Negative Equity...

[Gooch03]

I want to trade my 04 F150 for this 04 Cobra but the dealer says im 5k upside down in my truck. Its a 04 F150 Supercrew 4x4 5.4 XLT with the tow package, 3.73, M/T tires etc. and they want to give me 8k for it when the NADA and KBB say its at least 13k trade in. I owe 14k and have 1k to throw down, which I thought would cover what I owe. Anyone know any banks that take up the equity? I've tried to sell it privately for a while and I have had a few people look but nobody seems that interested in buying a truck. Any ideas?

 

[Juruense]

Make double payments until you are no longer upside down on your vehicle or just make regular payments and wait longer to no longer be upside down.

Forget about the Cobra, it will most likely be gone by the time you are in a position financially to buy it.

Oh and welcome to the terrible selling market of 2009, it sucks I know from personal experience

 

[i3ooivl]

throw it up on craigslist for 14k... A car is worth what someone will pay for it.

 

[Blackness03]

sell it outright..

 

[thomas91169]

did you haggle at all? tell them $12k and walk out if they dont take it. They will call back if they want to make the sale....if they dont, move on.

then again, dealers dont like to take cars/trucks they know dont sell. I was ****ing around one night and was checking out a few DD's at a very nice used local dealership, wouldnt take my Cobra as a trade in, said "we dont want cars like that because they dont sell in this economy." I then tried harder to sell it, put it on CL for $18k and was sold two weeks later.

 

[Juruense]

How much hassle did you get from morons on CL Thomas? I have heard that can be pretty bad...

 

[FX4 SAPPER]

take the above advice. For starters any negative equity you take out will increase your monthly payment a lot. sell outright or save up a little more cash.

 

[Venomous98Cobra]

Does Carmax still buy cars? You can try places like that possibly.

 

[svtsmo]

KBB and NADA are never used by dealers...they'll always show you a number well below what those guides state. most dealers use guides such as galves, which go by what dealers are paying at auctions

 

[unforgiven]

Ebay your truck, 8k for an 04 4x4, tell them to shove it! They would sell it for 14k on their lot.

 

[SaleenFiend]

Sell it personally... used cars are the only way most dealers are making profits right now... low trade in value and high resale...

 

[thomas91169]

How much hassle did you get from morons on CL Thomas? I have heard that can be pretty bad...

not much actually. I think the people in the market for a 03/04 Cobra kinda know what to expect pricewise, and lowballers pretty much know they dont stand a chance and are just wasting keystrokes.

i had one guy offer me $17k when i had it posted for $19k Firm. Every month i paid a payment, i reduced the ad by $500, until i got to the point where i stated i wouldnt reduce it, since that was at the point of the lowest 03/04 on CL in CA, and ones with twice the mileage and half as good condition were asking for above my price.

 

[PSUCOBRA96]

I say sit and wait you will see more cars pop up in the spring and maybe get a better deal on a cobra and also you may get more bites on your truck if you sell it on your own..dealers are gonna kill ya on a truck right now

 

[SweetSVT99]

That's all '04 F150s are going for right now? Bye Bye Ranger...

 

[focussvtracer]

Does Carmax still buy cars? You can try places like that possibly.

carmax gave me 12k for my 04 lightning 2 weeks ago

 

[BreBar21]

I had a dealership offer my $12k for my car when it was like 2 years old with 7,000 miles on it. Probably the worst possible place to trade in a car. They **** you any way they can.

 

[Common]

Dealers are dying for cash, not swapping inventory.

 

[GSPsnFORDs]

Keep it for now and keep looking for a Cobra. Double your payments if you can and build more equity into your truck. If you really want to sell it, then sell it privately. $8k for a'04 with that package is rediculous. I have an 03 with the same (minus the 3.73 gears) and wouldn't let them touch it for that price. JMO.

 

[divernb]

They are definitely trying to screw you. Put it up on Craigslist for 14, you may have to come down some but you will definitely get more then 8k

 

[Sapperstang]

I had a dealership offer my $12k for my car when it was like 2 years old with 7,000 miles on it. Probably the worst possible place to trade in a car. They **** you any way they can.

They offered me 10K for an 04 Mach 1 when it was less than a year old with 2K miles. :lol: