Should I trade in or sell my Car?
Jlwredhawk
03-20-2008, 11:06 PM
Hello,
I have a 2000 VW Jetta. I am trying to get a Toyota Prius. I still have $7752 on my loan and my cars kelly bluebook value is $4800. I am just stuck on what I should do, and how and if the bank my current loan is with will start a new one or alter the current one to fit the price for the Prius. Thanks for any help.
I have a 2000 VW Jetta. I am trying to get a Toyota Prius. I still have $7752 on my loan and my cars kelly bluebook value is $4800. I am just stuck on what I should do, and how and if the bank my current loan is with will start a new one or alter the current one to fit the price for the Prius. Thanks for any help.
EducatedBuyer
03-28-2008, 01:57 PM
Hello,
I have a 2000 VW Jetta. I am trying to get a Toyota Prius. I still have $7752 on my loan and my cars kelly bluebook value is $4800. I am just stuck on what I should do, and how and if the bank my current loan is with will start a new one or alter the current one to fit the price for the Prius. Thanks for any help.
Unfortunately you are upside down in your current vehicle. If your car has a bluebook value of $4800 do not expect a dealer to give you that amount for your trade in. If a dealer gives you more he is making it up somewhere else in the deal. Whatever you get from a dealer the difference will be added to the loan on your new car. The dealer will pay off the $7752 and if they give you $3,000 for your trade you will have an additional $4752 placed on top of your new car purchase. This will make you seriously upside down in your new loan. Make sure they include the $3,000 as your down payment on your car loan or they will try to put the entire $7752 on your new loan. It happens all the time. You should consider putting down enough money to cover the deficit to avoid being upside down again. Selling the car on your own may very well get you the $4800 hundred but you still must pay off the lien out of pocket before you can transfer title to the private buyer. Unless you are willing to pay off the difference and buy your new car without the extra financing, it might be smart to hang onto your car a little longer until it is no longer upside down. Once you start taking out upside loans you will never get out of them. If you do buy make sure you negotiate below invoice and get the lowest interest rate available. Good Luck.
I have a 2000 VW Jetta. I am trying to get a Toyota Prius. I still have $7752 on my loan and my cars kelly bluebook value is $4800. I am just stuck on what I should do, and how and if the bank my current loan is with will start a new one or alter the current one to fit the price for the Prius. Thanks for any help.
Unfortunately you are upside down in your current vehicle. If your car has a bluebook value of $4800 do not expect a dealer to give you that amount for your trade in. If a dealer gives you more he is making it up somewhere else in the deal. Whatever you get from a dealer the difference will be added to the loan on your new car. The dealer will pay off the $7752 and if they give you $3,000 for your trade you will have an additional $4752 placed on top of your new car purchase. This will make you seriously upside down in your new loan. Make sure they include the $3,000 as your down payment on your car loan or they will try to put the entire $7752 on your new loan. It happens all the time. You should consider putting down enough money to cover the deficit to avoid being upside down again. Selling the car on your own may very well get you the $4800 hundred but you still must pay off the lien out of pocket before you can transfer title to the private buyer. Unless you are willing to pay off the difference and buy your new car without the extra financing, it might be smart to hang onto your car a little longer until it is no longer upside down. Once you start taking out upside loans you will never get out of them. If you do buy make sure you negotiate below invoice and get the lowest interest rate available. Good Luck.
Automotive Network, Inc., Copyright ©2025