Overhaulin'

can i trade a new car for a used one?

lets see i know repo'ing it would be bad but i can afford the car its just the insurance is too damn high, now if i was to buy a cheap car say $5000 i can pay off right then and there but dont pay off in full just enough to finance it and trade in my mazda and it would knock off a good $2200 a year off my insurance. would a used car dealer trade me for my new car our would i have to do something else, i still owe almost everything on the mazda too, since that would put me in a small upside down loan i think its the only way i can eat. i know i'll be pating the same or a few bucks more but i'll be saving alot more money on the insurance and i'll be putting less money into the car. people tell me to sell my mazda 6 2007 but how can you sell a car you dont own yet?

Public Comments

1. Trading would be your worst option. No dealer will give you anything close to what you need to have. They have to buy at wholesale or below in order to make a profit. Your best option is to sell it outright. Set the selling price high enough and have enough extra cash on hand in order to cover payoff. If someone buys it you then pay it off, get the title, and transfer it to the new owner. You'll loose several thousand dollars by trading.
2. I don't think a bank will give you a 15 to 20 thousand loan to buy a $5000 car to begin with. I think the guy above is correct in having to sell the car privately but you have to know that you are dealing with a car with bad resale value and if you can not pay off the car with the amount you make the bank will not give you the title to give to the next buyer so I'm thinking you are screwed. Tough place to be in.
3. Hi Friend: Most dealers would be happy to take your new car from you . and give you a cheaper car , Yes you can do this. Let me get this right, what your saying is you want out of the Mazda, and you would like a older car for less payments? The problem here is you have no equity in your car at all so you best stay away from the dealers.... If I was in you situation then I would first Sell My Car Privately . You will for sure get at least what you owe from a private sale but you will loose way more money by going to a dealer. Once you’re out of debt for this Mazda, then you are in a much better position to purchase a car but finding one at a wholesale price would be my goal. Or be patient and find car that you want to decide how much money you have to spend, but never tell anyone this figure. Never. Once you have a figure in mind then go out and find a car that is about 3000 more than what you are willing to spend. Keep your eye on the market of that car and check every resource you can about this car and what it sells for on average. Once you find the average then you can deal better with sellers. Now 1 final find a car that has been sitting for weeks on sale. and then another fast easy way to find a super deal is this.......... every Thursday morning the buy and sell come out in my area , what i do is pick up this paper as early as possible right off the press if you can ......... Then you will see cars so low that they should not be in the paper but the sellers that a not experienced, but they are there for the taking, your job is to find those nuggets on the day of press. This is free priceless information that will help you get the edge in buying your cars.