I bought a car about a year and a half ago from a dealership(not a lease). I hate making monthly payments and paying the full coverage for insurance, so I want to get rid of it the fastest way possible. I have tried to sell it (kelly blue book price) on cars.com and the newspaper for 6 months. I owe 14k left and the car is worth 18k, now will the dealership accept me just returning it and getting cash back or will they only accept a trade in? Any suggestions? Any ex-car dealers maybe can give me a hand? Thanks
2007-02-05 08:27:03 · 6 answers · asked by Bill 2 in Cars & Transportation ➔ Other - Cars & Transportation
Sell it yourself. You'll get much more for it. If it doesn't sell within a reasonable time, it's priced too high. Compare it to similar cars in the same newspaper. Stick it on a busy street corner during the day.
You could sell it for 15k and still have some left over for a down payment on a "basic transportation" car with a much lower payment, or buy a 10 year old car cash.
Book values do not take into account local variations in supply of that model car, etc. that could affect the going price.
2007-02-05 08:34:35 · answer #1 · answered by djollie111 3 · 0⤊ 0⤋
First of all how big of a loss are you willing to take? There are three values that the Kelly Blue book offers:
Retail Value, Trade in Value, Wholesale Value. Retail value is always the highest and the hardest to get. Trade in value depends on a lot of factors, but generally can be higher or lower than wholesale depending on how bad the dealer wants the car. You can usually expect to get the wholesale value, unless the car is damaged, high mileage, or a unpopular model.
You can take the car to a place like car max and they will make you an offer for a buy out, but it will be low.
Here are a couple of sites for your reference.
http://www.carmaxtt.com
http://www.kellybluebook.com
2007-02-05 16:40:56 · answer #2 · answered by yes_its_me 7 · 0⤊ 0⤋
i doubt very much if the dealership will take it back. They are out for one thing....to squeeze as much money out of every person who walks on the lot as they can. I have NEVER seen them take a car back for book value, they only are willing to pay wholesale. If you want to get out of the payments, the only way is to sell it privately. You might have to take a low offer....but any offer is just a starting point. If someone is willing to make an offer, they usually want the car. Negotiate hard!
2007-02-05 16:50:13 · answer #3 · answered by canadianmale1961 2 · 0⤊ 0⤋
The car lot wont give you what you need out of it Always remember they are in the money making buisiness.
2007-02-05 17:52:00 · answer #4 · answered by baditude2075 2 · 0⤊ 0⤋
trade dude cuz i heard car value goes down even if its only a week after you bought it
2007-02-05 17:33:52 · answer #5 · answered by huzaifah k 2 · 0⤊ 1⤋
trading in generally gets you less money. selling it gives you more, but you have to have it paid off first.
2007-02-05 18:00:08 · answer #6 · answered by pikachu 5 · 0⤊ 1⤋