Car trade in?

Question

If you owe $12k on a car and it's worth about $9-11k and you want to trade it in for a car thats worth $13.5k, how would you come out on the deal?

Should you just keep the car you have?

What ould be the best way to goabout the situation?

Answer 1

Financially speaking - anytime you have negative equity in a vehicle, you are always better off keeping the car you have until you can cancel out the negative equity.

In other words, if you don't need a new/used car, you shouldn't get a new/used car.

Answer 2

UPSIDE DOWN,  this is what car dealers deal with all the time.  This is also how they make most of their money.  I would recommend that you keep the car you have, because you will most likely just dig a deeper hole by trading for another used car.  Maybe trading for a new one will be more helpful in your situation.

Answer 3

You must be careful when going to trade in your vehicle to a dealership.  If you are not certain of the value then you can get really ripped off.



Dont be suprised if a dealer makes a terrible offer. It's simple to get a estimate at a website to see how much your vehicle is going to fetch.  I have recommended http://tradein.123thebest.info - Good luck.

Answer 4

Wow...you are going to be in the hole.  How can you owe more than the car is worth?  Were you ripped off when you bought the car or has it been damaged?

Perhaps you should keep the car and drive it for your needs.  Continue to pay off the car.  

Later, start to save some money and then when it is time (New Years is a great time for a bargain) go to the Dealership and trade in your car to buy a nice new car.

Answer 5

If your current vehicle is worth between 9 and 11 grand, expect the trade in value to be on the low end of actual value.

You would end up owing more money for the trade.  If you should go ahead or not depends on your financial circumstances and also the two vehicles in question.  For example, if you're looking at saving money in fuel costs and trading in a truck for a small passenger car, it may work out for you...

Answer 6

If the car dealer knocked off $1,200 on the deal, not likely to happen but worth a try. Good luck!!!