I'm in a position to make a very difficult decision... (page 3)

FreedomFrog

Are they purchasing the car from you using their own financing? Or are they merely making the payments for you while the vehicle stays under your name?

Yes, they will have their own financing. The car will be totally out of my name.

Highlander

I'd have signed the papers yesterday.

I hope things work out for ya!

Just to let you know, this is not getting out of a car to buy lots of toys for my kids or things for myself...if that was the case I'd keep the car cause I really love my car. I'm in a situation that my electric regularly has one day left before it's going to be shut off or I owe the car payment double cause I couldn't make the payment before hand.

Right now I've been juggling the bills just to keep things up and running. For example, if I lost my internet connection tonight I would be screwed with my college because the only way I can get a degree is online. Last month I called the electric company and I only had 3 days from the day I got paid to pay them then they were going to turn off the electric.

If I didn't have to pay for my college books it wouldn't be so bad but since I take the online courses, they require you to buy their online books which about $200. every 9 weeks.

I want to get to a point where I can save...even if it's only $50. a month. I want to build SOME kind of savings. At the rate I'm going it will be a while...hence why the '95 Saturn looks attractive to me.

wanderlustguy

To make it simple...

Give over $20,000.00 for a 2004 Taurus

Have a free car.

It's REAL MONEY that you can't get back.

Homerovah the Almighty

I have a brother that owns the same year 04 Taurus and one that did own a 95 Saturn not long ago

If you do have that long of a loan on the Taurus and the Saturn is in good shape and it has been cared for

I'd swap myself just to get out of the loan

As someone has already mentioned if you pay out the amount of the loan until completion, you will lose big time on the payout, because the

car will only be 1/4 of the original purchase price......somewhat of a lost

The key to what your thinking of doing is to make sure the car your thinking of buying is in decent shape ( motor and drive train ) and the supposed price is fair.

The Saturn is said to be a reasonably reliable car, but this is of course is determined on how well it had been treated

try to determine how mechanically sound the Saturn is before you do the swap and do research on the net. to find if there are any bugs.

Good luck

Also don't forget to do a lien check for any loans on any car that you pursue.......very important

sspo

My 2 cents: Get rid of the Taurus if you still have 5 years of payments. The Saturn is a decent car, it's also has a good rating from insurance company for safety, make sure you have it inspected and that it does not burn oil.

If the saturn has a Twin cam engine....that's the bigger engine that they make, they have the tendency of burning oil, sometime i've seen a quart of oil being burned every 200 miles. The single cam i feel is a better engine in the saturn.

And if you really want to stick with a Taurus get rid of yours and save yourself $20k and i can sell you again, a 2004 Taurus with 90k miles for 5200 hundred and save yourself a lot of money.

One more point: i've had friends who owned Saturn that had more than 300k miles.

monophonic

debt is american capitalism at its worst. if you can get out of any debt, including car debt, do it. it's all a set up to be completely stretched thin and a slave to pathetic jobs to keep and continue to buy stuff we don't need.

there's actually some great books on how to save and create wealth, and they alway have the same philosophy towards debt.....get out of it and build a savings account.......find a decent mechanic to check out the older car. we have a car from the 80's that keeps pluggin' along and put about $600 year on repairs on it...almost the same to keep a new car oiled up, etc. the way the car companies have set up closed transmission systems and stuff, where you can't even check trannie fluid yourself without going to a dealer....it's ridiculous.

i'm all for zero debt, unless you're making payments on a decent property that you're living in.

lisavegas420

I say..get rid of the car payments, and save as much of that money as you possibly can. You've managed somehow to make these payments, so you can manage somehow to still put that money to the side for emergency's.

If you need a nicer car for a long trip...., rent one.

lisa

AK - Jeff

FF

Why not compromise here? Find a 5 or 6 year old car, not one 12 years old. You can get a lot smaller monthly payment that way and still have a nicer car. Of course maintenence is an issue with any used car. If you are strapped every month, it is just a matter of time till you would have regretted not getting out from under the burden.

Take the deal - then trade up to a lesser used car. Just my opinion.

Jeff

WingCommander

Ok, here is my honest take having known people who have owned BOTH vehicles. Keep the Ford, and do as one poster said and try to refinance. That will save you money big-time. The Saturn line (excluding the new ones) are complete dogs, and if you get one that is 12 years old you'd better have a tow truck close behind. Saving gas money and car payments aren't going to mean anything once your exhaust system, electrical system, or engine need a rebuild.

Also, Saturns ARE NOT anywhere near as safe as the Taurus. You have children? THEY are your most prized possession, not your freakin' car. In order to keep THEM in fine working order after a potential car accident, stick with the safest vehicle - the Taurus.

Again, check out refinancing the auto loan. If you belong to a credit union, they can definitly help you out.

Regards,

Wing Commander

I'm in a position to make a very difficult decision...

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