| Author | Message | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3558 Registered: 9-2001 |
good point about the tax issue, if you can live without an f-car for three months, do the trade now for the spider, obvoiously the dealer is getting the float | ||
| ELI (Titanium360)
Member Username: Titanium360 Post Number: 420 Registered: 4-2002 |
Fred, i don't know if i want anyone to hold $145K for few months and if i cash in on my car now then i will lose the tax credit which is over $12K. | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3557 Registered: 9-2001 |
Fred, an orginal thought  - I suggested it but maybe the dealer will only do a trade for that and not a cash buy, the dealer maybe trying to hide a loss on a new car buy trading his for a higher value | ||
| Fred (I Luv 4REs) (Iluv4res)
Member Username: Iluv4res Post Number: 381 Registered: 8-2002 |
Why dont you just trade the current car in now for 145k and postpone getting anything until the new one is ready in Sept? That way, you've locked in the 145k and you will not suffer depreciation any further until you lock in the new one. | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4542 Registered: 5-2001 |
LOL On the 550/575 you will definetely lose more money! Spell $50K in a week! Although I agree the 12s are the better cars. | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 2261 Registered: 9-2001 |
I would trade it for a 550 or 575. Once you go with a 12 cylinder, you will never go back to an 8. | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3554 Registered: 9-2001 |
I suspect there may be a way to solve your problem, come to an agreement with another buyer to either give you an amount for your current 360 three months from now or to give you an amount for a new 360 three months from now. Martin to the rescue !!! Let someone else take the deprecitation risk | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4540 Registered: 5-2001 |
you have mail in a minute Eli. | ||
| ELI (Titanium360)
Member Username: Titanium360 Post Number: 418 Registered: 4-2002 |
Bill, Honesty i love my color combo much better than the red/tan but my only concern is the financial aspect of it. which car i will lose more on by sept. | ||
| wm hart (Whart)
Intermediate Member Username: Whart Post Number: 1030 Registered: 12-2001 |
Oh, yeah, one other thought you don't have to answer to us on, but should ask yourself: how much of this is simply the need for a new car NOW, just cause Sept. is a few months away? Not that there's anything wrong with that, but you should decide whether there is an emotional, as well as financial component to your question. Regards. | ||
| Ernesto (T88power)
Intermediate Member Username: T88power Post Number: 1468 Registered: 2-2001 |
The only reason you should make this trade is if you believe that your current 360 will depreciate more than $25K come September. If it's less, then its not a good deal to trade now as the additional depreciation on your current car will probably be less than $25K. The only thing not considered here are the ingantibles such as having a newer car to drive around, testing the fabulous F1 system, warranty, etc etc. Ernesto | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3548 Registered: 9-2001 |
my view is the the newer a car is the faster it depreciates at least from a percentage point of view, as soon as you drive the 03 off the lot it drops a signficant amount. All else being equal the older car should depreciate less over the same time period. The issue seems to be that you feel 145 is a a great price (ie above market) and you are looking to cash in on that now and lock it in. If I were you I would stall a few weeks then take 145k from the dealer (if he will pay you cash and rent a maser over the summer and pick up your spider in Sept | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4539 Registered: 5-2001 |
Eli, the deal itself is pretty good. I think worth doing. Hwoever you have to also think about this: The new 03 will also lose value and I think probably more than you will with the current 00. For the 03 you will possibly get $150K in Sept. and your 00 will still be somewhere at $130K. Hey but you will be driving a 03 and F1 so still I would go for it. You have a good connection there at FoLI/FoNE | ||
| ross koller (Ross)
Intermediate Member Username: Ross Post Number: 1183 Registered: 3-2002 |
ok. that is more clear. then i agree with bill, don't bother. surely though you have discussed at what price the dealer will take the coupe back when your spider gets in....and that is probably the more important calculation | ||
| ELI (Titanium360)
Member Username: Titanium360 Post Number: 417 Registered: 4-2002 |
The coupe and the spider deal is going to go thru the same dealer and both cars are being sold to me at MSRP. my only concern here is if my current car will depreciate more in value by september or the new 03 coupe. They are now giving me $145K for my 00 coupe . I know the dealer very well and he is not pushing me into the new coupe but just my concern of not being able to get anywhere close to $145K come september on a 6K mile car. Of course the dealer is not commiting to buying back the car at a certian price in Sept just because of the volitality of the current market. My dilema here is which car will give me a better resale value in Sept when the spider is here. | ||
| ross koller (Ross)
Intermediate Member Username: Ross Post Number: 1179 Registered: 3-2002 |
my first reaction was similar to whart's, why bother. but upon further reflection a few questions come to mind: - is there really only a 25k delta between a '00 360 and 03 360? would have thought it would be higher, more like 50k. - what will the delta be in september? probably close to the same, but both at a lower price given the upcoming stradale and then the 360 replacement. - why is the dealer willing to do this deal? he must have a buyer for your car, but not for the new 360, and therefore he will sell your car for a profit (eg at least 10k more). this must be an issue of color given the similarity of the other specs. - i can see your point of wanting to get into a newer car for only a 15% increase over your car's current valuation. so why not try to find the buyer that the dealer has, by running ads. if you find him and cut the deal directly, you can probably get into the new car for less than the $25k delta offered to you now. - whats another 3 years of full warranty worth? given the issues some of these cars have, it could be pretty close to the $delta the dealer is offering, especially if you include the hassle factor and aggravation if/when work will need to be done on the '00 (not immediate dealer attention, costs, etc). - is the dealer offering you a fixed delta for the 03 coupe vs the spider that you will be getting? the dealer obviously wants to do this deal to move some machinery off the floor, so he might be induced to give you interesting terms for this price difference eg he takes back the 03 at sticker less $5k max. i would ask the dealer some more pointed questions and maybe it turns into a better deal for your spider..... | ||
| Hubert Otlik (Hugh)
Member Username: Hugh Post Number: 796 Registered: 1-2002 |
nope. wouldn't do it. you're paying a 25k premium (even if the "deal", on paper, goes down at MSRP), and you're going to take a larger hit at resale b/c you had to "buy into" the newer car. | ||
| Tenney (Tenney)
Member Username: Tenney Post Number: 366 Registered: 2-2001 |
Deal seems okay, but see Bill's point. September's gonna be here soon enough, Eli. Probably wouldn't bother shuffling cars unless the plan was to hang onto the new one a bit longer than a few months. | ||
| jake diamond (Rampante)
Junior Member Username: Rampante Post Number: 110 Registered: 4-2002 |
Mr. Hart- In addition to barrister, you are also a mindreader. My thoughts exactly, regarding this caper. Jake | ||
| Ernie (Ernie)
Member Username: Ernie Post Number: 667 Registered: 11-2001 |
Nope I wouldn't make that trade. Actually what they are doing is charging you $25,000 to trade your car, for the SAME kind of car! Then they are gonna turn around and resell your car for, at the very least, $10,000 more than what they told you what it was worth. Don't be a sucker. | ||
| wm hart (Whart)
Intermediate Member Username: Whart Post Number: 1029 Registered: 12-2001 |
ELI: Is this all thru the same dealer? Are you going to put the same expected mileage on the new coupe, before September? What does the dealer say now, about trade-in prices? I can understand a 360 spider at sticker being a deal, but (and i betray my ignorance here) how much over sticker are new coupes still trading for? Are there additional transaction costs to the shuffle-reshuffle, in terms of your financing? You are, in effect, paying 25k not to get hurt on trade? Will your car depreciate that much? Will turning a some miles new coupe around protect you any better? (keeping in mind that you paid 25k for the pleasure). These, and other questions would plague me as i rode the bus, pondering your plight. I'd love to hear some cogent answers... | ||
| Drstranglove (Drstranglove)
Junior Member Username: Drstranglove Post Number: 213 Registered: 4-2003 |
I think I would do it. But that is just me. DrS | ||
| RICK ROMERO (Tr90)
Junior Member Username: Tr90 Post Number: 180 Registered: 4-2001 |
Hey Martin where are you? need your help | ||
| ELI (Titanium360)
Member Username: Titanium360 Post Number: 416 Registered: 4-2002 |
Tenney, honestly i am not too thrilled about the color combo but it is only for few months and am considering the resale value of the car in sept | ||
| Tenney (Tenney)
Member Username: Tenney Post Number: 365 Registered: 2-2001 |
Not sure, but think you might do better at resale on an MSRP-purchased '03. Plus you'd be all warrantied-up again, which isn't half-bad. Price seems fair if you're pleased w/the spec on the new car. | ||
| ELI (Titanium360)
Member Username: Titanium360 Post Number: 415 Registered: 4-2002 |
i am now getting $145k wholesale on the car and if i hold on my current car until sept the mileage will be over 6k miles and would probably lose more money. am i wrong? | ||
| ELI (Titanium360)
Member Username: Titanium360 Post Number: 414 Registered: 4-2002 |
WM, i am getting a spider in Sept and i was thinking that i would lose more money on my 00 than the 03 when i trade it in. keep in mind that i am buying the coupe at sticker price. | ||
| Byron (Bmyth)
Member Username: Bmyth Post Number: 644 Registered: 10-2002 |
I think I'm with the other guys on this one... I would prefer the 6spd... plus, that is a good point, a new break-in period and new gremlins... and that 10k stereo...what a shame! Maybe for $15k, that would make more sense? | ||
| wm hart (Whart)
Intermediate Member Username: Whart Post Number: 1027 Registered: 12-2001 |
Why are you considering it? (If it were me, i like your current transmission and color better, and you've already sorted out the gremlins, yes?) What's the upside? | ||
| ELI (Titanium360)
Member Username: Titanium360 Post Number: 413 Registered: 4-2002 |
03 is fully loaded, F1, red caliper, challenge grill, modular rims, elect seat, cd changer, shield. | ||
| Dan (Bobafett)
Member Username: Bobafett Post Number: 558 Registered: 9-2002 |
Warranty would be the only consideration, but it's not worth 25k. Plus, I like the titanium better. And you've invested in the stereo as well. Plus you have to go through break-in all over again... --Dan | ||
| Byron (Bmyth)
Member Username: Bmyth Post Number: 640 Registered: 10-2002 |
what does the 03 have? is it 6spd or F1? | ||
| ELI (Titanium360)
Member Username: Titanium360 Post Number: 412 Registered: 4-2002 |
trade my 00 360 coupe with the following options: 6 speed, 5100 miles titanium/black, challenge grill, red caliper, elect seats, cd changer 10K custom stereo system for 03 360 coupe red/tan with a sticker price of $170K brand new no miles. my car and $25K. |