Down grading a financed vehicle

[snoop101]

Has anyone ever Down grading after having a car from a dealer that is financed? Last year we bought a used car (2004) and fiance is pulling the whole I dont want to help pay for the car because I didnt want a convertable in the first place (grrr). Anyways so now I want to either sell or was thinking of going to the dealer and Down grading to an Older SUV or 4 door. Do they do this. I assume they will take the car based on a lower amount and refinance the new?

Im going to call but curious to what people have to say on here so I can have a good idea of what to avoid.

[ExtraSlow]

If the car is financed, it's just like selling the car back to them, and buying (financing) another one.
If you owe less than the car is worth, then you'll "make" some money on the deal.
if you think you can sell the car for more privately, or to another dealership, then you can do that as well.

[TorqueDog]

Originally posted by snoop101
... and fiance is pulling the whole I dont want to help pay for the car because I didnt want a convertable in the first place (grrr).

Sounds like you should be trading the fiancee in on a younger model instead.

[Weapon_R]

You will get hosed both ways. They will probably buy your car at (lower than) book value and then sell you another car at retail value. Depending on your car and what you want, the two cars might end up being pretty close in value.

Try and sell your car privately and then buy to avoid losing at both ends.

[aram1000]

Originally posted by Weapon_R
You will get hosed both ways. They will probably buy your car at (lower than) book value and then sell you another car at retail value. Depending on your car and what you want, the two cars might end up being pretty close in value.

Try and sell your car privately and then buy to avoid losing at both ends.

agreed, this would be your best bet

[snoop101]

Would the dealership give me a better deal the other vehicle that I wish to get? I would assume that I wouldent keep my low interest as well unless its being offered.

[Critical]

Originally posted by Weapon_R
You will get hosed both ways. They will probably buy your car at (lower than) book value and then sell you another car at retail value. Depending on your car and what you want, the two cars might end up being pretty close in value.

Try and sell your car privately and then buy to avoid losing at both ends.

Best bet. You should go see what they can offer you, then post what they say here.

As for getting a better deal, it's like buying a used/new car. They try and keep their tagged prices but may lower it if you negotiate or try and lure you in for a sale.

[RUQUIKR]

Originally posted by snoop101
Would the dealership give me a better deal the other vehicle that I wish to get? I would assume that I wouldent keep my low interest as well unless its being offered.

Your interest rate will depend on if you go new or used. If you go new it will depend on the model you purchase. I can clarify any questions you may have about this type of transaction. Feel free to PM me.