upside down situation? (sorta long) - Saab General Bulletin Board - Saabnet.com
The banner above is an advertisment - if it asks you to download software, please ignore.
Site News -
4/9 Saab Owners' Convention Day Pass Raffle |
3/26 M Car Covers (by State of Nine)
[General |
Members |
C900 |
9000 |
NG900 & OG93 |
93 |
95 |
NG95 |
99 |
Sonett |
Vintage Models |
Clubs |
Other Cars |
FAQs |
Gifts |
Member Photo Galleries |
Member Directory |
Classifieds |
Manuals |
*Buddy Registry |
*Mileage Registry |
Polls |
What's New |
Raffle |
Photo of the Month |
Sponsors]
[Main General Bulletin Board | BBFAQ |
Prev by Date | Next by Date | Post Followup ]
Member Login / Signup - Members see fewer ads. - Latest Member Gallery Photos
upside down situation? (sorta long)
Posted by fsik (more from fsik) on Mon, 5 Jul 2004 16:39:25
In Reply to: best way to get out of an upside down situation?, JB, Mon, 5 Jul 2004 16:05:33
Members do not see ads below this line. - Help Keep This Site Online - Signup
First is not to feel really awful, the AVERAGE 'negative equity' is $2200. $7K is a bunch more but not unheard of, quite a few people I know carry as much as 25% more debt (!) than value of their home fleet.
The solution is to drive the 9-5 until the wheels fall off. What's good is there's plenty of very hi-miles 9-5s around with good stories. Learning to fix it yourself saves a huge ton of money, too...the most common jobs have the highest profit margin for the dealer, so brakes, exhausts, and major services pay off big if done in your driveway.
if you really feel like a change (often a reason to switch), there's quite a few upgrades for the 9-5 that give quite a bang for the buck (ECU, suspension).
Refinancing helps but only if it's to a higher payment. This way you avoid some interest. Of course, this doesn't help if the payments already hurt. Refinancing to a lower payment (longer term) is giving more money to the bank and they like it this way. There's no such thing as a lower interest rate when you're upside down because part of the loan is not secured (against the value of the car).
The trend I saw with the people I know is that they hit 80K or 90K and there's a 'hump' in maintenance, maybe an exhaust, and a battery, or a water pump, something that scares them off, makes them think the cars' totally falling apart. (Seen it in Japanese and European for sure). So, they do the work then dump the car, but they're also out the repair costs. It seems like a good deal because the dealer's hidden the hole in the paperwork. Getting past that is key, because depreciation slows down as the car ages, and you have a viable car for the next 100K.
Good luck!
--fsik
posted by 68.175.120...
Posts in this Thread:
- best way to get out of an upside down situation?, JB, Mon, 5 Jul 2004 16:05:33
- Re: best way to get out of an upside down situation?, Erik W, Wed, 7 Jul 2004 16:21:55
- Worse and worser......., Mike Lynch , Wed, 7 Jul 2004 11:35:00
- My tactic to avoid being upside-down..., James D, Tue, 6 Jul 2004 10:35:23
- You know the answer, pay it off..., JBinDC, Tue, 6 Jul 2004 06:18:46
- you're not Erik Carlsson are you?, Trev, Mon, 5 Jul 2004 17:15:27
- upside down situation? (sorta long), fsik, Mon, 5 Jul 2004 16:39:25 <-- Viewing This Message
- Just drive it forever, into the ground, no? n/m, AlexA, Mon, 5 Jul 2004 16:24:53
Members do not see ads below this line. - Help Keep This Site Online - Signup
Post a Followup
No Site Registration is Required to Post - Site Membership is optional (Member Features List), but helps to keep the site online
for all Saabers. If the site helps you, please consider helping the site by becoming a member.
StateOfNine.com
|
SaabClub.com
|
Jak Stoll Performance
|
M Car Covers
|
Ad Available
|
Random Saabnet.com Member Gallery Photos (Click Image)
This is a moderated bulletin board - Posting is a privilege, not a right.
Unsolicited commercial postings are not allowed (no spam). Please, no For Sale or Wanted postings, SERIOUSLY.
Classifieds are to be listed in The Saab Network Classifieds pages.
This is a problem solving forum for over 250,000 Saab owners, so expect to see
problems discussed here even though our cars are generally very reliable. This is not an anything goes
type of forum. Saabnet.com has been a moderated forum since 1988. For usage guidelines, see the
Saabnet.com Mission and Purpose Page. Please remember that you are
not anonymous. Site Contact | Site Donations | Other Sites by SP -
Poverty2Prosperity.org | Run Club Menlo Park | ScreenBot
Site Members do not see red text instructions, bottom of the page anchor ads, or box ads.
Click here to see all
the Site Membership Benefits!