Question:
1. Who determines the retail value on a trade in car? The dealership, or do they go by the Kelly Blue book value?
Want to get a good second hand 4x4 what do u suggest?
2. The car I want to trade in was in an accident about 2 years ago, everything is fixed on it, but how much of the cars value would drop? A little or a lot? And it wasn't our fault, someone hit us from behind because their brakes went out, does that have any determination on the value, too?
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3. I figure that if I can get a new car at $20,000 (that's with every tax they can add on), trade in a car at $10,000 value, and put down $5,000, leaving me with $5,000 to pay left on the vehicle, would you say that is pretty darn good?
Answers:
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1. The dealership will tell you what they feel it is worth. You do not have to trade it in with them, and usually you will make more money just selling it to a private party.What's a better quality car, a honda or a mercedes?
2. If the car was totaled you will have a salvaged title and that will lower the value significantly. If it was a minor accident it should affect the value very little. Who's fault an accident was has no bearing on the depreciation.
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3. The raw numbers have no meaning. If the value of the car you are buying is >$19,999 and the value of your trade in is <$10,001 and you can afford the payment of a $5,000 loan and you are happy with all the terms it is a good deal.
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sounds like a good deal...but you would have to have a REALLY good trade in to get 10.000Where can I find an exhaust for my 2004 Infiniti G35 Coupe 6 Speed under $600.?
1. You and the dealer determine the value. You can haggle for a higher price but they will almost never go above KBB Trade-in.Where can I get a 1999 Mustang GT convertable under $11,000?
2. Nothing, if the car was fixed to original specs. Unless there's a salvaged title on it or frame damage then I wouldn't buy it. But get it inspected by a mechanic.
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3. The trade-in is your downpayment no need to put anymore down.
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The Dealers often will look at the Low Blue book value of the car and offer this price. The never go with the High Value. If you own the car free and clear your trade in is free money.What car should I pick when I start driving?
if they do a car fax on it and see that the car was in an accident this will affect the trade in Value. After all they need to resell the car to get the trade value back. If other people ask for a car fax and see it was involved in an accident it will affect their buying decission. It can also become a liability with the dealer if they are unable to sell it. (Auction prices are often never what they offered for trade in value.)
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If you do manage to get 10,000 out of the car and you put 5000 down you have made a great deal. I mean simple math should tell you that. A 20,000 dollar car for 10,000? (Remember your down payment?) thats half off! thats fantastic for a new car. I wish I got my last car for half off the sticker price...
1. The dealership who is assuming ownership of your trade-in establishes the 'retail value'. Of course thats after they establish the 'trade-value', because they aren't going to give you 'retail' for it. 'Retail' is what they will sell it for, after taking it off your hands.
How much should my initial offer be for this vehicle?
Basically they will determine what the car is worth, based on age, mileage, condition of wear and tear items, maintenance/repair necessary to bring it back to "saleable condition", etc.
As far as going by KBB, sure, they can go by that or many other resources for establishing the value of your car. An easy formula for figuring out what you're gonna get is: Take the KBB value and subtract a couple grand. Thats what you're gonna get, reason being is: They still have to be able to re-sell that car for a PROFIT. And if they give you exactly what the car is worth, and then add a few grand on top of that to make their new sale price - who the heck is gonna wanna buy that? So therefore no, they give you a few grand less than what its worth so that they can add some on top and turn that vehicle.
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2. As far as the value dropping on your car after the accident, yes of course its worth GOBS less. I mean a whole lot less, but in light of certain facts, it really doesn't even matter. Here's why.
Your car depreciated 30% the moment you drove it off the lot for the first time. Whats worse than that? LOL. So whatever more it dropped when you had the accident... its inconsequential, BECAUSE - It only matters if they NOTICE. Therefore, KEEP your mouth SHUT regarding the accident. You have to SELL them on how GREAT your trade is. When they ask about your trade, repeat after me: "Its a nice car, I keep it maintained, never had any trouble with it, perfect shape, go on, check it out for yourself" - Don't even feel bad about lying to them, cuz, they sure as hell are gonna lie to you! Lots! And as far as it being someone else's fault on the accident? Come on, use some common sense on that one. You're not buying a car from your Dad. LOL. Of course it doesn't matter!
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3. If you trade in a car worth 10K on a car that costs 20K and then put 5K down...
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I would say thats the absolutely sweetest deal I've ever heard of in my life. I would cry, if a deal that perfectly beautiful ever came to fruition. Good luck to you.
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Of course you'll actually owe less than you think, though. Here's why.
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When you do what you are describing....
They take the price of the new car, and subtract the trade in from it first, before adding tax, title and licensing. So you only end up paying for taxes on the difference.
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