Will a car dealership let you trade in a car for one of lesser value?

Question

Will a car dealership let me trade in my 07 Honda Civic Si Sedan that I owe 19k on(not upside down) for another car of lesser value?

Answer 1

Actually, you will find you are $5-7k upside down on that car right now.  Trying to trade it is not your best option.  Try to sell outright, private party for the balance of the loan.  Then go get the next car.

Answer 2

The better option is to sell the car, not trade it off.  See if the company you borrowed the money from allows 'take over payments'.  And if they do, make sure you're entirely clear of the loan when someone takes ove the payments.

  

Then buy a car of lesser value (and smaller payments).

Answer 3

PERHAPS BUT I DOUBT IT THATS NOT HOW BUSSINESS WORK THOUGH. I WOULD FIGURE THEY GIVE U THE CHEAPER CAR AND MAKE U PAY THE REST OR SETTLE THE DIFFERENCE OF THE MORE EXPENSIVE CAR I THINK

Answer 4

you are a car sleezmans dream

Answer 5

Before you go any further, have the dealer appraise your car. You need to make sure that you're not upside down. And you need to be sure that this is the true cash value of your car, not an 'allowance" on another car. True cash value is the real price your car is worth as a trade-in in your market.

The way to be sure that this is the appraisal they're giving you, ask them if you buy a car elsewhere, will they buy your car from you for that price? If there is hesitation or an outright NO from them, they're aren't being honest with you. Go somewhere else. If they agree to buy your car at that price, have the appraiser sign the appraisal sheet and give you a copy of it.

Of course, there will be stipulations, such as the car must be in the same condition when you sell it to them, it can't have more than x*x miles from what's written on the appraisal sheet and it must be done within XX days.

Once you know that you're truly not upside down and you got the actual cash value of your Honda, you're free to buy anything you can afford. Even if it's of lesser value.

Answer 6

You must be cautious when going to trade in your vehicle to a dealer.  If you are not certain of what your car is worth then you can be at a disadvantage.



Dont be suprised if a dealership makes a terrible offer. It's really easy 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.