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View Poll Results: Trade it in?
Yes 5 27.78%
No 12 66.67%
Maybe (explain) 1 5.56%
Voters: 18. You may not vote on this poll

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Old 08-11-2010, 10:50 PM   #1
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Should I keep it or trade it in?

I'm debating on trading the SVT in for something else (will list what I am looking at later). This transmission issue and the little nags here and there are annoying me to no end. So I pose the question/poll...

Should I just eat it and trade it in? Here are the FACTS.
  • The car needs a new thermostat and probably at least 1 hose.
  • The car needs a new battery.
  • The car needs a new alternator.
  • The car needs some body work to fix some door dings, a rust spot and various paint chips on the bonnet.
  • The car needs (and yes I need it) the audiophile radio head unit reinstalled back in the car.
  • The car needs the heat shield rattle fixed.
  • The car needs a near passenger fog light housing due to yellowing/dulling.
  • The car needs a new front lip.
  • The car needs new front passenger suspension.
  • The car needs a new passenger fender.
  • The car needs a new clutch master cylinder. (the one on the firewall that leaks into the cabin)
  • The car needs a tune up.
  • The car needs transmission work.

Some of that is cosmetic but I'm OCD and I cannot live with messed up stuff.

====================

Pros and cons.

PROS
  • I LOVE MY CAR!
  • It is incredibly fun to drive.
  • It can be more fuel efficient if I drove it slower and easier.
  • It looks great.
  • It is comfortable.
  • It makes an awsome noise even stock.
  • It is different than pretty much anything else in this category barring the R32 Golf.
  • Trading it in will allow me a cheaper interest rate.

CONS
  • It is becoming expensive to maintain with all these mechanical issues all at once.
  • It isn't as reliable as my other Focus'. (Foci)
  • It isn't as fast in a straight line as I'd like. (JRSC please!)
  • While it was on my "man I wish I owned one" list it isn't on my "I've always wanted one since I was younger" list.
  • Not much room for power upgrades without tearing out the top end of the engine. Not my cup of tea. And I don't like Nitrous.
  • No active car clubs like I was in with my Camaro.
  • I owe $11k still and my interest rate is 24.9%. My credit isn't good but any car I trade it in for will automatically have $6-7k added to the note.
  • Lastly, it isn't a '99-04 Mustang GT/Cobra.

====================

Cars I'll be looking at:
  • 1999-2004 Mustang GT (1999 Cobra)
  • 2005-2006 Mustang V6 5spd
  • 2002-2005 Lincoln LS
  • 2003-2006 Hyundai Tiburon GT V6 6spd
  • 2002-2004 Impreza WRX
  • 1999 Nissan Maxima SE 5spd
  • 2003 Nissan Maxima SE 6spd
  • 2004-2005 Nissan Maxima SE



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Old 08-11-2010, 11:20 PM   #2
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if you go with anything then id say go with a 2002 mustang cobra. those are sick with the 32 valve. but you will be sacrificing gas mileage. The thing wtih buying a used car is there could be problems just like your focus has. Id trade it cause of the money and intrest thing.
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Old 08-12-2010, 07:39 AM   #3
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A seven year old focus, with many problems, and owe 11K. Time to start watching the Suzie Orman show. I realize the heart is in the car, but must face the real life of economics. May be tough to trade unless you can disguise the problems
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Old 08-12-2010, 09:17 AM   #4
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holy interest rate!!!!! i have considered the same but with all cars you have your problems, i say keep
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Old 08-12-2010, 10:16 AM   #5
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x2 for keeping! I have prolly spent about $10k in parts for my car, and those arent ven performance parts. Still have a few problems, but its getting better!
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Old 08-12-2010, 10:39 AM   #6
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Drop any emotional feelings about it (ie love or hate)
Your are obviously in need of working out the financial issue first!
It sounds as if you are currently upside down on it, therefor KEEP IT

Keep it safe
Keep it running.
Pay it off

Find out if there are any Credit Unions available to you.
If you were in the Military, check out USAA.com
Your next car loan should be secured at a bank or financial institution before stepping on the lot. Loan at 24.9%APR? WTF!!
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Old 08-12-2010, 10:59 AM   #7
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yeah that interest rate is crazy. I would say keep it and get it paid off asap!!!! Don't get yourself into another long term loan.

beside's the 99 cobra is under powered...if you're going to trade your focus in you should get a terminator 03-04 cobra.
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Old 08-12-2010, 10:59 AM   #8
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Wow are you upside down on svtf?? Did you try to refinance the loan? If they are giving you 6-7% now you should be able to refinance to lower rate so u can pay it off faster and then sell it.
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Old 08-12-2010, 11:51 AM   #9
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... that's a really tough call since you owe so much on it.

Honestly, I don't know how you would finance a new car for 6-7k over the value of the new car, the entire point of a car loan is the car is the collateral for the loan. It's the same reason no bank will give you a mortgage for over the value of your house, if you default on the loan they can only get back the value of the car by repo.

If you didn't owe so much my first suggestion would be to trade it in a Mazda 3, they are running 0% for 5 years on them! But there's no way that deal will fly if you can't close out the current loan.

I think your only real option is to refi the loan to get that crazy interest rate down and fix it up.

Check into a bank personal unsecured loan, they normally rape you on interest for those compared to a collateral loan (car or mortgage), but when i say "rape you on interest" i mean like 10-15%, so even that's better then what you have!

did you buy the car on a cash advance from credit card? how the heck did you get such a high interest rate??
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Old 08-12-2010, 03:52 PM   #10
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What can i say, i missed my first focus after i totaled it, and i ended up taking a loss to get back into a focus.

I cant imagine what would happen if i got rid of my SVTf, i just love it too much.
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