Niketalk is this a good deal on a trade in vol 12k upside down on 15 Optima EX into a new 16 Sorento

datznasty

datznasty

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So I bought a Kia Optima Hybrid Ex about 9 months ago, 2015, with every upgrade. In hindsight bad move for the price, I know, could have gotten a 1yr used Lexus Es300h or Lincoln MKX new or a number of other options. But at this point, I have 21k miles on it, no damage, but I need something bigger so I went back to KIA because I figured they'd give me best trade in for it with some incentives (KBB says it's only worth just under 19k, I still owe 31.5k on it and pay $468 a month). The local dealer will let me get in a 2016 Kia Sorento EX FWS 2.0 with turbo (which I don't care for really) but also fully loaded, leather, sunroof, tech package, 18s, etc. and keep my payments around $500.

Think I can get better and still keep my payment under $500 from another brand?

Also, my credit is in the dumps right now, 615 Transunion

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You going to be upside down.  Why put yourself deeper in the hole?  You better off selling it then go get another car.

Your payment is based on the length of the term and your APR

Have you thought about Caravana.com???

You can get a 2013 Range Rover Sport for $35K
 
Why would I want a Range Rover? I am paying 2.9% right now.

If I sold it, for 12k less than I own as according to KBB, then went out and bought something I'd still owe 12k on the Optima then be trying to buy something else. Seems worse than just keeping my payments almost the same and getting into something that will work better and not be so small
 
I state that because you can get more for your money for $35K.

Also, caravana may give you more. See how much your trade or if you sell it to them.

You could get more as a private seller.  Pay off the remainder of the loan and get something.

Your interest rate is going to go up because of your credit.   Are you already in a 72 months term?  

That's hustling backwards if you make that trade.

I wouldn't do it. Just keep the car.
 
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RobTooFresco said:
Congratulations.

You played yourself.
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this...you're going to screw yourself more and you will regret it. 

I don't know what your finances are like, but seeing that your credit is piss poor, the idea of getting a more expensive car with higher monthly payments will be a terrible idea. 

Just do your future self a favor by selling the car, take the hit financially, and getting a cheaper car if you really need one (used or ~$200/mo leased car until you feel financially secure to purchase a car). 
 
I don't have any late payments nor will I have trouble paying the 5. I don't have anything in collections or delinquent. It says I have a 117% usage right now which needs to update. I maxed my cc out then paid it off for the points.
 
Why even ask us...

Seems you already have your mind made up 
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Nobody in their right mind would tell you to go forward.
 
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I don't think KBB respects the Blake Griffin commercials. I've been on KBB and Theblackbook and run the checks myself, you get 18,5. The huge upcharge for getting the hybrid model seems to almost disappear. Since I'm not getting 40+mpg like other hybrid sedan owners, I could have just gotten the regular ones for literally about half.
 
DatZNasty said:
I don't think KBB respects the Blake Griffin commercials. I've been on KBB and Theblackbook and run the checks myself, you get 18,5. The huge upcharge for getting the hybrid model seems to almost disappear. Since I'm not getting 40+mpg like other hybrid sedan owners, I could have just gotten the regular ones for literally about half.
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listen to your avi

it seems like you wanted a cheaper car, but you're going for something that costs more

since you initially bought a hybrid, you were probably looking for a fuel efficient car....but you're going for an SUV with a combined 23 mpg. 

if you can keep making the payments like you said you are, just keep the optima. The recent kia models look nice, but I would never pay more than 25k...let alone 30k. 
 
Paying 31k for a car that cost only 20k after one year :smh:

If I were you I'd sell the thing and get into a used corolla or camry. Don't even bother buying from a dealer since you're going to get played again. Good luck with whatever you choose but paying $500 for a kia in my opinion is :x

Guessing you put little to no money down on the day of purchase + your credit score is why your payments are so high.
 
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Nah I need something bigger and with more trunks space so I've been looking at small SUVS, maybe large sedans like the Impala would work but they're in the same range of gas mileage anyways like 20 or less. Project as you will, but the current payment nor potential new ones, aren't hurting my pockets.
 
Based Jesus said:
RobTooFresco said:
Sell that L
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Unless you're outright balling I never understand why people buy new. Car prices depreciate fast and there are way too many good used cars out there for cheap.
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American muscle cars and reliable Japanese sedans don't depreciate as much as other vehicles.

If you buy those new and sell them yourself instead of trading them the true cost of ownership is comparable to buying them used.

Everything else though buy used or lease.
 
DatZNasty said:
Why would I want a Range Rover? I am paying 2.9% right now.

If I sold it, for 12k less than I own as according to KBB, then went out and bought something I'd still owe 12k on the Optima then be trying to buy something else. Seems worse than just keeping my payments almost the same and getting into something that will work better and not be so small
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You think that 12k is gonna disappear by trading it in? Youre still gonna owe and youre just adding more to it, digging yourself deeper. You can keep your payments the same but thats only half the story. You gonna be paying 500 a month for 10 years. Coulda bought 3 cars once this loan is paid off. Dont make it worse on yourself. You want a bigger car but you honestly cant afford to get out of the hole you already put yourself in. Thats whats wrong with america, everyone trying to borrow to infinity just to get the latest want or need.
 
DatZNasty said:
Nah I need something bigger and with more trunks space so I've been looking at small SUVS, maybe large sedans like the Impala would work but they're in the same range of gas mileage anyways like 20 or less. Project as you will, but the current payment nor potential new ones, aren't hurting my pockets.
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Sell it and buy yourself a used CVPI




Trunk space for days :smokin


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