Trading in a car?

Question

I purchased a 2008 Ford Explorer in April 2008, it now has 6,700 miles on it because I moved across country. My question is, Im tired of paying 90 dollars at the gas pumps all the time and now want to trade it in for a Ford Focus, would this be possible since i have only had the truck a short time, also what type of depreciation do they take

Answer 1

Wow.....even before this gas crunch hit, you'd be taking a bit hit because of how new it is. Now that SUV's have fallen out of favor, it's going to be worse. Not knowing exactly which model you have, or whether it's 2 or 4 WD, I pulled an auction report that says 08- Explorers 4x4 6-cyl. XLT, are bring around $17,000.00. You might have to keep it. Hope this helps.

Answer 2

Your Ford dealer would love to see you.  The only problem is that your current vehicle is now a used car.  WIth a used-car value.  Which will break your heart when you hear the number they tell you.  That's when you will realize that you could pay for a lot of gas fillups with the $5,000 you are losing when you trade-in the Explorer.

So put 100,000 miles on the Explorer.  You obviously like it or you wouldn't have bought it.  It has comfortable seats, rides well, got you across country safely.  Don't look back.

Answer 3

Sadly, what you are hearing from the other people here is all true.  Unless you put a big bunch of money down, or paid cash, it is likely you owe far far more than what a dealer will give you on trade.  3/4 of the vehicles running at the auctions these days are big SUV's and 4x4 pickups.  And trust me, the going price of these vehicles at auction is dropping faster than you can imagine.  A dealer won't want to give you top dollar for your explorer when he can buy 8 or 9 of the exact same SUV at the auction for half the price.  All I can say is, go to the dealer and try - but be prepared for a heart attack when they tell you what they want to give you for that Explorer...

Answer 4

Do a Kelly Blue Book [kbb.com] on it and find out what its worth for a trade in.

Remember, a LOT of other people are doing the same thing you are, so the actual real-world value of that vehicle is going to be less than what KBB says, but at least you'll have an idea of what the vehicle with that many miles is worth.

The depreciation is probably mainly going to be ont he fact that most people don't want to spend $90+ filling up their gas tanks and are also looking for the smaller cars.

Hard to sell something when the people you plan to sell to don't want what you're selling.