Question about trade ins on vehicles. So I just bought a Wrangler with no warranty still owe 20,000 on it. Had a bad engine.?
Was thinking of patching it and trading it in for something else around 20,000 dollars. How upside down would that put me on it with no money down?
Yes I know it was stupid to buy a vehicle with no warranty I don’t need to be belittled on it. I just want to know what would that look like on a trade in or am I better off just getting a new engine
- RobsteriarkLv 74 weeks agoFavorite Answer
What you currently own is worth probably less than half what you paid.
As soon as you did the deal the vehicle lost thousands of dollars in value: that’s accounted for by the dealer retail profit and any sales taxes and other mandatory fees.
Now that the vehicle has a known bad engine that knocks vastly more off the value: buyers will knock off not just the price of a replacement rebuilt or salvaged engine, but also the labour costs, their time and inconvenience, and also have to allow for any unknown faults which will be very likely to show during the engine swap: such as finding that the rear main crank seal needs replacing, or that the transmission input shaft seal/bearing needs changing. If manual, it’s also foolish not to replace the entire clutch assembly so that’s another added cost in parts and a small additional labour cost.
For what you face losing it will be vastly cheaper to get the engine fixed or replaced. If it’s a DIY job then you may wish to risk a guaranteed salvaged engine. If you have to pay someone else then use a good guaranteed rebuilt engine (BTW: no such thing as a good “cheap” rebuild) and make sure the guarantee is not full of silly restrictions designed to give cowboys loads of loopholes.
- Anonymous4 weeks ago
Why not just make millions professionally "patching" cars with bad engines?
- JetDocLv 74 weeks ago
Just because you OWE $20,000 doesn't mean the car is actually WORTH that much. Trading it in for a different vehicle COULD just end you up deeper in debt with no guarantee that the next car will be any more reliable. If you like the car you have now you're probably better off just rebuilding or replacing the engine you have now.
- ScottLv 64 weeks ago
"Was thinking of patching it and trading it in for something else around 20,000 dollars. How upside down would that put me on it with no money down"
Wow, you aren't asking for much, are you? Sorry, but it ain't going to happen. The numbers aren't in your favor here.Get the Jeep fixed and keep it. That will be cheaper in the long run.
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- Anonymous4 weeks ago
No money down? Ain't gonna happen Sparky. You're too far upside down in your vehicle. You only have one option - fix it and drive it for at least 5 years. Up front it would cost you far more to trade it for a similarly priced vehicle than putting a factory rebuilt engine in it. But go ahead and try so you can prove to yourself that I'm right.
EDIT - You can swear all you want but that won't alter the facts. The minute you drove off the lot the car lost about $2000 in value, and with a bad engine it's worth even less, even if you try to "patch it up". You cannot roll that much negative equity into another car loan (not to mention additional taxes, finance fees, and licensing). Like I said, go ahead and try but you're going to be disappointed. To make it happen you'll need more cash down than a rebuilt engine will cost.