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2010 Chevrolet Impala LS

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Q: Buy a new car-yes or no?Or wait?
I am looking to trade in my 2006 chevrolet Impala LS (excellent condition-above blue book) with no money out of pocket down, for a new Impala LS. I financed it and owe $15,000.00 on it and dealers are offering me abpout $9,000.00 trade in value for it. Yes i am upside down on the financing for it and my previous trade in. I am being offered GM rebates of about $3500.00 . My main concern right now is monthly payment. MY payment, right now, is $420.00 month.If i trade in for a new one it will increase to about $480.00 month. My most recent and best offer is for a new 2009 Impala LS at $395.00 month (7.7% interest rate) or $450.00 month (2.9 interest rate). I have till the end of August 2009 when my factory warranty expires and rebates expire next week.Would you take the $395.00 month payment? Yes or no? Or wait till the new 2010 model year starts and then buy a new 2009 Impala at a discount-maybe with rebates. There were a few minor warranty issues with factory rust and a cracked battery-the warranty covered this however, it expires in August this year. Any input or advice? Thanks

A: Keep your 2006 right now. You have too much negative equity and are just digging yourself a bigger hole if you trade it in.

There is no sense in adding on additional negative equity when you drive your new car off the lot to save $25 a month. You will end up $10K in the hole when you factor in the negative equity you have in yoru current car.

Besides, on the 2009 models, the deals are not going to expire next week. They can only get better for you.
Chevy will have 2009 Impala’s on their lot at the end of the year and will be begging you to take them. Heck, they may even offer 0% financing again.

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