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Discussion Starter #1 (Edited)
Well, I've been somewhat of a lurker on this forum.
I joined last year around the time I purchased my 2016 Challenger SXT BTE from Cerritos Dodge. It had all the bells and whistles, excluding stripes and leather seats.

Originally, I had to upgrade due to a car accident that I had with my new 2015 Mazda 3. I was 23yrs old at the time (24 the following month), and I knew insurance would be phenomenally increased if I went for a v8 before 25. Well, I'll be 25yrs old this Thursday on the 19th. 8 months after I got the SXT, I've been craving a 392 6.4L engine. I live in Orange County, CA, and it seems to be nothing but v8's Challengers/Camaros, suped up ricers, and luxury cars out here.

My car MSRP'd for $34K before I purchased it. After taxes/fees and adding the additional security, gap insurance, exterior/interior protection services, and 3 month deferred payment; I purchased my car for just below $42K. With all that stuff, my monthly payment is $550. Yup, that's an expensive SXT.

Since September 2016 till now, I've been making payments on time. Now the pay off price is $36,655.90

I have a 750 credit score, with mostly all debt paid off except for my car.

Just for kicks and window shopping purposes, I was originally looking at 2017 SRT for around $48K at Cerritos Dodge, but those sold. Now I'm seeing a few new completely loaded 392 Shakers for $45K in the Inland Empire. The urge of wanting to just throw all caution and logical thinking out the door and trade up is gnawing at me

I was hoping to get some opinions from you guys and maybe get some advice if I should take the leap or scold me and set this young guy straight. I'm open to gain knowledge from everyone. Thanks in advance

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2016 SXT Plus Blacktop
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Wow, you paid a lot for your SXT, that's not in your favor. I paid considerably less. Dramatically less! I don't know you won't compound that by upgrading. Your car is only worth it to you, no one else would consider anything close to that. Not trying to be a bummer, but your current situation is what it is. Unless the dealer is willing to offer you more than your current car is worth, you will take another bath. Just my humble opinion of course. A Guy
 

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Over 36K owed on a SXT is a little rough. I traded in my 16 Scat Pack for 34. Loaded and like new. With a 750 score you should be able to do it but they're just going to add the price on to the car.
 

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Have you looked up trade in value for your car to give you an idea? My guess is you'll be lucky to get $30k trade I'd say you'll be closer to 25 honestly.

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2016 Jazz Blue A8 Scat
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You need to get the SXT paid down first. You will only be MORE upside-down on the next car if you ?upgrade? now. That being said, it?s your money not mine to spend.
 

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2015 SRT392 A8 in white pearl coat
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Wow, you paid a lot for your SXT, that's not in your favor. I paid considerably less. Dramatically less! I don't know you won't compound that by upgrading. Your car is only worth it to you, no one else would consider anything close to that. Not trying to be a bummer, but your current situation is what it is. Unless the dealer is willing to offer you more than your current car is worth, you will take another bath. Just my humble opinion of course. A Guy
Vincent:
The advice you'll hear on this forum will be mixed. Don't be guilty of only choosing the advice you WANT to hear. Based on what you just said, it seems to me that it's only a matter of time until you make a decision about getting a 392. The advice you just received from A Guy is sound: he's not often wrong on this forum. That said, here's something else to consider:
You are VERY likely going to get killed on a trade. The numbers you've given put you underwater (as they say) by several thousand dollars. Websites like Kelly Bluebook can give you a ballpark figure on what you can expect on a trade in. But you're not going to like what you read.
Here's a thought: why not try to sell it outright? All it takes is ONE willing buyer. Maybe try Cargurus online. I've had pretty good results advertising with them.
While you're at it, look at the prices they're offering for low mileage 392's.

The big question is not... can you afford your next payment, but can you limit the long term damage you'll suffer due to depreciation? I got into a low mileage '15 SRT392 in June for 36k. It's still worth more than I paid for it. Ask yourself, "How can I get what I want without getting hosed financially?

The easiest route...
...is to head for the nearest dealer and drive out with the brand new car of your dreams.

The hardest route...
...is to sell your car outright, then find a lightly used 392 for a great price on one of the many websites like Cargurus, though you may find yourself having to drive a few hundred miles to get it.

The difference?
Maybe something like 15-20 thousand dollars in your pocket. You may have 10-15k miles on your "new" car, but if you take your time and choose carefully, it can be a win-win for your wallet and your dreams.

Best advice I can give here: REPEAT AFTER ME: I AM NOT IN A HURRY. You work hard for your money and you are considering a huge decision here. I mentioned buying used because depreciation is your enemy. You're upside down on what you have vs. what you owe NOW. Don't compound the problem by buying new again. Ask anybody who knows, depreciation is the worst the first year. Ask yourself what will the car I buy be worth in 2 years?

Question is, can discretion win out over impulse?
 

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Well, I've been somewhat of a lurker on this forum.
I joined last year around the time I purchased my 2016 Challenger SXT BTE from Cerritos Dodge. It had all the bells and whistles, excluding stripes and leather seats.

Originally, I had to upgrade due to a car accident that I had with my new 2015 Mazda 3. I was 23yrs old at the time (24 the following month), and I knew insurance would be phenomenally increased if I went for a v8 before 25. Well, I'll be 25yrs old this Thursday on the 19th. 8 months after I got the SXT, I've been craving a 392 6.4L engine. I live in Orange County, CA, and it seems to be nothing but v8's Challengers/Camaros, suped up ricers, and luxury cars out here.

My car MSRP'd for $34K before I purchased it. After taxes/fees and adding the additional security, gap insurance, exterior/interior protection services, and 3 month deferred payment; I purchased my car for just below $42K. With all that stuff, my monthly payment is $550. Yup, that's an expensive SXT.

Since September 2016 till now, I've been making payments on time. Now the pay off price is $36,655.90

I have a 750 credit score, with mostly all debt paid off except for my car.

Just for kicks and window shopping purposes, I was originally looking at 2017 SRT for around $48K at Cerritos Dodge, but those sold. Now I'm seeing a few new completely loaded 392 Shakers for $45K in the Inland Empire. The urge of wanting to just throw all caution and logical thinking out the door and trade up is gnawing at me

I was hoping to get some opinions from you guys and maybe get some advice if I should take the leap or scold me and set this young guy straight. I'm open to gain knowledge from everyone. Thanks in advance

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Man, the dealer went to town with you. I paid less than you out the door for my Scat Pack. :jawdrop:

Not sure what I could tell you at this point, you've already lost the money. (About $10k or more)
 

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$20.905.00 out the door price for my SXT Challenger new with 3 miles on the odometer. $42,000 I would have bought the scat pack base model, with nothing in it and nothing extra, been money ahead in car value. SXT's ain't worth nothing, that's why I paid as little as possible and have been enjoying tearing the crap out of it.

Friend of mine drives a scat pack and his payment are well less than $550 a month and it was a new car. Don't help you but just saying.

Take it in the butt and pay on your SXT til you actually have value in the car where you can sell it for what you owe and get out of it.

Take it as a lesson learn and do a little more work on your next purchase, work on the dealer, get a car below sticker, drive off the lot with equity in the car.

No sense in trading in your SXT and buying another car to only be 10-20 k upside down and be paying for two cars when you only get to have one.

Don't matter to me what you do, You should try not to get burned anymore that bad again.

JMO
 

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Discussion Starter #9
Thank you for the words of wisdom guys, I honestly really appreciate your input.

At the time of me buying the car, I think KBB value was my biggest setback. Before I signed anything, I checked out what a new SXT optioned with Black Top add ons were going for in 2016. It came up to around 34K, and for some reason it still does, brand new. I never thought about checking how much it would cost used with the same year and options to see the depreciation value, everyone always told me that you should always go brand new with sport and muscle cars.

I did like the advice about posting it on Car Gurus. I'll try that, as well as Auto Trader and Craigslist to see if it can get any attention. Luckily, it's still in really great condition, but I'm not sure if anyone would pay $36K for my car

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You have a ton of product attached to it.

Warranties, gap, protector, etc..etc..

Look into canceling those products to reduce the amount that you owe. You're still going to be upside down, but that will drastically reduce how flipped you are.

I sell cars, bro. I deal with this all the time. If you have any other questions, pm me your number and I'll give you a call and help as much as I can when I get a chance to.
 

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You are likely to eat $10K on the SXT. Can you afford to? Don't make your life about a car if you can't afford it. I did...and I lived to regret it. Six months after I bought a new car at 21 my Dad had a disabling heart attack. Twelve months after that my parents were bankrupt and had to sell the house. I still had 48 payments of $313.50 to make and had rent to pay too. I had a decent job, for the time making $22K/year and the car was only $15K. I bought it with no money down so I couldn't sell it to get out from under it. I don't recommend it!
 

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2016 Hellcat
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Buying any car is a loss after you sign the papers. Do not buy any warranties, add ins, or anything else and only the price of the car in the future.

I took a pretty good hit when I traded from my Scat to my Cat but with the huge discount of a leftover 16 and some money down I was able to get it and wash most of the negative equity.

Was this financially smart? Hell no but this is what I wanted. Big key point tho is that this is and will be my last largest vehicle expense for me.

Advice?? Stay within your means with your finances and don't fall into the debt pit. You get what you want and plan for it. Think things through, plan, and get it but be sure it's a sound decision from you. It's your money after all.
 

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Here's my 56 year old advice, it's so easy to sign your name for something you have to pay on. You mentioned being told to buy new cars, the bad part is that first year depreciation. You are better off getting one a year old with a few miles.
Getting yourself upside down(owing more than the car is worth) really hurts you. The amount you owe adds on top of the next car you buy and so forth. You can get to the point that they won't work with you.
I'd pay your SXT down or off before upgrading to a V-8. You will appreciate it more when you can more afford it. Remember your insurance will be going up as well. Upkeep could cost more as well.
Good luck on what ever decision you make.

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You are better off getting one a year old with a few miles.
Why would he risk that for $2k - $5k off?

You're better off getting an new one or a used one with high miles and a service history. I've seen 30k mi 2016s going for $28k - $30k.

This whole buy used non-sense is for boring commuting cars or people with a real itch and a small budget.

The majority of the USA are absolute ****ing knuckleheads that do not have the patience to read the manual and follow simple maintenance and break-in procedures. A high mile car with regular oil changes that still runs properly is more likely to reach 100k mi than the low mile car that was beat on until the owner got bored.
 

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2015 SRT392 A8 in white pearl coat
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Thank you for the words of wisdom guys, I honestly really appreciate your input.

At the time of me buying the car, I think KBB value was my biggest setback. Before I signed anything, I checked out what a new SXT optioned with Black Top add ons were going for in 2016. It came up to around 34K, and for some reason it still does, brand new. I never thought about checking how much it would cost used with the same year and options to see the depreciation value, everyone always told me that you should always go brand new with sport and muscle cars.

I did like the advice about posting it on Car Gurus. I'll try that, as well as Auto Trader and Craigslist to see if it can get any attention. Luckily, it's still in really great condition, but I'm not sure if anyone would pay $36K for my car

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Want some REAL numbers instead of all our lame opinions? Calm down fellas, just kidding. But here's what cha do. Take a couple hours and go to 2 stealerships. Ask them to give you a trade-in value for your car. Commit yourself that you WILL NOT BUY, but are just getting info. Don't tell them that though 0:). Take the better of the two. Now: ...figure the tax on that exact amount. This is tax money you SAVE when you trade and buy new. Add the trade-in value and the tax.
Example: trade -- 20,000
tax on 20k= 1,400
Add em together = 21,400.
For my little example here, if you didn't trade, but rather sold the vehicle yourself, you'd have to get more than 21,400 for it to make it worth your while.

One final thought: "Never buy a used muscle car:" Risky? A little. But I did. Got a 16k mile creampuff 2015 SRT392 for 36k back in June. Why? I saved a great deal of money.The original owner ate over 10k in depreciation. That said, Never, I mean NEVER EVER buy a used rental muscle car. They do indeed get beat. However, a good percentage of muscle car owners are enthusiasts and actually take good care of their vehicles. Consider this: most guys that mod their muscle cars RUN them. That's WHY they mod them. Exceptions? Yep, but good idea to avoid modded muscle cars.
 

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This thread kind of makes me cringe.

The first red flag was paying 42K for an SXT. Then, you still owe 36K on it, and are looking to dig a deeper hole at such a young age. The dealership will probably offer you 20K at most in trading in the SXT.

You are going to do what you want to do, but I hope you don't. That's my 2 pennies worth of advice.
 

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Discussion Starter #18 (Edited)
You have a ton of product attached to it.

Warranties, gap, protector, etc..etc..

Look into canceling those products to reduce the amount that you owe. You're still going to be upside down, but that will drastically reduce how flipped you are.

I sell cars, bro. I deal with this all the time. If you have any other questions, pm me your number and I'll give you a call and help as much as I can when I get a chance to.
Good morning!

Thanks for giving me your advice on the thread that I started. I haven't made any decisions yet, but I haven't completely ruled out trading in for a Shaker. I seen that you said that you sell cars, so I was wondering if you could answer a few questions for me

If I do decide to trade, how do I go about canceling those products on the car? I'm attaching pictures of the the bill of sale for the products and how much they were purchased for. I am however going to keep the gap insurance, just in case anything happens


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Sweet merciful BBQ mesquite sauce, why would you ever agree to over $7k of tacked on stuff?

That hurt my soul.
 

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Discussion Starter #20
Sweet merciful BBQ mesquite sauce, why would you ever agree to over $7k of tacked on stuff?

That hurt my soul.
At the time, the salesman explained that those products guaranteed repaint on the exterior if the paint ever chipped or faded, as well seat replacements if the seats were ever damaged. What he DIDN'T explain to me was that there were contingencies that covered the repairs if only the paint was damaged by tree sap and rain/acid rain. I take care and maintenance my car pretty well, so I'm going to cancel those products. However, I'm going to keep the gap insurance, so that $500 is going to stay on the car.

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