Topic: Upside Down Major

[Ex-airbalancer]

Sent a few E/B's down south...my buyer in the states won't take them anymore, markets too soft and buyers there won't touch them outside warranty unless they're cheap cheap cheap. He did very poorly profit wise on the last 2014 FX4 we sent down. The only Fords he wants are high trim 6.2's and some 5.0's, and those are rare and getting expensive in the used market.

Dammit...guess I'm buying it out next year then. Warranty's over...and it's barely got 40,000 km on it. Hmph...shoulda got the 6.2 when I had the chance. 

Should of got a Chevy 

[Great_Big_Abyss]

Look what a million bucks gets you now. Crazy.
Railton
https://www.realtor.ca/Residential/Single-Family/17501154/2383-BELYEA-Street-OAKVILLE-Ontario-L6L1N8

 

That's insane! That's $150,000, if that...here. Probably less than $100 where I live.

Sort of comparable...http://www.borderrealty.net/defaultlistings.x?IDX=0&ListID=958617
And only 1500 in taxes.


..........but no reason to live there......unless you like quiet, and mostly clean air.

The house Railton posted would be about $250k here in Winnipeg.

The one you posted, $225?  Looks kinda rough, and that kitchen is nasty.

We HAVE had a housing bubble, but it's limited.  when my parents built their new house in 2004, (2000sq.ft., 3 bedroom two storey, attached double garage) it cost them $197k, including the lot.  Now, houses around them that are smaller and not as nice are selling for well over $500k.

I recently paid $230k for my little 800sq.ft. Duplex with a finished raised basement (can be used as living space).  Granted, my house would likely have cost around $900k in the GTA, so I guess we're sorta okay here.

[wing]

I think this qualifies

[Great_Big_Abyss]

I think this qualifies

hahahaha, that's $18 174 in payments until the damn thing is paid off.  hahahaha.  How much do those things go for new,?  $4000?

I just checked.  Suzuki Canada website lists MSRP as $7699.  Jesus, the guy's interest rate must be terrible.

[Guy]

He financed a motorcycle over 10 years??? 

[Gurgie]

Gatineau special?   

[Guy]

I used a loan calculator to calculate the rate . Assuming he financed $8738.10 ($7,600 plus taxes in Quebec) that computes to a whopping 17% rate! 

[tooscoops]

oh... my... god.... i have a winner here... i just had him leave my office to "do some homework"... he is a sad fella.

so he bought a 2 door Wrangler sahara last month... put on extended warranty, had a slightly upsidedown trade, put on rockstar rims and mickey tires...

his first words to me were, "the two door is too small for my kids and hockey bag, so i need a 4 door". ok... ummm... did you not have the kids and hockey bag last month when you bought this Jeep?

before even hearing numbers, i told him he was going to be painfully upsidedown. he didn't get what that meant... i have this used 4 door loaded up on my lot for 39995 right now, and his thought was, "my jeep is probably worth 36, so i just finance the extra 3995 onto my loan right?" nope...

I had to tell him it was worth about 33 to us (probably 36-37 on my lot though). i asked if he knew what he owed and he had no idea... since it was so fresh, i could work backwards though based on the one thing he knew, payments, and what i knew about programs and how the dealership he bought it at works...

after doing the math backwards, he owes nearly 58k.

he still didn't get it. "but if i'm trading it in, that doesn't matter, right?" my goodness does it matter. that 39k used jeep now works out to a total loan of 66 grand at 4.99% if i can get any bank to touch it. he just saw that his payment only goes up 110 every 2 weeks and thought it wasn't too bad.


this is the kind of problems i see. he just didn't even feel bad, or that he had made a mistake. he just thought the other dealer screwed him over... maybe by a couple grand, but that's it... the rest was his poor decision making. that dumb choice made him lose roughly 20000 in a month, but he just thinks of it as about 100 bucks a payment. he thinks a cheap lesson learned, i think what an expensive mistake...

[Gurgie]

Ouch! So basically he paid pretty close to $50k out the door on the 2 door Wrangler a couple of months ago?

[carcrazed]

So glad my MDX is paid for.. but it's not worth much anymore so I'm gonna have to drive it into the ground.
Having two kids aged 4 and 2 in daycare costing $1500/month, and living in Toronto, I cannot afford another car.
Financially, I would have delayed having kids for 5 years or so if I knew how much it was going to cost us.

[Apok]

My car needs new wiper blades. Should I get a new c... Never mind. 

  That's how I kinda got our '08 F150.  Washer hose T was bust on the Taurus, $2 replacement...hey, what's that? Can I take it home? And the rest is history.  Still get teased about it by the family. Don't send him to buy anything...what should cost $2 means he's coming home with a new truck!

Was that the ecoboost that you had so many frustrations with?

E/B first yr was 2011. That was the next truck, no issues. AP was the one who hated his.  Our '13 does some of what his did.  I'd like to U.S. sale it...pants (i.e. SO) says "No!" I want  '17 with port & di - AS says that's better, it's what Toyota does.  And it has more powah!! 

Look what a million bucks gets you now. Crazy.
Railton
https://www.realtor.ca/Residential/Single-Family/17501154/2383-BELYEA-Street-OAKVILLE-Ontario-L6L1N8

 

That's insane! That's $150,000, if that...here. Probably less than $100 where I live.

Sort of comparable...http://www.borderrealty.net/defaultlistings.x?IDX=0&ListID=958617
And only 1500 in taxes.


..........but no reason to live there......unless you like quiet, and mostly clean air.

Sent a few E/B's down south...my buyer in the states won't take them anymore, markets too soft and buyers there won't touch them outside warranty unless they're cheap cheap cheap. He did very poorly profit wise on the last 2014 FX4 we sent down. The only Fords he wants are high trim 6.2's and some 5.0's, and those are rare and getting expensive in the used market.

I'm hoping that bodes well for the value of my truck, XLT crew cab with a 6.5 box. Pretty well base but with 4x4 and the 5.0. Buyout in April is ~21k and I have 43,400km right now. Not really interested in keeping it, but it may be worth shopping it around before the lease expires...

[tooscoops]

oh... my... god.... i have a winner here... i just had him leave my office to "do some homework"... he is a sad fella.

so he bought a 2 door Wrangler sahara last month... put on extended warranty, had a slightly upsidedown trade, put on rockstar rims and mickey tires...

his first words to me were, "the two door is too small for my kids and hockey bag, so i need a 4 door". ok... ummm... did you not have the kids and hockey bag last month when you bought this Jeep?

before even hearing numbers, i told him he was going to be painfully upsidedown. he didn't get what that meant... i have this used 4 door loaded up on my lot for 39995 right now, and his thought was, "my jeep is probably worth 36, so i just finance the extra 3995 onto my loan right?" nope...

I had to tell him it was worth about 33 to us (probably 36-37 on my lot though). i asked if he knew what he owed and he had no idea... since it was so fresh, i could work backwards though based on the one thing he knew, payments, and what i knew about programs and how the dealership he bought it at works...

after doing the math backwards, he owes nearly 58k.

he still didn't get it. "but if i'm trading it in, that doesn't matter, right?" my goodness does it matter. that 39k used jeep now works out to a total loan of 66 grand at 4.99% if i can get any bank to touch it. he just saw that his payment only goes up 110 every 2 weeks and thought it wasn't too bad.


this is the kind of problems i see. he just didn't even feel bad, or that he had made a mistake. he just thought the other dealer screwed him over... maybe by a couple grand, but that's it... the rest was his poor decision making. that dumb choice made him lose roughly 20000 in a month, but he just thinks of it as about 100 bucks a payment. he thinks a cheap lesson learned, i think what an expensive mistake...

Did he buy the new vehicle?

he is thinking about it... i told him if he NEEDS to get into a 4 door, I'll make it happen. but considering his situation, he would be best to look into a different option. i suggested getting out of his other old vehicle and replace it with the 4 door jeep instead. not sure if he wants to float two payments, but when you actually look at all variables, it's the better option.

and yeah gurgie... it was a 46k msrp jeep... he put warranty and tire/rim package on, plus the negative equity. so yep.

[OliverD]

oh... my... god.... i have a winner here... i just had him leave my office to "do some homework"... he is a sad fella.

so he bought a 2 door Wrangler sahara last month... put on extended warranty, had a slightly upsidedown trade, put on rockstar rims and mickey tires...

his first words to me were, "the two door is too small for my kids and hockey bag, so i need a 4 door". ok... ummm... did you not have the kids and hockey bag last month when you bought this Jeep?

before even hearing numbers, i told him he was going to be painfully upsidedown. he didn't get what that meant... i have this used 4 door loaded up on my lot for 39995 right now, and his thought was, "my jeep is probably worth 36, so i just finance the extra 3995 onto my loan right?" nope...

I had to tell him it was worth about 33 to us (probably 36-37 on my lot though). i asked if he knew what he owed and he had no idea... since it was so fresh, i could work backwards though based on the one thing he knew, payments, and what i knew about programs and how the dealership he bought it at works...

after doing the math backwards, he owes nearly 58k.

he still didn't get it. "but if i'm trading it in, that doesn't matter, right?" my goodness does it matter. that 39k used jeep now works out to a total loan of 66 grand at 4.99% if i can get any bank to touch it. he just saw that his payment only goes up 110 every 2 weeks and thought it wasn't too bad.


this is the kind of problems i see. he just didn't even feel bad, or that he had made a mistake. he just thought the other dealer screwed him over... maybe by a couple grand, but that's it... the rest was his poor decision making. that dumb choice made him lose roughly 20000 in a month, but he just thinks of it as about 100 bucks a payment. he thinks a cheap lesson learned, i think what an expensive mistake...

Did he buy the new vehicle?

he is thinking about it... i told him if he NEEDS to get into a 4 door, I'll make it happen. but considering his situation, he would be best to look into a different option. i suggested getting out of his other old vehicle and replace it with the 4 door jeep instead. not sure if he wants to float two payments, but when you actually look at all variables, it's the better option.

and yeah gurgie... it was a 46k msrp jeep... he put warranty and tire/rim package on, plus the negative equity. so yep.

Well at least he could swap the tire and wheel package onto his new Jeep.

[Solstice2006]

So glad my MDX is paid for.. but it's not worth much anymore so I'm gonna have to drive it into the ground.
Having two kids aged 4 and 2 in daycare costing $1500/month, and living in Toronto, I cannot afford another car.
Financially, I would have delayed having kids for 5 years or so if I knew how much it was going to cost us.

Don't worry next year it should cut in half.  As the 4 year old will be in j/k full day.  And the 2 year old will go to the toddler room, lit less expensive than the infant room. 

Maybe should have bought a Honda Pilot instead of an MDX?  :-)

[carcrazed]

So glad my MDX is paid for.. but it's not worth much anymore so I'm gonna have to drive it into the ground.
Having two kids aged 4 and 2 in daycare costing $1500/month, and living in Toronto, I cannot afford another car.
Financially, I would have delayed having kids for 5 years or so if I knew how much it was going to cost us.

Don't worry next year it should cut in half.  As the 4 year old will be in j/k full day.  And the 2 year old will go to the toddler room, lit less expensive than the infant room. 

Maybe should have bought a Honda Pilot instead of an MDX?  :-)

It's $1500 with before/after school for my older one in FD JK and my younger one in preschool. So that's going to be the cost until the younger one goes to full day JK. Then it'll be close to $1000/month. 

I didn't like the boxy style of the Pilot and the price difference wasn't as huge as it is for new cars. 
The only regret I have is not getting a Tech version. Elite trim came with adjustable shocks that leaked and cost $6000K to replace. I replaced them with regular shocks for $1400 all in, including reprogramming the computer to get rid of warning lights.

[Solstice2006]

So glad my MDX is paid for.. but it's not worth much anymore so I'm gonna have to drive it into the ground.
Having two kids aged 4 and 2 in daycare costing $1500/month, and living in Toronto, I cannot afford another car.
Financially, I would have delayed having kids for 5 years or so if I knew how much it was going to cost us.

Don't worry next year it should cut in half.  As the 4 year old will be in j/k full day.  And the 2 year old will go to the toddler room, lit less expensive than the infant room. 

Maybe should have bought a Honda Pilot instead of an MDX?  :-)

It's $1500 with before/after school for my older one in FD JK and my younger one in preschool. So that's going to be the cost until the younger one goes to full day JK. Then it'll be close to $1000/month. 

I didn't like the boxy style of the Pilot and the price difference wasn't as huge as it is for new cars. 
The only regret I have is not getting a Tech version. Elite trim came with adjustable shocks that leaked and cost $6000K to replace. I replaced them with regular shocks for $1400 all in, including reprogramming the computer to get rid of warning lights.

Never priced out the before/after since I never used it.  Yeah I would only consider a used base MDX (if I was to get an MDX).

[johngenx]

So glad my MDX is paid for.. but it's not worth much anymore so I'm gonna have to drive it into the ground.

You might be surprised that it's actually worth a little bit of money.  Not sure about where you live, but around here a used Honda/Acura/Toyota/Lexus SUV is worth $4K regardless of mileage.  I could probably still get $6K for mine even with it coming up on 300K.

That said, it makes no sense to me to trade/sell/etc.  The reality is that my Highlander is perfect despite the mileage.  In the spring it will need a new timing belt and plugs, which might set me back $1K, but worth it to keep the old gal in tip-top shape.  I'd do it myself and save a bunch of labour $$, but, well, I'm probably going to be too lazy...   

[Gurgie]

So glad my MDX is paid for.. but it's not worth much anymore so I'm gonna have to drive it into the ground.

You might be surprised that it's actually worth a little bit of money.  Not sure about where you live, but around here a used Honda/Acura/Toyota/Lexus SUV is worth $4K regardless of mileage.  I could probably still get $6K for mine even with it coming up on 300K.

That said, it makes no sense to me to trade/sell/etc.  The reality is that my Highlander is perfect despite the mileage.  In the spring it will need a new timing belt and plugs, which might set me back $1K, but worth it to keep the old gal in tip-top shape.  I'd do it myself and save a bunch of labour $$, but, well, I'm probably going to be too lazy...   

Aren't you sorta retired? Or retired? Shouldn't you have time for these kinds of things?    I'd do the plugs myself, timing belt... that's one job I'm too scared to tackle on my own so I don't blame you there 

Good buddy of mine did his a couple of summers ago on his 944 Turbo, his car was apart for about 3weeks while he worked on it, but he's a teacher & was off all summer, so he had the time to do it, but not the money.  I joke with him that I'm the opposite, I've got the money, but not the time 

[Ex-airbalancer]

A friend took is 2014 Ram Big Horn in for an oil change , came out with a 2016 Big Horn with Nav 

[Solstice2006]

A friend took is 2014 Ram Big Horn in for an oil change , came out with a 2016 Big Horn with Nav 

LMAO, the Big Horn doesn't have Nav standard?  It's part of the upper trims.