Will car dealers do even trades?

It may be possible if the cars you want to trade are new models. The reason that most dealers will only trade new cars is that no two used cars are the same, and the process of trying to determine value differences can be sticky. Even then, one car may be in better mechanical condition than the other.

Can you trade-in a car for equal value?

3) EVEN TRADE: If the value of the trade-in is equal to the amount owed on the loan, the entire value will be used to pay off the trade-in loan. In this case, the entire value of the trade-in vehicle will be applied to the loan balance and the “negative equity” will be added onto the purchase contract for your new car.

What if my trade-in is worth less than the car I’m buying?

If your trade-in is financed and you have equity, the dealer will pay the remainder of the loan and subtract the equity from the price of the less expensive car. If the equity of your trade-in exceeds the price of the car your trading for, the dealer will cut you a check for the difference.

Do dealerships give good trade-in value?

Not much. Okay, that may not be entirely fair. Depending on your current vehicle, a dealership might offer you a decent chunk of change. There are a lot of factors that go into a dealership’s trade-in valuation, from age and mileage to the car’s condition and the desirability of its specific make, model, and options.

What do car dealerships use to value trade ins?

KELLEY BLUE BOOK – OVERVIEW While Black Book is mostly used by dealers, Kelley Blue Book (Not spelled Kelly Blue Book without the “e”) is mostly used by individuals looking to trade in or sell their vehicles. Since 1926, Kelley Blue Book has been one of the best-known names in the auto industry.

Should I tell the dealer I want to trade in my car?

Do not tell the dealer you have a car you would like to trade until you’ve agreed on the purchase price of the vehicle you want to buy. Most dealers automatically assume you’re trading a car. So stick to your guns, stay in control, and don’t bring your trade into the conversation until you’re ready.

Do dealerships pay more than retail value for trade-ins?

You won’t ever get what your car is worth on a Trade-in, you will take less, substantially less. You may have seen or heard ads where a dealership claims to be paying more than retail value for trade-ins (These are called Trade-in Allowances ). They say things like: Are these dealerships lying about these circumstances?

Can I return or trade in a car I just bought?

Some dealerships will allow you to return or trade in a vehicle you just bought out of good faith since there is no legal “cooling off” period with a new car purchase. To increase your chances of successfully returning the vehicle, contact the dealership as soon as you’ve realized you made a mistake, and discuss the options.

What determines the value of a trade-in car?

Factors that determine trade-in value include your vehicle’s make and model, its condition (including any damage), and how long you’ve owned the vehicle. The odometer reading will also be taken into consideration, but mileage plays less of a role than the car’s condition in the trade-in value.