Any Car dealers out there?

[TheVTCGuy]

OK TRF, Here is my story... it's a long one.... probably boring... most of my stories usually are.... But any advice is appreciated.

Last year, I was in the market for a new car. I had my heart set on a Lincoln MKZ Hybrid, Reserve model. Ready to close the deal, a very good friend of mine asked me out for a few drinks so we could have a disussion; he dropped a bomb.

He had been diagnosed with Lympnode Cancer, he and his fiance had moved up their wedding plans because of it, and he wanted ME to be his best man. I was shocked, humbled, upset, and oh by the way, he is a salesman at a Ford Dealership. I could not ever look at him in the eye, or myself in the mirror again if I purchased any other kind of vehicle. So, I took posession of a (very nice) Ford Fusion Hybrid Titanium model. Now, let's fast forward one year.

My friend is in remission for the last six months, the wedding was excellent, and the future brighter. I had a heart to heart with him and told him my grail was actually the MKZ, he said of course he would do what he could and try to help me get one. So... we crunched some numbers.

HOLY &#((@*#*!!!!!!!! ARE YOU KIDDING ME?!?!?! This "Drive Off" depreciation is ridiculous!!!. My car is top of the line with every option available, has 4,200 miles on it, and JUST TO BREAK EVEN, I would have to write a check.... for 10 to 15K !!! ?? !!! ???

AAAAAAAAAAGGGGGGHHHHHHHHHHHHHH!!!!!!!!!

I.. I..... I..... I don't know what to say..... This... this can't be right!!! But I know it is. I am underwater that much with my car, driving it off the lot put me 10K Plus underwater.....

Isn't there any other way? I mean, besides me writing a check for that much just to buy a new car? A lease? maybe... (gently) used MKZ for AROUND what I have on my loan on the Fusion???? I have excellent credit.....

Probably nothing....... I just couldn't believe the depreciation was that much for such a nice car..... Is it difficult to get in to the car business?

[locutus49]

Kinda like buying a new precious metal Rolex from an AD. Sorry for the bad news.

[Tri-Tip]

You should probably be out about 20-25% on the Fusion after a year.

$10K - $15K to move up to the Lincoln, how does the MKZ's sticker price compare to the sticker price on the Fusion, I would think it's significantly higher to start.

In hindsight, since Lincoln is a Ford product, why couldn't he have helped you into the Lincoln a year ago to start with?

[wantonebad]

Paul why are you buying anything when emotions and friendships are in play????

[etp095]

Gap insurance, and hope Greek lightning strikes.

[wantonebad]

Originally Posted by etp095

Gap insurance, and hope Greek lightning strikes.

Hope you're kidding... not constructive.


Paul trading it in is going to make a bad situation worse, try to sell the fusion privately, will still be bad but you can lessen the blow. Either that or suck it up and drive it for a few more years. Both cars have lousy residual's your going to take a bath on either one short term. best bet is to drive the one you already have into the ground. JMHO

[superdog]

I traded in my 2015 Grand Cherokee Sunmit, for a 2015 Grand Cherokee SRT.

Same dealership. I got pretty much the same numbers as you. It was a stupid move on my part. One of many, clearly.

But I can justify anything when I think about how short life is, and how long oblivion will be.

If all your other bills are paid, and it's not going to change your life, do it and don't look back. If it will effect your life in any way, suck it up and enjoy your existing nice ride.

[TheVTCGuy]

Originally Posted by superdog

I traded in my 2015 Grand Cherokee Sunmit, for a 2015 Grand Cherokee SRT.

Same dealership. I got pretty much the same numbers as you. It was a stupid move on my part. One of many, clearly.

But I can justify anything when I think about how short life is, and how long oblivion will be.

If all your other bills are paid, and it's not going to change your life, do it and don't look back. If it will effect your life in any way, suck it up and enjoy your existing nice ride.

Seth, of course you are right.... a very wise man. This is exactly the attitude I need to take. I just.... Wow.... I mean, I never lost that much on any of my Rolex's!!!!! Just goes to show you I know (knew) nothing about the car business. In the past, I kept them for many years then just traded them in. Lesson learned... I guess.... It's my doing and my "fault"

[superdog]

Originally Posted by TheVTCGuy

Seth, of course you are right.... a very wise man. This is exactly the attitude I need to take. I just.... Wow.... I mean, I never lost that much on any of my Rolex's!!!!! Just goes to show you I know (knew) nothing about the car business. In the past, I kept them for many years then just traded them in. Lesson learned... I guess.... It's my doing and my "fault"

Ha. I've felt all that. I get it and can empathize. Frustrating to say the least.

Thank god for the return on a Rolex. Nothing like it. Anywhere. It's really something.

I can't wait to hear what you are going to do.

My thoughts...life is short Paul. Enjoy it.

[srvrf]

Marc is right. If you're talking purely financial reasoning, I'd sit tight and drive your Fusion for a few more years. Otherwise, you'll be taking a hit on both the Fusion and then taking another hit on the MKZ once you buy it.

[TheVTCGuy]

Originally Posted by superdog

Ha. I've felt all that. I get it and can empathize. Frustrating to say the least.

Thank god for the return on a Rolex. Nothing like it. Anywhere. It's really something.

I can't wait to hear what you are going to do.

My thoughts...life is short Paul. Enjoy it.

Originally Posted by srvrf

Marc is right. If you're talking purely financial reasoning, I'd sit tight and drive your Fusion for a few more years. Otherwise, you'll be taking a hit on both the Fusion and then taking another hit on the MKZ once you buy it.

You guys are right.... very right.

I have a miniature devil on my right shoulder saying:
"Life is short... you deserve it.... it's only money."

I have a miniature accountant, complete with glasses and a ledger on my left saying:
"Now now Paul... do what is financially sound"

Would SOMEONE please knock ONE of them off Please!?!?!?!

[GerardoG]

Originally Posted by TheVTCGuy

You guys are right.... very right.

I have a miniature devil on my right shoulder saying:
"Life is short... you deserve it.... it's only money."

I have a miniature accountant, complete with glasses and a ledger on my left saying:
"Now now Paul... do what is financially sound"

Would SOMEONE please knock ONE of them off Please!?!?!?!

...tequila always helps

[wantonebad]

What did Clint Eastwood say about "deserve"?

[superdog]

Originally Posted by TheVTCGuy

You guys are right.... very right.

I have a miniature devil on my right shoulder saying:
"Life is short... you deserve it.... it's only money."

I have a miniature accountant, complete with glasses and a ledger on my left saying:
"Now now Paul... do what is financially sound"

Would SOMEONE please knock ONE of them off Please!?!?!?!

Forget the accountant.

He's got his place. But he's like a dark cloud.

Life is short.

[TheVTCGuy]

Originally Posted by superdog

Forget the accountant.

He's got his place. But he's like a dark cloud.

Life is short.

Seth, you are a BAD influence my friend.... I like it, but a bad influence.

[Alexwwjd]

Life is short indeed... But it doesn't mean we are going to have whatever we desire. I prefer the peace of mind.


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[Naples09]

The accountant devil sounds like a Dorkelhead tosser!

[TheVTCGuy]

Originally Posted by Naples09

The accountant devil sounds like a Dorkelhead tosser!

[Naples09]

Originally Posted by TheVTCGuy

In all seriousness Paul, the car business is setup to be stacked against you. You just have to pick the best option for you at this time. No matter what you do, you will lose money when buying cars.

Good luck with your decision.

[selpo]

I am with Mark on this one- I would keep the fusion and if you feel like you have to do something, put that 10-15k towards a SS Rolex, you will enjoy another watch and should not lose any money on it in the long term.

[superdog]

Originally Posted by Alexwwjd

Life is short indeed... But it doesn't mean we are going to have whatever we desire. I prefer the peace of mind.


Sent from my iPhone using Tapatalk

Why not?

I mean, I agree with you.

But as long as it doesn't effect life, retirement, etc...

Enjoy today.

[swils8610]

I run 2 dealerships. Lease the Lincoln and the negative equity is over with in 3 years.

[Danny83]

Ford, Volvo, Jaguar, Bmw take huge hits, I know this been in the new car business my whole life.

[TheVTCGuy]

Originally Posted by swils8610

I run 2 dealerships. Lease the Lincoln and the negative equity is over with in 3 years.

I'd love to Shannon, But... not sure I understand. If I have, say, 10K negative in the Fusion Titanium, can I turn that in to the dealership, and have the negative equity added on to the three years of lease payments?

If that is a solution, it's one I would definitely go for. I know it doesn't make financial sense, but I like that better then writing a check for 10K to get me out of the Fusion loan; (and I REALLY want that Lincoln ).

If there is anyway you can help me I would really appreciate it, please PM me.

[swils8610]

Exactly Paul. The negative equity is spread out over the term of the lease. At the end of the lease you start from zero again.

[Etschell]

Lease swap Google it. Get someone to assume your lease and be done with it.

[East Bay Rider]

IMO it's never a good idea to option up a middle of the road car.
In 5 years, no matter how "loaded" it is, it's still a used Ford Fusion.
I know they're great cars and will serve someone will for a long time, but this isn't that scenario is it.
From what I can tell the Lincoln will tank in depreciation also. Might as well keep the Fusion. Use it for shopping at the mall, rainy day commuting to work and parking at the airport. Put that $15K towards a fun weekend car or watch or some new metal detector equipment or something that will bring you joy when you look at it.
To trade the Fusion plus cash at this time is to throw money away.
Just my humble, practical opinion.

[TheVTCGuy]

Originally Posted by swils8610

Exactly Paul. The negative equity is spread out over the term of the lease. At the end of the lease you start from zero again.

I know this does not make financial sense, but it is a solution I would go for. Hell, I would actually put half (or so) of the negative equity money up front to close the deal.

Uhm... are you by any chance a Lincoln dealer Shannon? Know any?

[linesiders]

Taillights over the Curb - instant 33% whack on the value

Originally Posted by swils8610

I run 2 dealerships. Lease the Lincoln and the negative equity is over with in 3 years.

NOOOOHHH!!! 1 year from now he'll want a Fusion Hybrid!!

[Scot_3]

Sell your car, don't trade it. Then go shopping. It's a lose lose to go to the dealer. My opinion