How do I trade in a new car for a cheaper new car?
January 20th, 2010 | by admin | Free Car Quote! Free Car Quote! Free Car Quote!My husband and I bought a brand new Honda van at the end of October 2009. We are now re-examining our budget and trying to allow for me to be a stay-at-home mom. Is it possible to trade in a newish car that has a lien on it? I am looking to buy either a certified used Honda or a sedan in the hopes of keeping the reliability but lowering the monthly payment of over $400/month. Thanks in advance for the help.
Like the first person said, don’t expect to get the exact amount you paid for it when new. You lost at least $3-5 thousand when you drove it off the lot. It’s not impossible, but I don’t think it will be worth it. You most likely still won’t have any left over money.
Tags: Brand New, Budget, Car New, First Person, HONDA, Honda Van, Lost, Money, new car, New Honda, Reliability, Stay At Home, Stay At Home Mom, Thanks In Advance
By tallbrian1000 on Jan 20, 2010
It’s possible but you will take a bath, the van lost 5 – 7 thousand when you drove it off the lot so most likely if you sell it out right you will get less then what you owe. If you can break even you can buy something else but you will need a down payment.
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By soccerkidnumber88 on Jan 20, 2010
Like the first person said, don’t expect to get the exact amount you paid for it when new. You lost at least $3-5 thousand when you drove it off the lot. It’s not impossible, but I don’t think it will be worth it. You most likely still won’t have any left over money.
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By Austin B on Jan 21, 2010
Depends on the dealership. Do you have negitive equity? Your gonna lose a pile of money anyway you look at it. Especially if you trade it. Selling outright will bring in more money. If you do go negitive equity you will basically pay more for the other car do to higher interest rates. Its a bad deal the whole way around, Financially youll be further ahead if you keep it for at least 3 years or pay it off. If your set on being stay at home, pick up a part time job, or work from home part time. Banks will always have you over the barrel ,so to speak, if your in debt.
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