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Help me please!!
help me please!! / Jokes, Polls & Anything Else / 9:42 PM - Sunday January 20, 2008
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(Male, 22-25) asked:


i have a question about trading in and buying a car.

i bought a car in march and cosigned with my parents. totalled about 13700 and i have paid off about 2700 leaving 11000 left to pay. i found another car i want. 2006 brand new for 12995 with only 27 miles on it, same model just better. mine is a 2005 with 28000 miles on it. what kind of situation will i be running into if i decide to get this car. like with my current loan? how will this work out if i want to get rid of my car now to get this new one? my cars kelly book value is like $9400.


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A Mr. Nice Guy (Male, Kansas City, 29-35, Student) answered:

Screenname: aron77


Since you are upsidedown in your car by owing more than it is worth you will have to finance even more on your new car to cover the excess. You will also have to find a dealer that is willing to give you that bluebook value or else you will be even farther upside down if they give you less and be carefull because they may try to hide how much they actually gave you in the loan. And realize that by doing this you will be even more upside down in this new car than you would be anyways since the new car loses value as soon as you drive it off and you are adding more to the loan.

Your best bet would be to sell your car outright so that you might get the pay off value or close to it and then go buy the new one.

If you really want this car then do what you have to do but this is not a smart finacial move, you will lose money and pay more for the new car than it is worth.

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A Guy Critical (Male, 22-25) answered:

Screenname: jlees


This would be a totally pointless trade. So it'll be a year newer, woohoo. You'll waste literally close to $5000 and you'll have a car that is essentially exactly the same.


First of all you have to actually sell your car for that much, meaning you'll have to pay off the extra 2000 or so bucks left over on the loan. Then you'll buy the new car, which is now essentially at least 15K instead of 13 because of the money you had to pay to get out of your first loan.

Or you could trade it. Your trade in will be less. You'll get maybe 8K tops for trade if the KB is 9400. This now means you'll have at LEAST 3K on top of your new loan, totally somewhere around 17K after taxes and all that crap is figured in. And you'll have the same damn car, only slightly "better."

Seriously, don't do it.

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A Guy Critical (Male, 56-65) answered:

Screenname: dooter


basically the difference between the sale price of your car and the price of the new car plus the taxes on the new car plus registration. did the $13700 nclude taxes etc, that is quite a drop in 10 months ? good luck

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A Thinker (Female, 46-55, Who Cares?) answered:

Screenname: irisrosesc


First of all it is always better to try and sell your car on your own and not use it as a trade because you won't get any where near its true value and be ripped off. They are taught every trick in the book these car salesmen and they use them to convince you that you have to buy the new vehicle "because" and it is supposed to make sense. My s/o was a car salesmen for a while and left because he couldn't lie to people. Not in his nature and that is what they were asking him to do. Just have a good negotiator with you and don't wheel and deal with the salesman, ask to work with the dealership manager ONLY. And not sales managers above the regular salesman either! Very important. You want to talk to the Dealership manager or you will take your business elsewhere and be ready to get up and walk out! They do not want you to ever do that and will try anything and everything to low ball you. Just be careful.

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