Keep it or sell it? - Jeep Garage - Jeep Forum

Go Back   Jeep Garage - Jeep Forum > Jeep Platform Discussion > Grand Cherokee - WK2 -

Join Jeep Garage Today
Reply
 
Thread Tools Display Modes
 
  #1  
Old 08-06-2016, 10:39 AM
Member
My Jeep: 2015 3.6L WK2
 
Join Date: Oct 2011
Location: Dallas, TX
Posts: 910
Thanks: 57
Thanked 174 Times in 117 Posts
Rep Power: 18990
protect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond repute
Garage
Keep it or sell it?

This is a completely personal situation but would love feedback from the community on your thoughts.

I bought my '15 Overland with Adv Tech (4x2, V6) just over a year ago. I put about 11k down and my payments are $450/month. The vehicle has 12,500 miles on it currently (13 months of ownership).

I dont keep my vehicles very long. 2-3 years max.

I was looking at KBB and NADA the other day and noticed my trade in value is around 35k. I own 25k left on the loan. So I have roughly 10k positive equity in my vehicle currently.

QUESTION: Should I:

1) Keep the vehicle, shut my mouth, and be a happy camper because its a beautiful vehicle

2) Sell the vehicle, net 10k, and shop for a used Jeep GC around the 30k mark (which would keep my monthly payments identical).

3) Sell the vehicle, net 10k, and find a good lease option on a similarly equipped GC

__________________
2015 Overland V6
Billet Silver
Advanced Tech
Mods: Gunvault, Rear Slush Mat, Tint, Valentine One, LED Fog lamps, Michelin Premier LTX

Previous Jeeps:
2007 & 2011 - Laredo
2014 - Limited

Reply With Quote
Sponsored Links
Advertisement
 
  #2  
Old 08-06-2016, 11:13 AM
MDBones's Avatar
OVERLAND HIGH ALTITUDE
My Jeep: 2016 3.6L WK2
 
Join Date: Mar 2014
Location: Wisconsin's West Coast
Posts: 3,592
Thanks: 630
Thanked 613 Times in 503 Posts
Rep Power: 10617
MDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond reputeMDBones has a reputation beyond repute
Garage
Re: Keep it or sell it?

Quote:
Originally Posted by protect1989 View Post
This is a completely personal situation but would love feedback from the community on your thoughts.

I bought my '15 Overland with Adv Tech (4x2, V6) just over a year ago. I put about 11k down and my payments are $450/month. The vehicle has 12,500 miles on it currently (13 months of ownership).

I dont keep my vehicles very long. 2-3 years max.

I was looking at KBB and NADA the other day and noticed my trade in value is around 35k. I own 25k left on the loan. So I have roughly 10k positive equity in my vehicle currently.

QUESTION: Should I:

1) Keep the vehicle, shut my mouth, and be a happy camper because its a beautiful vehicle

2) Sell the vehicle, net 10k, and shop for a used Jeep GC around the 30k mark (which would keep my monthly payments identical).

3) Sell the vehicle, net 10k, and find a good lease option on a similarly equipped GC

1) If you normally don't keep a vehicle much beyond 2-3 years then how long would you be willing to hang onto this one? What potential issues would you need, or be willing to deal with? What would the resale be worth down the road? Not that this isn't an option but there are the usual unknowns to consider with keeping it long term.

2) Makes no sense whatsoever. Other than stepping up to a higher trim level, why would you consider trading for a used one with double your current mileage and still make the same payment?

3) An option worth looking into if you can sell it and actually get the $10K equity out of it in a private party sale. A lease is in your time/mileage range, you don't need to worry about an extended warranty plan and you'll only pay sales tax on your actual use of the vehicle. You probably could find a good deal on leasing a new one and pocket that money for other things.
__________________
http://www.jeepgarage.org/members/54562-albums357-picture4289.png
Reply With Quote
  #3  
Old 08-06-2016, 11:30 AM
AAAA's Avatar
Premium Member
My Jeep: 2015 3.6L WK2
 
Join Date: Jan 2011
Location: Upstate NY
Posts: 3,493
Thanks: 203
Thanked 164 Times in 144 Posts
Rep Power: 1545134
AAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond reputeAAAA has a reputation beyond repute
Re: Keep it or sell it?

Keep it. I mean your lender expects the vehicle to be worth more than the loan balance. Doh!
__________________
Overland: Nokian WR G3 SUV tires, front and t. c. skid plates, Bosch Icon blades, Husky X-Act Contour slush mats, MOPAR cargo mat. Successor to trouble-free 2011 Limited.
(Avatar- http://www.ussslater.org/)
Reply With Quote
  #4  
Old 08-06-2016, 01:02 PM
JTS97Z28's Avatar
Premium Member
My Jeep: 2015 3.6L WK2
 
Join Date: Jan 2011
Location: Plainfield, IL
Posts: 3,871
Thanks: 90
Thanked 621 Times in 457 Posts
Rep Power: 28719
JTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond reputeJTS97Z28 has a reputation beyond repute
Re: Keep it or sell it?

Another consideration is real life trade in value. KBB is a good baseline, but I would be very surprised if you can find a dealership that will give you 35 for it. I usually take KBB trade in value and take off like 3 grand and that's likely what you'll realistically be offered. Not saying it can't be done, but something to keep in mind to help your decision process.

As far as what to do, I tend to agree with what MDBones said above.
__________________
2015 Jeep Grand Cherokee High Altitude, Bright White, V6, HK audio
Reply With Quote
  #5  
Old 08-06-2016, 03:55 PM
Member
My Jeep: 2015 3.6L WK2
 
Join Date: Oct 2011
Location: Dallas, TX
Posts: 910
Thanks: 57
Thanked 174 Times in 117 Posts
Rep Power: 18990
protect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond repute
Garage
Re: Keep it or sell it?

Thanks for the replies. MDBones, your answers were pretty spot on to my train of thought.

If i could lease a 2016 and keep my monthly payments the same, but take home between 8k-10k for the equity in my vehicle than that would be an awesome solution. Ill need to go to the dealership and test the waters. Might even wait till the end of the year and really grab any great deals that are left over.

Maaaaaybe a High Altitude but those black wheels will take some convincing.
Attached Images
File Type: jpg Screen Shot 2016-08-06 at 2.53.31 PM.jpg (220.6 KB, 41 views)
File Type: png Screen Shot 2016-08-06 at 2.51.24 PM.png (412.4 KB, 38 views)
__________________
2015 Overland V6
Billet Silver
Advanced Tech
Mods: Gunvault, Rear Slush Mat, Tint, Valentine One, LED Fog lamps, Michelin Premier LTX

Previous Jeeps:
2007 & 2011 - Laredo
2014 - Limited

Reply With Quote
  #6  
Old 08-06-2016, 05:39 PM
Member
My Jeep: 2015 3.6L WK2
 
Join Date: Oct 2011
Location: Dallas, TX
Posts: 910
Thanks: 57
Thanked 174 Times in 117 Posts
Rep Power: 18990
protect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond repute
Garage
Re: Keep it or sell it

Stopped by the jeep dealership near my house. Learned two things:

1) black interior isn't for me. Light frost/beige all the way

2) they valued my overland at $34,800. I was pretty pleased with that number.

I couldn't price out a lease since they didn't have any vehicle on their lot with the light frost interior.
__________________
2015 Overland V6
Billet Silver
Advanced Tech
Mods: Gunvault, Rear Slush Mat, Tint, Valentine One, LED Fog lamps, Michelin Premier LTX

Previous Jeeps:
2007 & 2011 - Laredo
2014 - Limited

Reply With Quote
  #7  
Old 08-06-2016, 06:08 PM
jgc4ever's Avatar
Senior Member
My Jeep: 2015 WK2
 
Join Date: Mar 2011
Posts: 3,954
Thanks: 164
Thanked 226 Times in 182 Posts
Rep Power: 1161907
jgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond reputejgc4ever has a reputation beyond repute
Garage
Re: Keep it or sell it?

You come out ahead in the long run holding onto it. You already have an Overland. No way I would trade in a 2015 Overland.
Reply With Quote
  #8  
Old 08-06-2016, 09:42 PM
Member
 
Join Date: Apr 2014
Location: Ohio, United States
Posts: 183
Thanks: 0
Thanked 25 Times in 14 Posts
Rep Power: 1239
polizei has a reputation beyond reputepolizei has a reputation beyond repute
Re: Keep it or sell it?

How do you have $10k positive equity when you put $11k down? That realistically means you're only losing $1k for a year old vehicle with 12,500 miles. Very impressive, I would keep it a bit longer, and then get a different vehicle.

OR, pay it off, and get a sports car.
__________________
2014: RRO 2.5" Lift, 32" LT275/65/18 Nitto Terra Grapplers, Pro-Comp 7089, XenonDepot HID Kit
Reply With Quote
  #9  
Old 08-06-2016, 10:19 PM
bill_de's Avatar
Premium Member
My Jeep: 2017 5.7L WK2
 
Join Date: Sep 2012
Posts: 8,462
Thanks: 708
Thanked 999 Times in 787 Posts
Rep Power: 1805178
bill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond repute
Re: Keep it or sell it?

Quote:
Originally Posted by polizei View Post
How do you have $10k positive equity when you put $11k down?
Equity is what you put in your pocket after you pay the loan.

--
__________________
If you need a shoulder to cry on ...
... pull over to the side of the road!

Reply With Quote
  #10  
Old 08-06-2016, 10:30 PM
Dan JGC's Avatar
Premium Member
 
Join Date: Dec 2010
Posts: 2,595
Thanks: 22
Thanked 210 Times in 156 Posts
Rep Power: 5818
Dan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond reputeDan JGC has a reputation beyond repute
Re: Keep it or sell it?

Quote:
Originally Posted by polizei View Post
How do you have $10k positive equity when you put $11k down? That realistically means you're only losing $1k for a year old vehicle with 12,500 miles. Very impressive, I would keep it a bit longer, and then get a different vehicle.

OR, pay it off, and get a sports car.
Don't forget the $450 monthly payments --- 12 x $450 = $5,400 (more though since said a little over a year).
__________________
||||||| 2014 Jeep Grand Cherokee Summit 4x4 V8 in Bright White Clear Coat exterior with Grand Canyon Jeep Brown interior. |||||||
Reply With Quote
  #11  
Old 08-07-2016, 12:33 AM
Member
My Jeep: 2015 3.6L WK2
 
Join Date: Oct 2011
Location: Dallas, TX
Posts: 910
Thanks: 57
Thanked 174 Times in 117 Posts
Rep Power: 18990
protect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond reputeprotect1989 has a reputation beyond repute
Garage
Re: Keep it or sell it?

No one ever really comes out ahead when it comes to cars. Im just in a better position than more.

Essentially I would recover roughly 90% of my downpayment. Meaning the vehicle has only really cost me the monthly payments over the past 12-13 months. I did get a great deal on this vehicle when I bought it.

I think the only way this would make sense is if I leased either a new 2016 or 2017 Overland and was able to get the monthly payments relatively close. No easy task but worth looking into. That way I could get back my initial down payment, stay in the same type vehicle, and keep my monthly payments where they are at. Will be easier to negotiate in December than August.
__________________
2015 Overland V6
Billet Silver
Advanced Tech
Mods: Gunvault, Rear Slush Mat, Tint, Valentine One, LED Fog lamps, Michelin Premier LTX

Previous Jeeps:
2007 & 2011 - Laredo
2014 - Limited

Reply With Quote
  #12  
Old 08-07-2016, 07:07 AM
bill_de's Avatar
Premium Member
My Jeep: 2017 5.7L WK2
 
Join Date: Sep 2012
Posts: 8,462
Thanks: 708
Thanked 999 Times in 787 Posts
Rep Power: 1805178
bill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond reputebill_de has a reputation beyond repute
Re: Keep it or sell it?

Quote:
Originally Posted by protect1989 View Post
No one ever really comes out ahead when it comes to cars. Im just in a better position than more.
Nobody ever comes out ahead when they buy a $5.00 jar of peanut butter either. But after they eat half of it they don't say they lost $2.50. Same with a car, you buy it, use it, and it is no longer worth as much as it was when new.

As you said, you are in a very good position, which means you have more options and more decisions to make. Good for you and good luck.

--
__________________
If you need a shoulder to cry on ...
... pull over to the side of the road!

Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
To sell or not to sell?? Birds1969 Suspension/Driveline/Brakes/Wheels/Tires 2 09-12-2013 06:49 PM
Wrangler in the garage... to keep or not to keep? REALM Wrangler-YJ, TJ & JK 4 04-05-2012 10:34 PM
To sell or not to sell QuickOne Grand Cherokee SRT8 - WK 13 02-07-2012 08:39 AM
Keep or Sell Bleeding Blue Grand Cherokee - WK 7 01-07-2012 05:32 PM
Keep it or sell it? Marlin Grand Cherokee - WK 12 03-01-2010 06:55 PM

Powered by vBadvanced CMPS v3.2.3

All times are GMT -5. The time now is 06:39 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Copyright 2012 - JeepGarage.Org
The Jeep Grand Cherokee Owners Community

JeepGarage.org is in no way associated with or endorsed by FCA US LLC. Chrysler, Dodge, Jeep, Ram, Mopar and SRT are registered trademarks of FCA US LLC.