U. THEY like to deal with) so there's just about ALWAYS extra percentage padded into the deal that's good for THEM and not you. Walk into the place with the backing of a C.U. loan's $$$, and you can then deal as if you have CASH for the rig you want. That will get rid of the "I have to go check with the manager" crap (i.e. they smoke a cigarette while you sweat and wait) as they drop your initial deal from something like 14% interest and high payments.

I'd say if the XK is starting to fall apart, it's time to dump it with a credit union pre-setup, and only then. Otherwise, keep it and get rid of the current loan. The XK will be worth less for a trade-in two years from now, but the difference will probably be less then rolling its loan in would cost you right now.
Adondo is offline  
Sponsored Links
Advertisement
 
Reply

  Jeep Commander Forums: Jeep Commander Forum > Off Topic Section > Off-Topic Discussions

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Jeep Commander Forums: Jeep Commander Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome