To keep or not to keep my '07
JK Freak
Joined: Apr 2009
Posts: 623
Likes: 0
From: Salt Lake City, Utah
'07 here and my $.02 is not only the price/higher payment but you need to think about how much it's going to cost to get your new '12 modified... adding a lift etc. I'll keep my '07 for a little while longer....
JK Newbie
Joined: Aug 2011
Posts: 77
Likes: 0
From: Kerrville TX
Really, I'm not trying to slam the OP, but owing 16K on a 5 year old vehicle is the problem. Fortunately the Jeep has its resale value. The dealer would show the trade at 16K, and not discount the 2012. This would make the lender happy and approve the loan. You would have no equity to roll into the new vehicle.
Here's the math...
30K for the new 2012, 60 months at 4% interest gives you a payment $552.
That would answer my question.
Here's the math...
30K for the new 2012, 60 months at 4% interest gives you a payment $552.
That would answer my question.
Thread Starter
JK Enthusiast
Joined: Feb 2011
Posts: 488
Likes: 1
From: orlando, fl
Originally Posted by Otbiker
Really, I'm not trying to slam the OP, but owing 16K on a 5 year old vehicle is the problem. Fortunately the Jeep has its resale value. The dealer would show the trade at 16K, and not discount the 2012. This would make the lender happy and approve the loan. You would have no equity to roll into the new vehicle.
Here's the math...
30K for the new 2012, 60 months at 4% interest gives you a payment $552.
That would answer my question.
Here's the math...
30K for the new 2012, 60 months at 4% interest gives you a payment $552.
That would answer my question.
JK Jedi
Joined: Aug 2007
Posts: 5,813
Likes: 0
From: Kenai Peninsula, Alaska
Really, I'm not trying to slam the OP, but owing 16K on a 5 year old vehicle is the problem. Fortunately the Jeep has its resale value. The dealer would show the trade at 16K, and not discount the 2012. This would make the lender happy and approve the loan. You would have no equity to roll into the new vehicle.
Here's the math...
30K for the new 2012, 60 months at 4% interest gives you a payment $552.
That would answer my question.
Here's the math...
30K for the new 2012, 60 months at 4% interest gives you a payment $552.
That would answer my question.
JK Freak
Joined: Jul 2010
Posts: 697
Likes: 0
From: Bakersfield, ca
So, like many of us I'm faced with the decision of getting rid of my '07 jku or upgrading to the '12. The pros and cons are about equal. Thing is I still owe about $16k on mine and just refinanced it through my credit union at 3%, so my payment is great, but do I want to continuing paying on a 5 yr old vehicle for a few more years or just bite the bullet and get a new one at a much higher payment and higher finance amount? I figure if I'm paying a car payment anyway why not pay on a new one...but it would obviously mean I'm starting all over. Tough choice.
JK Enthusiast
Joined: Oct 2011
Posts: 425
Likes: 2
From: NEPA
Originally Posted by AK4Dave
I agree. For a jeep with that many miles on it I think he is paying too much. I bought my 07' 2dr auto in 07' for $19,600., so it's been paid for for awhile. But if I was in his position I would trade up now. Why not have a new rig with the engine everybody is raving about, if you are going to pay that much anyway? JMO....
JK Newbie
Joined: Aug 2011
Posts: 77
Likes: 0
From: Kerrville TX
I agree. For a jeep with that many miles on it I think he is paying too much. I bought my 07' 2dr auto in 07' for $19,600., so it's been paid for for awhile. But if I was in his position I would trade up now. Why not have a new rig with the engine everybody is raving about, if you are going to pay that much anyway? JMO....
Thread Starter
JK Enthusiast
Joined: Feb 2011
Posts: 488
Likes: 1
From: orlando, fl
Originally Posted by ilflyya
just curious, did you buy it used or new? Confused on the amount owed vs. 5 years