Help with car values an opinions needed please own a E320 and CLK350
04-23-2013, 10:15 AM
#1
Junior Member
Thread Starter
Help with car values an opinions needed please own a E320 and CLK350
Hey guys, I need you opinions since Im still unsure of what to do with my current situation.
Short story:
9 Months ago I bought my 2003 E320 sedan with 68K miles and an extended warantee. Financed through capitol one at 12% (recovering from bankruptcy) Have had this car ever since (warentee covered over 9900 dollars in repairs so far) it currently has 89,000 miles on it. I owe 12,100 dollars on it as a payoff. (389.00 a month for another 3 years)
5 Months ago I bought a 2008 CLK350 Sedan with 54K miles, no extended warnatee. Financed through sanantander corp at 17% (because I already had a car financed and recovering bankruptcy) for a friend (I know Im an idiot) I owe 21,500 as a payoff on this car.
My friend stopped paying for his CLK and I just took back the car.
I now have 2 cars, I can afford either but not both for to much longer. I am at a point I wonder what to do. I will be filling in small claims for the money he owes me but thats not my main issue.
Im trying to decide what car I want to keep each has its good points, now I am turning it to you guys, being MB people you will know more about how they fair in the long run ect.
2003 E320 Sedan Silver/Grey 89,000
Pros:
-Has a warantee for the next 4K miles after that will be dealing with any issues out of pocket
-I put upgraded AMG 18" rims with brand new tires on 1k Miles ago
-Has had every seal or issue fixed and replaced while I have had it, so I dont think it will have any more issues
-Its a sedan and is bigger then the CLK
-Its a tried and tested engine setup the M112 V6 and 5Gtronic
-It rides better
-It is quieter
-It has modern AUX in through the tape deck
-I owe less money
-3 less years Id have to pay
-Lower interest
Cons
-Audio 50 (no nav, no aux, tape deck aux adapter)
-almost 100K miles
-Slower
-headliner is in need of replacement (falling)
-Grey interior (I dislike grey as in Int color)
-Int is beginning to wear (door pocket cloth is falling away) plus var trim
-Will be out of warrantee shortly
-Its a very early 03
-It was in a light accident before I owned it
-Due for a D service
2008 CLK350 Coupe Black/Designo Black/Mocha 62,000
Pros
-Newer-alot newer
-M272 3.5 V6 is quicker and gets better millage
-7G more modern more gears (quicker)
-Has Navigation
-Beautiful full Designo leather interior
-Preferred interior color
-No accidents
-In better cosmetic shape (less dings/dents scratches)
-2 door wouldn't have to car friends around (saves millage!)
-Lower Millage
Cons
-No sunroof
-No warantee
-Longer loan
-Higher interest
-Higher payment
-Loud (not well insulated)
-Original ipod system (which sucks gypsie butt)
Im upside down on both her's what edmunds says for their values. Keeping in mind I owe 12,100 on the E and 21,500 on the CLK
I would be trying to sell the other for as much as I could get and simply probobly throw whatever the difference in selling price on a credit card and pay that down since Im not liquid enough to make up the deficit in value vs owed and then re-finance the car I keep to a lower interest rate with a local credit union.
Please give me any and all thoughts and opinions, I want to get out of this situation as cleanly as possible.
-Nick
Short story:
9 Months ago I bought my 2003 E320 sedan with 68K miles and an extended warantee. Financed through capitol one at 12% (recovering from bankruptcy) Have had this car ever since (warentee covered over 9900 dollars in repairs so far) it currently has 89,000 miles on it. I owe 12,100 dollars on it as a payoff. (389.00 a month for another 3 years)
5 Months ago I bought a 2008 CLK350 Sedan with 54K miles, no extended warnatee. Financed through sanantander corp at 17% (because I already had a car financed and recovering bankruptcy) for a friend (I know Im an idiot) I owe 21,500 as a payoff on this car.
My friend stopped paying for his CLK and I just took back the car.
I now have 2 cars, I can afford either but not both for to much longer. I am at a point I wonder what to do. I will be filling in small claims for the money he owes me but thats not my main issue.
Im trying to decide what car I want to keep each has its good points, now I am turning it to you guys, being MB people you will know more about how they fair in the long run ect.
2003 E320 Sedan Silver/Grey 89,000
Pros:
-Has a warantee for the next 4K miles after that will be dealing with any issues out of pocket
-I put upgraded AMG 18" rims with brand new tires on 1k Miles ago
-Has had every seal or issue fixed and replaced while I have had it, so I dont think it will have any more issues
-Its a sedan and is bigger then the CLK
-Its a tried and tested engine setup the M112 V6 and 5Gtronic
-It rides better
-It is quieter
-It has modern AUX in through the tape deck
-I owe less money
-3 less years Id have to pay
-Lower interest
Cons
-Audio 50 (no nav, no aux, tape deck aux adapter)
-almost 100K miles
-Slower
-headliner is in need of replacement (falling)
-Grey interior (I dislike grey as in Int color)
-Int is beginning to wear (door pocket cloth is falling away) plus var trim
-Will be out of warrantee shortly
-Its a very early 03
-It was in a light accident before I owned it
-Due for a D service
2008 CLK350 Coupe Black/Designo Black/Mocha 62,000
Pros
-Newer-alot newer
-M272 3.5 V6 is quicker and gets better millage
-7G more modern more gears (quicker)
-Has Navigation
-Beautiful full Designo leather interior
-Preferred interior color
-No accidents
-In better cosmetic shape (less dings/dents scratches)
-2 door wouldn't have to car friends around (saves millage!)
-Lower Millage
Cons
-No sunroof
-No warantee
-Longer loan
-Higher interest
-Higher payment
-Loud (not well insulated)
-Original ipod system (which sucks gypsie butt)
Im upside down on both her's what edmunds says for their values. Keeping in mind I owe 12,100 on the E and 21,500 on the CLK
I would be trying to sell the other for as much as I could get and simply probobly throw whatever the difference in selling price on a credit card and pay that down since Im not liquid enough to make up the deficit in value vs owed and then re-finance the car I keep to a lower interest rate with a local credit union.
Please give me any and all thoughts and opinions, I want to get out of this situation as cleanly as possible.
-Nick
04-23-2013, 10:36 AM
#2
MBWorld Fanatic!
Both of those cars aren't worth it. You might as well sell both cars and call it a day. You owe more than what the car is worth
04-23-2013, 11:21 AM
#3
Junior Member
Thread Starter
I know I owe more then thier worth that what generally happens when you finance a car. If I sell both, then I don't have a car, I need a car. So I was trying to see which one of the 2 may be best.
Last edited by DubStep; 04-24-2013 at 01:54 PM.
04-24-2013, 09:55 PM
#4
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Join Date: Jan 2012
Location: PA, USA
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2004 E320 4matic Sedan
I have not done a proper analysis, but here's my advice
Summary: Sell the CLK now. Don't delay. Decide and do.
Your comparison of the vehicles gave us no information on your actual needs vs wants. For example if you have kids. The E320 is the more flexible vehicle (space, doors) and is more likely to meet general needs. (reliability is a distinct question, but it is not the main point here.)
The main question is a financial one. I will assume you can pay off either loan early, with similar percentage penalties....and that you will not spend one cent of the sale money on anything except paying down the debt. The CLK money is more expensive than the E320 money, both measured by rate and in terms of the gross amounts you owe.
Your E320 will continue to lose value, but it will lose less value in the next year than your CLK will. In actual dollars, not percent.
You need to take the sale amount of the CLK and pay off what you can of that debt. Then keep paying until that debt is gone. You are destined to have two debts for a while longer, so don't let the issue drag on through indecision. The sale of the E320 will not get you out of that situation anywhere near as fast as selling the CLK. Later, once you've eleminated the CLK debt, use the difference between the CLK and E320 payments and put that aside as self-insurance for E320 maintenance and repairs.
I hope this helps. I am not an accountant and have not started up Excel in making the above suggestion. And my MBA was longer ago than I care to remember.
Your comparison of the vehicles gave us no information on your actual needs vs wants. For example if you have kids. The E320 is the more flexible vehicle (space, doors) and is more likely to meet general needs. (reliability is a distinct question, but it is not the main point here.)
The main question is a financial one. I will assume you can pay off either loan early, with similar percentage penalties....and that you will not spend one cent of the sale money on anything except paying down the debt. The CLK money is more expensive than the E320 money, both measured by rate and in terms of the gross amounts you owe.
Your E320 will continue to lose value, but it will lose less value in the next year than your CLK will. In actual dollars, not percent.
You need to take the sale amount of the CLK and pay off what you can of that debt. Then keep paying until that debt is gone. You are destined to have two debts for a while longer, so don't let the issue drag on through indecision. The sale of the E320 will not get you out of that situation anywhere near as fast as selling the CLK. Later, once you've eleminated the CLK debt, use the difference between the CLK and E320 payments and put that aside as self-insurance for E320 maintenance and repairs.
I hope this helps. I am not an accountant and have not started up Excel in making the above suggestion. And my MBA was longer ago than I care to remember.
04-25-2013, 11:25 AM
#6
Junior Member
Thread Starter
Summary: Sell the CLK now. Don't delay. Decide and do.
Your comparison of the vehicles gave us no information on your actual needs vs wants. For example if you have kids. The E320 is the more flexible vehicle (space, doors) and is more likely to meet general needs. (reliability is a distinct question, but it is not the main point here.)
The main question is a financial one. I will assume you can pay off either loan early, with similar percentage penalties....and that you will not spend one cent of the sale money on anything except paying down the debt. The CLK money is more expensive than the E320 money, both measured by rate and in terms of the gross amounts you owe.
Your E320 will continue to lose value, but it will lose less value in the next year than your CLK will. In actual dollars, not percent.
You need to take the sale amount of the CLK and pay off what you can of that debt. Then keep paying until that debt is gone. You are destined to have two debts for a while longer, so don't let the issue drag on through indecision. The sale of the E320 will not get you out of that situation anywhere near as fast as selling the CLK. Later, once you've eleminated the CLK debt, use the difference between the CLK and E320 payments and put that aside as self-insurance for E320 maintenance and repairs.
I hope this helps. I am not an accountant and have not started up Excel in making the above suggestion. And my MBA was longer ago than I care to remember.
Your comparison of the vehicles gave us no information on your actual needs vs wants. For example if you have kids. The E320 is the more flexible vehicle (space, doors) and is more likely to meet general needs. (reliability is a distinct question, but it is not the main point here.)
The main question is a financial one. I will assume you can pay off either loan early, with similar percentage penalties....and that you will not spend one cent of the sale money on anything except paying down the debt. The CLK money is more expensive than the E320 money, both measured by rate and in terms of the gross amounts you owe.
Your E320 will continue to lose value, but it will lose less value in the next year than your CLK will. In actual dollars, not percent.
You need to take the sale amount of the CLK and pay off what you can of that debt. Then keep paying until that debt is gone. You are destined to have two debts for a while longer, so don't let the issue drag on through indecision. The sale of the E320 will not get you out of that situation anywhere near as fast as selling the CLK. Later, once you've eleminated the CLK debt, use the difference between the CLK and E320 payments and put that aside as self-insurance for E320 maintenance and repairs.
I hope this helps. I am not an accountant and have not started up Excel in making the above suggestion. And my MBA was longer ago than I care to remember.
