How does a trade in work? i have a 04 accord with 75000 miles and in perfect condition.?

Question:
on kellybluebook.com it says i would get $10,850 for it as a trade in. how does a trade in really work? where does the money that i get offered go in to? does it all got to the new car or aprt of it? i know that they pay off the rest on the loan on my car. please help!

Answers:

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Yes, all the money goes towards the new car. If you still owe money, let's say $5000, they will pay it off and give you the difference as credit towards the new car, $5850 would be applied like a down payment. If you owe more than it's worth it's called "negative equity", let's say you owe $12,850, they will add on $2000 to the price of the new car. It's usually better to sell it to a private party, you'll get more.

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Why can't we just stop and ask for directions?

You agree on a trade in price. Then you agree on a price for the new car. They will deduct the trade in from the price of the car. If you owe money on the trade in they will deduct what you owe. So they will give you a price that you have to pay with all that figured in. So what they will tell you is how much a month you have to pay and for how long you have to pay it. good luck

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