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I hope this is the correct forum for this!

with all the issues I have had with my Enclave, I am seriously thinking of selling it. It is an '09 with about 113 200 km on it.

I bought this piece of junk car in Jan 2015. I have had nothing but problems with it, spent a few thousand.

I have a 5 year financing, i am guessing i have around $12 000 left. When selling, would it be better for me to completely pay off the car (I have some home equity money I can use) first? I have never done this before, so I am not sure of the best way to go about it.

If I don't pay the car off before selling, how does the financing switch owners? is a trade-in a better way to go about this?

Any help is greatly appreciated.

Thanks!
 

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Not sure where you live, who you have the loan with, or what type of market you are in for the sale of privately owned used cars. I have always found it beneficial to have the title in hand when selling a car. If needed, I have taken money out of savings or wherever in order to have the title in hand.

The buyer doesn't have to worry about having you pay off the loan with his money and waiting for a title to arrive. It can be done, and is done often, but not my first choice of how to sell a car or buy one.
 

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DriveAround said:
I hope this is the correct forum for this!

with all the issues I have had with my Enclave, I am seriously thinking of selling it. It is an '09 with about 113 200 km on it.

I bought this piece of junk car in Jan 2015. I have had nothing but problems with it, spent a few thousand.

I have a 5 year financing, i am guessing i have around $12 000 left. When selling, would it be better for me to completely pay off the car (I have some home equity money I can use) first? I have never done this before, so I am not sure of the best way to go about it.

If I don't pay the car off before selling, how does the financing switch owners? is a trade-in a better way to go about this?

Any help is greatly appreciated.

Thanks!
Since you said it is 113200 km, i Guess you are from Canada. So it is 2009 with roughly 71,000 miles. You can find the resale price from kbb, but I am guessing, you will not get any equity after selling it. I really understand your frustration and I hate going through that when I have other problems to deal with daily life, that is why I sold my 2010, after 5 years, with only 25000 miles on it. Now back to you, since most likely you will not have equity left, it is an option to keep the car at this stage.
For you to sell the car, you need the title. [in USA, no body will buy a car without a title], or you can talk to the bank about transferring the loan. Either case you will not have a car or equity to buy another car. (In my personal opinion, Enclave is for people with money, who can toss 2 to 5 grand when the time comes).
If the wave plate, steering problems are already taken care of, you might end up lucky for few years.
 

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so it is better to pay off the car and drive it into the ground?

pay off the car and sell?
"better" is a term that is only relevant to you and your situation. "Better" for me has always been to buy new, pay cash and trade every 3 or 4 years. Every month I make a payment to a savings account and had cash for the next purchase (with a surplus which I allowed to accumulate). I am now retired and no longer have to budget my purchases in this manner. I taught my daughters to do the same thing and they have purchased a GMC Envoy, Yukon Denalis, F150s, Audi A4, a Lexus and a BMW. "Better" to us is not driving a vehicle into the ground, but to have something to enjoy, looks and smells new, and not be concerned about beyond warranty coverage or the cost of depreciation. However, everyone's circumstances are different, and disagreement over the definition of "better" is perfectly acceptable.
 

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Blue Oval said:
"better" is a term that is only relevant to you and your situation. "Better" for me has always been to buy new, pay cash and trade every 3 or 4 years. Every month I make a payment to a savings account and had cash for the next purchase (with a surplus which I allowed to accumulate). I am now retired and no longer have to budget my purchases in this manner. I taught my daughters to do the same thing and they have purchased a GMC Envoy, Yukon Denalis, F150s, Audi A4, a Lexus and a BMW. "Better" to us is not driving a vehicle into the ground, but to have something to enjoy, looks and smells new, and not be concerned about beyond warranty coverage or the cost of depreciation. However, everyone's circumstances are different, and disagreement over the definition of "better" is perfectly acceptable.
Totally agree with you. If some body wants to keep a car and drive to it to the ground, and get maximum out of the investment, certainly Enclave is not the brand for that. In my analysis, if I buy a car and plans to sell it even if it is after 10 years, that car must driven at least 200,000 miles. If I drive a $35,000 car, 10 years 100,000 miles and if I get $5,000 resale price, the car costs simply $3000 per year or $250 per month. So what is the advantage of buying a car?
I bought enclave for $39,000 kept for 5 years. Sold it for $19,000. So my yearly expense was 20,000/5= $4000 that is $333.
So selling a car after 10 years vs after 5 years is almost same if you do not consider $50-80 per month as a big deal, which avoids the monotony of driving the same car for 10 years. Better is sell at 4 or 5 years, enjoy the new car and new technology, don't worry about warranty and maintenance. So you nailed it and I have the same idea.
If somebody wants to keep a car and wants to say that I got most out of it, they shouldn't sell the car. Keep it for 200, 300k miles or 20 years and donate it for charity or get $500 scrap value even better.
<b>My point is keeping car 10 years or 100k miles and selling is almost same as selling it at 4 or 5 years.<b>
 

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That's a very good analysis. Plus, as a car hits the 100,000 mile mark, the likelihood for expensive repairs increases. Any money spent on repairs adds to the cost of ownership, adds to the frustration level of owning an older car, and takes away from saving for a new car.
 
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