January 4, 2011
Can I trade my car in even if its not paid off?
By Planet Wealth
I just got an 08 Mazda 3 about 2 months ago, but then after getting into my friends car I chose I want the Mazdaspeed 3.
Is it possible for me to trade my car in?
The car went for 19,036, I got the car about 3,000 $ under MSRP (Last day of the month, 15 mins before they closed =P best time to go, they needed to sell one more car for their bonuses!). The car’s trade in value is the same amount I paid for it (Around 16,200). I have been paying the car off monthly without a loan and I am coming into some money maybe next month (A Excellent chunk of the car). Would it be wise? Because I’m slowly becoming fascinated with cars and I feel like my current car isn’t doing enough for me.
Topics: Uncategorized | 7 Comments »
7 Responses to “Can I trade my car in even if its not paid off?”
Comments
« I want to learn the basics of forex trading? | Home | Market Internal Indicators â#128;#147; 10 minute, 7 day chart »
January 4th, 2011 at 12:45 pm
Yes you can but you will end up with negative equity on it.
January 4th, 2011 at 12:45 pm
Yes you can trade your. But they will take what you owe on your car now and add it to your new car. So your best bet would find someone to take over your car now. Trust me by being a formal saleman I screwed alot of people that way, they didn’t pay attention
January 4th, 2011 at 12:45 pm
If one was to trade in a the car now, you would get resale value for it and car prices go down tremendously after having been driven off the lot.
It will probably be better if you can find a private seller for it.
January 4th, 2011 at 12:45 pm
How do you buy a groundbreaking new car for $20k and pay it off monthly without a loan.
Who gave the dealership the $20K? If it’s not paid off and you don’t have a loan who are you paying?
But to answer your question, of course you can trade it in. You’ll likely lose money on the deal but if you don’t mind losing money to get a quicker car, go for it.
January 4th, 2011 at 12:45 pm
Yes, you can trade the car in. But, you would come out far better to sell the vehicle yourself for retail rather than accept whole sale from the dealership. Try looking up your vehicle on autotrader.com. It will show you what vehicles like yours are selling for. Last suggestion, if you list your car on auto trader, the lowest price one always gets the most response. Unless your vehicle is a better color, has more equipment, or has lower mileage. I have been in the car business for 29 years and have never traded a car in.
January 4th, 2011 at 12:45 pm
Oh yeah, you can sell it before you pay it off. BUT, you won’t get back what you paid for it. Check it out, but be prepared to take a loss if you go thru with it.
January 4th, 2011 at 12:45 pm
The answer is – yes you can trade in your car if it is not paid off
Expect to take about a 30% haircut off the value
This is not the smartest financial choice