M
manabell
Guest
I currently drive an 04 Dodge Stratus R/T. I racked up the miles commuting for my job so it has 92,400 miles. I owe $9,600 on the car, and it's average blue book value is $4,400. My current car payment is $258 a month and the loan won't mature until May of 2012. Needless to say, I'm way underwater on the car, but I do have GAP insurance that would pay it off if something were to happen.
Jeep is offering crazy cash incentives right now on their remaining 2008 models. These include $5,500 cash, plus $2,000 cash bonus, PLUS an extra $2,000 bonus cash. These incentives have my attention because they would dig me out of the hole I'm in.
Went to the dealer last night and ran the numbers. They offered $6,500 for my car (which I couldn't believe), plus all the cash incentives above. The jeep's sales price would end up being $19,600 I believe. The monthly payment will be $386 at 5.9% (my current loan's rate is 8.3%). That's a higher payment than I'd like, but I can swing it. 72 months. I put $650 down.
So my question is should I do it? I'll have a brand new safer car and be rid of my current problem, but I guess I'm just hesitant. I'm afraid I will be left with a dinosaur in a few years.
Please let me know what you think
Jeep is offering crazy cash incentives right now on their remaining 2008 models. These include $5,500 cash, plus $2,000 cash bonus, PLUS an extra $2,000 bonus cash. These incentives have my attention because they would dig me out of the hole I'm in.
Went to the dealer last night and ran the numbers. They offered $6,500 for my car (which I couldn't believe), plus all the cash incentives above. The jeep's sales price would end up being $19,600 I believe. The monthly payment will be $386 at 5.9% (my current loan's rate is 8.3%). That's a higher payment than I'd like, but I can swing it. 72 months. I put $650 down.
So my question is should I do it? I'll have a brand new safer car and be rid of my current problem, but I guess I'm just hesitant. I'm afraid I will be left with a dinosaur in a few years.
Please let me know what you think