for an evo. but how does trade in works? i still owe $28.400 left on the car. and the evo is about $27.000. Please help thanks.
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12-21-2012, 01:10 PM | #2 (permalink) |
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The dealer will pay what it feels it could get for the Z and if its worth less than the new car? The difference will added to the new car putting in you in the Negative.
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12-21-2012, 01:15 PM | #3 (permalink) |
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You're generally better selling your Z on your own. The dealer will nearly always offer less than what you could get from a private party. People do trade-ins for the convenience, but there is a cost in doing so.
Use autotrader to price your car, then offer for sale. If the going price for your car is higher than what you owe, then you payoff your bank, and pocket the difference. If the going price is lower than what you owe, then you'd need to pay the bank the difference in cash. |
12-21-2012, 01:23 PM | #6 (permalink) |
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Also, you may be thinking you're "saving money" because you still owe $28K, and you'd be getting a $27K car. Saves $1K right? But you really have to compare what your Z will actually sell for, not what you owe. If you trade-in or sell you car for any amount LESS than $27K, then this transaction will cost you. You need to sell/tradein for $27K to break even on the Evo, and preferably sell for more to save you money.
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12-21-2012, 01:34 PM | #8 (permalink) |
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Simple math just like the guys above mentioned. Does the X has more miles than the Z?
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12-21-2012, 02:01 PM | #11 (permalink) | |
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Quote:
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12-21-2012, 03:27 PM | #14 (permalink) | |
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Not to be the bearer of bad news...but you need to consider all of these:
1. what is owed on your current car 2. what you will get for your current car 3. difference between the two - plus or minus 4. actual sales price of the new car - not just the sticker 5. new car purchase sales tax, title and license fees locally - usually around 3k+ 6. interest rate at time of purchase 7. down payment Take that check list - put numbers to it...and then you can see the "real" costs involved in changing. Quote:
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