To upgrade....is it worth the numbers? - 2014+ Jeep Cherokee Forums
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post #1 of 10 (permalink) Old 05-12-2017, 05:36 AM Thread Starter
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To upgrade....is it worth the numbers?

Hello
Looking for some feedback and want run some numbers by you .

18months ago I bought a 14 Cherokee North with 4000 Kim's on it (first owner demo model) got it for $22,000 before tax and Interest
Financed it so the payments are $186 NI weekly over 7 years.
There's now 79,000 Kim's as I had been doing a tonne of driving for work.

The dealership called and invited me to an rsvp event with discounts and incentives etc. My uncle is the service manager there so I get a family discount too.

Basically they would buy out what's owing on my current vehicle and give me a 2017 Cherokee North for 220 Bi weekly over 8 years.

I have yet to go in and look at the actual numbers but what's your initial thoughts ?




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post #2 of 10 (permalink) Old 05-12-2017, 06:45 AM
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I see you're in Canada. I just bought a new TH and was able to get 1.7% below invoice (not including any FCA cash incentives) using a free report from CarCostCanada as leverage. Very helpful knowing what that price was! Here are some tips that may help:

1. Run your numbers through this car loan calculator so you know what your payments will be. It was spot on when the Finance manager gave me my actual bi-weekly rate. What you're paying now seems really high for a $22,000 purchase price with 13% taxes @84 mths. Did you have a prior loan or really high interest rate? If the latter, then taking on a new loan at a much lower rate may make a new car worthwhile.
http://www.scotiabank.com/ca/en/0,,1...onthly-payment

2. Get a free report on the build you want via CarCostCanada

3. Watch out for hidden fees. One dealership I was initially dealing with wanted $1200 above invoice AND a $800 documentation fee. I walked out! The dealership who I bought from only adds tax.

4. FCA is already offering $1500 in factory incentives and 1.49% @96 months (8yrs), 0.99% @84, and 0% @72. ---> go less than 96 mths if you can swing it.

5. Know exactly how the numbers they're giving you add up. Actual price of car + existing loan balance - trade-in - incentives.

6. Find out what the existing loan balance is and market value of your car. You may be better off selling privately.

... at the end of the day. Buy informed.

Last edited by JonnyVee; 05-12-2017 at 06:50 AM.
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post #3 of 10 (permalink) Old 05-12-2017, 09:41 AM
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I'd ususally say stick with what you know you have in the current vehicle, but you do have some high mileage on it. Essentially you would be getting a brand new vehicle with zero miles for an additional year of payments. It may be worth it...

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post #4 of 10 (permalink) Old 05-12-2017, 01:20 PM
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If you really want the Jeep, then the numbers don't matter.

2016 Cherokee Trailhawk: Mango Tango Pearl Coat over Black.
OPTIONS: Every Available Factory Option/Package Except Remote CD Player.
MODS: Whispbars; Mopar Cargo Cover; Mopar Cargo Mat; Mopar/KICKER 9 Speaker Upgrade; KICKER Sub and Amp; Ziebart Undercoating; aFe CAI.
FUTURE MODS: Remote CD Player; Mopar Rock Rails; Rear Fog Lights.
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post #5 of 10 (permalink) Old 05-13-2017, 03:29 AM
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if you need to take 8 years to pay off a car then you should not get it, you well end up paying way to much for it, you well owe more on it in a couple years then what the car is worth , no dealer well make a deal with you that does not work out better for them then you.
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post #6 of 10 (permalink) Old 05-14-2017, 03:08 PM
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Agreed - eight years is a looong time to pay off a car. Despite what options you can get, the main ones that will really make a difference (and this should seem obvious) is the engine, the transmission, and the suspension.

If you make enough to afford the more expensive option then you should be able to pay it off in 1-2 years, otherwise you might be stretching thin.

The weight of the debt will likely overcome the excitement of the car at some point well before the end of the 8 years.

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Vehicle of my dreams? Hmm ... always stay skeptical, but enjoy what you've got while you've got it.
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post #7 of 10 (permalink) Old 05-14-2017, 03:23 PM Thread Starter
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Yeah I decided not to go ahead! Looking at the numbers was essentially doubling my debt ! Just going to keep what I have and hopefully keep it running till 350-400kms


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post #8 of 10 (permalink) Old 05-14-2017, 04:31 PM
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what is the private sale value?

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post #9 of 10 (permalink) Old 05-14-2017, 05:40 PM
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maybe you shop around you can find a better dear thats what I did because the first dealership would not work with me on lower price
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post #10 of 10 (permalink) Old 05-15-2017, 06:34 AM
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Originally Posted by Alomaofigaroll View Post
Yeah I decided not to go ahead! Looking at the numbers was essentially doubling my debt ! Just going to keep what I have and hopefully keep it running till 350-400kms


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I just checked Autotrader.ca and the '14 North is selling privately for about $18,000. You're not too far off from your original $22,000 purchase price and 18 months of bi-weekly @186 would be $6,700 in payments. However, I don't know why your current bi-weekly is so high. Should be $150 with a 3% interest rate. To get $186, you need to use an interest rate of close to 9%.

If you do have a high interest rate because you bought used, you're paying close to $10,000 in interest over 84 mths and buying new may make sense. If this is your situation, I suggest you work the numbers again and shop around. You can get down to 0% or 0.99% with a new purchase and eliminate the interest you're paying.

But if your bi-weekly is high because you rolled a previous car loan into it ... you're SOL.
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