My husband and I just purchased a used car a few days ago but this weekend we saw another vehicle that we like better at another dealership thats a newer model and with less miles. So we wanted to know if we are even allowed to trade in a car this soon or are you required to wait a certain period of time. Like a year or two.
Thanks
2007-04-09 04:23:10 · 6 answers · asked by caramel 1 in Cars & Transportation ➔ Buying & Selling
Even if you are financing, can you still trade in at any time?
2007-04-09 04:32:16 · update #1
Won't the car still be worth even less if i keep it for the next 2-4 years which is the usual time frame to trade?
2007-04-09 06:46:03 · update #2
You can trade in a car the day you buy it. Have you already paid to register the vehicle? You're going to have to do that before you trade it in. Also, be aware that you're going to get about $1000-$3000 less in trade in than what you just gave for it.
2007-04-09 04:27:56 · answer #1 · answered by Gemma 5 · 1⤊ 0⤋
You are going to lose a lot of money, 10 to 20% worth, but if you really have money to burn, you can do it. Nothing stopping you except financial reasons.
Basically, dealer's sell price vs. trade-in price, even for the same car, is about 10 to 20% difference. If you buy a used car today for 10000, then go back the next day and try to trade it in, they'll likely only pay you 8000 or less. Thus, you lost 2000 right there. Specific values will vary, but general principles are the same.
Financing is not a problem. If there's a penalty for early payoff, then it's just more money down the drain. Could be a month or two of payment. Read the fine print.
So blame yourself for rushing into buying the first vehicle, but keep it, as it'll cost you a lot to get that other vehicle now, for that momentary lapse of judgment.
2007-04-09 05:32:17 · answer #2 · answered by Kasey C 7 · 0⤊ 0⤋
Yes, If you have the title, you can sell the car. That means title in hand.
I'm assuming the car is already registered, and the transferred title is going to be put in your name(s). Technically you have to wait til you get your title in the mail, before you can sell your car.
If you financed your car, the burden then falls on the dealership and the bank to release your title.
With all that said, you are going to take a bath on your first purchase, because there is no way you are going to get near what you paid for it.
I'm a used car dealer from Pennsylvania.
2007-04-09 04:34:51 · answer #3 · answered by jefx1965 3 · 1⤊ 0⤋
There is not a law saying that you can't, but it will get expensive. The ink on the paperwork is barely dry, and you want to trade. You have just paid retail price, and now you want to trade it in at the trade in value. So you are going to lose on this deal.
If it means that much to you, then go ahead and trade. Just know that it will be like throwing money away. Good luck to you
2007-04-09 04:29:54 · answer #4 · answered by Fordman 7 · 1⤊ 0⤋
no time limit when trading a car...the bad side is you will most likely LOSE money because the recently bought car wont bring as much in trade as you paid for it
2007-04-09 04:28:05 · answer #5 · answered by Robert P 6 · 1⤊ 0⤋
yes you may lose money
2007-04-09 04:28:39 · answer #6 · answered by Grand pa 7 · 1⤊ 0⤋