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Discussion Starter #1
I'm a mad man!... but I bought a 2007 Honda Fit with only 68K miles on it and it looks, runs and drives like new.
I was thinking about it and I want to sell my Soul - even though it's a fantastic car - not having car payments would be nice.
I'm saving my money for my new Stinger in a year or so...

Am I nuts? Comments are welcome! :)
 

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Not having a car payment is a good thing, but it’s generally something to consider before buying new which you already did?
If you sell the Soul how much money are you going to lose vs what you paid out for it, ie what has it cost you to have it for the time you have?
That said, it can be a good idea to walk away from a car you don’t own if it means no payments.

Just be sure to not have payments on the Stinger, and maybe buy a used one.
 

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I'm a mad man!... but I bought a 2007 Honda Fit with only 68K miles on it and it looks, runs and drives like new.
I was thinking about it and I want to sell my Soul - even though it's a fantastic car - not having car payments would be nice.
I'm saving my money for my new Stinger in a year or so...

Am I nuts? Comments are welcome! :)
Yup, you're nuts, at least financially speaking. You're going to take a bath on a car that's less than/about a year old, in order to save some money to buy a more expensive car (presumably with payments, since you have payments now) next year. I wouldn't call you a "mad man" unless you're using "mad" in the British sense...

I'll bet you're rethinking that "comments are welcome" comment now :ROFLMAO:
 

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Kia Soul 2015 2.0 litre EX GDI Alien Green II Pearl
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jdmartin more or less nailed it.

@Snatchell: Used car enthusiasts like me love guys like you.

Unsolicited advice from an economist: Beware the siren song of the sunk cost fallacy.

Frankly going forward, what you paid for your brand new Soul should not matter in your decisions. You will never make it back. That happened the moment you drove off the dealership parking lot.

Given your evolving preferences, selling the Soul and losing the payments strikes me as a rather good idea. Perhaps that will help you build up a small pile of cash so as LoneStarSoul wisely suggests, you can pay cash for your Stinger.

If you buy this Stinger from a dealership (new or used), make sure you negotiate the listed price down. Be nice and polite but be prepared to walk. Take advantage of the current messy economy.
 
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I'm curious if there is enough equity in the Soul vs what is owed on it. If there isn't enough then to walk away you'd need to sell it and add cash which changes the situation somewhat.
If that is the case then I'd rather continue to drive it until a time when the sale price can cover the outstanding finance.
And of course I wouldn't have bought the replacement vehicle (Fit) until I needed to.

Of course this depends on what percentage of it was financed and that is none of our business.
 

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Discussion Starter #6
I have 17K miles on it right now... I may take a hit on it, but that's OK. I'd like to see if someone would assume the lease right at $300/month.

That being said I wont mind keeping the Soul for a while - driving it around town, but on long trips I'll be taking my Fit.
The Fit is a hoot to drive. The Soul is way more opulent and feels planted where as the Fit is playful and fun like a puppy. :)
I also like that the Fit has a 5 speed auto - no CVT and it revs up nicely and the auto is silky smooth. It has low miles and whoever had the little car before me had it serviced at Honda. The car feels nice and tight and light and tossable.

I have a Sony Apple CarPlay head unit that I'm going to install in it. BestBuy was booked up until mid-February! I'll do it myself...

Oh well - Hopefully someone out there will want it, but keeping it doesn't bother me either.
 

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I'm a mad man!... but I bought a 2007 Honda Fit with only 68K miles on it and it looks, runs and drives like new.
I was thinking about it and I want to sell my Soul - even though it's a fantastic car - not having car payments would be nice.
I'm saving my money for my new Stinger in a year or so...

Am I nuts? Comments are welcome! :)
Yes, you ARE nuts Snatchell. But I digress ;)

As far as the car stuff goes, as long as you've crunched the numbers & have a viable path forward to buying that new Stinger in a year or so, go for it.

There's more than one way to skin a cat, some better, some different. Your way is to have a little fun along the drive with that Honda Fit. Once you get that Stinger, you'll barely remember the Soul or Fit.

All the best & post some pics of the Fit if you're up to it.
 
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Kia doesn't allow lease transfers, so unless you give it to a family member and hope they don't damage it, you're sol. Try selling it to a car company like Carvana or Vroom. They pay more than a dealer and the process is very smooth. Still going to take a giant bath.
 

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It's always a good idea to buy used cars - like 5-10 year old. Depreciation hits harder in the first years, and new car buyers pay for that.

On the other hand, buying an used 2007 Honda Fit is a very bad idea. Good luck with that!
 

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It's always a good idea to buy used cars - like 5-10 year old. Depreciation hits harder in the first years, and new car buyers pay for that.

On the other hand, buying an used 2007 Honda Fit is a very bad idea. Good luck with that!
Used car purchases tend to reward those who are pro-active on maintenance. The lower cost of purchase is somewhat offset by more time and effort devoted to maintenance. In other words, if pro-active maintenance is not your thing, then buying new might be a good option.

2007 was the first year for the Honda Fit, no? Sometimes buying the first year of a new model can be a little risky. Sometimes, it can take auto manufacturers half a decade to resolve some problems.

I know that Consumer Reports has little credibility here but I looked out of curiosity all the same. (Keep in mind that CR ratings are member survey produced.)

Reliability 4/5; Consumer satisfaction 3/5. Reliability history is good but it got better as of 2009.
 
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2020 KIA Soul LX, 2.0 IVT, Bright Silver
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Hey, please yourself. If you are under no financial duress I would keep the Soul and enjoy the easy ingress, egress, and excellent sight lines for safe driving. Around town the IVT is a real joy. It is nice to have a new car. My Soul is quite spunky and fun to drive. I plan to drive mine into the ground but that may be the rest of my life. Less than 7,000 miles since new in Feb. 2020. Missed out on all the Plandemic Promotions like 0% interest, delayed payments, etc. The Kia Soul has a bit more road presence than a Honda Fit. I drive amongst a preponderence of pickups and large SUVs and they generally respect my place on the road. Honda Fit probably not so much...
 

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I'm a mad man!... but I bought a 2007 Honda Fit with only 68K miles on it and it looks, runs and drives like new.
I was thinking about it and I want to sell my Soul - even though it's a fantastic car - not having car payments would be nice.
I'm saving my money for my new Stinger in a year or so...

Am I nuts? Comments are welcome! :)
I drive the wheels of cars and then put them back on and keep driving! 2013 soul bought used in 2014 with 13,000 mi got it for bluebook certified. 1990 Toyota excab P/U 260,000+ miles still rolling the last and only vehicle I will buy new!
 

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why did you leesne a soul?? plus , your payments are high, thats why you want to sell it,, your stuck in a leesne have to talk to the dealer, to see what kind of money you will pay to get out of leesne??if you would have bought it would have been easy to sell, if payed 19000. most places would buy it for around 13,000 LOSS AROUND 5,000. THATS A FACT.
 

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It looks like you are upside down on your lease. So, flip the Fit and turn in your Soul for a lease on the Stinger next year. I have never done a lease but I am guessing they will nail your hide to the wall if you try to break it early, and if you turn it in with over mileage it will probably cost you between fifteen and twenty five cents a mile. I am guessing that it will cost you several grand to unload it.
 

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I'm a mad man!... but I bought a 2007 Honda Fit with only 68K miles on it and it looks, runs and drives like new.
I was thinking about it and I want to sell my Soul - even though it's a fantastic car - not having car payments would be nice.
I'm saving my money for my new Stinger in a year or so...

Am I nuts? Comments are welcome! :)

Simply...yes.
 

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Kia Soul 2015 2.0 litre EX GDI Alien Green II Pearl
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Am thinking that some of you bought a Soul so you could do endless plays on words. :cool:
 

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Only problem I'd have with buying a used Stinger is the thought of the previous owner beating the hell out of it, as that's generally not a car that's meant to be driven "gently".
 
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