Please Help,New car Trade in loan question?
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If my auto-loan balance is 14,000 and the value of the vehicle is 11,000.00 and i'm trying to trade it in for a vehicle for about 20,000 what would be my best bet? Should i patiently wait till i catch up with the value of car and have some equity? Or if i trade it in and put some money down on the new car (* like 2000 maybe) will it work out the same?Please Advice. Thank you very much.
Please Help,New car Trade in loan question?You have some pretty good answers here...
For one....ask yourself..DO YOU REALLY NEED TO change vehicles now?
I have seen TOO MANY times clients come in to my dealership and they trade in too early. They keep adding the difference into their new vehicle and then it comes to a point and time where you CAN NOT get out of your vehicle because no matter how you approach it you owe TOO MUCH. I have seen people bury 2-3 cars this way.
Putting down money is a great option to reduce the amount you have to "hide".
If you are someone that likes to change up their vehicles often (every 2-4 years)...for god's sake start LEASING...you will be a happoer person.
As one of the other answers here....I would try to sell my car PRIVATELY...you will always get more that way. Also when you do not have a trade in you can usually get a better deal on the new vehicle you are buying. generally when one dealer gives you more money for the car you are trading it usually is because they are taking it off the capital amount of the NEW vehicle you are buying....which means you could have paid that much less for your new car.
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