What's it Worth?
Thread Starter
Super Member
Joined: Jul 2013
Posts: 730
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From: McComb MS
2014 Mercedes S550
What's it Worth?
The wife wants to buy a bigger home. In this game, it's much easier to deal with lenders when no debts are on the credit report, especially big cars. So I'm entertaining the idea of selling my S550, buy the house, then right after buy another S550 to replace it. It's easier to buy a car with a house than it is to buy a house with a car. And since I want one with MBC anyway, it makes the thought more engaging.
So what could I ask for mine that would be fair and make it sell???....80K, 85K, 90K...????
2014 S550
Black Exterior
Sport Plus One
Exclusive Nappa Porcelain/Black interior
Exclusive Trim with Metalized Ash wood
Premium One
Driver Assistance
Surround view cam
Air Balance
Power Rear Seats with Memory
Original MSRP......$117,000
So what could I ask for mine that would be fair and make it sell???....80K, 85K, 90K...????
2014 S550
Black Exterior
Sport Plus One
Exclusive Nappa Porcelain/Black interior
Exclusive Trim with Metalized Ash wood
Premium One
Driver Assistance
Surround view cam
Air Balance
Power Rear Seats with Memory
Original MSRP......$117,000
Last edited by Kratos-TM; Jul 9, 2014 at 09:40 AM.
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Joined: Feb 2014
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From: Iowa
2025 EQS580
The wife wants to buy a bigger home. In this game, it's much easier to deal with lenders when no debts are on the credit report, especially big cars. So I'm entertaining the idea of selling my S550, buy the house, then right after buy another S550 to replace it. It's easier to buy a car with a house than it is to buy a house with a car. And since I want one with MBC anyway, it makes the thought more engaging.
So what could I ask for mine that would be fair and make it sell???....80K, 85K, 90K...????
2014 S550
Black Exterior
Sport Plus One
Exclusive Nappa Porcelain/Black interior
Exclusive Trim with Metalized Ash wood
Premium One
Driver Assistance
Surround view cam
Air Balance
Power Rear Seats with Memory
Original MSRP......$117,000
So what could I ask for mine that would be fair and make it sell???....80K, 85K, 90K...????
2014 S550
Black Exterior
Sport Plus One
Exclusive Nappa Porcelain/Black interior
Exclusive Trim with Metalized Ash wood
Premium One
Driver Assistance
Surround view cam
Air Balance
Power Rear Seats with Memory
Original MSRP......$117,000
For an S550 that's less than a year old with MSRP of $117K, I would think you should ask for at least $95-100K. But I am no expert in this by any means. I'm sure others here will have a much better idea.
Banned
Joined: Jun 2006
Posts: 3,640
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From: NYC
2014 S550
Or just ask him to buy the debt on the car till the house is purchased. Arrange the financing and pay him any interest he accrues. Treat him to a fancy steak dinner as a thank you =)
Thread Starter
Super Member
Joined: Jul 2013
Posts: 730
Likes: 2
From: McComb MS
2014 Mercedes S550
Those are good ideas. If a family members just gets it out of my name, I can still pay the note on it, and then buy it back once the house closes. Cause I WILL have an S class in my garage, lol. Just have to play this "game" for now. Man I miss the pre-2008 days....
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From: NYC
2014 S550
Let us know how you make out!
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From: Midwest
Sd.Kfz 182
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From: Midwest
Sd.Kfz 182
Lehman Brothers would take your word on you making 2.5 mil/year and give you a stated income loan with no money down on a negative amortization loan with pmnt of $489/mo.
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From: ...
...
I'm sure you could work out some sort of trick to get both but in the end do you really want your debts to be over 36% of your income?
I'm not trying to tell you what to do, your not doing anything illegal or immoral. I just want to be the one person that advocates the financially prudent thing to do here. Maybe sell the S and get a E?
P.S please don't start with the whole any MB is a luxury, yes I know that but luxuries in life are better when you don't have to give up so much to get it
I'm still driving around is a 16 year old LS 400 (1998) with less then 100k miles (yes, It looks brand-new). I would love a s class but i'm waiting for them to drop in price because I'll get the same luxury for half the price even though I could afford it now
Last edited by icebeam; Jul 9, 2014 at 04:04 PM.
Thread Starter
Super Member
Joined: Jul 2013
Posts: 730
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From: McComb MS
2014 Mercedes S550
Not trying to be a jerk here, just trying to understand why you want to do this. Typically a lender will only loan you amount that the monthly payment eats less than 36% of your income. This means if 16% of your income is tied up in a s-class and other debt then you will only be able to get a loan to equal a payment of 20% of your monthly income.
I'm sure you could work out some sort of trick to get both but in the end do you really want your debts to be over 36% of your income?
I'm not trying to tell you what to do, your not doing anything illegal or immoral. I just want to be the one person that advocates the financially prudent thing to do here. Maybe sell the S and get a E?
P.S please don't start with the whole any MB is a luxury, yes I know that but luxuries in life are better when you don't have to give up so much to get it
I'm still driving around is a 16 year old LS 400 (1998) with less then 100k miles (yes, It looks brand-new). I would love a s class but i'm waiting for them to drop in price because I'll get the same luxury for half the price even though I could afford it now
I'm sure you could work out some sort of trick to get both but in the end do you really want your debts to be over 36% of your income?
I'm not trying to tell you what to do, your not doing anything illegal or immoral. I just want to be the one person that advocates the financially prudent thing to do here. Maybe sell the S and get a E?
P.S please don't start with the whole any MB is a luxury, yes I know that but luxuries in life are better when you don't have to give up so much to get it
I'm still driving around is a 16 year old LS 400 (1998) with less then 100k miles (yes, It looks brand-new). I would love a s class but i'm waiting for them to drop in price because I'll get the same luxury for half the price even though I could afford it now
Well I'm a business owner....the more I "say" I make on my tax returns, the more Uncle Sam gets. The "percentage" my car is of my income is what I state it to be. If I want the bank to give me the house with my cars then I need to state a much higher income on my return, thus pay the gov't more money.
Last edited by Kratos-TM; Jul 9, 2014 at 05:58 PM.
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From: ...
...
Well I'm a business owner....the more I "say" I make on my tax returns, the more Uncle Sam gets. The "percentage" my car is of my income is what I state it to be. If I want the bank to give me the house with my cars then I need to state a much higher income on my return, thus pay the gov't more money.
I know, I know,....there's a lot of people in these forums that's on their high horse that will say you need to state everything on the return.......blah blah blah....but we all know the game and the truth.
I know, I know,....there's a lot of people in these forums that's on their high horse that will say you need to state everything on the return.......blah blah blah....but we all know the game and the truth.
I will agree though that most people do it but to admit it on a forum publicly well that just takes ***** or craziness.
Last edited by icebeam; Jul 9, 2014 at 05:04 PM.
Thread Starter
Super Member
Joined: Jul 2013
Posts: 730
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From: McComb MS
2014 Mercedes S550
I didn't mean it as evasion. We pay ourselves what we want to pay ourselves, that's all.
Look, the answer to my question has been given, so I'm good. No need for this to keep going and taking this way off course.
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Joined: Jan 2012
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From: NYC & Long Island
'14.5 RR LWB, '14 s63, '14 Ford Raptor Screw, '13 G63
i actually looked into selling my s63 for a range rover. msrp was 155k
i got one quote from a RR dealer for 110K. I almost passed out. I wanted to reach through the phone and strangle the guy. This dealer also owns a Mercedes dealer and he said that's what his mercedes manager said it was worth. I never replied to his "offer".
I got another quote from a Porsche dealer that sells other exotics for 130K.
I still thought that was a little low although not as insulting.
I honestly think for my car 135+ would be fair.
For yours, I would say 100K should get it done fairly quickly
i got one quote from a RR dealer for 110K. I almost passed out. I wanted to reach through the phone and strangle the guy. This dealer also owns a Mercedes dealer and he said that's what his mercedes manager said it was worth. I never replied to his "offer".
I got another quote from a Porsche dealer that sells other exotics for 130K.
I still thought that was a little low although not as insulting.
I honestly think for my car 135+ would be fair.
For yours, I would say 100K should get it done fairly quickly
Banned
Joined: Jun 2006
Posts: 3,640
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From: NYC
2014 S550
I understand clearly what you are saying. I'm no accountant, I just design dresses (www.facebook.com/thebradleyscott) but my office is in my father's building and often involve myself in the workings of the tax code.
I know plenty of businesses who do well and the officers choose to keep the money in the company as retained earnings vs paying it to themselves to put themselves in higher tax bracket if the money is not needed in the immediate future.
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Joined: Oct 2008
Posts: 960
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From: Long Island, NY & SE England
A Mercedes obviously!
Well I'm a business owner....the more I "say" I make on my tax returns, the more Uncle Sam gets. The "percentage" my car is of my income is what I state it to be. If I want the bank to give me the house with my cars then I need to state a much higher income on my return, thus pay the gov't more money.
Debt to income ratio limits are more like 45-50% of gross income. If you're a business owner depreciation can be added back.
Signed,
Your friendly neighbourhood loan originator
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Joined: Nov 2009
Posts: 659
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From: New Jersey
2013 S550 4matic (AMG sport package), 2016 Corvette Stingray.
Wow, hope it works out. Btw good luck on the new house, as you said always get the house first. I know you wish you knew that you were going to be getting one prior to getting the car because you would have waited I'm sure.
Ps
Try to avoid getting your loan thru WF they are ridiculously strict. No offense to anyone that may be employed with that company.
Ps
Try to avoid getting your loan thru WF they are ridiculously strict. No offense to anyone that may be employed with that company.
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From: Maryland
2011 C300 Sport 4Matic, 2004 Audi A4 1.8T Quattro Ultrasport, 2010 Subaru Forester
I just saw this 2014 S550 (http://www.carmax.com/enus/view-car/...ml?id=10638391) at Carmax here in Maryland with low miles at just under 99k. I'd say try the 100k mark for a quick sale.
Agree on WF. Rectal examination leading up to closing. Then again, can we blame them!
Agree on WF. Rectal examination leading up to closing. Then again, can we blame them!
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From: on my way
2012 CLS63
I just saw this 2014 S550 (http://www.carmax.com/enus/view-car/...ml?id=10638391) at Carmax here in Maryland with low miles at just under 99k. I'd say try the 100k mark for a quick sale.
Agree on WF. Rectal examination leading up to closing. Then again, can we blame them!
Agree on WF. Rectal examination leading up to closing. Then again, can we blame them!
