Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I really doubt your going to get much esepcailly if the last dange was not repaired. The only thing a dealer would do with that car is put it up for auction.They are even going to do a qauick inspection on the first dange to make sure it ws done correctly.Very minor surface dange just counts towad condition.You can get a trade estimate at edmonds.com. Anyhtign over that and they are dealing on dealing with the MSRP disounted price.
You are what they refer to as being "upside down" with the neon. You can still make a "trade" as long as you have solid credit. Dont look for a special sales price on a new car and then think you can trade for any real value. They will sell you a new car at list to make up for them paying off the loan on your car. The value of your car as is is no more than several hundred...
I am just curious because the last accident was not the OP's fault and it's not repaired. Are you waiting on an insurance settlement? Or, if it was a friend/relative driving, why have they not stepped up to pay for the damages? If you were not driving, this should not be your burden, as your property was damaged through no fault of your own. The dent in the fender is the dent in the fender, cosmetic, and will cost some, but not a deal breaker. At minimum, they owe you the repair costs, if not repair cost plus diminished value of your vehicle.
I would not go the negative equity route, either, since you can be completely buried by it when you have to trade for another car, due to a change in life circumstance, for example. If you were expecting a child and needed a safe, reliable, larger car, then you might have to do it, but out of preference for a non-damaged vehicle, I'd drive it for as long as possible to pay off as much as possible. Make it a priority in your budget after mortgage/rent, food, and health insurance, as in no other discretionary spending on clothes, gadgets, DVDs, eating out.
Also, check into the value of a good pre-owned Mazda. The 3 is a reliable and stable platform, so that you might not have as high a payment on one that's a couple of years old. There are minor styling cues that differ, but you never know what you could save in the difference. It's not like you are looking at a car with quetionable reliability where you would need the benefit of a warranty, unless you get a much better interest rate on the new Mazda. There seeem to be a good number of 2007-2008 models in the $12k asking range, at dealers, nicely equipped, so you might come out ahead if you can pay off as much as possible on the Neon and look to the best value on the Mazda, so that you don't have to add in negative equity and can pay off the Mazda in the shortest time possible.
It's financial suicide to be upside down in a vehicle, IMO, and should only be reserved for an extreme circumstance where you truly have no other option. If it's just a want, versus a need, I recommend looking to a longer financial picture, not how easy the car salespeople tell you it is to make the switch in the short term, since you don't want to still be paying this balance two cars from now.
I'm still waiting on my insurance company to sort through all of this right now. On top of them just receiving a copy of the police report two weeks later, they still have to determine who's at fault because there were no witnesses and the cops couldn't even determine who was at fault. My brother who was driving the car has about $750 saved up to pay for the damages, which I believe should cover the mechanical stuff such as the powersteering pulley and one of the radiator fans but I'm afraid that it's not going to cover the exterior parts such as the bumper and hood, unless he could find those parts at a junkyard. He also knows a few people with years of auto mechanic experience. I'm just concerned that my insurance company (Progressive) is going to try to jack my rates despite being not at fault. His name was not on my policy although he regularly used my car. Fortunately, I'm still young and living with my parents so I don't have to worry about paying the rent or anything like that; my bills only consist of my car payment, insurance and credit card, which comes to around $300/month. My initial plan was to keep the car until I have it paid off, and then save up a good bit of money towards a new car.
I currently have a 2005 Dodge Neon but after a few accidents over the past 2 years, I'm considering trading my car for another one, possibily a 2010 Mazda3. First of all, what could the trade-in value of the Neon be despite all of the past accidents? Two years ago, I was rear ended at a red light, but those damages, which came to be around $3000, were completely repaired. Another accident involved me sliding on an icy road and hitting a guardrail, putting a dent on my drivers side fender. That wasn't fixed and the dent is still there. The last accident, which I wasn't even driving at the time, was a front-end collision with damage consisting of a cracked front-end bumper and an out of aligned/bent hood, not to mention one of the radiator fans doesn't work and the powersteering pulley is cracked in half and needs replaced. There might be other damages hidden from view. I don't have a price estimate for that but it's likely going to be over $1000 to get it back to pre-accident condition. The price of the car was around $13,000 when I bought it in early 2006. Also, I'm financing my Neon and still have almost $5000 left to pay, so would I still be able to trade it in despite owing that much money for it?
dude, if you're in a good financial situation i would just go ahead and do it. if not, how much longer and how much money are you willing to put into your damaged Neon? you now owe $5000 on a near worthless Neon you have gotten enough use out of, it would seem. how many more years is that $5000 gonna take to pay and how much money might you have to pour into it? and when you're done you're gonna want another car, anyway
so you'll pay more then the new car is worth. hell you're already doing that with the Neon. may as well do it for a NEW car
if the previous payments scenario someone posted is accurate, thats not so bad (non scam one). just be sure you'll keep the Mazda 'til the wheels fall off. because yeah, THAT one will be a keeper. unless you want to keep overpaying for new cars all your life. not getting into so many accidents would help. too
so i am trying to look on the bright side, here. $5000 for a Neon which needs at least $1000+ in repairs which you're gonna want to dump once its paid for, anyway....or approx. $4000 over the best deal you can make on a new Mazda3. full warranty, way better car (way better), and all the nice new features new cars come with
all this is assuming you can get a good interest rate, add gap insurance to your policy (this pays the difference between what you owe on the car and its actual value if its ever totaled or stolen) and you don't mind paying extra for a car you'll be happy with. if you can do all that i say count your losses, move on, and be happy with your new car
make the biggest down payment you realistically can, and get the best deal possible
or pay $5000 for a car you'll want to replace when done paying for, anyway. heck, you want to replace it now. i say all things taken into consideration just pick a car you know you'll be able to live with a good 8 years. Mazda or otherwise
I wonder if the insurance company might total the Neon, if the damage is that severe from the last accident because it sounds like a lot of damage. If they want to go that route, be sure to have your company's adjustor look at it too, so that you're not given a low settlement offer.
If you do roll negative equity, be sure to pay higher payments as your budget allows, so that it's paid for faster, and to get you into a position where you're not so dramatically upside down with respect to the vehicle's value. Also, stay at home until you've brought the Mazda current, or better yet, paid off, before taking on a mortgage/apartment.
The good thing about the Mazda is that the value will not plummet as quickly as the Neon did, though it will be a faster depreciation cycle than you would have with a Honda.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
Prior accidents do not adjust the value unless there was frame damage.
Yet another example of you not knowing what you're talking about.
Trading in a car with two prior accidents will cause a huge amount of extra depreciation. It's not "BS", it's what happens to the market value of a car when it has been crashed. With frame damage, they can't even sell the car.
Wait on the insurance company, see what they do. If they don't total it and you want / need a new car, lease the Mazda and take the higher payments. Then, at the end of the lease term, all the negative has gone away and you can turn the car back in and start fresh.
Mazda typically has good lease rate with nothing down.
I wonder if the insurance company might total the Neon, if the damage is that severe from the last accident because it sounds like a lot of damage. If they want to go that route, be sure to have your company's adjustor look at it too, so that you're not given a low settlement offer.
If you do roll negative equity, be sure to pay higher payments as your budget allows, so that it's paid for faster, and to get you into a position where you're not so dramatically upside down with respect to the vehicle's value. Also, stay at home until you've brought the Mazda current, or better yet, paid off, before taking on a mortgage/apartment.
The good thing about the Mazda is that the value will not plummet as quickly as the Neon did, though it will be a faster depreciation cycle than you would have with a Honda.
Well actually, I wouldn't go as far as ruling the Neon as a total loss... other than the damage that was specified, it doesn't even look that bad conditionwise. Other than the front bumper, which is cracked in one spot but it's not like it's falling off or anything, and the hood, which is a little bent and may need readjusted to latch correctly, the damage to the front end is not too severe. The headlights also work and weren't damaged, and I gave a quick glance at the frame and it looks seemingly intact, but I'm no mechanic so I won't have the final say there. Of course, I'm not making light of the situation but considering the circumstances, the damage could've been MUCH worse. The other car on the other hand, which is a 2007 Chevy Equinox, sustained much more damage such as busted headlights, damaged fender, popped airbags, etc. I'm surprised that it got more damage because it's an SUV. I'm only going by what my brother told me as I haven't seen the damage of the Equinox in person, nor was I with him when the accident happened.
No matter what the final verdict, The Neon is worthless. Even fixed you may get $2K for it. I would talk to the insurance as well about a damage loss settlement too. This covers the losses to the value of the car you take to the from an accident. I had a friend that got an additional 2K from that.
You definitely ned to wait on the insurance. But if you have full coveage it should be being fixed now or they rent you a car.It is not worthless.You need to sell it outright to get the highest value.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
