I've wanted a GL550 for awhile. Found a 2013 CPO Black on Black with 65,000 miles options (Pano Roof, Park Assist Package, Heated Steering Wheel, Easy Entry 2nd Row, Rear Entertainment). Negotiated with the dealer to 36k. They put on new tires and did the 60,000 mile spark plug service. I thought this was an excellent deal. Other CPO GL550's 2014+ are at least 7k more!

However, we already have a ML350 as a family car. I wouldn't want to carry two SUV's, so I was going to unload the ML, get a smaller daily commuter gas saver and have the GL as a family car (two kids under 5). I was so excited about the deal i found, I went ahead and secured financing, had the check mailed to the dealer and was ready to sign the paperwork. However, the more I thought about it, I started to think twice whether or not I was making the best decision. I owe 28k on the ML, and trade in value is 22k. If I was to trade it in, I would be 6k underwater, or would have to roll that negative equity over into another car. While netting 3-4k more, most likely selling private party could take a while. Then on the GL, after tax, title etc., I'm in the car for 39k. However, KBB show's trade in value only around 31k?! I would be 14k underwater on a total of two vehicles!! Stuck in a bad situation if I ever needed to get out.

I let my credit union and my dealer know that I wanted to back out of the deal. I'm disappointed because I really wanted the 550, however right now the timing doesn't seem right. Plus, I started looking at the added costs. Even though it is CPO, 4 new tires are about $1300. I was reading these trucks go through tires about every 15k-25k miles! That's almost like replacing tires every year. Add in brakes and the costs begin to rise significantly.

Would you say I made the right decision, and was this CPO 13 GL550 a rare deal and should I feel bad for not going through with the deal?

 

 

absolutely the right call. No need to carry negative equity in a car or pay out of pocket to be even on a trade in. Save the extra money as you will need it for when (if not already) the ML is out of warranty

 

This might sound strange to folks. Your new or used vehicle value will never appreciate. Therefore, do not ever finance a vehicle ever. While you have no auto loan, open a savings account and make monthly savings. Once you reached an amount that's suitable for your new vehicle taste, then purchase. If you are in this cycle, you will auto debt free for your life.