Financing Question...how does this work
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I've had my '05 Performance for about 6 months and put ~12k miles on it. I'm starting to realize I should be saving for other things like a house and retirement and the easiest way for me to free up some cash is to sell/trade in the Z on a cheaper vehicle. I currently owe about $26k on the car and it's worth about $27 (put a hefty downpayment), so how does it work if I trade it in on a car that costs $15-$20k?
Anybody interested in a SB '05 Performance with ~12k miles?
Anybody interested in a SB '05 Performance with ~12k miles?
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Originally Posted by JThrilla
I've had my '05 Performance for about 6 months and put ~12k miles on it. I'm starting to realize I should be saving for other things like a house and retirement and the easiest way for me to free up some cash is to sell/trade in the Z on a cheaper vehicle. I currently owe about $26k on the car and it's worth about $27 (put a hefty downpayment), so how does it work if I trade it in on a car that costs $15-$20k?
Anybody interested in a SB '05 Performance with ~12k miles?
Anybody interested in a SB '05 Performance with ~12k miles?
#3
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Originally Posted by JThrilla
I've had my '05 Performance for about 6 months and put ~12k miles on it. I'm starting to realize I should be saving for other things like a house and retirement and the easiest way for me to free up some cash is to sell/trade in the Z on a cheaper vehicle. I currently owe about $26k on the car and it's worth about $27 (put a hefty downpayment), so how does it work if I trade it in on a car that costs $15-$20k?
Anybody interested in a SB '05 Performance with ~12k miles?
Anybody interested in a SB '05 Performance with ~12k miles?
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So the price of your car is 53k? =\
If you just take it to a dealership, they'll take care of the loan and put you in a new car. But you won't get the best deal obviously.
Of course it is better if you can borrow money from a relative or something, pay off the balance, get the title from the bank, then sell the Z to a private-party. (Pay back your relative) Then go buy your Civic/Scion/whatever...
That's what I would do...
If you can't get a relative to loan you 26k, you might still be able to find a buyer who will pay off the car for you.
If you just take it to a dealership, they'll take care of the loan and put you in a new car. But you won't get the best deal obviously.
Of course it is better if you can borrow money from a relative or something, pay off the balance, get the title from the bank, then sell the Z to a private-party. (Pay back your relative) Then go buy your Civic/Scion/whatever...
That's what I would do...
If you can't get a relative to loan you 26k, you might still be able to find a buyer who will pay off the car for you.
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Yep, if this isn't a time-sensitive sale, do it private party. Trade-in is never the way to go, especially on such a new car. Think of trade in value as a "wholesale" price, where if you sell it private party, you'll sell at the "retail" price. The difference between the two is always in the thousands, so private party is best if time permits.
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Sure, you could trade it in and if you got +$1000 that would be good but the thing is you're losing all that money that you put down on the vehicle plus all the money you have paid in payments. It still works out to be a bad deal. The only thing that will change is that you will lose all that money you've already spent and then have a lower payment but a crappier (or less expensive) car. It's not necessarily a bad deal if you can come out ahead on the loan on your Z but it was still a waste of XX dollars for that less than a year of use of the Z.
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