Soulbringer

Hello,
Im new to the boards and and really looking forward to the arival of the new tC. My present car is a 2003 Mini Copper S with about 20k miles and about $3k invested in aftermarket stuff. I was at another dealer that had a used mini, identical (same options) to mine but different color. anyway they told me what my car was worth and it was what i figured. I owe about $19k and as of 3 days ago i was told it was worth $21k so here is my delima. Will the scion dealership work a trade with me on a new tC with everything( ends up under $20k) or am i going to have to sell my copper private party? im not shure how haveing a higher trade in on a less exspensive car works. thanks for your imput.

Nortwn_Scion

id say trade it in..you have a rare instence where your car is worth more than you owe..that almost never happens, so if you trade it in the positive equity that is left acts like money down..if you tried selling it on your own you might get more or youll just waste your time and get the same..trade it in and save your time

RoryC

your trade = 21,000
you owe = 19,000
---------
Money towards your new vehicle = 2,000

The dealership is going to pay off your vehicle, and put the difference towards your new tC.

cripplerScion

I say, keep your Mini. Your car is almost new (2003) so trading it now makes no sense, unless you REALLY hate the car. I say keep it until next year when the 2006's come out. That way you have a year to gauge the realiability and resale value of the TC. I expect them to be high, but you never know. Just to let you know, in case you didn't know, the Mini has the highest resale value among small cars. Next year you would have even more money in equity that can be use as a down payment on a TC. That is just my opinion.

Nortwn_Scion

see now i disagree, anytime that you can get into a situation where there is positive equity you should take advantage of it..if you wait too long and the value drops, bad then guess what you loose it all..who knows what could happen in a year..go for it if you ask me

cripplerScion

I understand your point, but the biggest value drop is always in the first year. I just don't see it dropping faster than his payments. Lets say his payment are $300, that means he will pay $3600 of the loan by next year, I just don't see the value faster than that. You never know though, maybe your right. I am just speeking if that were me, I would wait another year.

doubledown

Honestly, you will almost always get more if you sell private party. Not sure with a brand new car like that though.

I say just keep it, unless you don't like it anymore and your payments would be lower on the Scion tC and that is a big factor for you.

However, it already sounds like you like the tC better.....check out autotrader.com to see what Coopers are going for private party.

chobits

private party is the best solution for you since you put so much on the car.
dealer will not value your car that good even with lotsa aftermarket parts.

my opinion is too keep the mini; i mean why would you down grade into tC when you have something better.

mgithens

you guys are forgetting to take into account that his equity is probably more related to the amount he put down... if he financed 100% of the car, then he's doing okay...

another thing that hasn't even come up is the "worth" that he is referring to might be the retail value... at trade you'll most likely see a 5 to 10% difference... so that $21,000 retail value might work out to a $19,500 trade value... so then his "equity" is only $500... BUT... he already paid the sales tax on the mini, so he doesn't have to pay it again on the value of the trade... so he can save another thousand or two... so the lower trade value can work out to savings in the tax department...

Soulbringer

thanks for the replys. i love my mini, its the best small car i think you could buy, that probably has alot to do with the BMW work ethic involved in them. but beleve it or not the tC with the supercharger has mor HP then the Mini S and ive had alot of fun with the mini but i need something just a tad bigger the copper is very small...sounds like i may trade in if they give me a good price. thanks alot

Soulbringer

well i went to the dealership and placed my deposit of 500 for my scion tC. its standard white with the the 5 speed, when it getts to the dealer its gana get the S/C, Springs, shocks, Clutch, and mabey the plugs. but so far im looking at $19,540. that is almost $5k cheeper then my mini was when i bought it. now don't forget im trading in a car that has $2k positive equitiy in it so that is why im only at $19k, heh lucky me.

Soulbringer

can i get a bump