- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Car Buying Question
Posted on 3/26/15 at 2:40 pm
Posted on 3/26/15 at 2:40 pm
Buying the wife a new car in the next couple of months and have a question on trade-in and down payment. Payoff on her current car is a shade under $2000. I have about another $5000 cash to put down. Would there be any benefit to just paying off the current loan with somenof that cash? Trade-in value I'm guessing is around $8000. I assume there's really no difference, but I've traded in a car with a balance still outstanding on the loan so wasn't sure. Interest rate on current loan is 3.9 if that matters. Payoff once she decides what she wants will probably be closer to $1000.
3
Posted on 3/26/15 at 4:49 pm to The Spleen
Payoff would allow you to sell it privately. Depending on make/model and market demand, you can sometimes make significantly more money in a private sale vs a trade-in. It is easier to sell a used car than you think (at least in my area).
Posted on 3/26/15 at 7:18 pm to hungryone
Yeah I e sold a few cars private party, and it's kind of been a hassle every time. Those all were $1-$2k beaters, so maybe it's not as bad with a nicer car.
Posted on 3/26/15 at 7:51 pm to The Spleen
You'll save the remaining interest on the loan balance (not much), but only what you'll pay between now and the transaction.
Otherwise there's no real difference. Tax treatment is the same. Slightly easier with title in hand, but that's a non-issue.
Otherwise there's no real difference. Tax treatment is the same. Slightly easier with title in hand, but that's a non-issue.
Posted on 3/26/15 at 9:08 pm to The Spleen
Yes from a negotiation stand point I would pay it off.
ALways best to make your best deal and not discuss a trade- tell them your are not trading
Make the deal and then ask them what they will give you in trade-- if it is not enough sell car privately
ALways best to make your best deal and not discuss a trade- tell them your are not trading
Make the deal and then ask them what they will give you in trade-- if it is not enough sell car privately
Posted on 3/27/15 at 6:55 am to 756
They always use that tax credit as the bait to get you to trade. It really depends on the numbers involved and how valuable your time is. If the difference between the private sale and the trade value with the 9% sales tax savings is less than 500 for me I'll trade because my time is with more than the private sale hassle.
Posted on 3/28/15 at 10:51 am to iron banks
I second that
Posted on 4/7/15 at 8:35 am to CoachRobertson
Don't solicit business. You will get a nasty message from Chicken.
Plus...there is room for only one Coach in these auto threads. Sorry.
Plus...there is room for only one Coach in these auto threads. Sorry.
Posted on 4/9/15 at 11:08 am to Coach Guidry
quote:
Coach Guidry
I have a question or 2 about some car prices if you dont mind helping.
Thanks
This post was edited on 4/9/15 at 11:23 am
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News