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  1. #1
    Junior Member blueyes's Avatar
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    Do I keep my Dodge Durango or get a Chevrolet Impala and end up upside down in a new

    loan... pls read details? I currently have a loan out for my 2005 Dodge Durango with 125,000 miles on it and owe $9k. It was a bad buy in the first place and it's such a gas guzzler...

    The bank approved me for a new loan of $14k with the requirement that I trade in my current vehicle. So I found a 2005 Chevrolet Impala for $7,990 with 57,000 miles, it's obviously much more fuel economical and for it's age has better miles on it.

    The dealership was able to get me in it for $13,499 out the door. If I'm doing the math right that means they're giving me around $3,500 for the truck.

    I will save about $1000/yr in gas and have a car with much lower miles, but in each vehicles current state they appraise for about the same...

    I'm just torn on what to do.. stick with the Dodge and owe $9k or go with the Impala that they're only asking $8k for but I'd owe $14k when I walk away...

    PLEASE HELP. Which vehicle has a better reputation? Am I better off in one over the other?

  2. #2
    Senior Member david's Avatar
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    Neither have good reputation american cars are so under styled! Try a Kia dealer near by and tell them you owe this much and stuff and they will hook you up with the right Kia all Kia's are very reliable and good on gas the Kia Sorento which is an Suv gets 20 Mpg in the city and 26 on the Highway
    Or if you want a gas saving car try a Kia Optima Hybrid which gets 36 mpg in the city and 40 Mpg on the highway

  3. #3
    Junior Member whisper9191's Avatar
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    You'll save a bit on gas, however, your payment on the new car will be about the same, if not more. Keep in mind that by trading in your Durango, you're starting all over in a new loan. Instead of being 2-3 years into a loan, you'll owe for 5-6 more years. It doesn't matter that they're "asking $8k", you're financing $13,499. Keep in mind that you will continually put on more miles on the Impala, but will be unable to trade out of it due to the negative equity you roll into the loan. On a 60 month lien, you're looking at breaking even at around 42-48 months.

    Your best bet would be to keep your Durango, and pay it off. Next time you get ready to buy a car, make sure you do your homework, so you don't run into this problem again. Good luck.

    Hope this helps.


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