Yeah, this is a very stupid question, and I really have no idea which section it should be in, and its obviously too late to ask anyone else. But can someone please explain how a trade-in generally works.

I have an 03 V6(I love her, and Ive been a big V6 supporter and Ive been thinking about modding it for a while, but it just cant beat the sound of a V8 and I think Im ready to take the insurance plunge). I got it exactly a year ago for 12,000(or 14,000..I cant remember), I got financed, and the payment is 212 a month. What if I found a GT at a dealership for, say, 10,000 or maybe even less. How would that work?

 

a trade in would work like, the dealership will give you money to buy your car from you (how much realy depends) and they will use the money that you would have earned to put for your new car,

lets say the car you are looking at is 10,000 + tax and title,
they say they will buy your car for 3,000 (thats your trade in)
so the new car you are looking at will only cost you 7,000 out of pocket plus tax and title,
make sense??

 

Ok so I would have to get a new loan from the bank for the 7000?

 

yes, and if you still have a current loan the trade in money will most likely go towards that.. either way it will bring the cost of the new car down...

 

Alright thanks much man.

Im just worried because the value of used Mustangs has decreased A LOT since last year. When I was looking last year, most of them were 10k-15, now most of them seem to be 6k-10k. Maybe the V6s havent gone down as much because the thought that they get better gas mileage.

 

Yeah I've noticed that too and makes me wonder if there is something wrong with the car. Like mine was Valued at, I actually forget, but I only paid $3,500 and it was like double that or something for the Value. You're better off just selling it Private, I personally think the dealerships rip you off and you can do the same to a private buyer. It's messed up I know, but there is people out there who will buy anything almost. Someone wanted to buy my 1990 Geo Metro that was all beat up, pieace of **** and only 1st and 2nd gear worked. It was around $1,000 I was offered, but I couldn't give it up because it was my mothers.

 

Yeah that would probably be ideal to get a bite on that. But with the tough economy and gas prices(yeah theyve gone down, but people are more MPG aware) it might be hard to get someone to buy it. Unless they get the loan and do that whole thing which would probably make more sense haha.

But yeah, I just checked out yahoo autos and Mustangs that wouldve been around 14k last year, are around 9k now. At least thats how it seems to be in my area. But I found a nice GT, same color as my 6er and same year, with 49,000 miles for 8k. Ill probably put a 4 sale sign on mine but if no ones wants to buy it I hope that ones still available!

 

Yeah it doesn't hurt to try and put it up for Sale, I would go with Craigslist, maybe put a bid on E-Bay with it and see how high it gets. There was another website you can check a price on besides Kelly's Blue Book Value, but I can't think of the name. It's better then Kelly's Blue Book Value for sure. It lets you put more down then just standard stuff ya know.

I've had a lot of offers for my Mustang, although it's not in the bestest shape, well it is and it's not. I'm going to be selling mine soon to get a newer model. I saw this one that's an 04 for about 5k and it has like 70k miles on it. The only thing that gets me is he wont answer. LOL

Ps. Just remember not to fall for the scams and be careful if you meet people off the Internet to take a look at your car. The guy I bought my car from, his brother got jumped and beat up badly over a vechile one time. I was lucky, because he fronted me the car first and I paid in cash less then a week later. I got a really good deal on it. Oh yeah having receipt's on what you've done to your vechile helps a lot.

 

I'm too lazy to read through the replies to this thread, I'll just assume that trade-ins have been covered. So now I'll insert my opinion:

DON'T TRADE IN, sell your car privately you'll make MUCH more money. I suggest craigslist.org, I've sold many cars on that site (very fast might I add). The last car I sold on there was my '99 V6 Mustang with 115,000 miles and I sold it for $4000

 

Yeah that's what I was explaining to him, because the dealers rip you off and retail it for way more. Most of the time they only wash and clean the car and get thousand or so off it. HAHA

I never sold a vechile before, but I'm going to sell mine. I might come to you for help then!

 

K thanks

and thanks haha

 

I wish I had your style. haha but in a V8 Engine. Once I get one I'm going to start working on tuning it up. Oh yeah miles don't really matter that much as long as you keep really good care of it. My friend is over 200k in his GSX Eclipes and I think it's in the 1990's with no rebuilt or anything.

 

Yeah its in great condition, it does have 1 scrape because some stupid *** gate hit my bumper then the ******** at the apartment complex told me it wasnt their problem...... sorry for the rant haha but it has only around 50,000 miles. Yeah, miles may not always matter, but when selling a car, lower miles is definitely a plus.

 

Damn that sucks. Is it really noticeable? I'm sure it's not that big of a deal. I'll probably put a lot more in my car then you, haha. :/ Yeah you're right about that. That makes me think about lowering the miles (I can't think of the name or word), but that's messed up.

 

king, trade ins are ok if the dealer is gonna put it in his *** for the new car he wants, my buddy got 9k for his shitty beat to hell eclipse that no one would pay 6k for whenhe bought a new f150 from the dealer.

 

That's cool, but again I think that's a locational thing. I know the dealerships here in Colorado fairly well and I can just about guarantee you that they're not going to give you crap for anything, especially now.

 

Here in NM it just depends what dealer lol. SOme wont give you anything and some will cause they want to sell you a new car. My brother got a new F350 like 3 weeks ago and the dealer gave him 8k for his old truck. i think a 03 nissan frontier. Nice truck 4x4 and he beat the crap outta that truck and he never once had to fix it. Some dealers did not want to give him crap for it but since he wanted the f350 the worked out a deal and he got 8 for it with around 100k miles on it. He tried to sell it on his own but only a few bites and no one serious.

anyways that F350 is badass! pretty sick truck!

 

I always thought a trade-in deal began with you grabbing you ankles.

 

lol. "Very Nice" (In Borat voice)