I bought a car 6 mos. ago. I now need a bigger vehicle. I still owe on my new car. What will this new transaction look like?
2007-11-04 14:54:44 · 4 answers · asked by Festivus 1 in Cars & Transportation ➔ Buying & Selling
depending on what you still owe on the car depends on wether a dealer will take it in trade or not. Of course the remaining amount you owe is added onto the cost of the new one. Most car dealers won't touch it if you still owe over 50% of the remainder of the loan on it.
2007-11-04 15:00:18 · answer #1 · answered by r w 3 · 0⤊ 0⤋
I would try a big volume dealer, first.
You may want to try sell it on your own.
More than likely you will end up with a much larger payment than you have now. If this is not a problem then trade.
Depending on the popularity of the car you own and if it is a limited production. I once traded a 2000 Chevy Xtreme S-10 truck off 9 mos after I bought and actually got more than I gave for it at the dealer new and got a lower payment. The reason was the popularity at the time and a shortage of the truck with the H.O. 4.3 L V6.
2007-11-05 00:19:00 · answer #2 · answered by sellandtrade 4 · 0⤊ 1⤋
Yes you can trade you your car in on another one, but before you do use edmunds.com to find out what your trade is worth and what the bigger one yuor buying should be priced at that way you won't get ripped off on either your trade or your new car price. the new car will be higher priced so they will pay your trade off and add what you owe to the new car loan , therfore your payments will be higher unless they have a very low or no interest payments.
2007-11-05 20:29:57 · answer #3 · answered by nappa 7 · 0⤊ 0⤋
It will look like you will lose a lot of money on the deal.
2007-11-05 00:00:57 · answer #4 · answered by Otto 7 · 0⤊ 0⤋