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Wanting to buy an Acura RSX but just recently bought another car?
Ok heres the deal, my grandparents showed up one day with a 2008 Kia Rio. I was upset because I had no input on the kind of car I wanted. First of all they OVER payed for it, they payed 13,000, and the car is supposed to cost around 7 or 8 thousand. My question is as follows...
We currently owe 10,000 on the car as of now. The trade in value is at 5000. The Acura RSX Type S I want is 9000. If this is the way it works... I can trade in the kia rio and still owe 5,000 + 9,000 if we purchase the Acura. That is 14,000...I have 2000 cash I will put towards the Acura, leaving the debt at 12,000. (basically getting back to where we started at purchasing the Kia Rio).
Would this plan to get the Acura work?
2 Answers
- Stupid FlandersLv 71 decade agoFavorite Answer
Besides the fact that it is a bad idea, financially, most lenders will not finance you $12K for a car worth only $9K. Rolling negative equity into a new loan used to be a common practice, but most of the lenders that took on these risks are either out of business or not doing it anymore.
I don't understand how your grandparents bought a car and you got stuck with the loan? That doesn't seem possible or make any sense.
The smart thing to do would be to suck it up and keep the Rio for a few years and then trade up to something else. You have your whole life to drive cars.
- 5 years ago
you realize that an type s is only like 5-10 more per month depending on where you live. if i were you id go with the Type S, think of future investments like resale value compared to the base rsx. Plus i know for a fact that the type s comes with a timing chain so you wont have to replace a belt at or around 100K miles so youll save there too. In addition to that were in a recession therefore you can get a killer deal. The leather, bose handeling, are superior by far... i dont know go big or go home thats the way i live...
