Trading in a car

[CrawlinTBSS]

how does this work? ive never been quiet sure how it all goes down. ive always bought cars outright but this is my first car i financed and own/owe a little bit left on.

say im looking to trade my car in, i owe 8k left and they offer me say 15k.

so i have basically 7k as a down payment? do i need to make a downpayment on the new car that i was looking at, at the dealer? or would my trade in left over basically be my down payment on the car?

Click to read more...

 

[Yaj Yak]

the equity you have in your car would be your down payment- at least with anything that I have ever heard or dealt with.

 

[SleeperLS]

trade in will transfere over if that is what you want. Just had the same situation. Extra money transfered over with no prob. Dealership will work it out for you.

 

[CrawlinTBSS]

im still confused as to how it works...

Say i owe 8k left. They offer 15k. car i want is 18k. so obviously i dont owe only 3k for the newer car...?

 

[greasy]

im still confused as to how it works...

Say i owe 8k left. They offer 15k. car i want is 18k. so obviously i dont owe only 3k for the newer car...?

They pay off the remaining $8K on the existing loan, the $7K left over goes into the new car bringing the total owed to $11K.

 

[CrawlinTBSS]

ok. thats what i was calculating in my head ... and kinda asked in OP.

seems fair enough.

 

[Dasfinc]

ok. thats what i was calculating in my head ... and kinda asked in OP.

seems fair enough.

2 other items to take into consideration here:

1: Taxes, You will be paying tax for only the 'balance owed' on the car, so if you want a 18K car, and you put 11K down as 'trade-in', you will only be paying tax for 7K of the new car.

2: Title/Registration/BS Fees, Keep in mind when haggling with them that there is the "Out the door price" and there is the "Cars price". Usually you can get them to wave the BS fees along with lower the price of the car when haggling etc.

 

[CrawlinTBSS]

yeah im aware of the few other BS things going along with car prices and such. ill talk em down.

 

[greasy]

What car you looking at?

 

[CrawlinTBSS]

STi.

this trucks killing my wallet on gas now with 4+ a gallon.

i want turbo!

 

[Mook]

so you're gonna get better mileage w/ a sti?

 

[02BlueGT]

so you're gonna get better mileage w/ a sti?

 

[Dasfinc]

so you're gonna get better mileage w/ a sti?

SUCH a bad idea Crawlin...

 

[10sec]

9mpg in a truck, and it's no fun to drive, or 16mpg in a car which is tons more fun. Not a bad idea at all, just gotta keep in mind, the STI sucks (evo owner, must talk shit).

 

[Lord Tin Foilhat]

STi.

this trucks killing my wallet on gas now with 4+ a gallon.

i want turbo!

Stay outta boost or its pretty similar in gas. Awd is not the most fuel efficient sadly

 

[Dasfinc]

9mpg in a truck, and it's no fun to drive, or 16mpg in a car which is tons more fun. Not a bad idea at all, just gotta keep in mind, the STI sucks (evo owner, must talk shit).

I get 17 mixed driving with my 'beater' daily driver which has no car payment and a 5 speed which makes it fun to drive and prevents me from getting a million speeding tickets.

I'd strongly advise looking for a little 5 speed Eco box that you can afford to buy out right so you can keep the TB IMO. I know Jared had a bad experience going that route, but that doesn't automatically mean you will as well.

 

[Theautoguy]

Trading in a car:

1) Haggle
2) Hand dealer your keys
3) Get "Ruffied" then dry prison rapped
4) Drive away in new car
5) Two days later you wonder why your underwear is bloody

 

[Bob Kazamakis]

Sti's get shitty mpgs but it'll be way more fun then that lunchbox.

 

[10sec]

I get 17 mixed driving with my 'beater' daily driver which has no car payment and a 5 speed which makes it fun to drive and prevents me from getting a million speeding tickets.

I'd strongly advise looking for a little 5 speed Eco box that you can afford to buy out right so you can keep the TB IMO. I know Jared had a bad experience going that route, but that doesn't automatically mean you will as well.

riiiiight, we'll jump right on that advice.

 

[Bob Kazamakis]

Fwd is for ****. Take that advice

 

[Yaj Yak]

 

[Bob Kazamakis]

 

[Yaj Yak]

gay ass bitch shit.

 

[Outlaw]

2 other items to take into consideration here:

1: Taxes, You will be paying tax for only the 'balance owed' on the car, so if you want a 18K car, and you put 11K down as 'trade-in', you will only be paying tax for 7K of the new car.

2: Title/Registration/BS Fees, Keep in mind when haggling with them that there is the "Out the door price" and there is the "Cars price". Usually you can get them to wave the BS fees along with lower the price of the car when haggling etc.

This. TRP will be $195 and tax will be 7.25%-8.25% of total of DIFFERENCE. Negotiations also factor. If you want pm me the car you are looking at and the VIN and MILEAGE of ur existing car. Ill put together a sample price breakdown.

 

[Dasfinc]

riiiiight, we'll jump right on that advice.

Just about any beater he could buy will get better MPG's than the TBSS... And again, just because one person had a bad experience doesn't mean he will. Crawlin works at a shop IIRC, so he probably has good cheap car deals come through (People who decide to just dump a car instead of fix it etc)