545i HUGE LOSS! Trade for M5? Or Shoot myself?
03-08-2009, 05:27 AM
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My Ride: 2005 545i Sport Package Limo Tinted, Heads up display, Fully Loaded Minus Cold Weather Package and Rear window Sunshades.
So i've figured it all out... Just the other day I started doing some serious thinking about my financial situation, and what's going on with my car and everything...
I figured it out to be a 9K Loss I have taken on my 545i in only 15 months time of having it. Which made me a little sad. I started trying to thinking about how I can get myself out of this mess before I get any deeper... Since my car just hit the 66k mile range, and the way I'm going by the time this thing is paid off... I'll be at 150,000 miles, and switching to a KIA!
So I decided to go into a dealership, and see what they can do for me... Turns out I'm 15k upside down! not 9K... Apparently 545i's are being picked up at the auctions for roughly around $19,000 with my millage and that's what they base their value's on... So since I owe roughly 34K Still on the car... (Yeah It's not looking pretty).
So basically I owe almost twice what the car is worth... I need 15K cash to hand over just to come up even before I can even think about getting that M5
MAN!
So when it comes to it since this little epiphany I've had where I was happy, and excited before... I now feel locked in an open play ground with 1 wall, where all I can do is run in circles or just run into the wall and end it. HAHA (the car that is)
I'm about to put 4K into my car, and just realized everything I'm doing is just 1 step closer to being a wannabe M5 without the emblem or the beastly engine... I don't think it helps I decided to test drive the damn thing yesterday either
Here's what I'm going to do in the next week.
-M5 Bumper
-M5 Trunk Finisher
-Quad Exhaust
-M5 Fender Grilles
-Trunk Lip And Roof Spoiler
What should I do? Deal with it make the best out of everything take the 5 years to pay the rest of my car off at 760/mo hope nothing goes wrong with my car, do the mods, and be happy.
Fork up 15K to just basically give away +10K down the next time I take a fat one in the toilet. And trade in and get an m5 and be ecstatic about it until my engine blows up?
Am I crazy? What do you guys think...?
I figured it out to be a 9K Loss I have taken on my 545i in only 15 months time of having it. Which made me a little sad. I started trying to thinking about how I can get myself out of this mess before I get any deeper... Since my car just hit the 66k mile range, and the way I'm going by the time this thing is paid off... I'll be at 150,000 miles, and switching to a KIA!
So I decided to go into a dealership, and see what they can do for me... Turns out I'm 15k upside down! not 9K... Apparently 545i's are being picked up at the auctions for roughly around $19,000 with my millage and that's what they base their value's on... So since I owe roughly 34K Still on the car... (Yeah It's not looking pretty).
So basically I owe almost twice what the car is worth... I need 15K cash to hand over just to come up even before I can even think about getting that M5
MAN! So when it comes to it since this little epiphany I've had where I was happy, and excited before... I now feel locked in an open play ground with 1 wall, where all I can do is run in circles or just run into the wall and end it. HAHA (the car that is)
I'm about to put 4K into my car, and just realized everything I'm doing is just 1 step closer to being a wannabe M5 without the emblem or the beastly engine... I don't think it helps I decided to test drive the damn thing yesterday either
Here's what I'm going to do in the next week.
-M5 Bumper
-M5 Trunk Finisher
-Quad Exhaust
-M5 Fender Grilles
-Trunk Lip And Roof Spoiler
What should I do? Deal with it make the best out of everything take the 5 years to pay the rest of my car off at 760/mo hope nothing goes wrong with my car, do the mods, and be happy.
Fork up 15K to just basically give away +10K down the next time I take a fat one in the toilet. And trade in and get an m5 and be ecstatic about it until my engine blows up?
Am I crazy? What do you guys think...?
03-08-2009, 06:00 AM
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My Ride: 535ixT � On Order: 2010 E61, Ordered 1/05, Est. Birth 3/09, Est. Delivery 4/09, Carbon Black, Cream Beige Dakota Leather, Steptronic, M-Sport Pkg., Type 135 18
Model Year: 2010
If I were you, I would save my money. Be happy with a great car - you 545i.
The current Great Recession is going to be ugly and long!
Sorry about the gratuitous financial advice. (Remember free advice is often worth what you pay for it!)
Good luck
The current Great Recession is going to be ugly and long!
Sorry about the gratuitous financial advice. (Remember free advice is often worth what you pay for it!)
Good luck
03-08-2009, 06:15 AM
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The only way anyone makes anything close to even on a depreciating asset like a car is to ride it all the way down the curve. Assuming you didn't get hosed in the first place when you bought it (used I assume), if you kept your car, and paid it off, and continued to drive it for a few years afterward, you'd be even or closeto it. Trading early, or when upside down, is a want, not a need. It's the cost of doing business, and the cost of wanting something else (better). If that is bothering you, you shouldn't be considering it.
Knowing that you don't get squat for mods on trade, and assuming you are as torn up about the upsidedown-ness of your situation as you say, why on earth would you put $4k into this car in mods?!? Pay down the loan and enjoy your current ride.
There are only two choices when it comes to this discussion... Either money is not an object, or it is.
Knowing that you don't get squat for mods on trade, and assuming you are as torn up about the upsidedown-ness of your situation as you say, why on earth would you put $4k into this car in mods?!? Pay down the loan and enjoy your current ride.
There are only two choices when it comes to this discussion... Either money is not an object, or it is.
03-08-2009, 06:23 AM
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My Ride: 2008 535i w/ Sports & Permium Pkg. Silv/Blk
2008 VW R32 w/Nav.
1992 VW Corrado Silv/Blk-retired
2001 530i Sports/Premium-retired
Originally Posted by ADD' post='810646' date='Mar 8 2009, 10:15 AM
The only way anyone makes anything close to even on a depreciating asset like a car is to ride it all the way down the curve. Assuming you didn't get hosed in the first place when you bought it (used I assume), if you kept your car, and paid it off, and continued to drive it for a few years afterward, you'd be even or closeto it. Trading early, or when upside down, is a want, not a need. It's the cost of doing business, and the cost of wanting something else (better). If that is bothering you, you shouldn't be considering it.
Knowing that you don't get squat for mods on trade, and assuming you are as torn up about the upsidedown-ness of your situation as you say, why on earth would you put $4k into this car in mods?!? Pay down the loan and enjoy your current ride.
There are only two choices when it comes to this discussion... Either money is not an object, or it is.
Knowing that you don't get squat for mods on trade, and assuming you are as torn up about the upsidedown-ness of your situation as you say, why on earth would you put $4k into this car in mods?!? Pay down the loan and enjoy your current ride.
There are only two choices when it comes to this discussion... Either money is not an object, or it is.
03-08-2009, 07:07 AM
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Originally Posted by ADD' post='810646' date='Mar 8 2009, 09:15 AM
The only way anyone makes anything close to even on a depreciating asset like a car is to ride it all the way down the curve. Assuming you didn't get hosed in the first place when you bought it (used I assume), if you kept your car, and paid it off, and continued to drive it for a few years afterward, you'd be even or closeto it. Trading early, or when upside down, is a want, not a need. It's the cost of doing business, and the cost of wanting something else (better). If that is bothering you, you shouldn't be considering it.
Knowing that you don't get squat for mods on trade, and assuming you are as torn up about the upsidedown-ness of your situation as you say, why on earth would you put $4k into this car in mods?!? Pay down the loan and enjoy your current ride.
There are only two choices when it comes to this discussion... Either money is not an object, or it is.
Knowing that you don't get squat for mods on trade, and assuming you are as torn up about the upsidedown-ness of your situation as you say, why on earth would you put $4k into this car in mods?!? Pay down the loan and enjoy your current ride.
There are only two choices when it comes to this discussion... Either money is not an object, or it is.
very wise words.
03-08-2009, 07:11 AM
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keep your ride pay it off and word of advice i got from my step dad when i decided to finance if you dont have 25% of the cars price as a down payment the car isnt for you =] look at me now dad no hands! eg. car cost $40k, 25% of 40k is 10k that would leave you 30k for the loan not only will it reduce your monthly payments but it will be very hard to be upside down on a loan when you decide to get rid of it which in my case is every 2 or 3 years the only reason i havent leased is because i like modding my cars and lease and mods dont go hand in hand plus i might keep this e60 =] lol good luck bro btw take that 4k you got and put it towards your car payments it will knock about 6months of payments right off the bat
03-08-2009, 07:16 AM
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My Ride: 2010 M5 alpine white, black full leather, etc.
Keep the vehicle as is (in good mechanical condition) and still have some cash to take care of an unexpected crisis or two. You'll sleep easier!
03-08-2009, 07:19 AM
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Hold on a minute...
You have 5 years left, and you've had the car for 15 months already?
What were the original specs on the purchase? 7 years? Interest rate? Did you put anything down at purchase?
Chances are that the original 545 purchase was the mistake. The only reason to stretch it out over that long a period is that you couldn't afford the payments otherwise. Not a good move on a depreciating asset.
The only way you are going to dig any deeper as you said, would be to keep plopping $$ on the mods and not the loan balance.
You best bet is to put every last cent you have toward getting out from under that 760/mn and then keep the car for a few years, and accumulate the 760/mn for those two years. At that rate, you'd have $18,000 + to put on a decent down payment for a new car. (Assuming everything else in your financial life is in order)
These cars are designed to last 300k miles or more. My last e39 528 had 247k miles on it, and the only reason I unloaded it, was that I got a screamin' deal on this 535.
You have 5 years left, and you've had the car for 15 months already?
What were the original specs on the purchase? 7 years? Interest rate? Did you put anything down at purchase?
Chances are that the original 545 purchase was the mistake. The only reason to stretch it out over that long a period is that you couldn't afford the payments otherwise. Not a good move on a depreciating asset.
The only way you are going to dig any deeper as you said, would be to keep plopping $$ on the mods and not the loan balance.
You best bet is to put every last cent you have toward getting out from under that 760/mn and then keep the car for a few years, and accumulate the 760/mn for those two years. At that rate, you'd have $18,000 + to put on a decent down payment for a new car. (Assuming everything else in your financial life is in order)
These cars are designed to last 300k miles or more. My last e39 528 had 247k miles on it, and the only reason I unloaded it, was that I got a screamin' deal on this 535.
03-08-2009, 07:23 AM
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Putting $4K into it will put up $19K upside down. I don't think it is a wise move. Separate your emotions from the facts. if you have the $4K in cash - put it towards your debt on the car. If you were using credit to buy the $4k woth of trinkets you really should rethink it. I don't know your personal fiinancal status, but right now is not the time to have debt. There is nothing wrong with 150,000 miles on a clean 545.
03-08-2009, 07:39 AM
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My Ride: 2008 535i w/ Sports & Permium Pkg. Silv/Blk
2008 VW R32 w/Nav.
1992 VW Corrado Silv/Blk-retired
2001 530i Sports/Premium-retired
Originally Posted by ADD' post='810686' date='Mar 8 2009, 11:19 AM
Hold on a minute...
You have 5 years left, and you've had the car for 15 months already?
What were the original specs on the purchase? 7 years? Interest rate? Did you put anything down at purchase?
Chances are that the original 545 purchase was the mistake. The only reason to stretch it out over that long a period is that you couldn't afford the payments otherwise. Not a good move on a depreciating asset........
You have 5 years left, and you've had the car for 15 months already?
What were the original specs on the purchase? 7 years? Interest rate? Did you put anything down at purchase?
Chances are that the original 545 purchase was the mistake. The only reason to stretch it out over that long a period is that you couldn't afford the payments otherwise. Not a good move on a depreciating asset........