If you could not get much for your trade in, would you just keep the car?
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You said there is some issues about your old car. If you can get the money you want with the car, I think you could sell it and buy a new one. Repairing always costs a lot.
I sold a rusted old heap of a car with a leaking gas tank. Stated all in listing with pictures. Got $400.00 for it.
You certainly can trade it in but you will get nothing for it in trade. Oh, they will throw a number at you off MSRP. But you would pay the same if you paid cash or financed. So in reality you get nothing for the trade in.
As the consumer magazines state. Go to dealer in another car and negotiate the best price with no trade in. Then go back and bring this car and state you want to trade in. They may "give" you something at this point - but it would be the same as if you waited a few days/week or so - as dealer will keep calling and lowering price as time goes by.
If the markup on a car/truck is $3,000 and they give you $1,000 for your trade - they still make $2,000.00 on sale.
Most people don't comprehend the concept.
This is actually false. You want to have all your cards on the table and look at the bottom line number, not look at it as if it's 2 seperate transactions. You want to see what the new car price - trade in value = (add in tax) then add in any money that you would still owe on the old car. That bottom line number is what you want to be looking at to get the best deal. Not many people comprehend this concept.
One thing I learned after moving from Florida to Pennsylvania is the tendency for people who drive nice cars to store their cars for the winter and bring out "winter beaters" for the snow season. I've seen mechanically reliable yet cosmetically defective cars with major body and interior issues go for $500-$1000.
For me I like having a beater for rainy or more importantly snowy weather when they saturate the roads with salt. Several years ago I had a 1995 Pontiac Grand Prix, Over the course of four years I drove that car a little over 50,000 miles. That was 50,000 miles that did not go on my newer Jeep Cherokee. That was four Cincinnati winters that my Jeep was not subjected to salt. If that is not a concern where you live you may still want to keep it around just to save wear and tear on your new vehicle, it could adds years to your new cars life. The trick is knowing when to get something fixed when it breaks or to say NO if it cost to much. For me that point came when the transmission needed a rebuild.
For me I like having a beater for rainy or more importantly snowy weather when they saturate the roads with salt. Several years ago I had a 1995 Pontiac Grand Prix, Over the course of four years I drove that car a little over 50,000 miles. That was 50,000 miles that did not go on my newer Jeep Cherokee. That was four Cincinnati winters that my Jeep was not subjected to salt. If that is not a concern where you live you may still want to keep it around just to save wear and tear on your new vehicle, it could adds years to your new cars life. The trick is knowing when to get something fixed when it breaks or to say NO if it cost to much. For me that point came when the transmission needed a rebuild.
I had the same thought. OTOH the car doesn't have the best safety ratings (mid 2000 GM economy car) so not exactly the best car to drive in the snow/ice.
The annual cost of insurance (liability only) for my extra car exceeded the car's value. Plus, I would still have had to maintain it (a car not driven often will go bad faster). I sold it for $500.
Let's say that in a year or two my current car fails and I can't afford a decent car short-term, I'll buy a different junky car for $500-1500 and still at least break even, considering what I got for the car when I sold it and what I would have spent to insure and maintain it.
If I could still get the car I want at a reasonable price then I would still trade the car even with a low trade in pricepoint.
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