What to do if I don't like my new car? Advice needed

Ask the Hackrs
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Hey everyone, I bought the 2021 GLE 53 AMG about 3 months ago and I’m having buyers remorse already because I think the car is lacking in power that I wanted. Unfortunately, I financed the car with around 8000 in downpayment through Wells Fargo instead of leasing so I don’t think I can private transfer them here so I am asking for some advice.

One option that came to my mind was to sell through Vroom or Carvana but I would be taking a loss of about 8000. Another option would be to trade the car in at my local dealerships and see what I can get for it. I am now looking at cars like BMW X5M or Porsche Cayenne GTS with V8 engines for their power. If I were to trade in my Mercedes for a BMW or Porsche, how would it work? The new car will obviously cost alot more so what happens to the difference? Also, since I financed my Mercedes and want to lease a BMW, how would the trade-in work specifically?

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Where do you drive that you lack power?

I think you should work on glute power

A V-8 is smooth but I don’t think you’re lacking power - You’re just driving a Mom Mobile - it’s a car for washed up moms

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The negative equity would be rolled into the finance or lease on the new car. Not too sure if that’s a smart move.

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Your options are essentially to light a lot of money on fire or light a lot of money on fire.

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But Canyon GTS isn’t significant more powerful (indeed quicker tho)? Don’t repeat your mistake please.

so I don’t think I can private transfer them here so I am asking for some advice.

If you make another horrible lease you are not going to transfer it without a loss either. No one is going to take a $3000/mo X5 here. You can still sell your car to whoever wants to buy it.

how would it work

Dealer buys it out, just like Carvana or Vroom. Expect less tho. You can roll the negative equity if you prefer.

so what happens to the difference?

You pay it I guess…?

Also, since I financed my Mercedes and want to lease a BMW, how would the trade-in work specifically?

Separate the 2 deals (lease, sell your GLE), you pay for the gap or receive a check with equity.

All in all, even if you have f-u money there are better ways to burn…

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If losing the $8K is a dealbreaker then you are stuck with the car. Otherwise, trade it on for the car you want - pay the difference and move on.

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Did you drive other suvs and found one you like ? Are you truly looking for more power or something more nimble and feels quick ? Many cars will feel a lot more nimble due to smaller footprint and lower height.

As for the finance aspects of things, you should keep two transactions separate to avoid leaving even more money on the table.

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Refinancing negative equity from a purchase into a short term lease with a near zero money factor is one option to make a change. Essentially trade the GLE in for something like a Bolt or a 4xe on a 24mo lease. You can either wait until you completed the lease and cleared the negative equity or just get what you want in addition.

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I bet you’d have a difficult time getting a lease approved on any of those with a $10k+ neggy-eggy tacked on.

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Thanks everyone for your advices. I just needed some convincing to just stick with my car and not make a terrible financial decision. This is exactly what I needed

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It’s amazing how community can convince a stranger making a financially wrong decision :grinning:

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This is going to bug you until the day you turn in the keys. You are not satisfied and only changing vehicles will do that. Might as well do it sooner than later.

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More or less than using $100 bills as kindling for the bonfire though?

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Fixed. Don’t pay such a big dowry next time if you don’t want to be married to it. Enjoy your GLE 53 AMG

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Why does the down payment matter on a purchase?

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It doesn’t. Negative equity is negative equity. It’s either paid up front or when you sell the car.

It’s traditionally very difficult to get out of a new car purchase unscathed financially. The higher the price paid for the car (in relation to msrp) the more difficult it becomes.

A new car depreciates immediately the moment it drives off the lot generally by about 20-25%

However in today’s market, your chance of a private sale is pretty good.

Simply list the car for sale in all the places. Autotrader, Craig’s list, even ebay - and be a little patient.

If the car has very low miles you should be able to easily sell it to a private party for just a little under new msrp.

The worst financial decision is to trade it in. That will net you the least amount of money for it.

If the car was (picking a number) 56k msrp new and you paid msrp, then list it for sale for 54k and be willing to take 53k.

YOU set what you are willing to take…. Then list higher so that a buyer can haggle and feel good about it.

Look at your local area and compare what’s for sale. You might just be sitting on the very best deal within 250 miles right now.

What if (what if) you could sell it for what you paid for it? Might could happen if dealers are asking for more than msrp right now.

You’ll eat the sales tax, no way around that.

In the end, decide what money you are actually willing to part with (to lose) on the deal and proceed from there.

The worst case isn’t so bad, you keep the car for a few more years and enjoy it.

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Where, and how, are people driving in this country where ANY AMG has insufficient power?

I had a Prius and it had more than enough pep to get around Los Angeles in comfort. And I get speeding tickets.

My average MPH on any car I’ve owned is 18 MPH.

You don’t need more than 200 horses to do that, or even 100!

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It’s a 53 amg so not like the 63 amg’s of the past, probably 420 hp/ 380ish lb ft torque.

Add the fact that it’s an suv with horrible drive dynamics and I can see it.

Too much weight, not aerodynamic with mediocre power = insufficient power.

Probably should have test driven the 53 first tho tbh.

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My recommendation would be to learn to love your car. Were these cars plug in hybrid if so charge it everynight so you can use the extra power daily.

If you have a additional garage space I would recommend a Camaro LT1 if you have lease conquest and supplier code.

Do not trade-in this car with $8000 negative equity.
Do not trade-in this car with $8000 negative equity.
Do not trade-in this car with $8000 negative equity.

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For a Honda, yep. For a 70k Mercedes not a chance. Few people with the means to buy one are going to want to do it off craigslist. Part of the luxury brand is the dealership experience. Arranging your own finances and doing PPI is a PITA. The number of potential buyers who would opt to save 1k or 2k by going this route versus going to dealership is very small. Time has value too, especially for most rich people.

You either have the need for speed or you don’t…I don’t. What in the world am I going to do with 400+hp. Burn more fuel sitting on traffic on the NJ turnpike?

Perhaps it’s a performance thing. I feel like my Accord drives much better than my much more expensive and powerful XC90. No getting around gravity.

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