Trading in my car? advice.

posted 2 years ago in Money
Post # 2
Member
7075 posts
Busy Beekeeper
  • Wedding: August 2012

You can look up the trade-in value on the kelly blue book site.

Post # 3
Member
539 posts
Busy bee
  • Wedding: July 2014

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
Member
1537 posts
Bumble bee
  • Wedding: August 2015

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
Member
194 posts
Blushing bee
  • Wedding: July 2014

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.

stardustintheeyes:  

Post # 6
Member
339 posts
Helper bee

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
Member
194 posts
Blushing bee
  • Wedding: July 2014

***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
Member
4900 posts
Honey bee
  • Wedding: November 2010

memorieslff:  

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.

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