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post #1 of 11 (permalink) Old 01-20-2008, 06:19 PM Thread Starter
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trade in

let me start from the beginning. i love my cobalt its a black 2005 lt w/ sp and it has been great. it has about 28k miles right now with no problems. i bought this car used and got a really good deal on it. i co-signed on it with my parents and it totalled to be about 13700. i went for 5 years at a 7.8% interest i think. since ive been on this site and have seen all the ss/sc's on the road i have wanted one. well i found a 2006 black ss/sc with only 27 miles (not 27k) for only 12995. its got the red interior and looks amazing. i havent seen it in person or called the dealership yet but im super pumped just thinking about it.

my question is if i wanted to trade in my cobalt now which i have only been paying since march of 2007 for this ss/sc. what kind of situation am i gonna be gettin myself into. i mean financially, like how is this all gonna work out. just wondering from people with experience in trading cars or buying cars. thanks alot guys.
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post #2 of 11 (permalink) Old 01-20-2008, 06:25 PM
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depends how much they give you and how much you pay out the door for the SS...i can confidently say you will have to roll over some into the SS causing it to cost more than if you bought it out right (but who has 13k laying around?) its called negative equity and its not good if i were you i would wait to trade in or look for another until you owe quite a bit less, but thats just me
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post #3 of 11 (permalink) Old 01-20-2008, 06:45 PM Thread Starter
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yea ive made about ten payments so totaling to about $2700, leaving me with about $11000 left to pay off. i dont know really if ill be losing like you say but if i am i mean i guess a positive is that im getting another 35K miles warrantied. idk if im just gettin in over my head and could be making a bad deal. kelly blue book says my trade in value would be around $9400 if that gives anybody any ideas on what situation i could run in to.
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post #4 of 11 (permalink) Old 01-20-2008, 07:24 PM
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Yeah you would be rolling some big negative equity. I've thought about the same thing but with the New COBALT SS TURBO....but my friend who sold me my car at the dealership for I must say for $13,700 as well and mine is the '07LS but still....um....yeah....I would wait some but the only problem is...is that you won't get what you owe on it and it will roll over...if I were you I would wait a little bit cuz I'm in the same situation...I've got mine in March 07 as well....so I feel ya.

cobalt07ls added 1 Minutes and 10 Seconds later...

Also...don't go by KBB...go by trade in or wholesale price or w/e and then subtract about $500 from that and that's what you will get from trade in...trust me...I've asked. LoL!

Last edited by cobalt07ls; 01-20-2008 at 07:25 PM. Reason: Automerged Doublepost
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post #5 of 11 (permalink) Old 01-20-2008, 07:29 PM
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I went into my last 3 cars w/ negative equity, I owed 20K on a balt LS when I traded in my Lincoln LS. I wanted a lower payment and better gas mileage at the time, got both and than this past december I traded in the LS for the SS/SC, happy w/ my choice, my payment went up 60 bucks and insurance increased about 30 but I love the car(insurance drops every six months anyway). The SC was a new '07 that sat on the lot for awhile, it had stage II and full exhaust put on by the dealer, only 300 miles on it and they were asking almost 29K after you figure in taxes and all that. They gave me 1000 less for my LS than what I paid when I bought it from them new a year before and dropped the SC price so that total was like 27 instead. I owe a grand total of 33k, which I think is pretty great considering I went from negative to negative and negative equity again. I also managed to get 1.9 apr so that helped. Gotta like good credit too.

So giving your situation I would assume you could get the deal done. Just depends on how good of a dealer you are working with. Mine is a great dealer when it comes to getting you were you'd like and not killing you in terms.

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post #6 of 11 (permalink) Old 02-10-2008, 10:29 PM
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i agree with you! i bought an LS model back in november (without knowing anything about cobalts lol), and since then i've learned a TON about these cars. i wish so much that i had waited and bought the SS. my friend has a dodge charger, and it would be nice to be somewhat of a competition to him lol. not gonna happen with the 145 hp i paid cash for mine though, it came out to be about 10,000 (i got a really great deal on it through a friend). i'll prob trade it in within a couple years...

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post #7 of 11 (permalink) Old 02-10-2008, 10:42 PM
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+1 on the negative equity. it can really get you when financing a car. If you want to keep your payments at about the same price while financing more you will have to finance longer. That means if something else comes out later on down the road that you want you would be too far upside tfor somebody to help until you actually build equity. Besides, I'm willing to bet that you may decide to get the turbo Cobalt SS after you see how much the supercharged Cobalt SS suffers in acceleration in comparison. If I were you, I would refi your current car right now to get a lower interest rate, but do it with another bank than who is currently financing your car. The reason is, your current financer will want to add principle to your loan if you refi to get a lower interest rate. If you go with another bank they will probably try to get the loan by paying off your loan from the other bank and just add their interest, which would most likely be much lower. For example, about 5 months ago I had 9.09% interest on my SS/SC. I refi'd with a credit union (which i'm not a member of) and got 5.49%. Saved me about $80/month. I then turned around and spend that extra $80 paying off the principle. This allows me to pay off the loan sooner and acquire more equity. Equity in your car can then be turned into a down payment just by trading in your car, which then reduces your payment on the next thing you want.

Just my $0.02
 
post #8 of 11 (permalink) Old 02-11-2008, 02:04 PM
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good info and great point domin8
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post #9 of 11 (permalink) Old 02-11-2008, 02:28 PM
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Sorry to but it this way, but you buy a Cobalt to keep. Not to trade it because it's out of fashion. Unlike Civic or Corolla, we loose from day one in trade value. You will get raped bad to try and trade it at the dealership. Unless you can sell it to a Cobalt fan, there is no love for it on the used car market, where as people still get hard on's over 10 year old Civics with 200K miles.

Ask yourself this. What happens when the new Cobalt comes out in 2010 or 2011? Will you want to trade in again, too? Next thing you know, the only car you could afford is a Chevy Aveo or a Kia Rio.

We can always justify it in our mind that saying the dealer will give a good deal. But we all know there are mad rebates and dealer incentives, kickbacks, that hide the actual picture.

If you still want to trade it in, just bring a towel.

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Last edited by GoLowDrew; 02-11-2008 at 03:38 PM.
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post #10 of 11 (permalink) Old 02-15-2008, 05:50 PM
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I bought my car brand new for $14,500... as soon as i signed my name on the dotted line, the car was worth $9000 trade in value... yours being a 2005, you will be lucky if they give you $6000 for it
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