2006-08-09 04:52:44 · 10 answers · asked by Patrick D 1 in Cars & Transportation ➔ Buying & Selling
GREAT! You have $5500 equity! Go for it!
2006-08-09 04:56:55 · answer #1 · answered by Vicky 7 · 1⤊ 0⤋
Hahahah freedom that is funny! We all wish we could buy a car in cash but the fact is that even people who can.....often dont.
As for the original question you need to remember that......
A)The dealer should give you full KBB trade in, no less.
B)It can take months to sell your car without trading it
C)If you trade....you only pay tax on the difference.
ie:If you trade your car and they give you $10,000 and your new car is $20,000 you only pay tax on the $10,000 difference. Plus you can put the $1000 equity down on the new one.
2006-08-09 12:53:45 · answer #2 · answered by Gregg H 3 · 0⤊ 0⤋
If you trade in your car...the dealer will only pay you Wholesale price for it. What you should Do is sell your car for $14,500, pay off that STUPID CAR LOAN...and go buy a nice car for $5,000!!! Then take that STUPID PAYMENT you were making and put it in savings every month...and then when your $5,000 car is worn out you will have CASH to go buy another car! Payments on a car are just flat out STUPID!!! If you cant pay cash for it...YOU CANT AFFORD IT! Debt Free is the way to go....The Borrower is Slave to the Lender...Do you want to be a slave???
2006-08-09 12:12:22 · answer #3 · answered by FreedomLover 5 · 0⤊ 0⤋
Yes. You have $5500 in equity, but the trade in value will be less than the sale value, so keep that in mind.
2006-08-09 11:56:04 · answer #4 · answered by Catspaw 6 · 0⤊ 0⤋
of course you can trade it in. but you will probably be better off if you just sell it out right. dealerships will want to give you as little as possible so they can increase their profit margin. good luck!
2006-08-09 12:01:26 · answer #5 · answered by luvbuggies 6 · 0⤊ 0⤋
i would not trade it in unless you want it gone fast and dont care about not getting its worth. sell it on autotrader.com. and use the $5k on a down payment.
2006-08-09 12:07:50 · answer #6 · answered by hourang 2 · 0⤊ 0⤋
sell it out right you'll get more money. the dealers will rip you off. then go in with cash down you;ll get a better deal
2006-08-09 11:56:01 · answer #7 · answered by mike L 4 · 0⤊ 0⤋
Yes.
2006-08-09 12:43:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes you will get posative equity for a down payment on a new one
2006-08-09 11:56:48 · answer #9 · answered by Eric D 3 · 0⤊ 0⤋
I'll give you a jar of marbles for it
2006-08-09 11:58:45 · answer #10 · answered by Dremont 3 · 0⤊ 0⤋