: Thinking of trading in V



2007cts-v
07-07-10, 11:07 PM
My wife & I went down to a Cadillac dealer yesterday and today. We're looking into a Crystal Red 2010 SRX. Sticker is $44100. Luxury package, navi, huge moonroof, front and rear parking sensors....the whole magilla.

Bad news is that we are thinking of trading in my V for it. I had it appraised from the same Dealership and they are offering $23K. I still owe appx 26 on it, so I'm upside down a little bit. It's an 07 with 34,800 on it, and in excellent condition. I only have the oem warranty on the car, so this expires in December. (So this plays a little role because of the price of an extended warranty - 2200-2400 from the same Cadillac Dealer)

Other good news is that our lease is up on our 07 Murano. We can't WAIT to get rid of this thing!!! While we were looking to replace the Murano, the thought of trading in the V came up. We are trying to save money, and in doing so might even go down to one vehicle.

So I have 2 questions: Do you think the Dealer is offering me a good trade in value?
And the same Dealer is offering the 2010 SRX AWD Luxury for $715 per month on a 39 month lease 12k miles per year. They also said the payment cuts off $50 per month if we go out to a 48 month lease. I'm putting down 1st payment and fees (for a total of appx 900), and I'm appx. 3,000 upside down on the V. Does this payment seem high or close to right on the money with our situation?

We're looking to get into the SRX by this coming weekend. If we trade in the V, we will get the SRX now, and just give back the Murano in October when the lease is up. Insurance wise, our payments decrease $50 per month. So, that will help as well. We pay 567 for the V; And 472 for the Murano.

Thanks!

Chris & Kathy

Stepside
07-08-10, 12:11 AM
Buying a vehicle is the worst investment a person can make. I love cars & trucks but I do not let the 'woodie' I get looking at them overload the common sense & practically of purchasing a vehicle outright with no monthly headache.
100% down/ nothing else to pay.
Do you need it? NO
Do you want it? YES

How about a crystal red 2008 SRX with 32,200 miles for $28k and save yourself some money and payment headaches.

The Dealer will probably sell your car for $28k and needs a window for profit to himself/dealer and the salesman.

Good Luck, but I personally would not lay out that kind of money on time payments for a product that has that kind of depreciating rate.

Baltimore07V
07-08-10, 12:20 AM
My wife & I went down to a Cadillac dealer yesterday and today. We're looking into a Crystal Red 2010 SRX. Sticker is $44100. Luxury package, navi, huge moonroof, front and rear parking sensors....the whole magilla.

Bad news is that we are thinking of trading in my V for it. I had it appraised from the same Dealership and they are offering $23K. I still owe appx 26 on it, so I'm upside down a little bit. It's an 07 with 34,800 on it, and in excellent condition. I only have the oem warranty on the car, so this expires in December. (So this plays a little role because of the price of an extended warranty - 2200-2400 from the same Cadillac Dealer)

Other good news is that our lease is up on our 07 Murano. We can't WAIT to get rid of this thing!!! While we were looking to replace the Murano, the thought of trading in the V came up. We are trying to save money, and in doing so might even go down to one vehicle.

So I have 2 questions: Do you think the Dealer is offering me a good trade in value?
And the same Dealer is offering the 2010 SRX AWD Luxury for $715 per month on a 39 month lease 12k miles per year. They also said the payment cuts off $50 per month if we go out to a 48 month lease. I'm putting down 1st payment and fees (for a total of appx 900), and I'm appx. 3,000 upside down on the V. Does this payment seem high or close to right on the money with our situation?

We're looking to get into the SRX by this coming weekend. If we trade in the V, we will get the SRX now, and just give back the Murano in October when the lease is up. Insurance wise, our payments decrease $50 per month. So, that will help as well. We pay 567 for the V; And 472 for the Murano.

Thanks!

Chris & Kathy

I wouldn't do it. I would pay off the 07. If you want to sell, sell private party and get 27-29k for the 07V, which is very possible. If you wanted a quick sale, offer it up for 26k, it will go fast. 3k over the dealer, and you pay off your loan.

Also, never lease. Basically you are paying for the depreciation on a car/truck. If you are looking to save money, buy used cars only. New cars in and of themselves are a luxury.

What you need to decide is how important saving money is. If you want to get rid of both of the car payments, sell the V private party, drop the Murano, and buy a used vehicle. Like the above poster, a used SRX is dirt cheap. Escalades can be had cheap as well, Denali's cheap too. Thats if you need a big SUV.

Just saying leasing that new SRX, doesn't sound like a good decision if your doing it for financial reasons.

wcryan
07-08-10, 12:53 AM
I agree with the above posts..... Sell it, if you put it up for 26K it would go fast as long as you have it in the fastest color which is Raven. If its any other color id suggest going for 25.5. :D. And also buy used, we all know value drops significantly when you drive it off the lot

c4ss
07-08-10, 01:03 AM
If you are serious about saving money, then buy used!

JD03Cobra
07-08-10, 01:05 AM
If you are serious about saving money, then buy used!

Well said!

2007cts-v
07-08-10, 07:39 AM
The color of the V is Infrared, so I guess I'll have to put it up for 25.5. LOL

We are interested in saving money, but we can afford to drive around in 1 new car, however, we're thinking the SRX price is too high for what we want to spend right now anyway. The amount of money we spend for our cars plus insurance is a lot right now and even going down to just the SRX would save us over $500 per month.

Thanks for giving me more to think about in our decision. Always a lot of decisions to make with a new vehicle. (We walked away from a CX9 last night).

CIWS
07-08-10, 09:16 AM
Other good news is that our lease is up on our 07 Murano. We can't WAIT to get rid of this thing!!!

What's been the issue with the Murano ?

whisler151
07-08-10, 09:59 AM
My wife has a Lux 2010 SRX and loves it. Its way nicer than the V, but I would go crazy if I had to drive it every day.

Junior1
07-08-10, 10:08 AM
There's no rush to buy... Better yet if you wait a month or so when the 2011's start coming out you can probably get a better deal, plus your murano will be closer to going back.

AG'S-V
07-08-10, 10:39 AM
Hold out and get someone else's lease return :)

Baltimore07V
07-08-10, 11:19 AM
Hold out and get someone else's lease return :)

:yeah:

Someone else has already paid a few years depreciation on the car for you.

CadzillaTN
07-08-10, 11:23 AM
i agree with others, keep V, ditch the nissan, get a used srx...you can have 2 cars for price of one.

ive driven new and used and see no difference in quality... besides, in my opinion the new ones look more mainstream instead of having that distinctive cadillac style..

2007cts-v
07-08-10, 05:24 PM
No mechanical issues with Murano....just way tired of it. Gotta move on to something else. And thats the other problem - want to save some money, but always looking to get a different car every few years - reason why we lease. We're going to have to find something cheaper. We get tired of our cars. I didn't realize when I bought the V, it was as rare a vehicle as it is.

Thanks for all the input. We really appreciate it.

CIWS
07-08-10, 06:06 PM
No mechanical issues with Murano....just way tired of it. Gotta move on to something else. And thats the other problem - want to save some money, but always looking to get a different car every few years

Cool, I had a 2003, no real issues for the 2.5 years I had it before trading it in on the CTS-V, was just wondering. I understand the car bug thing too. ;)

Driven2slow
07-09-10, 01:29 AM
If you want to trade the V, you'll get more money if trading it in at an import dealer.

2007cts-v
07-09-10, 07:26 AM
Is there a reason for getting more value at trading it in at an import dealer than an American dealer? Is that just the way it is?

mcbsff
07-09-10, 09:29 AM
The trade-in at 23 seems about right. I bet the dealer will ask 29,999, then sell it for 27. As a "dealer trade-in" wholesale comparison, you could go to carmax and see what they will buy it for.

But I have to agree with the majority of the board. Save yourself some cash. It's expensive enough just to live in NY/NJ! (I know!)
1. Sell it yourself - yes, it's a little more hassle, but.... is the hassle worth 2-4 thousand to you?
2. Buy used. You can do well if you take your time, shop around, and don't let your emotions get to you.

cvettr/cts-v
07-09-10, 10:49 AM
I assume you bought the V not leasing it. With that assumption The biggest savings would be Turn in the nissan as soon as you can with no extra costs and be a 1 vehicle family keeping the V which you would own at the ebd of your payments. This would save you an extra $148 per month above the $500 you said you would save going in to the srx at a lease of $715.00 per month whisvh at lease end you own nothing. Spending $27885 across 39 months and own nothing in the end is tough for me to justify. May be different if you own your own business and it can be written off but as you have not stated such it is probably not the case. How many payments you have left on the V. I would keep the V Save the additional and put some of the savings towards extra payment on the V. If yo then decide later you just can't live with 2 cars then you can do a cheap buy or lease on a more basic set of wheels preferably used for additional savings or If yaou have paid some extr to the V you could trade in and actually have some down payment money as you won't be upside down. It sounds like the goal is to save money and the way to save the most is Keep the V get rid of the nissan and get the biggest savings while working towards owning a vehicle in the end instead of basicaaly renting one which is what a lease is a long term rental.

Driven2slow
07-09-10, 07:23 PM
Is there a reason for getting more value at trading it in at an import dealer than an American dealer? Is that just the way it is?


I think the import dealers want to bring in customers that want american cars so they pay more for domestic cars.

I was with a buddy of mine, he was trading his suburban. He owed 26k on it. We went to about 10 different GM dealers, they all offered bluebook trade in, which was $18k. For some reason he fell in love with a Kia. We stopped at a Kia dealer, they offered him Private party value which was 24k, which he took.

dynabyhd
07-10-10, 12:46 PM
Two things which might make going the trade-in route a bit more desireable:
1. Lower the tax bite on the new car purchase. Only being taxed on the difference between new car purchase price and the trade-in value can save a grand or more.
2. Trade-in is usually quickest way to sell a vehicle. Dealing with advertising, phone calls, no shows when selling a vehicle private party is time consuming only to yield a couple grand more on your V. Sifting thru the tire kickers can be a challenge. :thepan:

It all depends on whether you want to move into a new car quick or instead maximize profits.

That being said I usually always sell my vehicles used via private party, because I am usually never in a hurry to sell.

VforMe
07-10-10, 01:51 PM
Spending $27885 across 39 months and own nothing in the end is tough for me to justify. May be different if you own your own business and it can be written off but as you have not stated such it is probably not the case.

You can write off the depreciation on a paid for car used for business as well. I never have understood why people think a lease makes sense if you can write it off. Its the same as people who say you should keep a mortgage so you can write off the interest. Your sending a bank 30K so you can keep from sending the government 5K. A lease is the most expensive way to own a car no matter what kind of business you're in.

2007cts-v
07-11-10, 11:47 AM
We like to lease because we like new cars. Does it make sense. Not in its entirety especially that we are trying to save money as well.

The decsion we made: We gave back the 07 Murano, and leased a 2010 Murano - with more options, and a little bit more money.

The goal now is to sell the V. It is officially up for sale - asking just the loan payoff - 26k. (if interested, email me at ctsv2007@aol.com)


It's not saving us any money until we sell the V, and buy, not lease, a used car. Reason we did this was the Murano was a good deal with the packages they have going on right now, and coming to model year 2010 end, we were able to get into this one for only a few dollars more. And we were getting more options with the Murano for the price than we were anywhere else.

Thanks for all your inputs and opinions. They were all taken into consideration.

-Chris & Kathy.

JimmyH
07-11-10, 05:05 PM
Leasing is good idea if you want a new car every two years, don't want to worry about values, and don't drive alot of miles. That last part is why I will never lease a car :D

I would think you would get your best price at a Cadillac dealer. Most other dealers are just going to wholesale it out. Then again, it's a niche car, low mileage, good condition, some dealers might stick it out front just to attract people off the street.

Bottom line, keep the V. 6 months later, I still regret selling mine.