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Discussion Starter #1
Hello! I currently own a 2010 kia soul (sport edition) that I bought in october 2009. I would really like to get a brand new kia sportage but im a little confused on how this process would work. (soul is first car). I went to the dealeship and he told me that we could do a simple swap simple as that! Here in louisville, ky the Souls are super popular. I think I owe around$16,000 on it still. (i have bad credit). Im just wondering are they gonna try and offer me like $7000 for the soul and tack the remaining $11,000 onto the $30,000 price tag of the sportage. That would be $41,000. No way in hell I could afford the payment of a 41 grand total. So do I have it about right or am I missing something? Thanks alot!!
 

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Cerato S Hatch Auto
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I think your calculations are about right. You are going to drop about half the new value of your existing car plus any interest that you have already paid, making the Sportage an expensive purchase. If you can't afford to drop another $20,000 over the next few years, better stay with the Soul. The Soul will be getting to the point where you know if it's a good car, and you can save on future servicing costs by shopping around (rather than continue taking it to the dealer).

Maybe you need some advice from an independent finance expert; salesmen will make it "simple", but expensive. Get a written quote which gives details of the figures involved and the interest rate applicable. Note that there is a difference between "per annum" rates and true interest rate (see below).

Your problem is that you don't have clear title to the Soul, and the dealer will have to pay out that loan and then restart another loan, and this reduces your options and can make for a confusing situation with the likelihood that the dealer is also taking a slice of the finance. With your "bad credit" you are probably paying a high interest rate and this seems to be confirmed by the large amount still owing on the Soul. Another post on the Forum suggests that interest rates of 0.9% are available on car loans. This is a true (reducing) rate of 2% over 4 years and is quite attractive.
 

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2008 SpectraSX, 2014 Optima LX,2006 Jeep Liberty, Linux Mint Mate
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Stay with your SOUL and pay the loan off. You may have bad credit from making "quick" impulse decisions that cost you... Use this car to help repair your credit. It will serve you well "if" you maintain it per your owners manual. The engine/tranny/body are proven to be very good so even 5 years and 100k miles the car will still be working hard for you!
New cars are nice but you take a "hit" in value just driving it off the lot.
Dave
p.s.
We are here to keep your SOUL running strong...read up and learn how to make it the car you want.
 

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1995 Procharged Mustang Cobra, 2021 Sportage EX w/EX tech package
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Stay with your SOUL and pay the loan off. You may have bad credit from making "quick" impulse decisions that cost you... Use this car to help repair your credit. It will serve you well "if" you maintain it per your owners manual. The engine/tranny/body are proven to be very good so even 5 years and 100k miles the car will still be working hard for you!
New cars are nice but you take a "hit" in value just driving it off the lot.
Dave
p.s.
We are here to keep your SOUL running strong...read up and learn how to make it the car you want.
Well said Dave. Keep it, MUCH cheaper!
 

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Discussion Starter #5
i will take your all's advice and keep the soul!! after all it is a fun car. to this day i still get compliments. mostly from fast food employees at the drive up window! they all rave about the red interior and all the lighting! i recently had the transmission serviced to keep my warranty in good standing. if i have any car problems i will deff come here. Thanks a lot everyone!!
 

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Cerato S Hatch Auto
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I recently had the transmission serviced to keep my warranty in good standing. if i have any car problems I will def. come here. Thanks a lot everyone!!
What engine/trans does your Soul have? Some have a sealed auto transmission that doesn't require servicing for the life of the vehicle.

Sportage is an attractive vehicle, but according to the Forum, has its share of problems. Fuel consumption isn't good. Enjoy your Soul.
 
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