I was just offered $51,500 by a dealer...

[JSFoster75]

Read the first page and the last page. Will they let you keep your mods and still give you $51k?

I sold my my 2019 base JLU for $42k when I bought it new for $36. They let me keep the mods which sold for about another $3k. I didn’t have much into and most of the stuff I got on OfferUp and CL.

Had about $20k in equity after the sale and bought a 2012 BMW 335i for $13k and spent some money in mods. Also have a 2013 Boss 302 that was already paid off.

You can always get another Jeep when these car prices go back down. Can’t always make money on a car that you paid for new. It has been nice not having a car payment for the last 6 months. Saved enough to get the my home painted and the yard makeover all cash flowed without touching my saving or resulting in debt.

probably so, I didn’t ask though.

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[Jeffmiller32]

probably so, I didn’t ask though.

Those mods on the forums and places like OfferUp can get you closer to your $55k. Then go with you plan and use the leftover equity and be out of a payment. When things settle back down, back into a Jeep

 

[Punknhed]

Quite an interesting thread, and a lot of people in a LOT of different financial situations. With the possibilities of your wife losing her job, and you having to commute, me personally i would dump your jeep. Especially seeings your wife has one also.
Me personally, the day after i ordered my Jeep my wife at the time decided to leave. Once i knew what i had to do with the house, and what i would have etc. i made the decision to sell my GTO and get my jeep, refi and buy her out of the house. i was fortunate 1.99 % interest on the jeep for 6 years. I will have it paid off in a little over 3. my logic for going ahead and ordering the jeep was so that i would have a spare vehicle and something if it snows i can get to work. (essential employee) plus i have a toy my son and i can enjoy anytime. Once its paid off i will increase my 401 contributions etc. I have had to trim down in some areas, but, im fortunate enough to make extra doing over time, so thankfully im ok. Now do i play in the stock market like some here, no. I have no idea where to even begin. Those that say no way they would drive a prius etc, well, i have a Cobalt that ive had since 06 33 mpg vs 18 on the jeep with a 90 mile round trip drive to work 14 days a month, yes it makes all the sense in the world to drive a hoopti to work, save the Jeep for when im off.

 

[roaniecowpony]

Prices are also upside down. Low interest rates are fine in context, when one doesn't have to concurrently pay $30K for a vehicle that just a year ago would have likely listed for its intrinsic value of $20K.

That this is happening in volume has been credibly walked back to stimulus payments and savings gleaned from working-from-home putting cash in consumers' pockets...cash that they can't resist spending, as opposed to saving, seeing how commodity price trends are observably inverse to interest rates.

All the more reason to use someone else's money at low interest and invest yours.

But if we all had the brains god gave a frog, we'd all just drive Yugos or Prius' and there'd be no such thing as Jeeps, or sportscars, or luxury cars. Wouldn't that be exciting?

 

[Whaler27]

No. But it has a 100 year history of making more money on average than most other areas where working class people stick their money. I was a working class person all my career(s) and because of a lot of investing in the market, I have enough that I'm not likely to spend all my money in my lifetime and can live life very well in my new retirement.

Agreed. Over the last century, the market has been the percentage play — but there have been plenty of very bad intervals during which market equity values have dropped sharply and taken years to recover.

At least five important things have changed.
1) The US has accumulated staggering and unprecedented debt as a percentage of GDP, and our politicians are eager to accumulate more.
2) The entitlement mentality of Americans is fanning an insatiable appetite for expensive government “services” it will be difficult to curtail.
3) We have exported much of the industrial engine that historically pulled us back to economic supremacy. (Automobile industry, textiles, furniture manufacturing, etc).
4) The traditional American competitive work ethic has been eroded in favor of an emphasis on quality of life and an expectation that everybody can win. But, in a world with finite resources and unchecked population growth, not everybody can win.
5) We’ve gone from developing and building stuff for the world to buying everybody else’s stuff with money we borrow from them. That’s a very bad plan, and it’s going to come home to roost.

I have no idea what this will mean for the performance of the stock market, but I have always seen the American economy as being almost super-human, like the strongest, combat-hardened twenty-five year old marine in the division. You don’t worry about that guy getting the flu or recovering from a minor car wreck. Today, with all the illness, blood letting, and conflicting medication, the American economy feels more like an 80 year old man with emphysema. We’re still functioning with the help of massive injections of steroids (federal money), but I don't have much confidence in our ability to recover from the next flu — and it’s coming.

 

[roaniecowpony]

Agreed. Over the last century, the market has been the percentage play — but there have been plenty of very bad intervals during which market equity values have dropped sharply and taken years to recover.

At least five important things have changed.
1) The US has accumulated staggering and unprecedented debt as a percentage of GDP, and our politicians are eager to accumulate more.
2) The entitlement mentality of Americans is fanning an insatiable appetite for expensive government “services” it will be difficult to curtail.
3) We have exported much of the industrial engine that historically pulled us back to economic supremacy. (Automobile industry, textiles, furniture manufacturing, etc).
4) The traditional American competitive work ethic has been eroded in favor of an emphasis on quality of life and an expectation that everybody can win. But, in a world with finite resources and unchecked population growth, not everybody can win.
5) We’ve gone from developing and building stuff for the world to buying everybody else’s stuff with money we borrow from them. That’s a very bad plan, and it’s going to come home to roost.

I have no idea what this will mean for the performance of the stock market, but I have always seen the American economy as being almost super-human, like the strongest, combat-hardened twenty-five year old marine in the division. You don’t worry about that guy getting the flu or recovering from a minor car wreck. Today, with all the illness, blood letting, and conflicting medication, the American economy feels more like an 80 year old man with emphysema. We’re still functioning with the help of massive injections of steroids (federal money), but I don't have much confidence in our ability to recover from the next flu — and it’s coming.

One thing is for certain, there are always changes in the economy. Predicting downturns when the market is up is like predicting a bird in flight will eventually land. It's a cheap shot and someday will come true. In March of 2020, when the market dropped like a rock due to the pandemic, the 'sky is falling' prophets said 'I told you so'. Yet it bounced back and here we are today. In a longer dip like 2007-2008, it was a slower recovery, but it recovered and then some...a lot of some. The economy will always bounce back because enough people are innovative, driven, and have survival instincts (at least most do). The only real questions are: When will the dips occur?, How big will they be?, and: how long will they be? If you can figure that out, it would be truly a prophecy of value.

 

[Whaler27]

One thing is for certain, there are always changes in the economy. Predicting downturns when the market is up is like predicting a bird in flight will eventually land. It's a cheap shot and someday will come true. In March of 2020, when the market dropped like a rock due to the pandemic, the 'sky is falling' prophets said 'I told you so'. Yet it bounced back and here we are today. In a longer dip like 2007-2008, it was a slower recovery, but it recovered and then some...a lot of some. The economy will always bounce back because enough people are innovative, driven, and have survival instincts (at least most do). The only real questions are: When will the dips occur?, How big will they be?, and: how long will they be? If you can figure that out, it would be truly a prophecy of value.

I agree with everything you said above. Where we appear to differ is in our assessment of the certainty of recovery and return to the pattern we've always known.

I believe there is some point at which an economy, and a country, can become encumbered, choked, and constrained to the point where it can't fully recover without austerity measures the citizens won't tolerate.

I don't purport to know where the point of no return is, but its been reached in other countries, and we're running down a similar path: It's taken us less than fifty years to forfeit our position as the undisputed industrial and economic leader and weaken our economic and military position in the the world. Time will tell.

 

[Kyanche]

Everything about this post reflects entitled millennial.

I've never been involved in operating a fast food place, though I have pondered getting a franchise someday. To be totally fair, you're right. I don't have a stake in that fight, so it's none of my business. I am an engineer and never have considered a task "beneath me" unless it was illegal. If I were running a service business I'd strive for consistent quality and service, and I would prefer not to do janky schedule shenanigans to get there. If costco and in-n-out manage to do it, I don't see why I couldn't. But maybe I couldn't.

I don't purport to know where the point of no return is, but its been reached in other countries, and we're running down a similar path: It's taken us less than fifty years to forfeit our position as the undisputed industrial and economic leader and weaken our economic and military position in the the world. Time will tell.

I think all the doom and gloom in the news might have you feeling a bit pessimistic. Remember this - if you count states vs countries, California is the 5th largest economy in the world and Texas is #10. - " New York would have ranked as the world’s 11th largest economy last year, ahead of No. 12 South Korea, No. 13 Russia ($1.57 trillion) and No. 14 Spain ($1.43 trillion). "

https://fee.org/articles/us-state-gdps-compared-to-entire-countries/

I'm not going to say it's all flowers and rainbows out there, but I think we'll be ok.

Quite an interesting thread, and a lot of people in a LOT of different financial situations. With the possibilities of your wife losing her job, and you having to commute, me personally i would dump your jeep. Especially seeings your wife has one also.

The best wisdom in this thread! I hope OP and their family can enjoy jeeps again someday soon!

 

[JeezAJeep]

Keep it...you will have regrets...

 

[roaniecowpony]

I agree with everything you said above. Where we appear to differ is in our assessment of the certainty of recovery and return to the pattern we've always known.

I believe there is some point at which an economy, and a country, can become encumbered, choked, and constrained to the point where it can't fully recover without austerity measures the citizens won't tolerate.

I don't purport to know where the point of no return is, but its been reached in other countries, and we're running down a similar path: It's taken us less than fifty years to forfeit our position as the undisputed industrial and economic leader and weaken our economic and military position in the the world. Time will tell.

I believe there will always be recovery as long as men are free and government is for the people, by the people. I believe that to be a certainty. But I don't know if we'll always be free or if the government will continue to mutate into something that takes more from its citizens than it gives. I don't know if it will be a return to pattern we've always known. As you say, time will tell. If I'm lucky, I have 20 years. After that, it's someone else's problem.

 

[Whaler27]

If I were running a service business I'd strive for consistent quality and service, and I would prefer not to do janky schedule shenanigans to get there. If costco and in-n-out manage to do it, I don't see why I couldn't. But maybe I couldn't.

My fast-food experience is ancient -- about 45 years old -- and it comes from the perspective of a line-worker, which means I knew nothing about the running of the business or the pressures that were driving management decisions. Of course, the other line-workers didn't know anything either, but we all had opinions about the "dumb" owners and managers, how they wasted money, and what they should do differently. I guess that's the way it always works. Having said that, I don't think managers plan whacky schedules just to screw with people. I think they schedule to limit hours and fill shifts. Then, when people don't show up, they have to scramble to find people to cover. They limit hours because there isn't enough margin to pay for the benefit load that's triggered by full-time employment. (For us, the cost of the benefit load for full-time employees exceeds half of the total employee cost for entry-level employees, and roughly 30% of the total cost of senior managers).

My brother in law worked for Costco for almost eight years. It took most of that time to move his way up from part-time seasonal, to full-time night-work unloading trucks, to a more favorable full-time day schedule. Again, I doubt management was screwing with him. I suspect the better shifts and work come with seniority and performance. In my experience, the new folks get the less desirable work and schedules.

I appreciate your optimism about the economy and hope you're right. I also know how our economy ranks internationally. My concern is how our still impressive state rankings are fairing over time, particularly with respect to China, our principal competitor and threat. China has gone from nearly irrelevant to challenging our position as the world's largest economy in less than forty years. The Chinese also own much of our debt, much of our land, and large stakes in many American companies that used to produce entirely for American interests. The Chinese can also source and build every component required for their essential infrastructure and military components, while we have exported much of our capacity to manufacture both. That's scary to me -- for obvious reasons.

I've never been a pessimist so, for the sake of my kids and grandkids, I truly hope you're right and we're as powerful and resilient as we ever were.

 

[Tredsdert]

I totally understand what you are trying to do. Unfortunately, a $12000 car today is what a $6-7k car was 2 years ago.

OP, just make sure your new car is from Asia, Toyota's last FOREVER!

I bought a 2001 Toyota Camry LE with 164,000 miles on it back in 2012 for $8,000. I crashed it August of 2017 with 385,000 miles on it. It was going strong too. If I didn't total it out, there's no doubt in my mind I would've gotten 450,000 miles out of it easy! I also drive like an old man, but that's a different story.

 

[jmccorm]

I have to say that https://givemethevin.com/ is offering pretty good prices and has me really tempted here.

I've had my 2021 JLUR for three or four months now. I got it financed with $0 down, and their first offer is enough for me to pay off the bank note and walk away with 6900 miles on it. I've been paying off the credit union loan at $1,000/month, which I wouldn't mind a little relief from now that my post-divorce finances have become more clear.

I'm coming back at them seeing how much they'll move up from the $58,000 offer. I've got a number of vehicle options that their tool didn't have listed. If the deal gets much sweeter, I might just have to walk away from my JLUR and find myself an older/cheaper Wrangler for a few more years! (Not a bad consolation prize, all things considered.)

 

[euan2020]

I have to say that https://givemethevin.com/ is offering pretty good prices and has me really tempted here.

I've had my 2021 JLUR for three or four months now. I got it financed with $0 down, and their first offer is enough for me to pay off the bank note and walk away with 6900 miles on it. I've been paying off the credit union loan at $1,000/month, which I wouldn't mind a little relief from now that my post-divorce finances have become more clear.

I'm coming back at them seeing how much they'll move up from the $58,000 offer. I've got a number of vehicle options that their tool didn't have listed. If the deal gets much sweeter, I might just have to walk away from my JLUR and find myself an older/cheaper Wrangler for a few more years! (Not a bad consolation prize, all things considered.)

Devine their offer. They will come back with increased offer with 12 hour deadline. Think mine increased. 2-3k.

 

[euan2020]

I have to say that https://givemethevin.com/ is offering pretty good prices and has me really tempted here.

I've had my 2021 JLUR for three or four months now. I got it financed with $0 down, and their first offer is enough for me to pay off the bank note and walk away with 6900 miles on it. I've been paying off the credit union loan at $1,000/month, which I wouldn't mind a little relief from now that my post-divorce finances have become more clear.

I'm coming back at them seeing how much they'll move up from the $58,000 offer. I've got a number of vehicle options that their tool didn't have listed. If the deal gets much sweeter, I might just have to walk away from my JLUR and find myself an older/cheaper Wrangler for a few more years! (Not a bad consolation prize, all things considered.)

Givemethevin have always floated around the $44-$46 for my 2019 Sahara Mojito 14K Miles- Autonation across multiple locations around $45. One of the Autonation broke ranks, and i sold for $47K - They now have up for sale @ $54K = MRSP in 2019 was $46K (I paid $41K + Tax ) - GIves you a sense test where they place themselves against retail - i also had few dealerships only offering me $41/$42K. Had it inspected around 5 times

I accepted the $47K because getting 5% below Invoice within 150 miles, and dealer trade in was low, and did not want to cross 3 years of age into 2022, and age increasing 10% waiting on delivery

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