I want to trade in my car but I have not paid it off yet. I have had it for almost a year and a half. I probably still owe about 9,000 on it. I want to get a car that cost about $15-$20. The car I still have is worth about $10-$12 (I guess). I will be putting a deposit down of about $2,000. What do you think?
2007-02-22 01:19:45 · 5 answers · asked by Sue Sue2 3 in Cars & Transportation ➔ Buying & Selling
you owe 9,000, borrow say 20,000, (29,000) get 10,000 for trade in, and pay down 2,000.,(29,000 - 12,000 = 17,000.00) you'll end up owing about what the car is worth and if its new you'll end up upside down about a third of that for depreciation after you drive off the lot...then add the interest your paying on the loan....do you really need that new car now?
2007-02-22 01:27:01 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Usually, your car is worth FAR less than you think. However, if you are going to put $2,000 down..that should clear up any neg you might have. Thats with a worse case scenerio of the dealer giving you $7 or $8,000.
2007-02-22 01:29:14 · answer #2 · answered by lovemy2babies 4 · 0⤊ 0⤋
if you can get the money out of it to pay it off then you will be ok then the $2000 dollars will lower your new payment and get the new car closer to bein yours but if you cant get enough to pay it off you have to roll your old payment into the new one to pay to pay it off. The bank will still want the money for your old car. you may want to sell it on your own and get your loan paid then go after your new car (check a blue book to see what your car is worth or call a bank they will do it for you
2007-02-22 01:31:53 · answer #3 · answered by bearman48064 3 · 0⤊ 0⤋
If your car is worth more than what is owed you should make out just fine.
If you owe more than your car is worth you will have negative
equity
2007-02-22 03:53:05 · answer #4 · answered by jojo 3 · 0⤊ 0⤋
you need to find out exactly how much you owe on it.
2007-02-22 01:22:16 · answer #5 · answered by Shredded Cottage Cheese 6 · 0⤊ 0⤋