Need Advice on Buying a Used Car with a Used Trade In?

Question

Here is the situation:

I have a 1998 Ford Taurus-AIr and Heat broke-No warranty left on it-dearlship wants 1,500 to fix it-I owe $3,000 left because I bought used over a year ago.

I live in 100 degree weather during summer so I need the A/C.

I am buying a brand new car in January 2008 from a settlement coming this lat fall.

What I want to do is trade one mor time my taurus for another used car to get me to the end of the year. Can I trade in the taurus with a $2,500 remaining balance for another used car around $5,000 so I have heat and A/C thru the remainder of the year.

What do I need to know to make this happened about trade in's and dearlships?

I know I will be upside down on the loan and it be placed on the other car. How much cash should I offer at trade in? And will they even take it with the ac/heat broken knowing its a crappy car?

Any tricks of the trade or info in what I can do in this situation will be most helpful.

Answer 1

i own a shop and right no if you try to trade this they wont accept it because of the age of it,they would require you to pay it off before you trade it in,and they wouldn't give you hardly anything at all on it,so for now i know its a lot of money but your best and cheapest way is to have this one fixed and drive it,its along time until the end of the year,good luck i hope this helps.

Answer 2

If you know you would be upside down, why would you even consider it. You'll never get a fair trade in value, you are much better off selling privately. Do you really want to spend 3,000 to remain cool during the summer? It's not that big of a deal, you can wait till fall, can't you?They will take the car, no doubt, but then you will be upside down on a loan, and will never be able to sell for value, I don't understand why you think it is okay to be upside down on a loan, it doesn't look good on a credit report, and it clearly shows you are taking on more than you can afford. Face the facts, you need to pay off your loan, and sweat a little, then you can go get the car of your dreams with the settlement, me, I'd probably put that money towards an investment, such as a house.

Answer 3

"the vehicle began using plenty much less easily" This word issues me greater than the brakes. Find out why it is not strolling proper earlier than making an investment in brakes. If you retailer the brake activity and get it performed inexpensively (I simply bought new rotors on my Grand Cherokee for 100 fifty dollars, all in), however then become aware of some thing worse, you'll have wasted your cash. Your vehicle has one hundred,000 mile spark plugs, so the strolling challenge could also be minor. In that case, if brakes are all you want (on best of a track up), then maintain the vehicle. But uncover out for definite earlier than you spend any cash. Also, investigate for different scheduled renovation. A lot of vehicles want a timing belt at 100K, and that is high priced (four hundred-500 is traditional, more commonly exertions). It could also be time to reduce your losses. Good good fortune!

Answer 4

broken down car, needs repairs, they will give you like $500 for the car. Since you still owe $3000, you will roll $2500 PLUS MORE INTEREST over to the new loan. Since you are shopping for a basic $5000 car...they would want at least $1000 down or so, depending on credit.

but here is the catch that will stop you......sure the bank will loan you money for the $5000 car, for that is what it is worth. but now to bring over $2500 more and make it a $7500 car. bank can't get their money back if you don't pay cause the car is only worth $5000. so instead of $1000 down, they will require you to pay off the other loan or at least $2000 of it so you are only rolling over $1000. Plus the down payment.

fix the car, its the cheaper route specially if you are getting new in less than a year. suck it up and deal with this car for a few more months. plus once its fixed, you will get a better price for it when you trade it on the new one. plus it gives you all these months of making payments on it which brings down what you owe on it. get $500 now for the car when broke, spend $1000 to fix it, in a year you will get $1500 for the car, so its not money wasted.

shop around, other mechanics I am sure can fix the AC for cheaper than the dealership. or even look for re-manufactured parts or even find the parts in a junk yard and have them installed. it only has to work for a year....no use in putting brand new parts in it just to give it away soon.

Answer 5

You did not mention how many miles the taurus has on it. But the fact of the matter is that you are to far upside down to trade that car. The amount they would require you to put down would be the amount that you could buy another used car to last you until you buy your new car in Jan.

Answer 6

Dodge man is right, you will just flip urself upside down if you tries to do that. Best to just fix it and drive it.
Because of the old age and money you still owes, they probably will not worth anything. I mean, the money you owe toward the car is more than the Car's value, why would they want it?

Answer 7

You should be fine. Check the kbb value of your Taurus with the aforementioned issues, and make sure the dealer gives you close to the value of your car. They may only offer you $500-1000, and of course add the remaining balance to the new car. Best of luck!

Answer 8

Don't do anything until your money comes though or you will be taken advantage of.

Answer 9

i m not so good with cars , :