I'm thinking about trading my car in for a truck. But I still owe $18,000+ on it. I've had this car for one and a half years and it started out at $24,000. I've never traded in any of my past vehicles before, so I don't know anything about trading in vehicles. What all steps need to be taken when going through this process?
Trading in my car
- Thread starter savage
- Start date
dont sell it to a dealer, they will not give you nearly of what its worth or close to what you owe. your best bet is it to put it on autotrader or something with the caviat that it is not yet paid off and the buyer will have to secure his own loan and work with the bank you financed it with to get the deal done. Pain in the ass but its the better way, plus you may be able to flip a profit if you paid off the car close to the amount that you owe.
If you trade it to the dealer, they will just take the extra money that you owe for the car and put that onto your new payments. That is of course if your new car is worth more than the car you're trading in.
If you trade it to the dealer, they will just take the extra money that you owe for the car and put that onto your new payments. That is of course if your new car is worth more than the car you're trading in.
if you got bread like that & dont give a fuck about the money you are gonna lose on it, trading it in is the easy route.
best bet always is to sell the car for the highest value, which takes a little more work, & then take that bread towards your down payment, or even pocket it & put just a rack or 2 down on the lot. Since you are gonna have payments regardless.
best bet always is to sell the car for the highest value, which takes a little more work, & then take that bread towards your down payment, or even pocket it & put just a rack or 2 down on the lot. Since you are gonna have payments regardless.
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if u got the loan from them as well i dont think it wouldnt be a problem, or would it guys?
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S.SAVAGE and S.SAVAGE
Here is what I have done in the past with great success.
Figure out what your car is reasonably worth. Even list it on Craigslist if it's not a common car to set the market value.
So for instance lets say you determine that you could get 19k for your car that you owe 18k on.
Then I would go into the dealership and negotiate on the car you want, but keep in mind how much you could sell your car for (19k so you would pocket 1K)
So get a salesman thinking he has got you ready to sign on a new car for $XXX a month with 2k down, and then last minute tell him he has to take your car as a trade in at 20k and put the 2k difference towards the down payment.
Has worked well for me a couple times.
Figure out what your car is reasonably worth. Even list it on Craigslist if it's not a common car to set the market value.
So for instance lets say you determine that you could get 19k for your car that you owe 18k on.
Then I would go into the dealership and negotiate on the car you want, but keep in mind how much you could sell your car for (19k so you would pocket 1K)
So get a salesman thinking he has got you ready to sign on a new car for $XXX a month with 2k down, and then last minute tell him he has to take your car as a trade in at 20k and put the 2k difference towards the down payment.
Has worked well for me a couple times.
Props:
S.SAVAGE and S.SAVAGE
My car is worth half as much as it was when I got it. The miles got ran up on it, and it's two years older now. I ain't looking to get any money back from this. I just want to get rid of it and get something better. I don't care if I'll still be making payments on it for the next five years. So be it. I have a good steady job that has been doing well for me in that department. I seen a truck in their lot that is about 24 g'z, and my car is worth about 10 g'z, and I still owe around 18 g'z on it.
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