Money Forum World

Nona Tate · Joined: 08 Nov 2007 Posts: 2117

I bought my car thirty days ago and hate it, can I trade it in for another?
i still owe 13,000.00 on it. is it an choice to trade it in? if it how do they base it? do they base it by what the car is worth, then what I'm going to put down? help

Coy S. · Joined: 08 Nov 2007 Posts: 2116

you can trade on the next day if you wanted to. Here is the thing they're going to attempt and ripp you off. go to adviceontime.com and read the article on purchasing a new car. This will show you how to be smart about trading in.

Adrienne Atkins · Joined: 08 Nov 2007 Posts: 2162

You are in the upside down pickle. you may be able to talk to your dealer and see what you may be able to do, but I can guarantee you the results won't be pretty. The common new car depreciates as much as ten 15% by driving off the lot. typically, unless you put a hefty down payment on it, you owe more than the car is worth. you'll have to make up that difference, then whatever it takes to get into the next car.
It is better to attempt and sell your car for what you owe to a private party, then start new with picking the right car for you.

Gambles · Joined: 08 Nov 2007 Posts: 2023

theres only ever been some places that allow you to do that but they never give you as long as thirty days.
see the moment you drove the car off the lot. resale value dropped by as much as one 3rd. Im sure they could let you trade it in for another just so they can stick you with a higher loan but your going to take a big financial loss on the car.

Bryant Johns · Joined: 08 Nov 2007 Posts: 2167

You should either trade it in and take a hit on it, meaning be in debt or learn to love the car. I used to work at a dealership and someone did the same thing, the car was sold for about 53,000 and has been traded in for 48,000. This was about one week afterward. They took a 5,000 hit. My tell could be to either do this and purchase a used car with low mileage, around 10,000. This way someone else can eat the depreciation and you get a cheaper car. They can roll the rest of the car into a new payment. it'll increase your payments. Dont ever get a balloon loan or anything else those finance guys attempt and do. they're salesmen too, dont forget. Get a normal loan and if they give you a lousy rate go to the banks yourself. This happens more than you could expect so dont worry too much. You may have to live with a higher payment or with less alternatives in a used car. Either way, its fixable.

Jimmie Terrell · Joined: 08 Nov 2007 Posts: 2189

You are upside down and in some deep trouble now, learn to like it and drive it for a several years before you do anything silly.