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Need everyones honest advice

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Posted by: itsnotmydaddys

So as some of you know last October I was ran over by an ex girlfriend. Caused me to lose my job (construction, couldnt do manual labor due to head injury), and fall into debt. I currently owe roughly 3k in credit cards and 5k on my LS (60 month, 6.2%). Well lately ive been wanting to sell the LS (91k, 00 LS8). I just need something that is better on gas and has lower miles. Ive put a lot of money into this car (7k in repairs). My question and where I need the help is that im wondering what to do. Should I sell the LS (how much, im thinking 8500) and pay off the remainder of the loan and put the extra 3k down on a new car. Or would you just trade it in.
I am having the hardest time getting approved due to my credit being screwed up after my accident. I just got a new job 1.5 months ago and am making salary plus commission, so paying my payments wont be a problem. I just dont know what to do. If I sell my car and find one I like, what if I cant get approved for a loan (roughly 19k or so). Could someone please give me their advice. I appreciate everyone input.

Posted by: DunItRight

If you could sell a 2000 LS @ 91k miles for over 8k$. GO FOR IT!

Posted by: Calabrio

Is this a long term or a short term disability?

If you'll soon be back on your feet, why not just sell the car, buy something less expensive, and avoid having a car loan all together, for the short term.

Posted by: itsnotmydaddys

My disability is gone im all fine now. It was just a short term disability that my employer couldnt wait for.

I would rather get something now for the long term and not have to worry about getting something else in a couple years.

Posted by: itsnotmydaddys

And yes itll be tough getting 8k for it, but ive seen worst. Ill take what I can now. I need to get out of this car asap.

Posted by: fossten

Sell the car. Save $3K and buy yourself a $2K daily driver, keeping $1k for repairs/maintenance/emergencies. Start paying double payments on the credit cards.

Under no circumstances should you trade it in. A dealer will not only rip you a new one on the trade value, but he'll mark up your replacement car as well. Get a Honda Accord or something extremely reliable. No flaming, guys, you all know the deal. The very fact that we have this website is a testament to the reliability of Ford products.

Posted by: decibels5

Just get a beater. I had one when I bought my Lincoln, 96 plymouth neon. Put 120 miles a day on it for about 6 months. Paid 900 bucks. Just get you something to get buy until everything is cleared up. You will save money in the long run, vice getting a higher interest loan due to bad credit.

Posted by: Iszi

Sell the car, and don't buy a DD for less than $4k. Otherwise, you'll end up pouring about that much into it total, within a year anyway.

And, I vote for a Mark VIII as a DD. But, then again I've never been one to care about gas mileage. (Not that I shouldn't care - I just don't.)

Posted by: DunItRight

Quote:

Originally Posted by fossten

Sell the car. Save $3K and buy yourself a $2K daily driver, keeping $1k for repairs/maintenance/emergencies. Start paying double payments on the credit cards.

Under no circumstances should you trade it in. A dealer will not only rip you a new one on the trade value, but he'll mark up your replacement car as well. Get a Honda Accord or something extremely reliable. No flaming, guys, you all know the deal. The very fact that we have this website is a testament to the reliability of Ford products.

I agree with this. It would be cool if you sell the LS at that price. If you have anything aftermarket and wanna go back to factory but don't have any of that stuff anymore let me know. I might be able to help you out, I'm looking for some upgrades but mostly from newer models, but let me know anyway what you have.

PM me if you would be interested.

Seeing on how you do have some aftermarket work, it might no be to hard to sell it for that much privately but it would be a pain getting a dealer to agree.

I know what its like to be stuck in your shoes, we smashed our last car up just as the book value dropped below what we had been paying and it was only a few payments in. It wasn't our fault at all but we didn't get anything at all out of it.

Posted by: fossten

Quote:

Originally Posted by Iszi

Sell the car, and don't buy a DD for less than $4k. Otherwise, you'll end up pouring about that much into it total, within a year anyway.

And, I vote for a Mark VIII as a DD. But, then again I've never been one to care about gas mileage. (Not that I shouldn't care - I just don't.)

Gas mileage isn't the biggest issue with a Mark VIII. Reliability and expensive parts is. Whatever you spend on a Mark, be prepared to spend that amount on parts and repairs.

Posted by: Calabrio

The beauty of a sub-$1000 daily driver/beater is that after your done using it, you can usually sell it for about the same as you paid for it. Sometimes more, sometimes just a hundred bucks or so less.