I am planning to trade my Hyundai Sante Fe in for a car that is better on gas. Will the Hyundai dealership that I originally bought it from give me the best offer on a trade in? I'm not interested in trying to sell it myself. It's a 2006 and I still owe $11,000 on it.
2007-11-15 14:57:54 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Car Makes ➔ Hyundai
I can assuredly tell you the dealer WILL NOT give you the best deal. Hyundais unfortunately have horrible depreciation rates and the dealer needs to make up the difference so they can make some money to the people they sell it to.
There is essentially three prices- retail, wholesale and consumer. When you sell the car yourself its consumer price which of course means you will get the most money for this vehicle. Next wholesale is what the Hyundai dealer will give you which is thousands below what you should get. And retail is what the dealer will try and sell the car for. Since you don't want to sell the car yourself, I would recommend trying a "cash dealer" in your neighborhood. They will pay you cash on the spot for about $1000-$2000 less than the retail value (they have to make money also you know) its your best chance since you want to avoid selling it yourself which would be the best money wise. Also, the cash dealers (try Car Cash) will take care of the paper work on the money you still owe. Unfortunately, being a Hyundai, you will lose a lot of money in this transaction.
Additionally, if you go the dealer, they will only want to sell you another fuel inefficient Hyundai! If you need 4 wheel drive and something good on gas, go with the Honda CR-V, Toyota RAV4, Saturn Vue, or Ford Edge. All are superior to Hyundai in quality, reliability and fuel efficiency not to mention resale value! Should have bought one in the first place. Good Luck.
2007-11-15 20:34:57 · answer #1 · answered by Sunumo Yaoban Lin 3 · 2⤊ 5⤋
Well, I hope you are planning on getting a Civic/Elantra or something that averages at least 10-15 more mpg then the Santa Fe if you are willing to take a loss on the trade in and start a new car loan. I agree 100% with poster 1, trading in a new vehicle to save some money on gas is rarely worth it. Please sit down and decide what vehicle will replace the Santa Fe and how much you will spend on that vehicle. Then realize that because you owe $11K on the Santa Fe you will likely only get a couple thousand dollars extra to put towards the new car. Then calculate your gas cost on the Santa Fe vs the new car per year for however long the new car loan will be. The only way this is likely to be of value to you is if you are downgrading to a smaller car as named above or drive more then 15,000 miles a year.
BTW, if there is a Carmax near you they buy cars outright for cash and often more then you would get for a trade in. If doing a trade in, don't even mention that until you have gotten the final price on your new car first. Then tell the saleman you have a vehicle to trade and if they try to give you less then nada or kelly blue book trade in walk out the door.
2007-11-16 01:20:17 · answer #2 · answered by beavanjb 7 · 2⤊ 1⤋
Funny! I JUST bought a Santa fe lastnight!!!
If you only care about trading in the car enough to cover your debt, then a dealer will do it... not nessesarily a Hyundai dealer though...remember they have a LOT full of Santa Fes.
I would go to a ford dealer, or someone who may want a Hyundai to balance their inventory out.
If you think you could even make $500 on selling it on your own do it!!! the more you can put down on a new vehicle will desrease your monthly payment on the new car.
Being the Sante Fe is a V6, you will only save gas one of two ways...getting a Hybrid, or downgrading to a 4 Cyl.
If power is something you can go without, then consider it, otherwise, you'r going through alot of trouble for nothing.
2007-11-16 07:53:13 · answer #3 · answered by an_awsome_woman 3 · 1⤊ 2⤋
If you must trade it then the dealer you bought it from will probably give you the best deal. You should reconsider selling just for gas mileage....it will take a very long time for a moderate improvement in gas mileage to pay you back for the big bucks you will lose on depreciation of the 06 Hyundai.
If you do sell - try to buy something you know you will keep for at least 4-5 years - depreciation is the biggest motoring expense for most people...yet the majority have no idea how much it is hurting them.
Best of luck with whatever you choose!
2007-11-15 15:05:22 · answer #4 · answered by Dan 2 · 3⤊ 2⤋
no dealer will give you what you expect to get on trade-in. The only way to do that is to sell it privately. Hyundais are not good for resale but otherwise are just as good and even better than honda and toyota I should know I had an 05 honda and have a 05 hyundai. I had alot of problems with the honda, sold it. Still have the hyundai
2007-11-15 22:38:02 · answer #5 · answered by nj2pa2nc 7 · 3⤊ 2⤋
No. The dealer will try to low ball the worth of the auto most of the time. Selling it yourself is the best way to get more money out of it.
If you sell it yourself I think you can get at least 17 grand for it (depending on the trim model and mileage). Take around 2 grand off that if you trade it in. Yahoo Autos is a good place to start if want to find the worth of your car.
2007-11-16 04:23:43 · answer #6 · answered by cjgt2 6 · 2⤊ 1⤋
Have car detailed. Sell it yourself. Pay off loan. Get financing from your bank before going to show room. That is your best deal. You bought too much debt when you bought car. Car is rusting faster than you are paying it off.
2007-11-16 04:25:11 · answer #7 · answered by William F. D 4 · 3⤊ 0⤋