MAZDA CX7- Should i do it?

[Anonymous]

Also... I would kelly blue book your 2005 Altima at least... make sure they are in the right ball park.  Never take the dealer's first offer either, if you feel you have a good offer right now, tell them they need to improve it and let you know and that you'll check out the other dealers to see if you can get a better price.

[ibmrad7]

Why dont you try to sell it on your own. I am trying to get a BMW and no dealer gave me more than 7000 for my car, only one dealer came close to 8300.. I sold it on my own for 10400 , so no negative equity going into my next loan.

[heatblaze2010]

well i took it to another dealer and was offered 4500 as well as carmax who offered 4k, There is a dent on the left side which is probably why they are offering low trade in along with the 103000 miles on it. I am not sure what plan it is but the mazda is the s touring? I have tried to refinance but no bank would touch me b ased on my scores and credit history. looking around last few months i usually get high apr's which suprised me that i got a 5% on this car. We dont plan on trading in this car but going the full term but things can always change.

[Tazman81]

I would find out how much you would need down if you were not trading in your current vehicle (and if you didn't have your current vehicle loan).

Like some other's said, if you have to put down $6500, that means at least $4k of that is going to pay off your old loan, and then the other $2500 is going toward the lojack/warranty they are selling you, so nothing is being put into your new vehicle.

You said you needed a new vehicle because of a growing family.  I can undertand that, but can you make your current vehicle last another year or 2?  If so, i would take half of that $6500, pay down that high interest loan, then refinance the rest of it with a credit union for a low interest rate.  Do it only for 1 or 2 years.  That should seriously drop your payments.  So then make the payments on your loan and then start saving the rest of it because if you have a family, you definitely need an emergency fund.

I will tell you, the best thing I ever did was started "trading down" on my vehicles to decrease my overall debt.  it sounds like your current vehicle is still running well for you.  You just need to get out from under that loan.

Are there any larger vehicles out there that would fit your needs that may have a cash back incentive?  Does your company offer any incentive or have any type of partnership with a dealership that you could get a discount through?  (usually it's through whomever they get their company vehicles through).

This is just my 2 cents.  Getting a new card is AWESOME!!!  believe me, I know first hand, but it's not so grade when you want another new card and then cannot because of a bad deal made in the past.  I've had plenty of those moment where I've said, if only I had kept my other car for another year.  I hope it all works out, but definitely definitely look around.  And whatever you do, DON'T spend your emergency fund on a car!  Getting a new car is in no way an emergency!

[Tazman81]

Oh, you mentioned that you went to carmax to get a value on your car, and they were already offering you more than the dealership, why don't you check their website to see if they have any vehicles that you like.  Doesn't have to be the CX-7.  Maybe they have one that you like and that cost less.  That way, if you go forward with this deal, then you will be less in the hole in the future.  They also have a number of different creditors they run your information throught to see what type of deal they can offer you.  Oh, and check with your credit union to see what they  may be able to do for you.  Since you are already looking at vehicles, you might as well shop around in this window of time that you have and try to get the best deal.