Am I about to become a trader? (Traitor in some eyes)...

tnpartsguy · Post by **tnpartsguy** » Tue Jun 13, 2006 4:03 am

My diliema; since my wife bought the Jetta, the wisdom of having 3 vehicles for 2 people seems a little off to me. I owe $10K on a 2002 S10, and $8K on the Vibe. Insurance on the 2 runs $120/month. So, I'm paying out $670/mo on vehicles and insurance, and that doens't include gas, and maintance. Option 1; 2006 Colorada Crew Cab 2.8 I4 engine, factory XM, LS package (power windows/locks/keyless, dark tint, ect). Payments around $400/mo for 60 months.Option 2; 2005 VW Passat Wagon 1.8 Turbo. Cloth heated seats, sunroof, ect. Payments about $400/mo for 60 Months.

damronjr · Post by **damronjr** » Tue Jun 13, 2006 4:15 am

Option 2!

engineertwin2 · Post by **engineertwin2** » Tue Jun 13, 2006 4:20 am

Having owned a Passat, I'm partial to option #2. However, it seems that there is really no comparison between the two...that's a big I4 for the Colorado...ultimately, do you want/need a truck or do you want/need the sedan?I personally would prefer a second car to a) reduce the miles on each vehicle, and b) in the event of a major problem (see what happened to damonjr), you have some form of transportation still without inconveniencing the wife.

GMJAP · Post by **GMJAP** » Tue Jun 13, 2006 4:24 am

Not sure I get it- if you're concerned about paying for 2 vehicles for yourself, why not just sell one? Why give up both, buy a new car, and extend your debt + pay financing costs & taxes on the new one?

tnpartsguy · Post by **tnpartsguy** » Tue Jun 13, 2006 4:34 am

I work for a Chevy Dealership, if I need something else to drive, I can usually get it.It's really just the extra car note/insurance that I need to get away from. Honestly, if I could buy anything, it would be a Mini Cooper S.I have to at least try to buy something from my dealership, but the VW dealership sure is trying to earn my business.The Passat's are nice, but they DO have some notable problems; head gaskets on the turbo motors, and lower control arms wearing out/breaking.The Colorado's have few problems for a GM product, mainly light bulbs and sockets, and 02 Sensors.My 3rd option is to try to buy a NEW 2006 Vibe AWD, but I will be buried in it when I drive off the lot, because there is no extra rebates, ect available on the Vibe like there are on the Colorado (I'm getting a total of nearly $5K off sticker with rebates, GMS, aged inventory assistance, ect)Selling either of the current vehicles isn't a possibilty, I owe too much on them to come out ahead.

BlueCrush · Post by **BlueCrush** » Tue Jun 13, 2006 4:46 am

I'd go for option #1. The Colorado. I'm liking more the idea af having a midsized truck.

scherry2 · Post by **scherry2** » Tue Jun 13, 2006 5:01 am

Quote, originally posted by GMJAP Â»why not just sell one? Why give up both, buy a new car, and extend your debt + pay financing costs & taxes on the new one?I have to agree with GMJAP on this one. go with option #3 and try and lessen your debt along with lessening your insurance payment and 1 car payment.

NascarXprt · Post by **NascarXprt** » Tue Jun 13, 2006 5:06 am

+1 for the Colorado.

northvibe · Post by **northvibe** » Tue Jun 13, 2006 5:17 am

whats wrong with the vibe?

jimincalif · Post by **jimincalif** » Tue Jun 13, 2006 5:41 am

I'm with GMJAP and scherry2. You do not save money buying a new car. You end up further in debt. You've already suffered the depreciation hit on your cars, keeping them they now get cheaper to drive.How much longer left on the two current notes? How are upside down are you on them? How did you get upside down? How much would you be putting down to buy new? Don't roll negative equity into a new car and new loan, it is a downward spiral. Sell one, take the saved cash flow to payoff the other more quickly, then start building a fund to buy a new one down the road.Happiness is NO car payment.

tnpartsguy · Post by **tnpartsguy** » Tue Jun 13, 2006 6:44 am

Quote, originally posted by jimincalif Â»How much longer left on the two current notes? Total is about $18K How are upside down are you on them? $6k+ How did you get upside down? I rolled neg EQ from a Sentra into the S10 when I bought it How much would you be putting down to buy new? Nothing down, Between GM-S, downpayment assistance from GM, Rebates, and Old-Inventory Discounts, it will absorb most of the negative EQ Don't roll negative equity into a new car and new loan, it is a downward spiral. I agree, but because our business is SO bad right now, I need to do something to cut my expenses ASAP, I havn't seen a commision check this year. Sell one, take the saved cash flow to payoff the other more quickly, then start building a fund to buy a new one down the road. Been trying, have one person look at the Vibe so far and offer me $500 LESS than I owe on it because of the paint problemHappiness is NO car payment. I totally agree, but that's really not an option for me right now. Between the crappy paint on the Vibe, which-gone unchecked- is going to quickly become a RUST problem, and the problems we started having with the S10 (Battery, Starter, and Alternator all 3 in a matter of 6 weeks), I need something that I don't have to pay to repair.

BigMac · Post by **BigMac** » Tue Jun 13, 2006 6:48 am

Agreed... how is a new car helping you save money? It doesn't sound like any of the options are better than what you're dealing with now. If you buy something new, you're likely paying the same or more than you are now... and for a longer period of time.

GMJAP · Post by **GMJAP** » Tue Jun 13, 2006 7:02 am

Quote, originally posted by tnpartsguy Â» I need something that I don't have to pay to repair.Might be a good reason to steer clear of VW

AKLGT · Post by **AKLGT** » Tue Jun 13, 2006 7:08 am

my mom used to sell insurance. she told me i could never buy a passat. 2 of their customers almost died because the airbags never deployed (2 different circumstances and customers). i guess it's a common issue they've had. talking with one of my buddies here that has an audi S4, he says the same... maintenance is EXPENSIVE and they aren't known for being the most reliable. if you need a truck type vehicle, go with the colorado. i'd actually suggest going with a slightly used and GM certified vehicle to help lower your monthly costs. that's just me. i've been in the similiar circumstances, so i know what you mean. you're kinda stuck in a hard place. and it's not easy to just sell a vehicle. someone's gotta BUY it first and be willing to pay the money, especially if you are upside down on it. easier to trade in and roll over the negative equity on a new car, slap down a huge down payment and hope for the best til that warranty runs out!

eSSjAy · Post by **eSSjAy** » Tue Jun 13, 2006 7:10 am

I'm not sure that I understand quite what you want to do. ...You currently have 3 vehicles, and are planning on purchasing a 4th one - either the Colorado or Passat Wagon...and can't sell any because you owe too much on them.What's wrong with keeping the vibe and s10 and paying them off? I dont understand how buying another will save you from more debt?

GMJAP · Post by **GMJAP** » Tue Jun 13, 2006 8:05 am

Quote, originally posted by eSSjAy Â»I'm not sure that I understand quite what you want to do. ...You currently have 3 vehicles, and are planning on purchasing a 4th one - either the Colorado or Passat Wagon...and can't sell any because you owe too much on them.What's wrong with keeping the vibe and s10 and paying them off? I dont understand how buying another will save you from more debt?He'll trade in the S10 and Vibe - winding up with 2 vehicles (one new), thus lowering the monthly payments to 2 vehicles instead of 3.tnpartsguy-Aren't there any refinancing options you could use to consolidate payments on the existing vehicles to a longer term and lower monthly?

tnpartsguy · Post by **tnpartsguy** » Tue Jun 13, 2006 9:04 am

Quote, originally posted by GMJAP Â»He'll trade in the S10 and Vibe - winding up with 2 vehicles (one new), thus lowering the monthly payments to 2 vehicles instead of 3.Correct, I'll be going from spending $550/month on Vibe/S10 Payments to approx $400/mo on either the VW or the Colorado {and actually, that's not true, just got word the VW will be much higher, probably $460/mo with extended warranty and GAP, so it's really out of the picture now} The Insurance on the S10/Vibe is $120/mo, it would be $50/month on the Colorado thus my car expense will drop about $200+/month; my wife bought the Jetta in her name, and is making the payments herself.tnpartsguy-Aren't there any refinancing options you could use to consolidate payments on the existing vehicles to a longer term and lower monthly?Not on vehicles that are either out of Equity (S10) or bought at a low interest rate (Vibe is at 5%).Basically, I have had the Vibe 18 months. I've had no major problems with it, other than the battery, and the fricking PAINT that GM won't stand behind.The S10 was refi'ed over the winter to get it from a 12% APR to a 6% APR. That lowered the payment $50/month, and did not extend the term, but I had it financed for 72 to start with, and when I refi'd, I went 48. If I could see either one outright, I would and keep the other one for the time being, but doesn't look like thats going to happen. Yes, I hate car payments, but I really hate paying for something I'm either having to fix all the time, or am going to have to spend a great deal of money on to prevent a lot of rust.

joatmon · Post by **joatmon** » Tue Jun 13, 2006 9:29 am

do you have gap insurance on the S10?if so, let me know when I should say "boy that sucks, who would have thought the tree would have fallen in that direction?"

jeffgtx · Post by **jeffgtx** » Tue Jun 13, 2006 10:08 am

speaking from experience... keep the vibe. there is nothing better.try to unload the S10 somehow.

GMJAP · Post by **GMJAP** » Tue Jun 13, 2006 11:26 am

Whatever you decide, hope it all comes out for the best

djb383 · Post by **djb383** » Tue Jun 13, 2006 12:37 pm

Just a suggestion - before you do another car deal, go to your local library and read "The Millionaire Next Door" by Stanley J. Thomas. You'll be doing yourself a big favor.

jimincalif · Post by **jimincalif** » Tue Jun 13, 2006 2:00 pm

Quote, originally posted by tnpartsguy Â» Between the crappy paint on the Vibe, which-gone unchecked- is going to quickly become a RUST problem, and the problems we started having with the S10 (Battery, Starter, and Alternator all 3 in a matter of 6 weeks), I need something that I don't have to pay to repair.I understand, but if the basic vehicle is sound, repairs are usually cost-effective. Couple of years ago over a period of 6 months I had to put about $2,200 into our '93 Previa with (at the time) 140K miles for battery, starter, head gasket, brakes. But it has now been 22 months with nothing but oil changes, so the repairs amortize out to about $100 per month (and going down each additional month). Far less than a car payment. Insurance is cheap (liability only), tax is minimal, it has probably depreciated only a couple hundred bucks in two years. If the car died tomorrow I've more than got my money's worth from the repairs.Good luck whatever you decide to do.

AKLGT · Post by **AKLGT** » Tue Jun 13, 2006 3:10 pm

Quote, originally posted by joatmon Â»do you have gap insurance on the S10?if so, let me know when I should say "boy that sucks, who would have thought the tree would have fallen in that direction?"(removed)! i so wished something would have fallen from the sky and totalled my vibe when i was trying to get rid of it.. lol. sorry, just reminds me of all the turmoil i dealt with a year ago. i understand how frustrating it can be.

jake75 · Post by **jake75** » Wed Jun 14, 2006 2:57 am

Owe 10 g's on a 2002 S-10? Has to be the floor of the ocean, not just underwater. So the solution is to get even more underwater by rolling the negative equity on these two cars into another one. Lord have mercy!

tnpartsguy · Post by **tnpartsguy** » Wed Jun 14, 2006 3:07 am

Well, it's a done deal. I bought the Colorado. Between all the rebates, and GM-S, ect, I DID buy my way out of negative equity. Now, check out the sale thread, I have a few items to sell.

Mavrik · Post by **Mavrik** » Wed Jun 14, 2006 3:14 am

you get a 4dr colorado? or a two. Either way it should be a bit bigger then your S10 and can haul like your Vibe. congrats on the new purchase.

BlueCrush · Post by **BlueCrush** » Wed Jun 14, 2006 3:23 am

Hey, Congrats! I had a feeling you were going to go with the Colorado. Post up some pics with what options you got. Color?

AKLGT · Post by **AKLGT** » Wed Jun 14, 2006 3:33 am

yep, good way to go. congrats!

Kari · Post by **Kari** » Wed Jun 14, 2006 5:27 am

I love those Colorados...nice truck. Congrats!

jeffgtx · Post by **jeffgtx** » Wed Jun 14, 2006 11:23 am

good to hear it worked out for ya. all that positive karma from being helpful.

tnpartsguy · Post by **tnpartsguy** » Wed Jun 14, 2006 11:30 am

Got all my paperwork done today, but didn't drive the truck home; they actually got busy and sold 4 this afternoon, and asked if I would be ok to wait until tomarrow to get it cleaned up, so I left it there, I still have a few things that I want to get done to the Jetta before she zips off to MS Sunday. I still have a few other things left over I will be putting up for sale at some point, and I'll always try my best to continue to help anyone that needs me. When I told the girl I work with that has the white Vibe with the pink overlays that I had traded, I thought she was going to cry, but I told her she could be GenVibe Princess of Lebanon TN......LOL

ColonelPanic · Post by **ColonelPanic** » Wed Jun 14, 2006 5:52 pm

Congrats, partsguy! I'm glad you were able to get "unburied" from those two vehicles. I'm sure it is a relief in many aspects. Can't wait to see it and hear more about it. You'd better stick around too.

jeffgtx · Post by **jeffgtx** » Thu Jun 15, 2006 2:38 pm

the way this is going we are going to need an alumni forum where we can get on our virtul rocking chairs and make posts like "in my day our vibe didn't have fancy things like mp3 players"....

ToolGuy · Post by **ToolGuy** » Thu Jun 15, 2006 8:44 pm

Excellent!

MarathonVibe · Post by **MarathonVibe** » Sun Jun 18, 2006 8:55 am

tnpartsguy · Post by **tnpartsguy** » Sun Jun 18, 2006 11:16 am

Quote, originally posted by jeffgtx Â»the way this is going we are going to need an alumni forum where we can get on our virtul rocking chairs and make posts like "in my day our vibe didn't have fancy things like mp3 players"....The Colorado DOES have MP3 capabilty, and built-in XM..... still, it's not a Vibe, dangit....

ColonelPanic · Post by **ColonelPanic** » Sun Jun 18, 2006 11:45 am

And the Colorado does have plenty of other innovative features too, such as, um, paint! That's a good thing! It'll be ok man. I know it is hard, but you'll be fine. It was hard seeing my Vibe go too, but that only lasted for a brief moment. The Hyundai certainly isn't the Vibe, and that was sad at first but quickly became a relief once I got over the initial shock. It didn't take long to find I'm driving a car that I am far, far happier with. 3,000 miles later, I don't really miss the Vibe that much. I truly hope you can find the same with your truck. You've kept the best part of the Vibe anyway, and that's the connection with all the fine folks here. At least that's how I view it.

AKLGT · Post by **AKLGT** » Sun Jun 18, 2006 11:59 am

Quote, originally posted by ColonelPanic Â»You've kept the best part of the Vibe anyway, and that's the connection with all the fine folks here. At least that's how I view it.i still miss my vibe gt. but i still love my LGT, so... too bad i can't have them both. lol. and really, this is the best part of owning a vibe: genvibe!

O_Positive · Post by **O_Positive** » Tue Jun 20, 2006 9:19 am

Never mind my stupid reply--replied before I saw the last page. However, it is still not a money-making deal, you may have the car you want now, and that is part of life's satisfaction. If I made decisions solely on money, I wouldn't have $10,000 of sporting goods, right?

Am I about to become a trader? (Traitor in some eyes)...

Am I about to become a trader? (Traitor in some eyes)...

Re: Am I about to become a trader? (Traitor in some eyes)... (tnpartsguy)

Re: Am I about to become a trader? (Traitor in some eyes)... (tnpartsguy)

Re: Am I about to become a trader? (GMJAP)

Re: Am I about to become a trader? (tnpartsguy)

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Re: Am I about to become a trader? (BlueCrush)

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Re: Am I about to become a trader? (Traitor in some eyes)... (tnpartsguy)

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