Buying a car, and I have questions

[EersSkins05]

So my old Jeep Cherokee finally died the other day, overheating suddenly and basically killing the engine.

I've been given the choice of putting a different engine in it for anywhere from $1500 (crappy, used) to $3500 (new engine), but considering that it's a 96 model and has umpteen other things wrong with it, I feel like this would be a waste of money.

Here's my primary questions:

- There's a dealership nearby offering a minimum $2500 for every trade in (including cars that have to be towed there). I know they just jack the price/interest to make up for their loss, but $2500 for a Jeep that needs a new engine seems like something I should jump on. Thoughts?

- What is a good going rate for interest on cars these days?

- Is it true that gas-guzzling SUV's are going for a fraction of what they used to right now?

Thanks for any input (especially on the first point. I'm curious as to other people's experience with this.)

[gbear]

Interest rates I can't help you with though Edmunds.com does have advertisements for some rates.

For a good site on what to expect to pay for a new car, check out edmunds.com. They give you the MSRP, invoice, and what people have been paying for the car you want in your area. My advice would be to print the info and take it with you for your negotiation.

[SkinsOrlando]

Eers I work in auto finance PM with the type of vehicle your looking for and what your credit is like and I can tell you what fair market value is for the car your looking for and the interest rate you can expect.

[rictus58]

My credit union is offering 5.5% for 60 month car loans on new cars.

[EersSkins05]

I'll do that SkinsOrlando.

In the meantime, is there anything any of you can tell me about the minimum trade-in of $2500?

Seems too good to be true considering I'm trading in something that doesn't run and needs a new engine.

[Coooleeey]

I'll do that SkinsOrlando.

In the meantime, is there anything any of you can tell me about the minimum trade-in of $2500?

Seems too good to be true considering I'm trading in something that doesn't run and needs a new engine.

You would get that money off the car either with negotiation or with your trade in so to them its a wash. At least thats how I look at those deals, I could definitely be wrong.

[rictus58]

You should secure financing elsewhere before you go to the dealer. Then (and I might be wrong) negotiate the price of the car before dealing with the trade in.

[jrockster21]

As far as your trade-in is concerned, I think Carmax will buy any vehicle, regardless of condition. You might contact them to find out how much they'd give you for it. It will probably be less than $2500, but you might make it up in decreased financing charges or whatever the other dealer uses to make up for the 25 hunny.

[mr2you]

Eers, basically the dealership rolls the 2500.00 into the cost of the car. For example, if the car you want has an invoice value of say 20 grand, they will sell it to you for 22,500.

All they're really doing is rolling over your "negative equity" into your new car price.

If you're really stuck on the 2,500, ask them if they will purchase your jeep for the said amount. They will not unless you buy a new car from them.

Also, do your homework and find the car/truck you want and find out what dealer invoice is and any manufactuer incentive money that might be available. Then go to the dealership and negoitate from that price. Chances are you might be able to save more than 2,500 bucks and sell your jeep on your own.

Good Luck!

[Switchgear]

From what I've read there are 3 ways the dealer makes money off of you: The trade-in, the car itself, and the financing. Line up your own financing before you go to them, but don't tell them that and put off talking about it as much as possible while you are negotiating the car price. Like others have said, find out what the car you want should cost and armed with that knowledge, get the price as low as possible. They'll still hold out hope to get money back in financing, usually.

[SkinsOrlando]

The 2500 for any trade is bs, as other posters have stated they bury it in the cost of the car your buying, negotiate price before stating you have a trade, biggest mistake people make is going in with the "I have a trade", they'll appraise your trade and then set price. Force them into a corner on price first.

[Gallntfox]

The 2500 for any trade is bs, as other posters have stated they bury it in the cost of the car your buying, negotiate price before stating you have a trade, biggest mistake people make is going in with the "I have a trade", they'll appraise your trade and then set price. Force them into a corner on price first.

Being very familiar with the car dealerships I always laugh when I hear those commercials....

IF we make a deal...we'll pay off your trade WHATEVER you owe! :doh:

[mboyd784]

A 96 cherokee with a blown engine is worth about $500, maybe. You basically have no trade.
For rates, walk into your bank and inquire about auto rates. It's that simple. The older the car or longer the term, the higher the rate. Your dealer may still be able to get you the best rate depending on your credit score.
FYI, a lightly used Xterra is the closest thing to your cherokee out these days. Avoid the Liberty!!

[edhunter]

eers -

a great site to read about the cars no BS just a 4 page article on the vehicle is www.newcartestdrive.com they are straight forward and they tell you everything about the car - good and bad. Other than taht Carmax is straight forward price is what you pay - the other thing to look into is if you are a member of sams club or Costco they have a buying service where they have you contact a dealer where the negotiating is done and you walk in and the price is the price. Other than that look at carsdirect.com for an estimate on what you can expect to pay on the car - although that estimate most of the time is pretty accurate - basically you give your information and the dealers will contact you with estimates. If you are not set on a specific car look into buying a 20069 you will get a better deal as it is 1st quarter of 2007 and those 2006's are just sitting gathering dust.

[DCsportsfan53]

I'll do that SkinsOrlando.

In the meantime, is there anything any of you can tell me about the minimum trade-in of $2500?

Seems too good to be true considering I'm trading in something that doesn't run and needs a new engine.


Being very familiar with the car dealership I always laugh when I hear those commercials....

IF we make a deal...we'll pay off your trade WHATEVER you owe! :doh:


Yeah, they'll get it back somehow, they'll work it into the price of the car some way or another. You won't get more than what they can wholesale the car for in the end.

As far as new cars, even though I'm a VW guy and have and still only own VWs, buy a Honda or Toyota. They're far and away the most dependable cars on the road, they're good values and they hold their value extremely well. You can't go wrong with them, Toyota especially builds extraordinarily reliable cars. German cars are a lot more fun but those two are the way to go for those worrying about value and reliability.

[rictus58]

FYI, a lightly used Xterra is the closest thing to your cherokee out these days. Avoid the Liberty!!

Actually,
The Jeep Patriot is the closest thing to a Cherokee. Please don't compare a nissan to a Jeep.

And, FWIW, I've seen Libertys on the trail handle terrain just as well as the Wranglers. The only issue they had was turning radius.

[mboyd784]

Actually,
The Jeep Patriot is the closest thing to a Cherokee. Please don't compare a nissan to a Jeep.

And, FWIW, I've seen Libertys on the trail handle terrain just as well as the Wranglers. The only issue they had was turning radius.

I believe you are misinformed.

[EersSkins05]

I appreciate all of the advice, everyone. Fortunately, for someone who is 27 years old, I've never really gone through the motions of buying a car before. I've driven that jeep since 98 or so, and just drove my parents' cars before that.

So I'm really kind of a newbie when it comes to this stuff... lol

I do worry what to do with the jeep if I don't get anything in trade-in value for it. I don't have any real use for it, and I'll have to have it towed to any dealership that would accept it.

[rictus58]

I believe you are misinformed.
In what respect?

[mboyd784]

In what respect?

It's a Mitsubishi station wagon.

This will get you started...http://jalopnik.com/cars/new-cars/hooray-for-intrabrand-badge-engineering-jeep-patriot-gets-a-starting-price-of-14985-221590.php

[rictus58]

It's a Mitsubishi station wagon.

This will get you started...http://jalopnik.com/cars/new-cars/hooray-for-intrabrand-badge-engineering-jeep-patriot-gets-a-starting-price-of-14985-221590.php

http://www.edmunds.com/insideline/do/Drives/FirstDrives/articleId=75633
http://car-reviews.automobile.com/Jeep/review/2007-jeep-patriot-preview/1806/

As far as styling is concerned, it's basically a cherokee.
As far as the liberty is concerned, it's a better off-road vehicle than the Xterra. The xterra does have it beat on the streets though.

Let me know the next time you see a station wagon off-road.

I'll report back as to how the patiot does off-road.

[mboyd784]

http://www.edmunds.com/insideline/do/Drives/FirstDrives/articleId=75633
http://car-reviews.automobile.com/Jeep/review/2007-jeep-patriot-preview/1806/

As far as styling is concerned, it's basically a cherokee.
As far as the liberty is concerned, it's a better off-road vehicle than the Xterra. The xterra does have it beat on the streets though.

Let me know the next time you see a station wagon off-road.

I'll report back as to how the patiot does off-road.

I'll be waiting with my Xterra, winch and straps:cheers:

[rictus58]

I'll be waiting with my Xterra, winch and straps:cheers:

Typical non-jeep driver. Always prepared for someone else to pull them out of a ditch,mudhole, or off a rock. :)

[mboyd784]

Typical non-jeep driver. Always prepared for someone else to pull them out of a ditch,mudhole, or off a rock. :)

Love it!

[Kosher Ham]

Subaru makes 4WD wagons, that from what I hear are very dependable.