Mustang Evolution Forum banner

1 - 13 of 13 Posts

·
Registered
Joined
·
5 Posts
Discussion Starter #1
Sorry for the newb question...this is the first car I've bought.

I bought a certified pre owned vehicle from a dealership and I want to get a newer model. Mines a 2010 and I want a 2011-2015. Are people allowed to go back to the dealership and buy a new model and trade in the older model you bought from them, even when you aren't finished paying off the vehicle you're trading in? I still owe $9k on the model I have
 

·
Premium Member
Joined
·
5,321 Posts
If there is negative equity they can roll it over on to the new car. It does make getting financing a little harder sometimes though.

Sent from my VS985 4G using Mustang Evolution mobile app
 

·
Registered
Joined
·
1,920 Posts
A car dealership will always be willing to sell you a newer vehicle. What you will run into is you won't get as much on a trade as you think you will and will end up with negative equity and then when you roll that into a new loan, you will be "upside down", meaning you owe way more on the vehicle than it's worth. Your payments will be higher than you think and you will be required to by gap insurance (at least in my state they make you buy it). It will end up costing you more (probably expected). Take it in and let them give you and appraisal on it to see where you stand.
 

·
Registered
Joined
·
91 Posts
Generally, dealer will try to lowball you on your trade, especially if there is a newer model sitting on their lot that you are very interested in. Is there a specific car you are looking at there? If so, I would negotiate price of the new car before discussing trade-in of old car.

If (when) they lowball you for trade in of your car, it may be worth your time to try to sell it private party as opposed to rolling the negative equity into the new loan.
 

·
Registered
Joined
·
1,046 Posts
Just remember you can buy from any Ford dealership and they can handle your trade. If your willing to put in the time and shop around you can usually come out decently.

Just remember dealers pay wholesale and not retail for cars because they are in the business to make money and not enjoy the car. There is a certain "convenience fee" that you should expect when trading a car in opposed to selling private party


Sent from my iPhone using Mustang Evolution
 

·
Super Moderator
Joined
·
5,239 Posts
more hints (some unsolicited)

get everything in writing!!!
no dealer stickers
after everything but before you sign "this comes with a full tank of gas right?"
get everything in writing (yeah it's that important)
a bunch of us older guys will suggest waiting till you are older before buying a nice car...it makes financial sense in the long run.

pics if you get it!!!

Mud
 

·
Registered
Joined
·
143 Posts
Sorry for the newb question...this is the first car I've bought.

I bought a certified pre owned vehicle from a dealership and I want to get a newer model. Mines a 2010 and I want a 2011-2015. Are people allowed to go back to the dealership and buy a new model and trade in the older model you bought from them, even when you aren't finished paying off the vehicle you're trading in? I still owe $9k on the model I have

If you're upside down by $9k you may end up paying at least $200-$250 in addition to the regular monthly payment for the newer model. I thought about it then didn't do it. There are plenty of videos on YouTube that explain this.


Sent from my iPhone using Mustang Evolution
 

·
Premium Member
Joined
·
5,321 Posts
If you're upside down by $9k you may end up paying at least $200-$250 in addition to the regular monthly payment for the newer model. I thought about it then didn't do it. There are plenty of videos on YouTube that explain this.


Sent from my iPhone using Mustang Evolution
He isn't upside down that much. He owes 9k so if he is upside down it shouldn't be much.

Sent from my VS985 4G using Mustang Evolution mobile app
 

·
ME Bloodhound
Joined
·
14,697 Posts
He isn't upside down that much. He owes 9k so if he is upside down it shouldn't be much.

Sent from my VS985 4G using Mustang Evolution mobile app

The car is most likely going to be worth more than $9k being a 2010 unless it has 300k miles. So I don't think he is upside down.


Sent from my iPhone using Mustang Evolution
 

·
Premium Member
Joined
·
5,321 Posts
I assumed he wouldn't be but I don't pay attention to 3v prices. Not until I go to sell mine,

Sent from my VS985 4G using Mustang Evolution mobile app
 

·
Registered
Joined
·
32 Posts
What several have eluded to above is to negotiate the new car, before the trade is introduced. Make sure one end of the transaction does not blind you from the other. I have seen too many people overpay say 2k on the new car, because they were offered 1k more than their trade car was worth.

Sent from my SAMSUNG-SM-G935A using Mustang Evolution mobile app
 

·
Registered
Joined
·
143 Posts
What several have eluded to above is to negotiate the new car, before the trade is introduced. Make sure one end of the transaction does not blind you from the other. I have seen too many people overpay say 2k on the new car, because they were offered 1k more than their trade car was worth.

Sent from my SAMSUNG-SM-G935A using Mustang Evolution mobile app

That's true. You always want to negotiate a final price on the car before you even mention down payment or trade in.


Sent from my iPhone using Mustang Evolution
 
1 - 13 of 13 Posts
Top