I want to trade in my car in i want to know how it work cause i dont want them to try and get over on me i want to trade my car in at the same dealer ship the car i paid 8000 for a mercury sable 97 and now at 4000 he told me when i trade it in the left over balance goes to the next car and i have to pay the full balance for that car and down payment he also told me they will give me like 500 dollars for my car i purchased there in it looks good works and run good it a nice looking car but i'm thinking if they going to give me that little money for my nice car it like giving it to them free and getting another car and paying no difference what do you think my friend said something wrong with that in thats not how a trade in work but the best thing to do is pay it off than sell it its very nice and good condition i know it will sale fast but i dont feel right about the trade in i think they trying to get over on me.
2006-11-04 05:21:59 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
First of all, go to www.nada.com and get the trade in value for you car. Remember it is most likely worth more to you than anyone else. Also remember that NADA is only a guide!!!! Your car may be worth more or less than it suggests! Then ( if it's used ) get the value for the car you want to buy. If you do the math you should be reasonably close the the price difference. + or - $1-2000 Also if you can afford to do it and don't mind the hassle, you are almost always better off to sell your trade-in privately. If you have any more questions, feel free to email me. A lot of dealerships are pretty crooked. I was fortunate enough to work at one of the best dealerships in Colorado.
2006-11-04 05:33:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you still owe money on the sable then it would go onto your next loan if you were to trade it in. If you own the car free and clear, try selling it to a private party. You should be able to get more than 500 for the car. They are probably going to take advantage of you on the trade in.
2006-11-04 13:29:24 · answer #2 · answered by dantheman_028 4 · 0⤊ 0⤋
OK the first thing is that you payed to much for the car you bought, they made a profit. You take the trade minus what you owe on it and there is going to be either neg equity or equity. in which you would take the price of the new car and add or subtract equity. And then there is taxes on top of that. Make then discount there car first than find out how much there going to give you for the trade.
2006-11-04 13:52:55 · answer #3 · answered by jason s 1 · 0⤊ 0⤋
Realistically your car is worth $500 to $1000 trade in. It doesn't matter what you paid, what matters is what it is worth. To a dealership, it is a wholesale car and will be ran through the auction. They probabally will not sell it on their lot and yes the difference between what you car is worth and what you owe is called negative equity and it will be added to your new car loan. This is how it works. If you wan't more money for your car, sell it yourself, you will get more money for it but realize that you will at least need to get your payoff. If you settle for less, than you will have to make up that difference yourself to get your lender to release the title to you.
2006-11-04 13:39:50 · answer #4 · answered by typhon1991 3 · 0⤊ 0⤋
no clue
2006-11-04 13:23:04 · answer #5 · answered by ilih2006 1 · 0⤊ 1⤋