Post # 1
So I have a 2012 Dodge charger that I love so much! but I’m realizing now that I have gotten over having my realistic dream car that I want to be practical again. My son is very heavy into sports and it’s getting harder and harder to move equipment, and take other kids with when needed, not to mention that I’m not too thrilled about another chicago winter with my car. It makes me sad to think of trading it, but I think it might be wise.
Now, I may look like an idiot, but I ahve never traded a car in. I’m 30 and pretty good at things like this, but I just don’t know where to start. do I first take my car to see how much I could get for it? do I talk to my bank first and start there? How exactly does this all work. Whenever I have bought a car in the past I just bought it, never had to work out any of the financial things with a trade in. I owe about 15 grand still on my car. So I need to figure out how all of this will work.
Post # 2
You can look up the trade-in value on the kelly blue book site.
Post # 3
stardustintheeyes: i traded in my car in march. First i found a car i liked (i ended up with a brand new fully loaded mazda cx5 GT AWD) and had the dealer appraise my car. We had already worked out the new car price etc, so all that was left was trade in value of my car/money down. I called my bank and asked for the payoff amount (this is actually slightly different than the balance owed). The dealer appraised my trade in and i ended up with about 3000 in equity which i used as my money down. The dealer will also call your bank before they mail over the check for your car so they can get the title.
Post # 4
In my experience, NADA offers the most realistic value as to what you can get for a trade in. Kelly Blue Book offers very inflated values. I believe it is nadaguides.com.
Post # 5
dont use kelly blue book. All dealerships go by NADA.com . i get a different car every few years and i always look up the value. but you never go by the trade in value you have to go by the
Also for better price you want to trade in at the same type of dealership, seeing as you have a charger you would go to dodge, so hopefully you want another dodge. you will get a WAY better price than bringing it to a ford dealer because lets face it they dont want a dodge sitting on their lot.
Ive never had a problem trading in i always get a great deal, but we also have a family friend that owns a big dealership that gives us a hell of a price.
As for having to talk to the bank about your loan; i dont know because i have never had to take out a bank loan before.
Post # 6
stardustintheeyes: Depending on the model/ miles, you are probably right around the break even point. If you do have negative equity, dealerships have enough mark up in the car to eat it and you would be starting fresh at that point. If you have positive equity, it will just count toward the overall price of your car.
I would go to the dealership, DO NOT mention you have a trade, and work out a deal. Then bring up the trade and see how much they are willing to give you. Dealership will do all the legwork for you as far as paperwork.
In addition, CarMax is pretty well known in our area for being spot on for trade-in price, and it never hurts to take it to them even if you aren’t planning on buying a car there. It will give you a good starting point.
Post # 7
***i dont know why it wont let me edit my previous post but i see i left a part out.. what i was trying to say is on NADA you cant go by the Clean Retail price (if your trying to sell your car by yourself that it the price you should ask) you either go by the price rough, average, clean trade in. on the bottom it tells you the description of what each category entales and you go by that price for what you should expect for trade in***
Post # 8
I second Carmax, they will buy your car straight up, whether you’re buying from them or not. Dealers just play numbers games with trade ins.
Carmax does pay well. We’ve sold several cars to them.
Post # 9
littleanchor: imhisoneandonly: memorieslff: sassy411: thanks ladies. I think I have an idea of what I want. Im just so torn right now about actually starting the process. Mostly because I’m lazy and I don’t know that I feel like doing all the stuff involved in trading\buying a car. I hated the car shopping\buying experience this last time around and I’m just afraid it’s going to be more hassle than it’s worth at this point. I am pretty sure now is the time to do it though since I would most likely break even. Your comments have all been helpful and have given me a few things to look into to get started (should I choose to). So thanks so far ladies!