NVT Formerly EGOBFXR6 Donating Members 1,111 Member For: 16y 9m 9d Gender: Male Location: Perth, WA Posted 24/03/08 12:40 PM Share Posted 24/03/08 12:40 PM Hey guys,I'm DYING to sell my XR6 for a T and I was wondering if you good people could help me out. I'm sure that the majority of users on this forum have been through many cars in their lives.How can I sell my car quickly, while minimising monetary loss? Here's the lowdown...I have an ego coloured XR6 - BF MKI - Really low Km's, perfect condition - heaps of extras....I financed the total amount of the car, minus the deposit. I will have to sell the car at a price where I will not be too much out of pocket - It will work out being - CAR SALE PRICE + REMAINDER OF FINANCE = TOTAL. My uncle told me to sell the car, and get another personal loan to pay the balance of the car finance - then pay off the second loan.You've all sold and bought cars before - is that the way to go? Or should I just try and trade the car in? Can I even trade up with finance already on the car???Thanks guys - I'm really struggling.....Cheers,Dan Link to comment Share on other sites More sharing options...
coupeboy351 Member 55 Member For: 17y 2m 19d Posted 24/03/08 01:24 PM Share Posted 24/03/08 01:24 PM Selling privately is your best bet to get good money.If you trade then you will get much less then market value. Link to comment Share on other sites More sharing options...
Mat Donating Members 2,930 Member For: 17y 7m 1d Gender: Male Location: Caracciola Karussell Posted 24/03/08 03:21 PM Share Posted 24/03/08 03:21 PM Also be careful if you trade in as most dealers will gladly put the extra you owe on the new loan. A mate did this on his 35K 2nd hand STi. New loan amount was 39K and the car is probably worth 31K now. He really wanted the car but its not a trap I'd want to fall into.Probably not so bad if you REALLY knuckle down and make extra payments but how many of us can afford that in 2008! IMHO if they offer you less than you owe, I wouldnt be trading in.Of course you want to sell the car for what the pay out figure is worth but perhaps worth getting one large personal loan up front for the entire care and then just pay most of it off when you sell the car if it isnt going to cover it?You could also weigh the figures up so that you sell the car for what u owe? Hypothetically you owe 20K and the car is worth 18K. You pay off 1.5K over the next two months and now you only owe 18.5K. The car generally wouldnt be worth 1.k less.Does that make sense or am I way off?No car is worth huge debt hanging over your shoulders. I know guys with WRX's who have loans for their car, loans for its mods. Not to mention store cards for TV's et al. A car loan is fine if its easy to manage, but that's getting into the crazy stakes! Link to comment Share on other sites More sharing options...
ZAP No boost, no bottle, just my foot on the throttle! Lifetime Members 7,935 Member For: 20y 9m Gender: Male Location: Sydney Posted 24/03/08 08:55 PM Share Posted 24/03/08 08:55 PM There will be no happy way for you to sell quickly and not lose money.Trading it in for the right car, can work for you. The rates you can borrow for a car is generally not much worse than a mortgage but is fixed. My F6 is borrowed at 7.6% and has $17k of negative equity from 2 previous cars. $7k from my old Pajero and $10k from my old XR6T.The difference in the payments are small compared to taking out a seperate loan for $17k and paying it off.You only live once, if you can afford it get one. Link to comment Share on other sites More sharing options...
SCRIBR Yaris member Member 4,486 Member For: 18y 4m 24d Gender: Male Posted 24/03/08 09:16 PM Share Posted 24/03/08 09:16 PM you guys just don't listen to the reserve bank now do u! Link to comment Share on other sites More sharing options...
urslow Resident golf buggy drift champion Donating Members 815 Member For: 19y 26d Location: Lismore NSW Posted 24/03/08 10:45 PM Share Posted 24/03/08 10:45 PM Hey guys,I'm DYING to sell my XR6 for a T and I was wondering if you good people could help me out. I'm sure that the majority of users on this forum have been through many cars in their lives.How can I sell my car quickly, while minimising monetary loss? Here's the lowdown...I have an ego coloured XR6 - BF MKI - Really low Km's, perfect condition - heaps of extras....I financed the total amount of the car, minus the deposit. I will have to sell the car at a price where I will not be too much out of pocket - It will work out being - CAR SALE PRICE + REMAINDER OF FINANCE = TOTAL. My uncle told me to sell the car, and get another personal loan to pay the balance of the car finance - then pay off the second loan.You've all sold and bought cars before - is that the way to go? Or should I just try and trade the car in? Can I even trade up with finance already on the car???Thanks guys - I'm really struggling.....Cheers,DanAre you looking to swap for a T? Do you have a link to your Car with Pics etc? Link to comment Share on other sites More sharing options...
senna_T Forged Member Lifetime Members 15,818 Member For: 17y 9m 7d Gender: Male Location: SW Sydney Posted 24/03/08 11:13 PM Share Posted 24/03/08 11:13 PM the important thing is to find out your payout figure first - how long have you had the car for and how long did you take the loan out for? Link to comment Share on other sites More sharing options...
tab Sucker Moderating Team 32,303 Member For: 20y 6m 20d Gender: Male Location: Brisbane Posted 25/03/08 12:29 AM Share Posted 25/03/08 12:29 AM Also keep in mind that if you're carrying over a residual debt in to the new loan it may push the new interest rate up. I.e. they will only give you a secured loan rate up to a certain percentage (roughly 110% I think) of the car's value, if you go over that it will revert to an un-secured loan at a higher interest rate.So depending on the circumstances your uncle may be correct Link to comment Share on other sites More sharing options...
Elias Member 109 Member For: 16y 11m 19d Gender: Male Location: Melbourne Posted 25/03/08 01:24 AM Share Posted 25/03/08 01:24 AM My advice would be to pay off your current car fully, then you will be in a better position to buy what you want with a much smaller loan. Put a picture of the T up on a wall as your motivation to save your back-side off knowing that the sooner you pay off your car the sooner can treat yourself to the T. You will save alot of money doing it this way and you can put that money towards a newer model or mods etc... it's all about patience... Link to comment Share on other sites More sharing options...
NVT Formerly EGOBFXR6 Donating Members 1,111 Member For: 16y 9m 9d Gender: Male Location: Perth, WA Posted 25/03/08 02:21 AM Author Share Posted 25/03/08 02:21 AM Thanks so much guys,I really appreciate all the good advice. I'll look ino all your suggestions and see what I can do Thank you all,Dan Link to comment Share on other sites More sharing options...
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