2007-09-06 11:44:20 · 5 answers · asked by gsparks61 1 in Cars & Transportation ➔ Buying & Selling
Before you make your decision, go to the vehicle Blue Book and see what you could sell it for. You won't be able to get that price on a trade-in, so selling it yourself is the better option. Then check and see what your payoff would be with penalties for early payoff. If you can get more than you owe, then OK. If you can't, you'll lose money. The question is: How much can you afford to lose?
2007-09-06 11:51:47 · answer #1 · answered by Anonymous · 1⤊ 0⤋
95% of people are upside down if they trade a car in. It depends on how much money you put down when you bought the car and what your interest rate is. Go to Edmunds.com and look up the trade value for your car. You can see how upside down you really are.
2007-09-06 18:52:50 · answer #2 · answered by Dax-A-Lish 2 · 0⤊ 0⤋
You can always trade it in, if you have negative equity, they will usually transfer that to the new loan.
How upside down you are on it will depend on how fast the car has depreciated, and how much you still owe on the car.
If you placed a big down payment on the car initially, you may even have positive equity in the car.
2007-09-06 18:49:00 · answer #3 · answered by hsueh010 7 · 1⤊ 0⤋
It depends how much equity you have in the car. That depends on how much you paid for the car, how much you put down, etc.
Go to edmunds.com and figure out the trade-in value of your car. Then, look at your most recent loan statement or call the lender for your loan and figure out what the outstanding principal is on your loan - how much you still owe.
2007-09-06 18:52:48 · answer #4 · answered by Whoops, is this your spleeen? 6 · 0⤊ 0⤋
I've actually traded in a car after just 1 year.... and actually had equity in it probably because it was a Honda Accord.
2007-09-06 18:51:53 · answer #5 · answered by Anonymous · 1⤊ 1⤋