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?
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?