Should I trade ASAP or make payments to get more equity in it and then trade it? Or should I try to sell it myself and start over again with the profits? I know the longer I wait the less it will be worth.
2007-09-05 06:47:43 · 9 answers · asked by cashmaker81 6 in Cars & Transportation ➔ Buying & Selling
The negative equity is $2000 at this point and I could sell it and make $1000-$1500 profit above what I financed.
2007-09-05 07:01:40 · update #1
Only good way is to find someone to take over payments and give you back your down payment less a little depreciation. As soon as you drive off the lot with a car, it can no longer be titled as new, so most dealers won't swap you for another car. All vehicles lose about 20-25 percent value in the first year and 30-40 percent in the first 3 so it's best to at least drive it for 2 or 3 years to catch up with payments on the value and be in warranty.
Live and learn.
2007-09-05 07:32:19 · answer #1 · answered by paul h 7 · 0⤊ 1⤋
Change your mind again and keep the car. You didn't say how long you've had the car but you WILL lose money if you try to sell the car now. You lost a few thousand dollars in the first hour since you drove it off the lot.
There is NO PROFIT in selling a used car period.
The only way you'll see equity in any car is if you keep it in perfect condition, keep the miles low and keep it for about 5 years.
2007-09-05 14:02:27 · answer #2 · answered by mccoyblues 7 · 0⤊ 1⤋
What profits? You will be lucky to get what you paid for it unless you have a way to transfer the warranties and guarantties over to the other person. Besides, why should they pay full price when they can do that at the lot(and get a new vehicle) - as yours is now a used vehicle? Even if you took it back to the same car lot, they won't give you full price for it anymore.
2007-09-05 13:58:13 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Cars don't gain in equity, they decrease in value over time. Making payments would help though in bringing down what you owe. However, if you can get more than you owe on it now, you should go ahead and try to sell it before it gets too many miles on it and/or too much wear and tear.
2007-09-05 13:57:47 · answer #4 · answered by Goddess 5 · 0⤊ 1⤋
I work at a car dealership and we often have people come back in with in a day or two and say that they just dont want the vehicle or there is something about it that they hate... if you take it back to the dealership you purchased it from they are more than likely to work with you because of course they want your buisness thats how we do buisness anyway... whorth a try good luck
2007-09-05 13:57:46 · answer #5 · answered by doodlehead 2 · 0⤊ 1⤋
It's already lost thousands in equity the moment you took off the lot. your stuck with it unless you can sell it to someone who is willing to pay for the full price.
2007-09-05 13:55:04 · answer #6 · answered by falisrm 4 · 2⤊ 1⤋
What "profits"??
You're in a lose/lose situation i'm sorry to say.
2007-09-05 13:56:15 · answer #7 · answered by Anonymous · 2⤊ 1⤋
just trade it in.
2007-09-05 15:27:04 · answer #8 · answered by donielle 7 · 0⤊ 1⤋
BUYERS REMORSE!!!!!
2007-09-05 13:57:02 · answer #9 · answered by Anonymous · 1⤊ 0⤋