Trade a Brand new car for used car?

Question

I still owe 22,000 and the used car is worth 8,000 my brand new car value is 18,000. How much is my new car loan?

Answer 1

you will have to get enough money to pay off what you owe on the car you have no matter what you doing.. so they need to pay you 22,000 or your just wasting time

Answer 2

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The fact is buying a car for most people is one of the biggest purchases they will ever make. Owning a car is kind of like a right of passage for a lot of people, and definitely a sign of "coming of age" for most teenagers.. Let face it, we all need a reliable car to get around, and most of us would rather drive a nice new or late car than an old bomb.

Answer 3

you cannot trade something you do not own.

if you owe 22K and buy another car they will add this amount to whatever you owe.

so you'll owe much more and be further in the hole than before.

the value of your car has nothing to do with it.

Answer 4

Haven't got a clue what Gary is talking about but simple math says you own $4000 on your current car which means you have nothing to put towards the other car. So you would need a loan for $12,000

Answer 5

If you get $8000 in trade your new loan is $32000. Do not do it. You are (if you can get it) going to end up paying over $40000 with interest on a car worth $18000. Next time you go to get a new car it will get even worse.

It looks like I did not explain this well.

He owes $22000 but he can trade his car for $8000 leaving a balance of $14000 on his existing loan. He needs a new loan for the new car of $18000, add that to his existing outstanding loan and you get $32000

Answer 6

You don't say who set the values on the two cars, but if you can get the used car plus $10,000 for your new car, you can pay that money toward the original loan, leaving you with $12,000 owed on the used car. I doubt that you can do this, but am answering your question based on an assumption that you have given a trade difference rather than the actual values. If these are retail sale prices, you can't do it.