Buy Back Program?

[DrivingHabit]

Hi everyone recently i got a letter from my dealership where i had bought my versa.

it claims used versas are in high demand especially 2007s. i still have a little over 12, 000 still owed with a small cracked bumper. is it still worth it to try and trade it in for a newer model?? considering i do not have a down payment to pay. plus wouldn't insurance rates go a little higher with a newer versa? any thoughts????

[audtatious]

It's normal and happens to about every owner. I received numerous on my Maxima over the years.

[feloniousmonk]

Hi everyone recently i got a letter from my dealership where i had bought my versa.

it claims used versas are in high demand especially 2007s. i still have a little over 12, 000 still owed with a small cracked bumper. is it still worth it to try and trade it in for a newer model?? considering i do not have a down payment to pay. plus wouldn't insurance rates go a little higher with a newer versa? any thoughts????

Like the other guy said, this happens a lot. It's a ploy by dealers to get you into the showroom so they can move new cars off the lot; usually by low-balling on your trade-in value, and whatever else they can do to get you into a new car... Whether you can afford it, they don't care. They just want to move metal off their lot. What happens after that is between you and the bank/lender. There is no truth in 2007 Versas being in high demand. It's a form letter. Somewhere a 2007 Murano owner got a letter saying 2007 Muranos are in high demand. If it sounds too good to be true, it usually isn't true.

Should you do it? That's a question only you can answer... and to do that you need to ask yourself if you can afford the monthly payments (including all taxes and fees) after trade-in's been deducted. You will most likely take a loss; trade-in value and market value (KBB) will probably be less than what you owe. In such case, it would not be wise to get a new Versa just to avoid fixing that cracked bumper. Sooner you pay off your existing loan the better. If you really want a new car, you're better off selling your current car on your own... it's a tough market now for used cars though. New cars can be had for less than used cars and most manufacturers (including Nissan) are offering very low interest financing for those with tier one credit score.

[fjwagner]

the best financial move for anyone is to pay off the car, save the payment that you were making for a few years so that you are in a position to pay cash when you do need a new car. Drive that 2007 for 150,000 miles or more and you will be so financially ahead.

[frankoV]

what he said.

ego is the only reason to buy a new car every couple of years [unless you are putting miles upon miles upon yours, in which case its worth nothing on trade-in anyway]

[feloniousmonk]

Plus he is driving a 2007 S and still owe $12k. That to me is already upside down. I have a 2008 S and that's how much I owe.

[Atx_Versa]

I got one of those in the mail less than six months of owning my Versa.

[iluvmyVersa08]

I agree with what others have said. Dealers obviously want to make more money so they say your car is in high demand. It happened to a cousin of mine with Mazda, and they actually went in, sold their car and bought a brand new one. In the end you are only forking out more money. Like someone else mentioned also, simply drive the Versa into the ground. That is what I am planning on doing. Owning a car is a nice luxury but it is not a necessity to upgrade to a new model every couple of years. As long as my V lasts me 8-10 years I'll be happy. Owning a home and paying bills is something I would rather put money towards in the future. But again, its up to you.