Question:
that would leave me with a 4-6k credit towards the purchase of the used car, right?
Answers:
Would you recommend trading my 2000 Lincoln LS for a 2005 Dodge Magnum.?
Will the dealer give you what you want for it? Is the used car under warranty?Is it worth it for you or are you just trying to get out of debt?
who says your truck is worth 22k
Should you stray away from buying cars off eBay that is a salvage title?
If it only worked that way. When you trade in your truck all that will happen is that they will get your truck. You will still be paying for it. And the new car too. They will hide it in your contract but it will be there you can bet your life on it.Only if you sell it outright(to a non-dealer). A dealer will give you less so he can mark it up and make a profit.
It means that you might break even. The dealer probably won't give you more than wholesale for the truck, and that might be 16k. Since vehicles depreciate the moment they leave the showroom. If this is to avoid the higher gas prices I can guarantee that you probably won't save money on this deal. Keep the truck.
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You say KBB value is $21 to $24,000. But is that retail or trade-in? If it's retail, forget you ever saw those numbers. It'll only make you sad.or decide to try to sell it outright, which is difficult since most people don't have that kinda dough and they have to set up financing etc.Anyway, you can expect to get a wholesale figure for your truck. But in the scenario you drew up, if it was kbb trade-in you were referring to, yes, you'd have $4 to $6000 toward your new vehicle. Or if you bought a cheapie car for $3500 plus tax, you'd get the car AND a check back for the remainder.
I am a car salesman. I know this is accurate.
Good luck!!
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