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Old 04-03-2008, 08:44 PM   #1
Asinity
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Default What am I doing wrong?

I've been putting up ads for my 2006 Ion3 QC on several places, local ads, and on here and ionforums, basically I have quite a few ads floating around for my car.

As much as I love my Ion, the monthly payment is really starting to stretch things a little thin. I originally asked $12,900 for it as the local Saturn dealer has several '05 Ion3's, coupes and sedans, ranging from $13,000-$16,000. So I figured my asking price was fairly reasonable.

Unfortunately, the only questions I've received about it are regarding selling my Injen intake separately from the car.

I've gone into as best detail as I can with the car, but still nobody bites. What gives?

...
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Old 04-03-2008, 09:21 PM   #2
BigAl
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Default Re: What am I doing wrong?

Well, unfortunately the car market is struggling right now . It may not be you doing anything wrong.

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Old 04-03-2008, 09:23 PM   #3
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Default Re: What am I doing wrong?

Yeah I noticed that things weren't going to be going well when I looked at trading it in for a lower monthly payment, only to be offered half of what I owe on it.

Financially, this sucks... huge...

...
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Old 04-03-2008, 10:15 PM   #4
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Default Re: What am I doing wrong?

I am not in the car business but I would guess that BigAl is probably right. The whole economy is down. Just because that is what the dealer is PRICING the cars at doesn't mean much. The real question is whether he is SELLING them at that price.

Another factor that would effect me is the non-stock intake. I can't say I really know what all is involved with an Injen intake. But a major factor that enters into MY mind when I see a vehicle with a lot of performance modifications is whether the car has been hot rodded. If I saw two cars that for all other factors were identical but one was stock and the other had a lot of mods, I would pick the one that is stock. Of course that is just me.

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Old 04-04-2008, 04:41 AM   #5
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Default Re: What am I doing wrong?

Thanks for that input. Because I've received a lot of questions about selling it privately, I am looking at doing it that way, and returning the system back to stock.

I don't want to lower the price further than I have because I'll still be taking a big hit.

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Old 04-04-2008, 07:53 AM   #6
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Default Re: What am I doing wrong?

In my experience, I recommend selling the car stock. Either someone doesn't want a car with mods, or they don't care. Take it to stock and sell the intake.

You are probably asking too much. I haven't looked up any values, but that seems high for a car that you could probably have bought a new base model for the same price.

I sold my VUE locally for $10K. I was asking $10,500. I listed it on autotrader, and after I sold it I changed the price to $10K (the actually selling price) to see what would happen. In the past five weeks (four weeks after selling the VUE and changing the price), I've had ONE call from that ad. I know the price is fair since I sold it for that much. I had a total of 3 calls on it. Luckily it was caller #2 who bought it.

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Old 04-04-2008, 11:26 AM   #7
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Default Re: What am I doing wrong?

To a buyer, the presence of performance mods implies hard use.

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Old 04-04-2008, 12:10 PM   #8
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Default Re: What am I doing wrong?

Yeah I've found buyers for the additional stuff for the car, so I know they can be sold easily.

I'll likely drop the asking price of the car another $500 or so. I paid $19,995 for the car less than two years ago, and after taxes, interest on the loan and all that crap, I still owe $15,900 on it. I'm trying to minimize my loss, but it seems like that will be near impossible if this car does end up selling.

After taking a hit like this, I can't see me buying new ever again.

Any ideas on what a decent asking price would be? I thought I was in a decent range.

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Old 04-04-2008, 02:09 PM   #9
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Default Re: What am I doing wrong?

really, buying a car is only worth it if you can keep it for a while after its payed off, otherwise you will always take a hit.

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Old 04-04-2008, 05:56 PM   #10
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Default Re: What am I doing wrong?

First year takes a big hit in depreciation. Thus a brand new car only has the enjoyment of knowing that someone else hasn't possibly thrashed it. Like said, the only return happens when you drive the car to the grave.

I don't know if it's a good idea, but maybe refinancing the car to lower your payments?

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Old 04-04-2008, 08:37 PM   #11
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Default Re: What am I doing wrong?

I've been toying with that idea, but I'd probably spend another $4000 in interest in the long run, which is no good either.

Lesson learned is all I can say.

Thanks for the input guys.

...
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Old 04-05-2008, 02:02 PM   #12
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Wrench Re: What am I doing wrong?

Quote:
Originally Posted by Sky King View Post
I am not in the car business but I would guess that BigAl is probably right. The whole economy is down. Just because that is what the dealer is PRICING the cars at doesn't mean much. The real question is whether he is SELLING them at that price.

Another factor that would effect me is the non-stock intake. I can't say I really know what all is involved with an Injen intake. But a major factor that enters into MY mind when I see a vehicle with a lot of performance modifications is whether the car has been hot rodded. If I saw two cars that for all other factors were identical but one was stock and the other had a lot of mods, I would pick the one that is stock. Of course that is just me.
Good points there ... also don't expect the 2.4L to be a selling factor over the standard 2.2L. Price it around what a 2.2L ION-2 is going for, and it may move. What you owe has very little to do with what it is worth. Highlight the polymer panels, surprisingly large cargo space [for a compact coupe], ease of maintenance, etc etc.

This is why we BUY cars rather than financing them ... no worrying about the payment being a problem later. If you save that car payment cash and just buy your car, you don't have to deal with interest, depreciation, payments, gap coverage, sleazy finance departments, or paying anyone but the sales rep a commission.

...
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Old 04-06-2008, 10:46 AM   #13
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Default Re: What am I doing wrong?

Yeah... needless to say I've learned a really good lesson in buying the Ion. Awesome car, but I was young and was thinking more of me driving a new car than where I'd be in a few years.

Young and foolish I guess... could have got an 03 or 04 Ion3 for significantly less at the time

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Old 04-06-2008, 08:29 PM   #14
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Default Re: What am I doing wrong?

Quote:
Originally Posted by Asinity View Post
Yeah... needless to say I've learned a really good lesson in buying the Ion. Awesome car, but I was young and was thinking more of me driving a new car than where I'd be in a few years.

Young and foolish I guess... could have got an 03 or 04 Ion3 for significantly less at the time
BIG difference between 03/04 coupes and 06. The earlier coupes (most of them, anyway) had the VTI transmission. Newer ones had the GM Hydramatic 4t45 auto which is a much better unit. Plus, the 2.4 is a better motor than the 2.2 was in 03/04. Not just in power, but better built with VVT and oil-jet cooled pistons for longevity. Keep the car. If there is nothing wrong with it you are not going to improve your financial situation by selling it for a loss and then trying to buy another car.

...
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Old 04-07-2008, 06:07 PM   #15
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Default Re: What am I doing wrong?

As of now I've simply returned it to stock so if I do decide to travel down that road, I can. I had it serviced today at the dealer and everything is great, so I know I won't be needing to sink any money into it in the near future.

My plan is to keep it, and will only sell it if I absolutely have to. We've found a good home that's in our price range with our current financial situation, so we're going to explore that avenue a little bit more and make our decisions based on that.

I love my '06, and while I've driven '03's and '04's, I know there is a massive difference, much more solid, and just generally feel like a much stronger vehicle. We looked at an '03 Ion2 with the VTi before we bought the Aztek, and while it would have been an acceptable vehicle for my wife, I personally wouldn't have bought it, mostly because I prefer 5-speed

Thanks for the continued opinions, it's all very much appreciated.

...
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Old 04-07-2008, 06:51 PM   #16
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Default Re: What am I doing wrong?

When did you buy your '06? How far are you in to your loan, as in 23rd month of 60? My guess is you bought it then joined us here shortly after, making you half way through your loan, if it's 5 years.

Could be best that you just bite the bullet, and scrimp money.
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Old 04-07-2008, 06:57 PM   #17
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Default Re: What am I doing wrong?

Quote:
Originally Posted by bigfatdave View Post
This is why we BUY cars rather than financing them ... no worrying about the payment being a problem later. If you save that car payment cash and just buy your car, you don't have to deal with interest, depreciation, payments, gap coverage, sleazy finance departments, or paying anyone but the sales rep a commission.
$20k is a lot to part with. If I wrote a check out for my Aura I wouldn't have much savings left. Over the life of the car loan my savings will earn enough interest to cover the financing interest. Plus my savings will continue to grow, thus earning more interest, yet my car loan has a fixed amount of interest on it. I prefer to have a cushion to fall back on if something were to happen. If you have the money and still have a solid cushion after buying a car, no reason not to do it. If I couldn't cover the cost of my loan, in the event something happens, I wouldn't have taken the car and looked for something cheaper.

I'd be earning a lot more if the FED quite effing with the rates. They're to darn low!!! My statement I just got and it's at a rate of 3.15% from a high 5% not that long ago!

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Old 04-07-2008, 08:49 PM   #18
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Default Re: What am I doing wrong?

I actually joined here shortly after I got my SC1, then got my Ion in July of 06. I have 40 payments left in my loan, which is a low interest loan compared to the crap I'd be dealing with, with a line of credit or a loan.

I'd rather keep the Ion anyway, it's been an excellent car - hmm... KD and hot dogs for supper tomorrow maybe... lol.

...
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Old 04-10-2008, 04:36 PM   #19
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Wrench Re: What am I doing wrong?

Quote:
Originally Posted by metgol View Post
$20k is a lot to part with. If I wrote a check out for my Aura I wouldn't have much savings left. Over the life of the car loan my savings will earn enough interest to cover the financing interest. Plus my savings will continue to grow, thus earning more interest, yet my car loan has a fixed amount of interest on it. I prefer to have a cushion to fall back on if something were to happen. If you have the money and still have a solid cushion after buying a car, no reason not to do it. If I couldn't cover the cost of my loan, in the event something happens, I wouldn't have taken the car and looked for something cheaper.
If you put that car payment money into that same savings, you would be back to your former level rapidly. In the end, playing with interest "spread" is a risky game played for chump change. You may make a few bucks on the difference, but after the hassle, paying taxes, and factoring true risk ... not worth it.
And the idea isn't to go out and "fork over" $20,000 right now with no preparation ... you SAVE and then buy when you are ready and the right deal presents itself.

...
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Old 04-10-2008, 05:22 PM   #20
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Default Re: What am I doing wrong?

Quote:
Originally Posted by bigfatdave View Post
If you put that car payment money into that same savings, you would be back to your former level rapidly. In the end, playing with interest "spread" is a risky game played for chump change. You may make a few bucks on the difference, but after the hassle, paying taxes, and factoring true risk ... not worth it.
And the idea isn't to go out and "fork over" $20,000 right now with no preparation ... you SAVE and then buy when you are ready and the right deal presents itself.
If I made $30 and hour. Except I don't. I'm a part-time student and work in retail. It took a long time to reach the level of savings I have. That included 1 year off from school, saving most of the money I made.

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