whats it worth?
11-25-2009, 03:49 PM
#1
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whats it worth? I have a 2002 camaro and im tired of making the payments. Im paying way too much because of my high interest rate. Love the car but I can barely afford it. Whats it worth.
2002 Camaro z 28
50,000 miles
Six Speed
Leather(Vinal) Seats, Pewter, T Tops, Black 17x9.5 Wheels, New Tires, No Stains, Extremely Clean, I know mods dont help the value of your car but here they are Pacssetter Lts, No Cats, Corsa Exhaust,3.73 gears, Air Lid, Strut Tower Brace, Lowered w/ Bilstein shocks, and Subframe Connectors.
2002 Camaro z 28
50,000 miles
Six Speed
Leather(Vinal) Seats, Pewter, T Tops, Black 17x9.5 Wheels, New Tires, No Stains, Extremely Clean, I know mods dont help the value of your car but here they are Pacssetter Lts, No Cats, Corsa Exhaust,3.73 gears, Air Lid, Strut Tower Brace, Lowered w/ Bilstein shocks, and Subframe Connectors.
11-25-2009, 04:08 PM
#2
TECH Junkie
It depends what you owe but usually car interest payments are not horribly influenced by the interest rate, so make sure that is your problem before you make a mistake selling and then buying another car. You don't mention what you owe or what interest rate but let me just show you an example of how little the difference is. These are just general figures I punched in at bankrate.com for you. A 5 year $15,000 loan at 6% is $289 per month. The same loan at 12% is $333, a difference of only $44 per month, hardly a reason to sell your car. Now if you are paying even higher interest than that, a shorter loan, or owe even more, then of course the disparity will grow. I would hate to think that is the case on a 2002 Camaro. Please check for yourself unless you just want to sell your car anyway due to money issues but don't do it for the wrong reason. Hope this helps a bit and you can keep the car you love.
Last edited by NC01TA; 11-25-2009 at 05:29 PM.
11-25-2009, 05:47 PM
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that did help and i dont want to sell it but my car was financed for 16,000 5years at a 17% interest rate. Its really high. I want to refinance it but nobody will approve me. My credit isnt horrible its not really bad either but its not the best I just wish my payment was a little cheaper now it is 356 a month. That really a lot of money but i fell in love with the car and money didnt matter at the time.
11-26-2009, 08:42 AM
#4
TECH Junkie
17% is just theft in my book. That is terrible that someone charged you that much. I see how you feel and it would spoil my ride too if I was being charged crazy interest. You said you checked around to try and get another loan which is what the proper move would be. That is just a shame you can not get one. I think I would sell too and start the whole process over again with a realistic interest rate. I can't imagine anything being in double digits (except rip-off credit cards) with home interest still in the 5%-6% area. Plenty of fine F-bodies out there. Just don't get 'upside down' on this loan though. I have no idea what you still owe but hopefully it is much lower than $16,000. You will never get that kind of money unfortunately.