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Old 10-03-2010, 06:57 AM   #1
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Your Opinion

Purely just for your input. Feel free to talk or whatever. Wanted some rational people to mull over the idea with me.


So I have a 2005 dodge neon with some scratches but runs great. I owe about 4000 left on it. (I had 5000 dollars cash and I walked into a dealership and needed a car like that second. I got raped on financing and I had no credit.)

I pay about 120 a month. Insurance is 160. I saved a bunch of money by switching to Geico.

My logic is...

I can get the car detailed. Do some maintanance. Like oil change and break change and all that jazz. List it for 5500. Get maybe 5000 for it.

I can get a cheap truck (3000). Save for a little longer and get a bike for about 2500-3500. That way I have a truck (Which I really need) and a bike (which I really WANT ) I know the difference between wants and needs.

So what do you think? Clean up the neon. Sell and get out of those payments?

Or just pay it off? Which one would build up my credit better?

Thanks for the help.
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Old 10-03-2010, 07:22 AM   #2
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Well if you can't stand driving it anymore, and hate to just look at it, sell the for what you can and get something different. You can find a nice mazda or ranger (same thing) or s-10 for a few grand, or go toyota but they tend to sell for more. I wouldn't buy a full size pickup unless you really need a big truck. Although I do love a dropped 80s or 90s chevy 1500. I could fit my bike in the ranger just fine, but it was the long bed model.
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Old 10-03-2010, 07:24 AM   #3
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Paying off your payments would help your credit best. If you pay something with cash, it does nothing to it. But do what you want/need. Your hard earned money!
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Old 10-03-2010, 07:24 AM   #4
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Well if you can't stand driving it anymore, and hate to just look at it, sell the for what you can and get something different. You can find a nice mazda or ranger (same thing) or s-10 for a few grand, or go toyota but they tend to sell for more. I wouldn't buy a full size pickup unless you really need a big truck. Although I do love a dropped 80s or 90s chevy 1500. I could fit my bike in the ranger just fine, but it was the long bed model.
No its a great driving car. Its a standard so I enjoy it. Nothing too wrong with it. A few marks from having the fiddy in the back seat but other than that nothing too bad.


I am just financially focused right now. I don't wanna owe anyone any money ya know?
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Old 10-03-2010, 09:22 AM   #5
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how much liquid funds do you have right now?
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Old 10-03-2010, 09:30 AM   #6
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about 1000.
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Old 10-03-2010, 09:39 AM   #7
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Its a great feeling having a car with no payments.
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Old 10-03-2010, 10:29 AM   #8
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^^ i think he's right. The problem i see if ur not guaranteed to get 5,000 for it. plus the hassle of selling it.

then buying a new car, + u gotta get new insurance, etc. sounds like a bike hassle to me to save maybe 1 or 2 grand max when it's all over.

as long as the car is reliable and somewhat enjoyable, u might have to stick it out.
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Old 10-03-2010, 11:15 AM   #9
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Your gonna have a hard time selling for anywhere near that price. Its a neon, just saying
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Old 10-03-2010, 11:48 AM   #10
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Additional consideration:

w the new used truck how do you know its not going to have problems?

worst thing to hear is someone getting out from a reliable vehicle and getting something new to them, then needing rides because they have to save money for a transmission etc.

Just some food for thought.
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Old 10-03-2010, 12:20 PM   #11
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if you have extra money, just pay on the principal
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Old 10-04-2010, 11:50 PM   #12
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Sounds like you have been making payments for about 1 year. Your credit should be better now.
Since the car is less than 6 years old you may be able to refinance at a lower rate through a Credit Union.
How bad does it look. Maaco on Highway 6 and Clay by the police station did decent paint jobs on some of my cars, if it looks REAL BAD that might help other wise wash and wax it. and clean it up real good and Armor All it. what does NADA say about it.
Manuals can be a draw back when selling but play up the great gas milage and anything that works like the A/C and cond. of tires etc.
Might even find somone with a gas guzzling truck that will trade.
If you do invest in paint I'd go original color or bright red.
I have had cars repainted other than original then I do the door jambs etc with Rattle Can to save the money.
A little patience here may be best as money will start getting tight as the Holidays roll around.

Thats my 2cents
Good Luck.
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Old 10-05-2010, 08:18 AM   #13
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if you owe $4000 on it and sell it for $5000 that only gives you $1000 to buy a truck with. or are you saying you have money already set aside for the other vehicle plus the grand??? unless youre going to keep making payments on the car and use the money you get for it to buy a bike and a truck....

did i miss something????
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Old 10-05-2010, 08:25 AM   #14
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Pay off the car. Keep making payments towards a savings account to buy a truck. You buy another vehicle, you know nothing about and will have repairs. Keep the car for good mileage. Save up money and pay cash for a truck later down the road.
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Old 10-05-2010, 08:28 AM   #15
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I'd say payoff the car. Pay more than you need to every month and get ahead. If you still want to sell it sooner, it would be much better to owe only $1,500 as opposed to $4,000. That also helps your credit out too.
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Old 10-05-2010, 09:40 AM   #16
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Its a Neon. By the time you pay it off it will be worth -100.00. By that time you will be spending money to keep it running. Save up and sell it while its still running. Call buying a Neon a lesson learned in buying a car that has 0 resale value and move on.
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Old 10-05-2010, 09:57 AM   #17
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Why do you need a truck? And your insurance is 160/mo for a neon? Gotta be able to find better then that dude, try usaa.
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"And so, this tiny metal deathtrap becomes known as the ultimate form of freedom. Like a steampunk cyborg, man and machine fuse to make a symbol of what you can become when style and speed matter more than safety and efficiency. Is it any wonder that some people just get mad every time they see a motorcycle go by? Because it challenges everything they have, while proving to them that they donít have enough."
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Old 10-05-2010, 10:16 AM   #18
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Why do you need a truck? And your insurance is 160/mo for a neon? Gotta be able to find better then that dude, try usaa.
I was thinking the same. I forget how much I payed when I was younger though. It was crazy. Getting older and getting married does have at least one advantage. Cheaper insurance.
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Old 10-05-2010, 10:17 AM   #19
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Quote:
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I was thinking the same. I forget how much I payed when I was younger though. It was crazy. Getting older and getting married does have at least one advantage. Cheaper insurance.
Definitely gets cheaper w/ age but I'm 22 my wife is 20, both have violations and full coverage on our cars is way less than that.
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"And so, this tiny metal deathtrap becomes known as the ultimate form of freedom. Like a steampunk cyborg, man and machine fuse to make a symbol of what you can become when style and speed matter more than safety and efficiency. Is it any wonder that some people just get mad every time they see a motorcycle go by? Because it challenges everything they have, while proving to them that they donít have enough."
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Old 10-05-2010, 11:11 AM   #20
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Keep the neon. stack some money then go buy a truck.
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