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Old 08-19-08, 02:53 PM
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Default Another car question

Should you pay off a car if you might trade it in soon (within the next year?)
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Old 08-19-08, 04:23 PM
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the sooner you pay it off, the less interest you pay.
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Old 08-19-08, 04:28 PM
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Yes-- but if we're trading it in, I think the dealer is more likely to try to get you what you owe on your car.... rather than if it's paid off they figure you can take whatever.
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Old 08-19-08, 05:37 PM
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not necessarily. Use the line "If I don't get X price for it, then I'll just sell it on my own" and they usually barter with the price.

But you gotta be careful, because those dealers can be pretty tricky with the trade-ins and the new car prices too. They'll show you a payment amount, you'll tell them you don't want it, they say "i'll see what we can do" and they go to the back to crunch new numbers and come out with a new monthy payment number but if you look at the purchase price of the car and trade in value, it's still the same as their FIRST numbers!
 
So you prettymuch have to go in there with a stick up your butt telling them you want X for the trade in and Y for the new car and if you don't get them, you're walking.
Standing up and telling them no and walking out usually gets you what you want. Sometimes, it takes a day and they call you back the next day to offer you what you wanted, but it almost always works. (on vehicles that aren't on waiting lists that is)
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Old 08-19-08, 07:18 PM
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It totally depends on how much you owe on the car. I wrote something similar to this on another post; I worked as a Finance Director for Jaguar for 8 years. You 1st need to find out what you owe on your car. 2nd, go to Kelley blue book and find out the trade-in and private party values of your car. You can almost always get more for your car if you sell it private party but occasionally the dealer will have some incentive money on the cars they're selling and you can get a bit more for your trade.

Yes, you can haggle with the dealer. Decide before you head in on the amount you want to get for your trade-in. If there's enough profit in the deal the dealer may take that offer. With sales being down in the automotive industry you may just walk away with a great deal.

My opinion: If you can sell the car yourself you may be better off.

It really doesn't matter if you owe money or not on the car. The dealer is going to give you as little as they have to for your trade since they want to make a profit on that car by selling it once its theirs. Just go in with a game plan, an amount you want for your car and how much you're willing to pay for the new one. GL!
 
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