I am thinking of trading in my 2003 Mitsu Outlander used for a brand new 2007 Mitsu Outlander. Still have 2 yrs of payments left? Is that a bad idea to do that?
2006-12-14 09:57:56 · 10 answers · asked by iluvwine 1 in Cars & Transportation ➔ Buying & Selling
It all depends. Try Kelley Blue Book or Edmunds.com to find out the trade in value of your vehicle. Then compare it to the amount you owe on the vehicle. If you owe more than it is worth, trading it in will be a loser.
Your vehicle is not that old. Unless there is something wrong with it or it has very high miles on it, I don't see why you would want to trade for what is basically the same vehicle and you will surely have bigger car payments to make.
2006-12-14 10:04:02 · answer #1 · answered by regerugged 7 · 0⤊ 0⤋
As long as your current vehicle is running fine it is.
If you simply MUST trade it in, buy a certified pre-owned vehicle. Buying new is for dummies!
I was the sales manager at a large Dodge dealership for 3 years in Nashville. We stayed busy. The second you drive a new car off of my lot, it loses value. If you bought a new car today for 20,000.00, and brought it back tomorrow as a trade in, it would be worth 15,000 because it is now "used". NEVER buy new. Buy a nice 2007 Used vehicle with 10,000 miles on it or so, and let some other dummy take the financial hit on the new one.
2006-12-14 10:02:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not always a bad idea, if you can work the details out with your finance company. You must arrange your financing BEFORE you commit to the new car and the arrangement must include what you have left to pay off and how much you are going to get for the old car as a trade. If things go well for you it could be a worthwhile deal.
2006-12-14 10:15:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you are upside down on the car it is. Up side down means that you owe more on the car than it is worth. If you are not upside down just make sure you don't get ripped off on the trade in allowance for your car. Go to nada.com and look up the trade in value on your vehicle. Don't sign on the line until you get the deal with the interest you want.
2006-12-14 10:01:10 · answer #4 · answered by Hawk996 6 · 0⤊ 0⤋
Probably yes, it is a bad idea. Remember that whatever you owe, no matter HOW the salesman puts it, will end up as cost on the new vehicle
2006-12-14 10:00:20 · answer #5 · answered by Jeff K 2 · 0⤊ 0⤋
If the payoff is less than what the vehicle is worth, it would be OK. But, if the payoff is more than what the vehicle is worth, you can get in for some very high payments.
2006-12-14 15:58:12 · answer #6 · answered by eferrell01 7 · 0⤊ 0⤋
Depends how many $ you still owe, and the value of the car.
If you're in the minus and you get a good trade in, maybe.
2006-12-14 10:01:06 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Whatever the diff between what you own and what it is worth will be added to the new loan they call this being upside down. Check KBB.COM or NADA.COM to see what the value is then compare it to what you own.
2006-12-14 10:01:31 · answer #8 · answered by harmony moon 3 · 0⤊ 0⤋
Bad Idea.
2006-12-14 10:06:44 · answer #9 · answered by darkdiva 6 · 0⤊ 0⤋
It can be bad rolling it over check rates interest before making any calls, sometimes it can be HORRIBLE
2006-12-14 09:59:33 · answer #10 · answered by Anonymous · 0⤊ 0⤋