Should I sell my car, pocket some money, and put 100 miles on an SL550 for $449?

by Ben Posted 2007/09/28 03:02:00

15 votes
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	Keep your car	5 votes	33%
	Sell the car, pocket ALL of the money (DON'T rent the SL550 for $449)	6 votes	40%
	Sell the car, pocket some money, rent the SL550 for $449	4 votes	27%

I leased an '07 Honda Accord 9 months ago under my dad's name. My car's payoff amount is about $17,800. Its private party value is about $21,000 (excellent condition). My intention is to sell the car for AT LEAST $19,000, pocket some money, use a portion of the profit to rent an SL550 from Beverly Hills Rent-A-Car, and lease another Accord under my own name (if possible) or with a co-signer to build some credit. What do you think?

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AZ Desert Rat 2007/09/28 14:00:31

Sell the car, pocket ALL of the money (DON'T rent the SL550 for $449)

+2
Tried but true...
Buy whatever appreciates.
Lease (rent) whatever depreciates.
With rare exception, cars never gain value after you buy one. Drive it off the lot and you just lost several thousand dollars in equity already.
Lease a car...NEVER buy one.
>> See Replies

KRS 2007/10/08 16:06:39

Sell the car, pocket some money, rent the SL550 for $449

+1
Always drive what you want to, if you can. I have had the pleasure of driving some fine automobiles and each experience is a joy. I love to drive, and I love cars! Also, I have never been a fan of leasing a car. I like to buy cars for cash. This keeps me out of brand-new ones and some brands are more exclusive than others (of-course) forcing me to borrow and rent for a thrill, but building your credit is a good plan.

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KellyDew~YES WE CAN 2007/10/02 00:50:18

Keep your car

+1
Get some credit cards and pay them in a timely manner. You're not ready to run with the big dogs yet.

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Ben to KellyDe... 2007/10/02 01:10:00

+1
What makes you say I'm not ready? It's never too early or late to build credit.

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KellyDe... to Ben 2007/10/02 01:13:36

Im talking about living beyond your means, not about building credit. Its nice to see that you are looking to establish credit because it will be one of the single most important things you will do. Are 100 miles really worth $449 to you?

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Ben to KellyDe... 2007/10/02 01:54:34

+1
No, I will call Chase and dispute the transaction...LOL : ]

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KellyDe... to Ben 2007/10/02 02:19:33

+1
You are bad!! :)

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S.Sif:* 2007/10/01 14:25:31

Keep your car

+1
Nice, nice car ..!<3;**

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B4Real2Me 2007/09/30 15:48:35

Keep your car

+1
Keep your car, take your Dad out to dinner as a 'thank you' kind of thing and save your money until you can buy a house/townhouse/condo and not have to rent.

Buying is owning, renting is giving it away to someone else.

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arleen60 2007/09/29 20:44:11

Sell the car, pocket some money, rent the SL550 for $449

Go For It !!!

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ANNA 2007/09/29 07:38:41

Sell the car, pocket ALL of the money (DON'T rent the SL550 for $449)

+1
Hi Ben, If the private party value (Kelley Blue Book?) is offering about $21,000.00 and the Accord is in excellent condition then I would ask for $20,000.00, pay off the $17,800.00 which will leave you with $2,200.00. Put that in a savings account for a short time until you're ready to lease another Accord. With that money safely tucked away you'll be showing the lenders your good intentions of saving money and you might be able to get the lease without a co-signer and in doing so begin to build your own credit history. Good Luck!

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Canadian Moose 2007/09/28 21:35:04 (edited)

Sell the car, pocket ALL of the money (DON'T rent the SL550 for $449)

+1
Next time lease a Saturn Aura or wait for the new Chevy Malibu. You'll be pleasantly surprised by either of these and will be supporting your neighbors who support you. If you want a slightly bigger car you could go with a Buick La Crosse ( Allure in Canada ) or the Chevy Impala. The Buick may be a little more money but reports have said that it is equal to its' competitors ( and even quieter ) and cost quite a bit less then those same competitors.

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Smokey 2007/09/28 15:56:40

Sell the car, pocket some money, rent the SL550 for $449

How old are you? There's nothing wrong in driving nice cars, but now that I have a daughter in college, I learned many things. If you want to build your credit, purchasing property, a house, use your credit cards to pay your bills each month and pay off the balance. Buying a car could be a good way to build credit, but it would be BEST to save up and use your passbook savings or other things you have as collateral.

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jacobtree to Smokey 2007/09/29 12:25:12

+1
I am a loan officer and deal with this kind of stuff all the time. Just get a credit card and pay that off each month, no need to go out and buy a car.

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Smokey to jacobtree 2007/10/01 16:03:51

+1
jacobtree,

What kind of loan officer are you?

Eric

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jacobtree to Smokey 2007/10/01 16:04:46

+1
Real Estate, I can also help you find homes at 80% or better LTV.

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AZ Desert Rat 2007/09/28 14:00:31

Sell the car, pocket ALL of the money (DON'T rent the SL550 for $449)

+2
Tried but true...
Buy whatever appreciates.
Lease (rent) whatever depreciates.
With rare exception, cars never gain value after you buy one. Drive it off the lot and you just lost several thousand dollars in equity already.
Lease a car...NEVER buy one.

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jacobtree to AZ Dese... 2008/06/13 05:35:12

You are right about leasing. But it depends on how many years you are going to drive the car and how many miles you put on a year.

Right now I have a 95 Maxima I drive that ones great, and paid off (I bought new), I sure think that was a great buy for my needs and wants.

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jacobtree 2007/09/28 12:40:16

Keep your car

+1
If building credit is the main reason or you just want to build credit there are other ways to build credit other then buying a car.

Return the leased car keep your payed off car and build your credit other ways.

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Ben to jacobtree 2007/09/28 15:20:33

+1
Why not build my credit this way? Your TYPES of credit are also factored into your credit score.

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jacobtree to Ben 2007/09/28 15:34:15

+1
Its going to cost alot more money building credit the way supposed to building it with a credit card, or such. You have a car that runs fine keep it. thats just me.

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jacobtree to Ben 2008/06/13 05:37:55

what did you end up doing?

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bobi 2007/09/28 11:43:11

Sell the car, pocket some money, rent the SL550 for $449

I do not believe in renting anything. But iy is your $$$$ So spend it like it came.

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ThatGirl 2007/09/28 03:06:56

Sell the car, pocket ALL of the money (DON'T rent the SL550 for $449)

+1
I wouldn't spend 500 bucks to drive 100 miles in a Benz. And why lease? Maybe look into straight up financing a car, unless you want to switch cars every couple years. I've never leased a car, just didn't like the idea of "renting" a car for that long.

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Ben to ThatGirl 2007/09/28 03:23:13

+1
Lease = lower payments. Why would you want to "own" a car anyway? It's not like you can build equity...except in my case. With financing, you could end up paying more than what the car is actually worth.

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ThatGirl to Ben 2007/09/28 03:27:16

+1
Yea that's true, but I feel like I'm getting duped putting all that money into something then having nothing to show for it. I would want to own a car so I wouldn't have payments all the time. I don't want to go thru life always worried about a car note.

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