When trading in a car, can you get cash for your trade in, instead of putting it all towards the new car?

Question

I'd like to trade in my car (it's paid for) and get cash back for it and use that cash to pay off my high-interest credit cards. Can you do that? Or does your trade in value have to be put towards the purchase of the new car? I can get a car loan with much lower interest rate and the car payment would be a lot cheaper than my credit card payments together. Think this is a good idea?

Answer 1

YES you can get the cash if you want as long as you qualify for the loan. All the dealership needs to do is list you as the lien holder (payoff) and they will cut you a check for the appraised value. In addition, if your state is a tax credit state, you will receive tax savings. It is possible. Laterz

Answer 2

Trade In Car For Cash

Answer 3

Sell your car for cash to an individual or a dealer. It's faster to sell to a used car dealer, but you'll get less. Always check with two or three to get the best price. Check out the value of your car on kelleybluebook.com and be honest when you enter the info. The wholesale price is what you should expect to come close to, at least within 10% one way or the other. Use a little for a down payment on a new car with a low or no interest loan. You can do what you want with the rest and you can ALWAYS, hear me, ALWAYS get a better deal on a car without a trade-in. If you haven't traded cars much, get some help here or from an online tutor. good luck and happy shopping. peace

Answer 4

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Answer 5

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Answer 6

If you're looking for cash, you're better off just selling your car outright. Place an ad in the paper, Auto Trader, Ebay, etc

You'll get more money for your used car that way because dealers will typically low ball your trade in value.

Keep in mind though, that the dealer will probably require a down payment, so when you sell your used car, the money you get back should first go toward down payment of new car (find out what the minimum required down payment is) then take whatever's left and pay down the credit cards.

Answer 7

It depends on where you go. I'm in that situation now. Most dealerships will only allow you to put it towards the new vehicle. Also, they may not give you a written offer, so the next time you go back, the value may be lower. Some places will give you cash but give more if you put it towards another vehicle with them.
Carmax will give you a written offer good for 7 days or 300 miles and they give you CASH!
I have an 01 Civic in good condition with 77,500 miles and they offered me 5,000 two days ago. ITs not a lot, but I'm looking to do what you are doing and finance through my credit union on another car.

It sounds like a great idea, especially if the interest rate would be lower on the new car than on the credit cards.

Answer 8

Sometimes when you buy a car you can borrow more than the principal amount and get cash back that way. Just me careful not to become upside down. That is what we did on our last trade. Now we owe $17,000 on a $13,000 car, but we did get the cash we needed.

Answer 9

just to let you know any dealiership that sells new or used cars will claim to give a good price.but they all rip you off some way.i would sell the car in a newspapper then take the cash money and put on your bills or a down payment on another car.but don't trade it in.

Answer 10

nope, sorry. Trading in is a rip off. lets say you want a car that is 10K and they say they'll give you 5K for your car right? but you feel your car is worth 6K they'll say alright, but now that car you wanted is 11K, you follow? if you want the most from your car, sell private party. car dealerships are in the business to make money, so with that said, do you think anyone ever really makes out better then the dealer? Dealer always comes out on top.

Answer 11

They can't actually give you cash for your trade-in, because then it isn't a trade-in, but they can buy the car from you. The difference is, it is 2 transactions instead of one.