Author Topic: Nissan 350Z - sell or hold? $6000 remaining on loan  (Read 3100 times)

Mutton Chop

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Nissan 350Z - sell or hold? $6000 remaining on loan
« on: May 12, 2014, 12:01:51 PM »
Hi Everyone!

Here's my situation:

I own a 2008 Nissan 350Z, KBB "good" value to private party is between $9900 - $11,800 with my mileage (105k miles).  Dealer trade in about $9500.

I still owe $6,000 on the car, and it will be paid off in 20 months.  My payment is around $300 per month.  I have a 5% interest loan on the car and did a 60 month term loan.

I am wondering if you guys would recommend selling the car to buy a beater, or just keep driving this one into the ground.  I don't have any cash to put down right now.

I am 28 years old, married, no kids planned for the next 5 years. I drive about 12,000 miles annually.

Thanks!

FastStache

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Re: Nissan 350Z - sell or hold? $6000 remaining on loan
« Reply #1 on: May 12, 2014, 12:07:37 PM »
Financially you should sell it and get a beater. You would save the 5% interest, less insurance, better gas mileage etc.

If you were enjoy driving it and you are saving a ton anyways, it's to you. But, seeing as you don't have any cash on hand, you should definitely sell it.

Plus, it seems like an awful lot of driving which you should address. But if it must be done get something very fuel efficient.

CarDude

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Re: Nissan 350Z - sell or hold? $6000 remaining on loan
« Reply #2 on: May 12, 2014, 12:39:20 PM »
Sell. Your insurance will go down quite a bit, seeing as you're driving the car with literally the worst driver death rate of any car sold between 2005 and 2008.

FastStache

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Re: Nissan 350Z - sell or hold? $6000 remaining on loan
« Reply #3 on: May 12, 2014, 12:45:11 PM »
Sell. Your insurance will go down quite a bit, seeing as you're driving the car with literally the worst driver death rate of any car sold between 2005 and 2008.

The insurance will go down because insurance companies use correlation to get at their rates.

Is the car that unsafe or is it due to the typical driver behind the wheel of one of these things?

HairyUpperLip

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Re: Nissan 350Z - sell or hold? $6000 remaining on loan
« Reply #4 on: May 12, 2014, 01:13:13 PM »
Sell. Your insurance will go down quite a bit, seeing as you're driving the car with literally the worst driver death rate of any car sold between 2005 and 2008.

The insurance will go down because insurance companies use correlation to get at their rates.

Is the car that unsafe or is it due to the typical driver behind the wheel of one of these things?

While I completely understand the assumption, I don't think it's correct.... These cars were around $30k-ish when brand new. I doubt too many children purchased them.

Additionally, as someone that is into modified cars, street racing, etc... it's not really the regulars or people that are actually into the hobby that are the trouble makers. The trouble makers tend to be people that jump on bandwagon trends.



And to the OP, I would sell the car while it's worth something. 350's already looked super dated compared to the 370z.... Next time a redesign comes out I bet the 350z value will drop hard. Nissan's don't hold their value like Honda's.

CarDude

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Re: Nissan 350Z - sell or hold? $6000 remaining on loan
« Reply #5 on: May 12, 2014, 02:13:34 PM »
Sell. Your insurance will go down quite a bit, seeing as you're driving the car with literally the worst driver death rate of any car sold between 2005 and 2008.

The insurance will go down because insurance companies use correlation to get at their rates.

Is the car that unsafe or is it due to the typical driver behind the wheel of one of these things?

Typical driver. The car itself is structurally very similar to the G35, a different Nissan (technically an Infiniti) with one of the lowest driver death rates ever calculated. However, the 350Z is classified as a sports car, and people (almost always men) like driving it quickly (recklessly). The G35, on the other hand, was classified as a luxury car, and those tend to be driven by either older or more careful drivers, or both.