How much will I lose on my trade?
(2012-01-02 15:30:17) 1. Says: Just 2 months after buying my car I am having buyers remorse. I got a huge SUV and realize I really dont need it. Anyways, I bought it for $11,900 with 7.25% interest with a 6 year loan. I am looking at a $10,000 car and was wondering how much money I would lose or how much higher it would make my new payment. Hopefully somebody is somewhat experienced and can help me. Thank you in advance!2. Says: You might not loose much on this one especially if you trade it to another dealership or sell it outright yourself and then after you sell it go buy another car.If you are trying to trade it back to the same place you bought it chances are you are going to take a beating on it deduct 10-15% of the price you paid and this will be its trade in value to the same dealership.
However if I were you I would keep the SUV at least 2 years that way you are not upside down on it, meaning say right now it is only worth 10 grand on trade but you owe 11,900 there is negative equity of 1,900 bucks. Now you want a 10 thousand dollar car in trade, they will just add the negative equity from the SUV to the price of the car and you will owe 11,900 bucks on a 10 thousand dollar car (not good) It will make your payments higher and you will owe more than the car is ever going to be worth.
Keep the SUV for two years then trade it and you will have positive equity in the SUV and then say you still want a 10,000 dollar car the trade in on the suv will be higher than the amount you owe say you owe 7 grand after two years but the vehicle is worth 8 grand now you have a positive equity of 1,000 bucks. This price will come off the price of the new car, Now the car will only cost 9,000 bucks. See where I am going with this.
When we make mistakes like this sometimes it is better to live with them a while than it is to try and change things.3. Says: Impossible to say without knowing exactly what kind of SUV you have.
Check out Kelley Blue Book or NADA. Enter the info about your car and go by trade in values, fair to good. That will be close.
Auto Trader has a new appraisal feature where they will give you a firm offer to buy your car. Def try that. All three numbers should give you a good idea of what it is worth on trade.
Do you have a CarMax near by? If so take it there for an appraisal. They will give you an offer in writing. That price will be dead on accurate real world.4. Says: Well I did hear something about a car losing 15% ( ithink)of its value once you drive it out a dealer, so you might have lost quite the bunch there, maybe they let you trade in your car for another one like some dealers do?5. Says: Look up NADA Guide or Kelly Blue Book wholesale for your SUV, and if you're trading it at a dealer, don't even expect to get that. They'll pay you as little as possible, even if it's relatively new. Tag: How much will I lose on my trade?