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  #1  
Old 12-18-2010, 04:42 AM
shinlee shinlee is offline
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Default How to downsize in family vehicles in this economy

My daughter and her husband are newlyweds with a child from a previous relationship and are expecting their first child together.

Second to the mortgage payment, their next highest payments are on 4 vehicles that they own between the two of them. These vehicles were purchased before they knew one another and were married. Their family is growing so they want to downsize the number of vehicles owned and trade in the two vehicles with the highest monthly payments for safer more economical family vehicles.

The vehicles:
1) Two 2009 models: harley davidson motorcycle and sports mustang car.
2) Two older used vehicles: 2006 F150 pickup (38K miles) payoff $12K and 2005 mercedes benz valued at $11K with payoff of $9K.

They have spoken with several car dealerships about trading in the two most expensive vehicles (2009 mustang and the harley davidson motorcycle). They will be upside down on the newer models, however, they are looking for vehicles with manufacturer rebates that will help offset the negative value.

Any suggestions will be greatly appreciated
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Old 12-18-2010, 03:41 PM
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Mr Nice Guy Mr Nice Guy is offline
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Default Re: How to downsize in family vehicles in this economy

Any chance of private sale?
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Old 12-18-2010, 06:36 PM
shinlee shinlee is offline
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Default Re: How to downsize in family vehicles in this economy

Mr. Nice Guy,

Thank you for the reply. I think they will be trying that route in the spring...hard to sell a Harley Davidson Glider and Sports Mustang privately during the winter months. Even North Carolina is unseasonably cold these days.
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Old 12-19-2010, 07:26 AM
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Mr Nice Guy Mr Nice Guy is offline
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Default Re: How to downsize in family vehicles in this economy

You are welcome.From everything i have read, private sale is the most desirable course of action. I however, have not been in their situation.

4 vehicles for 2 two people is a lot! One thing you will find in common in reading in these types of forums is the avoidance of debt if at all possible, which im sure daughter and SIL now know! Aint no shame in driving a toyota camry, hell just tell em you are going green!

I post at another messageboard forum that has a lot more people on it. It is at www.savingadvice.com/forums

Your question may get more responses there
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