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View Full Version : Thinking of trading in 2012 Sport for Abarth



Agent P
08-29-2013, 12:12 AM
Hi all,

I am driving a Fiat Sport which came with the total care package. My Fiat now has 25,500 miles on it and approaching the end of my Forward Care warranty (the car has had several repairs causing me concern). I'm considering either buying an extended warranty or better yet, getting a new Abarth. I know several forum members back in 2012 talked about trading up to an Abarth. As I am totally inexperienced car buyer, how or what can I expect do you think on walking into the Fiat dealer with my 25,500 miles on a very pristine Sport. I have 6-year financing started in January 2012 and below 3% interest rate so that my payments are about $240 a month. How upside down would I be in the trade-in value and what do you usually do, roll the deficit into the new car payment? Any advice is appreciated.

ReconTopher
08-29-2013, 01:09 AM
Well you either roll the difference onto the new Abarth or pay it in the form of a down payment. If you roll it onto the new car, I'd pick up GAP insurance somewhere and make sure it covers the total balance of the new car.

You should be able to look at the dealer trade in value and the balance of what you owe to figure out what the difference is. It's always better financially to sell the old car yourself than trading it in to the dealer.

SeaDawg
08-29-2013, 03:13 AM
I have a 2012 Sport purchased May 11 2011. It has approximately 9,400 miles on it. When I went to inquire on trading it in for a used 2013 500 Turbo the LS that has done ALL the service on my 500 offered me $9,800 as the tradein value! I was absolutely shocked! I showed the salesman the bag in my 'trunk' that had my spare key, printed manuals etc that I had brought in anticipation of being able to purchase the 2013 used Turbo which had approximately 15,600 miles on it. I went home and made the decision I'd just keep what I had rather than taking it in the shorts.

Of course, the next morning, the salesman calls and says 'How'd you like to come down and drive that Grigio T home?'. He had talked with the Director of the Studio (who was off the day I was there) who agreed they'd pay off my Sport which was $11,424, but by then it was TOO late.

I wish you the best of luck. You should still have 2 years and 24,500 miles of warranty left. There's no guarantee that an Abarth won't have 'growing' pains either. BUT, ya gotta do what ya gotta do.

I'd also STRONGLY advise you to sell your vehicle privately. You'll most likely get $2,000 to $3,000 more for it than the dealer will offer you.

Haring
08-29-2013, 08:30 AM
I was in a similar situation. I had 31k on my sport. I was looking at extended warranties, replacement tires, and a couple other things that needed to be done. I happened to find the exact Abarth I wanted. Luckily I had 0% financing and was padding my monthly payment. The trade in value they gave me was about the same as what I owed plus Fiat sent out a card for $1000 off for existing Fiat owners. I had to do it.

Like SeaDawg mentions, try to sell it yourself or see if you have a carmax and what they'd give you. Or if you can afford the loss plus the price of the new Abarth then I'd say go for it. I loved my Sport but I LOVE my Abarth.

Tweak
08-29-2013, 11:19 PM
Many (including myself) made the trade. Many were also willing to take a hit, the advice above seems like a good guide. I traded my '12 Sport and got $17K when I owed $17,600, worked fine for me and the Abarth is SO MUCH better (to me).

Good luck if you decide to make the trade!

Agent P
08-29-2013, 11:47 PM
Thanks to everyone here for the advice.

I will have to research what the resale value of it is now, but based on what is being said here, with my 6-year loan, I am not far into paying it off. I found the original loan papers. I got the loan thru credit union and the rate is 2.40% with 72 payments beginning 2/1/12. I don't think selling the car private party will be an option for me as I don't know what the "h" I'm doing. How I got the car: Walked into the credit union to pay our mortgage payment and saw "Autoland" a service offered to members. At the time, I was thinking of getting the car later the following year (like 5/2012) for my birthday, and went to the counter to inquire what I needed to do to get the loan. The other issue was I was looking for the lt. green in a stick and a sport with a sunroof - at the time no dealer I had checked online seemed to have it. They located the car in like 3 mins. in an online search so that is how I ended up buying it from Orange Coast Fiat. Within 3 days I was the proud owner of my dream Fiat. My trade-in was an already paid off car. So not a lot of negotiating skills on my part involved. Maybe if I just go back to Autoland they can do the same thing but this time using the Fiat 500 as the trade (I realize probably not going to get the best deal). I don't see selling private party as an option since I have no idea how to do that. I'll see what I can find out online about its resale value with the mileage on it. Any useful info I can pass on for anyone else I will surely post.

Another question: if it was any of you and you had a choice, since knowing any new purchase doesn't come with a Forward Care Package (FCP) - maybe I should wait until my car's FCP has expired and the buy the car. Do you think I can get a 6-year loan for the Abarth at the same or similar interest rate or have rates gone up from 2011? The big downpayment for which I will have to save up, seems like the best option at this point as I can't imagine what the new payments will be with just the increase in the cost of the car alone.

cmj912
08-30-2013, 09:06 AM
Thanks to everyone here for the advice.

I will have to research what the resale value of it is now, but based on what is being said here, with my 6-year loan, I am not far into paying it off. I found the original loan papers. I got the loan thru credit union and the rate is 2.40% with 72 payments beginning 2/1/12. I don't think selling the car private party will be an option for me as I don't know what the "h" I'm doing. How I got the car: Walked into the credit union to pay our mortgage payment and saw "Autoland" a service offered to members. At the time, I was thinking of getting the car later the following year (like 5/2012) for my birthday, and went to the counter to inquire what I needed to do to get the loan. The other issue was I was looking for the lt. green in a stick and a sport with a sunroof - at the time no dealer I had checked online seemed to have it. They located the car in like 3 mins. in an online search so that is how I ended up buying it from Orange Coast Fiat. Within 3 days I was the proud owner of my dream Fiat. My trade-in was an already paid off car. So not a lot of negotiating skills on my part involved. Maybe if I just go back to Autoland they can do the same thing but this time using the Fiat 500 as the trade (I realize probably not going to get the best deal). I don't see selling private party as an option since I have no idea how to do that. I'll see what I can find out online about its resale value with the mileage on it. Any useful info I can pass on for anyone else I will surely post.

Another question: if it was any of you and you had a choice, since knowing any new purchase doesn't come with a Forward Care Package (FCP) - maybe I should wait until my car's FCP has expired and the buy the car. Do you think I can get a 6-year loan for the Abarth at the same or similar interest rate or have rates gone up from 2011? The big downpayment for which I will have to save up, seems like the best option at this point as I can't imagine what the new payments will be with just the increase in the cost of the car alone.

To sell it privately, you would just have to get a check for the payoff of your loan, which you would inquire about from the bank. You have so many days to get the check to them in that amount. When it clears, you get the title (I think) which you sign and give to the new owner. You can download a generic bill of sale online for the buyer, fill it out, and woohoo, you're done.

Alternative - if you are wishing to trade is that there are several online calculators, such as the ones at Edmunds.com, kbb.com and cars.com that you can plug in different interest rates, payoff amounts, and 'underwater' loan balances and car payment 'ranges' based on the sticker prices of actual cars listed for sale on the sites in order to get a good idea of what your new payment will be.
http://www.edmunds.com/calculators/