06 GT $16k trade in?

[Redfireshaker06]

I'm still tossing around the idea of getting an 11 since its 0%. I owe $8500 on my 2006. They offered me $15k for my car trade in if I keep the 20's on it. I'm going to counter offer since KBB trade in on it is over $16k and they will not have to put any money into it to sell it. So if they accepted my counter offer, thats probably more than I could sell it for. Would you guys take the deal of a new 2011 GT premium for under $23? My car is mostly cosmetic modded.

 

[Sinner]

bro 15k for your car is a good price and a '11 for under 23k seems unlikely.

 

[stang1971]

bro 15k for your car is a good price and a '11 for under 23k seems unlikely.

i agree... a 2011 gt premium is gonnabe close to 30k.

 

[mikeysgt]

^ he said he owes 8500 on it so if he gets 16k trade in that's almost 8k off the price of the 2011.

 

[calebparkin3]

How many miles on your car?

 

[Aandf1978]

Dude do that shit!!! I don't even think I could get $15k on mine for trade in with the way it sits!! I would love to come out from under mine and jump to a 2011, but thanks to the bottom end falling out on the 4.6L due to the 5.0, guess I'll just stay with mine and beat it up.

 

[Riptide]

30K - 5.0
8.5K - debt rolled into it
16K - trade in on current car

So you pay 22,500. Think about what you could do to the current car for that much money. And you won't have to share ownership with the bank for another 5+ years.

 

[Jarrod@latemodelresto]

30K - 5.0
8.5K - debt rolled into it
16K - trade in on current car

So you pay 22,500. Think about what you could do to the current car for that much money. And you won't have to share ownership with the bank for another 5+ years.

He probably doesnt have 22,5K laying around to build his though. Im pretty sure he doesnt want to save for the next 5+ years, just to build a car that will be 10 years old.

 

[swat 79]

He probably doesnt have 22,5K laying around to build his though. Im pretty sure he doesnt want to save for the next 5+ years, just to build a car that will be 10 years old.

+1, not to mention the 5.0 is a better modding platform, making more power easier.

He also gets the newer body style with the upgraded interior, although looks are subjective to each individual.

 

[Riptide]

He probably doesnt have 22,5K laying around to build his though. Im pretty sure he doesnt want to save for the next 5+ years, just to build a car that will be 10 years old.

As a general rule if you just want to go faster it tends to be cheaper to keep a paid for or nearly paid for car and build on it. I realize that there may be other considerations such as the aesthetics of the newer model which is a personal decision. There are ways around the cash flow issue (personal loan for instance) and what you mention would equally apply to a new one as far as not having money to build it.

He didn't build the last one to go any faster than stock so he may not be planning that with the new one either. I didn't realize that until I re-read the OP. My bad.

 

[Redfireshaker06]

It would be a 5 year loan. I'm not doing 6 again. I did that on this car. I still have 22 payments left on it, so actually I would only own maybe 3 years. Even though I would most likely get it done in 4 years.

 

[s8v4o]

As a general rule if you just want to go faster it tends to be cheaper to keep a paid for or nearly paid for car and build on it. I realize that there may be other considerations such as the aesthetics of the newer model which is a personal decision. There are ways around the cash flow issue (personal loan for instance) and what you mention would equally apply to a new one as far as not having money to build it.

He didn't build the last one to go any faster than stock so he may not be planning that with the new one either. I didn't realize that until I re-read the OP. My bad.

Problem is everybody wants the latest and greatest and is willing to stay in debt to do so. Debt is enemy #1! It's an ongoing theme. Wait till the 2014 comes out and all the guys with the 2011 will "upgrade".
I for one am glad I paid my shit off. I got my car in Oct 06 and had it paid off in Sept 09. Two years and eleven months isn't too shaby. I also saved a good chunk of change by paying it off early. Now the wife and I have NO car payments NOR any credit card debt AT ALL. All we have is a mortgage payment and regular bills. Saving money for modding is a whole lot easier now. Or for that matter, saving money in general. Not all of us have trust funds so we have to spend our money wisely.


OP, I think that's a good deal if you want to take the plunge. The dealer will NEVER give you KBB prices. They are trying to make money, not friends. If I were you I would hold off. Continue making payments and get that baby paid off. Maybe when the 2014 comes out you can get that and be the lucky guy. If you MUST have a 2011, why not wait a little bit and sell your car and buy a barely used one. Let someone else take the initial hit. Good luck with your decision.

 

[UltraKla$$ic]

As a general rule if you just want to go faster it tends to be cheaper to keep a paid for or nearly paid for car and build on it. I realize that there may be other considerations such as the aesthetics of the newer model which is a personal decision. There are ways around the cash flow issue (personal loan for instance) and what you mention would equally apply to a new one as far as not having money to build it.

He didn't build the last one to go any faster than stock so he may not be planning that with the new one either. I didn't realize that until I re-read the OP. My bad.

I'm with Riptide

I would drop a 5.4L motor in the '06 and have the best of both worlds. Looks AND powa and STILL be less than $22,500 in debt.

My $.02

Mines paid off so I'm keeping it. LOL!

 

[Riptide]

TBH this discussion has been had many times over already. When the 2011 specs came out and pricing there were a zillion threads about whether people should ditch their car and rush into a new loan on the new one.

In the end it's a personal decision and like anything it comes down to how much liability you will have on your end of the deal and whether it's really worth the advantages or not. If we all had ten mill in the bank then we wouldn't have these discussions.

 

[CMK720]

I was gonna do the same, but I've come to the conclusion that I don't want another 5 years of payment, and insurance goes up. So I figured I'll just pay off mine and have fun with it!

 

[302]

The only consideration that should really come to mind is if you like the looks of the 10+ and if you can afford it/want to get into debt. If yes to the above, go for it. There will always be something faster.

My personal decision was taken into consideration by: I started to hate my black 2008 more by the day, my 94 cobra was staying broke, and i had an opportunity to finance less than what i owed on the 2008 after selling the '94 so it was a done deal for me.

On the 2011 my payment is almost exactly the same payment i was making on my 2002 GT back in 2002.

I'm tickled pink.

 

[gmantheman]

16K for a trade in? I would do it. Two dealers only offered me $10K for my 06 Mustang. As far as insurance, I bet it won't go up at all.

 

[LuckyH]

I would keep your car. How much are 3v motors now? The same will happen to the 5.0's after a few years. I plan on swapping the 5.0 into my car in a few years when used ones are more readily available. I just cant see going into debt all over again just to get the engine.

 

[striker 5]

The only way if your car is payed off and you can trade a private owner your car and cash . I had a deal like this but it fell through at the last minute .

 

[RedMustang]

do it