I have a 2004 Jeep Wrangler with only about 10K owed. I know I can sell it for at least 14K, probably 15K because it is in perfect condition and is a special edition model (only made in 2004). I want to trade it in for a new car, but I worry that the dealership may try to low ball me (even more than they typically would) if they know I only owe 10K. When negotiating for a trade in amount, is it wise to hold off on telling the dealership the amount I owe on the vehicle until after they have made their trade in offer? Is this tactic even accepted in the industry?
2006-11-10 03:23:35 · 6 answers · asked by Marissa G 1 in Cars & Transportation ➔ Insurance & Registration
No you Don't, but it will be wise. Perfect or not, your Trade in price is going to be somewhere between blue book and what they can get the same car for @ an auction, and please for your sake dont have more than 40,000 miles on it because then it will be even less than that. Also make sure your credit is tight because since your probaly going to be finacing ( and they will see the $10,000 owed on the jeep when they pull your credit ) because unless you make a decent living most finance companies wont float your loan with that overhead on top of the car you are tring to purchase. Talk to your salesman because in this slow time for car sales you have the advantage, he/she just wants to sell you a car. and a good salesperson knows what he has to do to get you what you need to pay off and drive out and he doesn't worry about the politics. Go to look @ a car at another dealership that you really dont want to buy first as a test run, that way you wont be in the heat of the moment and you can see how the game is play.
2006-11-10 05:41:31 · answer #1 · answered by Mr Big 2 · 0⤊ 0⤋
There is no requirement to disclose that information until and unless you are going to finance the vehicle at that dealership. The amount you owe on a car has nothing to do with the value of that car.For example if you owed nothing, the car would still be worth something. To disclose the payoff makes no difference to the dealer unless you plan on financing with him. When trading a car do your homework, check Kelley Blue Book to get a fair trade in value for your car in your area. Check Edmunds.com to get the invoice price of the one you want to buy. Armed with that information you should be able to negotiate yourself a very fair deal. That way no matter what they offer you will know what to negotiate towards. Good luck.
2006-11-10 03:34:36 · answer #2 · answered by SKYDOGSLIM 6 · 0⤊ 0⤋
Sure, that's fine. Make your best deal on the new car, then ask them about trading in your Jeep. Don't tell them that you want to trade it in, just ask them what they'd give you if you decide to. After they give you a trade-in price, tell them that's not enough because you owe 10k.
2006-11-10 03:31:21 · answer #3 · answered by Papa John 6 · 0⤊ 0⤋
They don't need to know how much you owe on your vehicle at all becase you have to pay it off before you can trade it in. For all they know, you could have paid cash and own it free and clear.
You need to know bluebook so that you can decide to take or leave their trade-in price or try to dicker with them to up it.
2006-11-10 03:41:13 · answer #4 · answered by parsonsel 6 · 0⤊ 0⤋
Absolutely! Don't even mention you have a trade-in until they give you their price. They will definitely try to adjust their price, in their favor, once they find out you have a trade-in!
2006-11-10 03:26:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
only if'n you are trying to scam a couple bucks!!!
probably couldn't pull a dollar out of your wallet with a tractor!!!
2006-11-10 03:25:21 · answer #6 · answered by Anonymous · 0⤊ 2⤋