Automotive

Trading in car to lower payments?

  • Last Updated:
  • Jan 28th, 2020 7:15 pm
Deal Expert
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Apr 21, 2004
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It seems very costly to be a Car Person these days. We've got better equipped cars but prices are rising of inflation, if not more.

Also planned obsolescence is hard on the mind and soul. :(
Deal Addict
Jul 8, 2013
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Red Deer, AB
alanbrenton wrote: It seems very costly to be a Car Person these days. We've got better equipped cars but prices are rising of inflation, if not more.

Also planned obsolescence is hard on the mind and soul. :(
Actually, depends upon your priorities and willingness to sacrifice.

You can still easily afford a nice car if you're willing to work hard for it. For ex: having a second job can easily supplement your main income.

We even have a guy here who got his Tesla Model 3 and uses it as a delivery vehicle to supplement his income, so that he can afford his TM3. LOL.
TFSA: XAW | RRSP: VEQT + VAB | Non-Reg: XIC

It's really that simple.
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Apr 21, 2004
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TuxedoBlack wrote: Actually, depends upon your priorities and willingness to sacrifice.

You can still easily afford a nice car if you're willing to work hard for it. For ex: having a second job can easily supplement your main income.

We even have a guy here who got his Tesla Model 3 and uses it as a delivery vehicle to supplement his income, so that he can afford his TM3. LOL.
With a child in university, that's easily $20k (likely more) out the door.

Then stock investments, that hopefully won't flop.

So a nice pre-retirement gift for himself? :)

I still tell people at least my 11 Accord coupe was on C/D's Ten Best haha. That is good enough to me.

Maybe when I establish that business I'm envisioning, I can bump my earnings up significantly but I don't think my car criteria will change even if I made a few hundred thousand on the stock market.
Deal Fanatic
Apr 16, 2007
7876 posts
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Financial District B…
derass wrote: Did OP buy the car new? Is it normal to still be underwater on an auto loan 5 years into it? I thought that's only the case early on.
Xtrema wrote: Don't know if such a beast exists...... but:

Say M3 is $90K out the door, and somehow OP has a 84 months ballon loan with $18K left after 84 months @ 4%. That would yield $1K/mth payment.

But you are right, don't know how he would still be upside down tho and BMW only offer 60month max. Must be some tricky 3rd party loan.
The only way to be so upsidedown the way he is now would be that he had a trade where there was substantial negative equity added on to his BMW loan.
This happens way too often
Very typical for zero down finance contacts.
Legislation needs to be passed to combat these scenarios
Last edited by mikeymike1 on Jan 28th, 2020 7:33 pm, edited 1 time in total.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Addict
Jul 8, 2013
1470 posts
1690 upvotes
Red Deer, AB
alanbrenton wrote: With a child in university, that's easily $20k (likely more) out the door.

Then stock investments, that hopefully won't flop.

So a nice pre-retirement gift for himself? :)

I still tell people at least my 11 Accord coupe was on C/D's Ten Best haha. That is good enough to me.

Maybe when I establish that business I'm envisioning, I can bump my earnings up significantly but I don't think my car criteria will change even if I made a few hundred thousand on the stock market.
Playing with individual stocks is what I call gambling. Buy an index fund, dollar-cost average into it, and call it a day.

Just keep on buying VEQT and call it a day. That is what I do and will continue to do until I retire.
TFSA: XAW | RRSP: VEQT + VAB | Non-Reg: XIC

It's really that simple.
Deal Expert
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Apr 21, 2004
54091 posts
19000 upvotes
TuxedoBlack wrote: Playing with individual stocks is what I call gambling. Buy an index fund, dollar-cost average into it, and call it a day.

Just keep on buying VEQT and call it a day. That is what I do and will continue to do until I retire.
I will probably do just that after this one bet lol.

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