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Should I buy a new car?

I own a 2001 Izuzu Axiom, with only 50,000 miles , in great condition and pd for!

I alo have a 98 Ford Explorer with a 100,000 miles on it in good condition! Would love to buy a new car and trade in the Ford with the cash for clunker program and maybe trade in the Axiom- so I can afford a new car??? Would like another Crossover Suv or small Suv with a V-6 engine that would allow me to pull a smaller Travel Trailer!



Help please anybody!!!



Karin

There paid for keep them

Check the values of your current cars on Edmunds.com. I expect you’d get very little for the 12 year old Explorer. The 9 year old Izuzu is not a popular model and likely the book value is low too. The cash for clunkers will get you something for the Explorer but you won’t get much more for the Izuzu.

To get the govt. money you’re going to sign on for large monthly payment for about 5 years. If you’re ready for that then go for it.

The small travel trailer means you’ll need something with a V6 and you should get a tow package. Small travel trailers have a way of being heavier than people think.

Only you know your financial situation. What would Suzie Ormond say “Show me the money and I’ll let you buy your new car”.

It is mostly just a personal opinion. If you have the money and want to spend it on a new car, then you certainly have my blessing. But if you are asking if it makes economic sense, I think not.

The question from me would be…do you just want a new car or a better car. If that’s your dilemma , maybe a used 03 4Runner 6 cyl or Highlander earlier model might make the transition less economically stressful. You have two SUVs and are stuck with less than ideal mileage prospects. Would dumping the Explorer in favor of a used compact and keeping the Axiom for your trips be a possibility ? Or, are you committed to 4 wd because of location ?

No

If you really want a new car, and your Explorer qualifies for the Cash for Clunkers deal, there’s no better time to buy. A few examples, the Spectra seems like a killer deal, if you really need towing capabilities, I’m sure there’s a deal out there somewhere.

Ford: $4,500 clunker money plus $3,000 incentives off a $16,035 base price Focus = $8,535.

Kia: $4,500 clunker money plus $3,500 incentives off a $13,550 Spectra = $5,550

Chrysler: $4,500 clunker money plus $4,500 incentive off a $18,720 PT Cruiser LX = $9,720

Suzuki: $4,500 clunker money plus $2,000 incentive off a $13,299 SX4 = $6,799

Honda: $4,500 clunker money on the lease of a Civic for about $730 drive-off payment and $135 a month for five years.

General Motors: $4,500 clunker money plus $2,000 bonus cash on an already discounted $14,759 Pontiac G3 5-door = $8,259.

Mazda: $4,500 clunker money plus $500 incentive off a $15,045 Mazda3 = $10,045

Volkswagen: $4,500 clunker money plus $4,000 incentives off a $25,200 Routan minivan = $16,700

“To get the govt. money you’re going to sign on for large monthly payment for about 5 years.”

In order to qualify for the government program, someone has to finance the car purchase?
I don’t think so.

Let us not forget that some of us do pay the full purchase price in cash or by check at the time of purchase.

Thank you everybody for your great advise!

still don’t know what to do! Neither one of my cars has a towing package!
don’t know if the Ford explporer is safe enough- because I bought it used- for towing up into the mountains- don’t know if I want to tow something with the Axiom- feel like it is not strong enough and that it would wreck the car eventually!

I will need to buy a new car eventually but don’t want a $ 300 payment or more a month! So it is kind of status qo !