Opinions needed

[kenkyd]

I bought my yaris new last may, and already have almost 36,000 on it. and i know at my rate, i will have almost double or more next year, which is when i wanted to trade it in. i want to buy an 09. i still owe alot on mine now, and dont want to trade in a car with a lot of miles on it (i know its still alot now). what should i do?

[Pitt Yaris]

Don't trade it in? If you put that many miles on it, why wouldn't you just drive it til it dies? I see no reason to go from an 08 to an 09 and be in even more debt/have a bigger loan.

[Forrest]

Adding an older loan on the back of a new loan when trading is not a good thing to do. You will end up owing more than the newest car is worth and if you should experience difficult fiancial times, you will be stuck owing $ even if you sell the car.

[SpaceShot]

Even at that rate, it could still be 5 - 1/2 years before you break 200K, which is still good for a Toyota.
Unless you can get a much better interest rate on a new credit union loan, or can get some big dealer incentive, I would sit tight for the 5 years.

At that point, don't trade it in, put it on CraigsList for some struggling student to pick up. You'll get more than any trade that way, and can do better on the next loan.

Remember that you have something that is quite economical for you, but not a big profit model for the dealer. I think you'll do better driving it than trading it.
With some minor maintenance you should easily get 200 or possibly 250K out of the car.

[tomato]

Don't trade it in? If you put that many miles on it, why wouldn't you just drive it til it dies? I see no reason to go from an 08 to an 09 and be in even more debt/have a bigger loan.

+1

[yaris-me]

Keep the car five years, then decide what to do.

[jambo101]

I bought my yaris new last may, and already have almost 36,000 on it. and i know at my rate, i will have almost double or more next year, which is when i wanted to trade it in. i want to buy an 09. i still owe alot on mine now, and dont want to trade in a car with a lot of miles on it (i know its still alot now). what should i do?

Why would you trade an 08 for an 09 when the 08 isnt payed for yet?
I can see why America's financial situation is in the tank with lame financial moves like this.Sure hope you arent using the same logic for home ownership.

[roxy1]

Why would you trade an 08 for an 09 when the 08 isnt payed for yet?
I can see why America's financial situation is in the tank with lame financial moves like this.Sure hope you arent using the same logic for home ownership.

yep. bad move. as many miles as you are driving, you might as well just keep the yaris til its paid for, then see what you want to do. while a yaris will have good resale value, approaching 40k miles in only one year would really drag down the resale. plus, it sounds like you are upside down on the loan.

the 09 is the same car as the 08. looks the same (the minor differences would not be noticed by most, other than YW members), drives the same, same engine etc...the only significant difference is the abs and side bags standard. i dont think the absolute beating you will take would be worth it.

[The little red pill]

I learned a lot of good financial habits from my parents. They bought a car, kept it for 15+ years, and then sold it private party (since a dealer would only offer $500, any "running" car is worth more than that!). My parents would have me committed if I traded a car only 1 year old!

Seriously, trading cars is an instant way to get seperated from your money. Also, while I was in college, I worked as a waiter. So I learned the value of each and every dollar earned.

[staticorex]

Why would you trade an 08 for an 09 when the 08 isnt payed for yet?
I can see why America's financial situation is in the tank with lame financial moves like this.Sure hope you arent using the same logic for home ownership.

+1. Keep it.

[nemelek]

I bought my yaris new last may, and already have almost 36,000 on it. and i know at my rate, i will have almost double or more next year, which is when i wanted to trade it in. i want to buy an 09. i still owe alot on mine now, and dont want to trade in a car with a lot of miles on it (i know its still alot now). what should i do?

Some people feel the need to always drive a new car. I am not sure that you will want an 09 which would be a used car a year from now when 10 and possibly 11 would be available. Every 6 months you can always test the waters and see what a dealer will give you. Learn how to say no and walk away.

[Forrest]

Just noticed the original poster that started this discussion has not returned to comment on other members suggestions. Maybe he went and traded car !!!!!!!!!!!!!!!!!!!!!!!!:laugh:

[IllusionX]

i lost almost 4000$ when i traded my 05 echo for a 07 yaris back in 06. My echo was a year and 8 months old.

It was a stupid move, cuz my echo would've been paid off in less than a year as of now.

Today, i still have 2.5 years left on my yaris lease, and after that, i still have ~7000$ to pay off. It's true that now i have a bigger car, with more options, but well.. i miss my echo.

[staticorex]

Just noticed the original poster that started this discussion has not returned to comment on other members suggestions. Maybe he went and traded car !!!!!!!!!!!!!!!!!!!!!!!!:laugh:

Ha. He's busy putting another 3billion miles on his car. :p

[kenkyd]

noo i didnt trade it. i wasnt really thinking about it yet, just threw it out there. im just gonna keep it until its dead. and i dont get online much.

[Forrest]

Glad you are keeping the car as refinancing is costly and best to kee the car as long as possible.

[YarisOwnersDad]

noo i didnt trade it. i wasnt really thinking about it yet, just threw it out there. im just gonna keep it until its dead. and i dont get online much.

THAT's the way to get your money's worth out of that car. Trust me, I have traded WAY too often over the years, and that's why I am a whisker away from being 60 years old and STILL have a house payment and will have one for several more years. If I had put all the money that I have spent on cars on my house instead, I would be in good financial shape right now.

Tomster

[kenkyd]

but i still want something to work on, so i think ill buy a 2nd gen rx7 for a project car