Want to trade in my vehicle?

Question

i have a Mazda M P V *Mini Van* and well with the way the economy is i want to trade it in for a smaller car, it is a brand new 2006 Mini Van well when i bought it in 2005 it was brand new it is in excellent condition, i went to the Kelley Blue Book to get the value of the car, of course once you leave the lot the car is not worth what you got it for so i'm not looking for getting full price, the trade in value i got for it was $11,225 now my question is, in order to do a trade in do i have to look for a vehicle around that same value or less or what. please help, i want to get as much information as i can so i can get this out of the way and save money on gas as well.

Answer 1

You will not receive the KBB value on your trade in.  That guide is about $2000 over what the wholesale value is to the dealer.  In order to get the most for the van you will have to purchase a vehicle that cost more than that.  If you are looking for a more economical car, you should look at one in at least the $15,000 range.  It will also depend on if your vehicle is paid off.  If you owe more than what the dealer is willing to give you for it, then you would be considered upside down in it.  The dealer will add the difference to the price of the new car.  So, let's say you bought the car for $15,000 and you were upside down by $3000.  The car would now cost you $18,000.  I hope this helps.