?? About trading in a vehicle

[clj1410]

We are thinking about trading in our Honda Odyssey and down sizing to a CR-V, we no longer need the minivan which we brought 1 1/2 years ago.

My questions is: If i trade my van in and lets say they give me $20000 for it, then i pay of the $14000 that i owe on it, so that gives me $6000. Do i have to put the whole $6000 toward the purchase of a new car or can i take some of the cash from the $6000 (thinking of taking $3000 and paying of DH car, so we only have one car payment) I wasn't sure if the dealership lets you do that

I thought if anyone would know the answer, my Disboard buddies would

TIA

 

[dawson5]

You should be able to. Every dealership is different though. When we traded in my Mustang and my husband's Thunderbird on an Expedition, we were able to keep about $4,000. Not sure if it had anything to do with him working there or not. I know the dealership he is at now, has large signs saying they will buy your used vehicle--any vehicle. They've taken in scooters, motorcycles along with cars.

 

[Rafiki31]

Do you have a carmax near you? Go to them and have it appraised, they will buy it outright if you do not buy from them. Then if you don't get a better offer from another dealer for a trade it, you can sell it to them.

 

[swilshire]

I'm on my first Odyssey and I know they hold their value, but I would be very surprised if you could get $20K in trade-in for it. Sometimes the dealer will make it look like you're getting a bigger trade while really charging you more for the new vehicle than you would have. With such a new, desirable vehicle, I'd be tempted to try to sell it myself. Then you can get the best deal on your new car.

Sheila

 

[DawnM]

Carmax and any other dealer will give you the lowest they possibly can.

Kelly Bluebook was around $26K for a vehicle we had several years ago. Carmax offered us $19K for it.

We still have that car and don't ever plan to sell it now.

Dawn

 

[Swimalie]

Carmax and any other dealer will give you the lowest they possibly can.

Kelly Bluebook was around $26K for a vehicle we had several years ago. Carmax offered us $19K for it.

We still have that car and don't ever plan to sell it now.

Dawn

I agree. We took them our 2000 CR-V with 130k miles in June. They offered us $3500. We sold it privately for $5000. They under cut way too much! They had the same cars as mine (with more miles) on their site for $7000.

 

[Natalie's Mommy]

dont have an answer for your question but i LOVE my CR-V

 

[ORDisneyfans]

Go to edmunds.com and appraise your vehicle. It will give you real world numbers for your area! Also you can price out any new car with options and get what they call a true market value. This is what you should be able to buy the car for. Any more and the dealer is getting rich, less and you are getting a great deal! This is an easy site to use they also have forums and reviews on most cars. I love it almost as much as the dis!!!

On another note I sold my odessey a few years ago private party in 3 days by parking it by a popular kids gymnastic and karate center. Just a thought! The people who bought it, love it and still have it, got a good deal and I got a lot more than trading it in. Hondas are good resalers.

Dealers will give you the least they can and jack up the price of the new car!!! Sorry, but my dad owned a car lot for years!

Buyer Beware!

 

[benniecooper]

We are thinking about trading in our Honda Odyssey and down sizing to a CR-V, we no longer need the minivan which we brought 1 1/2 years ago.

My questions is: If i trade my van in and lets say they give me $20000 for it, then i pay of the $14000 that i owe on it, so that gives me $6000. Do i have to put the whole $6000 toward the purchase of a new car or can i take some of the cash from the $6000 (thinking of taking $3000 and paying of DH car, so we only have one car payment) I wasn't sure if the dealership lets you do that

I thought if anyone would know the answer, my Disboard buddies would

TIA

To answer your question, yes you can do that. I work at a large automobile dealership and have been in the car business for 18 years. Any honest, reputable dealership would work with you on a transaction like that.

 

[kathie859]

Another poster mentioned selling your trade in yourself. We've done that a few times and made more than what the dealer was offering. PLUS, when you go to buy a vehicle you can focus on the purchase price only and not muddy the waters with trade in values.. Good luck!

 

[clj1410]

Thanks for all the tips

I actually seemed to know more than my van etc than i thought!!

I did go on Edmunds and price what i should get for my trade in and it came up as $19,500. Then i looked up the CR-V that we were looking at and the invoice price is about $300 less than what i was quoted I had email a bunch of Honda dealers in my local area and asked for internet prices, then i will take the best price and go with that.

I had an idea about the trade invalue on the van, as a friend who works for a car dealership actually looked it up on NADA.

I think there is a carmax near here, so maybe i can take it over there for them to appraise it.

My parents both have worked in the car business for years and i know that dealerships make more money off of selling used cars. Kind of the reason i bought a Honda, they have a good resale value!

 

[DISdreamin']

Thanks for all the tips

I'm half-way tempted to ask if you want to trade. LOL! I've been thinking of trading in my CR-V we purchased last August for another Ody. The CR-V is nice, but when we do long trips or camping trips we REALLY wish we had gotten the Ody again (we have an older one we still use, but it has high mileage and we don't trust it for long trips at this point)/

So all I can say is to make sure you really, REALLY like the CR-V before buying one. It is very compact compared to the Ody, and the cargo room might seem good, but once you try to put a suitcase or two in it, it gives you a different perspective. With the rear seats in a comfortable recline for a long trip, the stowage is really limited back there.

Just a FWIW...and good luck with the trade!