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...

• 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
    • If mileage is okay, I second the lease..., b.flippo, Thu, 8 Jul 2004 12:29:59
  • 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
    • Re: You know the answer, pay it off..., Pa Taket, Tue, 6 Jul 2004 10:33:40
  • you're not Erik Carlsson are you?, Trev, Mon, 5 Jul 2004 17:15:27
    • Good one. Dave Ramsey says..., GeorgeL, Mon, 5 Jul 2004 19:15:19
    • Upside down..., robs, Mon, 5 Jul 2004 18:47:54
  • upside down situation? (sorta long), fsik, Mon, 5 Jul 2004 16:39:25 <-- Viewing This Message
    • best way to beat it is come down under! LOL! :), sab, Tue, 6 Jul 2004 01:58:08
      • Re: best way to beat it is come down under! LOL! :), fsik, Tue, 6 Jul 2004 06:25:05
      • owe more than the car is worth. n/m, markP, Tue, 6 Jul 2004 06:14:47
  • Just drive it forever, into the ground, no? n/m, AlexA, Mon, 5 Jul 2004 16:24:53
    • what if I'm starting to question it's reliability? n/m, JB, Mon, 5 Jul 2004 16:31:57
      • New cars have problems too......., Mike Lynch , Wed, 7 Jul 2004 11:44:19
      • get a AAA membership w/ free towing. nm, rob , Mon, 5 Jul 2004 17:17:48

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