Why is it so hard to sell my car?!?

Question

I tried to move to Chicago and sell my car....but I owned too much than the car is worth. ok. So now Im trying to trade in for a used truck (I used to drive a truck in 2004 and stupidly sold it for a car) and now they are telling me because the car is worth so little my payments would be over 400 a month??! Thats bs!! Its a 2007 Nissan Versa. I hate it so much!! Does anyone really not want to buy this car? The miles are SO low!! What is going on?????

Answer 1

ask bush

Answer 2

You dont say what you owe on the car.  But since you said you are upside down in it, then that is your answer.  You owe more than it is worth at this point.  People are willing to purchase it, just not for what you NEED for the car.

Its hard to give a spcific answer without the details of your situation.  But if you bought the car with no money down, you financed the taxes and fees - that alone will put you upside down.  If you bought extras like warranty, vin etch, lojack etc, then you owe for all of those too.

I'm sorry that you are not happy with the answers, but your question doesnt give enough specifics for a specific response.

You may have to just make those payments long until you are inline for the balance of the loan compared to the car's value

Answer 3

try craigs list.

and stop whining. atleast you have a car.

Answer 4

You should have full coverage, let it get stolen and hope they can't bring it back.

Why the h**l did you ever buy that, it's so generic looking, should have gotten a VW, any VW.

Answer 5

What are you so upset about? I know your situation sucks, but you aren't the only one in this boat. No one is obliged to buy your car. You're moving to Chicago. It will be stolen soon anyway. You sound like a spoiled brat. How old are you?

Answer 6

Noone wants to buy your car for the reason that you already stated.

You owe more than it is worth.  

I don't know the condition or miles on your car, but if it is worth $10,000 and you owe $12,000, noone is going to pay you $12,000 because it isn't worth that much.  

It's called negative equity and at least 30% of people who own a car have it.

You have 3 choices and none of them will get you $12,000 for a $10,000 car.

1) Keep the Versa, deal with it and pay it off until the negative equity is gone.  This is the best choice from a financial perspective.

2) Trade the car in for your truck and pay the higher payments.  The reason why you are paying more is that the negative equity from the Versa is being rolled into your new loan.

3) Sell the car for what it is worth and pay the lender the difference.  Using my example, this would require a lump sum payment from you of $2,000.  Most people can't do this or they wouldn't be trading the car in the first place.

Good luck.