Locoelectrician
Veteran Member
- Joined
- Jan 10, 2015
- Location
- Ohio
- TDI
- 2015 Passat TDI SEL, 2015 Golf SEL Sportwagen, 2005 Jetta TDI, John Deere 355D
Typically a reader and a lurker, and the last person who would normally post something like this, but I've read so many people's personal situations I figure I would post mine and listen to advice from uninvolved outside eyes.
Quick history. I got divorced in 2012 and due to unfounded financial fears, sold my BMW 545I to my employer. Replaced it with an 06 accord that I bought at a high interest rate due to my ex wife's inability to pay bills and therefore a crap credit score. In October 2013, I traded it in (at great loss) on a 2013 Passat TDI sel premium. Negative equity on the Honda and crap interest rate on the Passat has me pretty backwards on the whole deal.
I owe 22,500 on the car and my buyback offer (with 85k miles) is 23800. If I accept the fix I get 6500. Icould accept the fix, put the 6500 towards principal, and basically buy my own used nearly 90k mile car, or sell it back and walk away out from under the negative equity. Walking away obviously sounds smarter, with the exception of the fact that I drive 100 miles a day and absolutely LOVE my Passat. Best car I've ever owned. Period.
My credit score is good now. (Amazing how that works when you manage your own money and pay your own bills). My first thought was to buy a brand new, 2 year old 2015 Passat TDI sel when and if they become available for sale. The gamble is, with no 2016, and probably no 2017, the great deal on a 2 year old new car may not exist due to less supply than demand. I've been working with 3 local dealers and they know absolutely nothing. One of them actually called me today to ask what the latest info was because they are so in the dark.
One of the dealers has a 2014 TDI sel premium (basically identical to mine) with 29000 miles. They are selling it as used obviously as no sale on new or CPO. Price as of now is 19k.
Buy the 14? Gamble on waiting for a 15? Hold out for a possibly never existing 18? I'm interested in any and all mature opinions. If you're still reading, I appreciate your time.
Quick history. I got divorced in 2012 and due to unfounded financial fears, sold my BMW 545I to my employer. Replaced it with an 06 accord that I bought at a high interest rate due to my ex wife's inability to pay bills and therefore a crap credit score. In October 2013, I traded it in (at great loss) on a 2013 Passat TDI sel premium. Negative equity on the Honda and crap interest rate on the Passat has me pretty backwards on the whole deal.
I owe 22,500 on the car and my buyback offer (with 85k miles) is 23800. If I accept the fix I get 6500. Icould accept the fix, put the 6500 towards principal, and basically buy my own used nearly 90k mile car, or sell it back and walk away out from under the negative equity. Walking away obviously sounds smarter, with the exception of the fact that I drive 100 miles a day and absolutely LOVE my Passat. Best car I've ever owned. Period.
My credit score is good now. (Amazing how that works when you manage your own money and pay your own bills). My first thought was to buy a brand new, 2 year old 2015 Passat TDI sel when and if they become available for sale. The gamble is, with no 2016, and probably no 2017, the great deal on a 2 year old new car may not exist due to less supply than demand. I've been working with 3 local dealers and they know absolutely nothing. One of them actually called me today to ask what the latest info was because they are so in the dark.
One of the dealers has a 2014 TDI sel premium (basically identical to mine) with 29000 miles. They are selling it as used obviously as no sale on new or CPO. Price as of now is 19k.
Buy the 14? Gamble on waiting for a 15? Hold out for a possibly never existing 18? I'm interested in any and all mature opinions. If you're still reading, I appreciate your time.