i have a 2007 toyota corolla ce and im wondering if i should sell it or just trade it in for a cheaper car (you know for car note payments).... im not that big on cars so i need advice..
2007-08-02 06:52:17 · 7 answers · asked by petitememe 2 in Cars & Transportation ➔ Buying & Selling
You'll fair much better if you can sell it. Car dealerships are in it to make money so you'll not get the best deal by trade ins. Go and find a car first and haggle for the best price you can get without a trade in. Then ask what they will give you for your car. If it isn't close to blue book then you aren't getting a good deal.
What do you consider a cheaper car? Did you buy the car new? If so it is probably still under warranty and unless you buy a car where you have no payments, it's not really going to be cheaper. Check out the gas mileage -- will the car you're looking at get more or less mpg than you get with your toyota?
The best way to get cheaper is to buy a good used car from a one owner person who has all the repair records and maintenance records. Then when you sell your car, the money you get should pay off your note and also pay for the car you bought to replace it.
A lot of young people and even older people buy a new car and then decide they can't afford the payments and then get upside down on their loans by refinancing or buying a cheaper car using their car for trade-in. They still can't afford the payments and end up defaulting on the loan. So, I'd suggest you sell your car outright and then pay cash for a used car. Put the money in the bank for future repairs and/or savings so you can afford what you want later on. Don't get upside down on your loan -- it's not smart. Instead work two jobs until your car is paid off and drive it till it dies. At least you'll know what you're getting and if you can make payments every two weeks instead of once a month, you'll save megabucks in interest.
2007-08-02 07:16:53 · answer #1 · answered by Mindbender 4 · 0⤊ 0⤋
Depends on a lot of factors---do you owe money on the car? what is the retail and wholesale or trade-in value of it. You're always better off financially selling the car yourself as the retail price or prices of similiar cars to yours is probably a couple thousand more than what a dealer would give you in trade-in value---that's where they make their money. If you owe money on the car yet, is the payoff to get out of making payments less than the retail value of the car? if it is not, it's better to wait a couple of years until you've made enough payments to catch up with the depreciation of the car and make it worth selling. Selling a car on your own is time consuming and can be a little nerve-racking unless you have someone that's knowledgeable about the process as well as the legal do's and don'ts and some people are leery of buying a car from a private individual unless you can document how well the car has been kept as far as maintenance and any other repair issues....being an 07 it should still be under warranty which helps any prospective buyer feel it should not be a problem having repairs done on it for awhile. Check out kbb.com for retail and trade-in value for your car, find out what the payoff on your auto loan is, if any and take it from there.
2007-08-02 07:15:06 · answer #2 · answered by paul h 7 · 1⤊ 0⤋
On a 2007 you will most likely be in a negative equity position. If you trade it in you will only pay tax on the diffrence in trade, so if you choose to sell it yourself you will need to get enough out of it to cover the taxews you will pay on the new car.
There is no right answer here. It is really a question of how much trouble and time you want to put yourself through. Your best option may simply be to live with the car and pay down the loan for another year before you try to get rid of it.
2007-08-02 07:10:24 · answer #3 · answered by Bill in Kansas 6 · 1⤊ 0⤋
Seling your car is a way better deal. Advertise it on Automotative magazines for at least couple of weeks. There is a $20 fee, but it's worth it. You will get more money than trading it to the car dealer. Dealers will bargain your car like an old one (approx. 2,000 less than the current value). This is hoe the car dealers make money... So i suggest to sell, don't trade it.
2007-08-02 07:20:50 · answer #4 · answered by lady 2 · 0⤊ 0⤋
i'm in the same boat as you. if you have a loan, you should see what the buy out value is for it. then see how much a dealer would give you towards a newer car, plus they have to pay off the loan. if it seems like you're getting ripped off, sell it to pay off the loan.
ALSO.. if you just want cheaper payments, try refinancing the car loan first.
2007-08-02 07:23:51 · answer #5 · answered by cate008 2 · 0⤊ 0⤋
You probably owe more on it than it is worth.
Check with your finance company to find out what you owe on it.
Then got to www.kbb.com, the Kelly Blue Book website and find out what it is worth.
All that said, you will get more for it if you sell it your self.
If you trade it in the dealer will pay you wholesale value, then sell it for retail value. You should be able to sell it for nearly retail value.
2007-08-02 07:03:21 · answer #6 · answered by Anonymous · 1⤊ 0⤋
i think you should sell the car
2007-08-02 07:30:16 · answer #7 · answered by rockm289 1 · 0⤊ 0⤋