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Discussion Starter #1
I kinda want to trade in my car because to many problems are comin up. Its a 2003 6s i brought used in jan 06..

I pretty much just want to know how trade-ins work...I still owe around 17k on car w/ a monthly payment around $400/month..

Things that ive done to the cut that will affect trade-in value:
Tinted windows
removed muffler(which i still have)
added HD
removed map compartment lid

Any help on this would be appreciated...
 

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Dealer's don't care for your mods. Return the car to stock as much as you can. You'll probably get 10k or so for your trade-in.
 

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Discussion Starter #3
Dealer's don't care for your mods. Return the car to stock as much as you can. You'll probably get 10k or so for your trade-in.
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so what about the existing loan i have with the bank??
 

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so what about the existing loan i have with the bank??
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It gets tacked on to your Car Payment, or they will pay off 10 K of what you owe..and the 7K gets attached to whatever price you have set up. Either way your monthly Car payment will go up a tad
 

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Wow, you owe 17k for a 2003 6s.

Heres an example:

You owe $17,000 on your 2003 6s. Let say the dealership will give you $10,000 for trade in. That means you owe the difference, which in this case is $7,000.

Since you owe so much you would be better off either keeping the car or selling it.
 

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Trading in a car before you've paid it off almost always means you're going to cost yourself a chunk of money and will have a higher payment. Not the best decision, financially, to trade in a car you've owned less than a year unless its really costing you that much in repair bills.
 

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It gets tacked on to your Car Payment, or they will pay off 10 K of what you owe..and the 7K gets attached to whatever price you have set up. Either way your monthly Car payment will go up a tad
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In this case, lets say the new car you are looking at cost $20,000. That 7k is added to that price making your $20,000 car cost $27,000. You could put a large downpayment to help offset the carry over amount.
 

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You don't think they're just going to forget about that extra $7000 do you? You can go to kbb.com and get an idea of your trade in value based on your specific mileage and options. And don't fool yourself by thinking your car is in Excellent shape. As far as they are concerned, it's in Good shape or worse. If $10K is assuming standard options, I don't think you'll get anywhere near the $17K you owe. You seem to be seriously upside down (owe more than it's worth). If so, now isn't the best time to trade. If You really insist on trading, that $7000 will be rolled into your next car loan unless you pay the difference. You'll just be digging a deeper hole. Your best bet is to start saving up now if you expect some issues to come up.
 

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In this case, lets say the new car you are looking at cost $20,000. That 7k is added to that price making your $20,000 car cost $27,000. You could put a large downpayment to help offset the carry over amount.
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help him out My friend, When you say large downpayment....how much would he need to offset the carry over ^_^ $7,000 *gasp*....

That's a hell of a long time to save for a downpayment if you got other bills etc.

This teaches you a number 1 lesson
Make sure you get what you want THE FIRST TIME!!! even if you have to pay outta your ass...Make sure you are satisfied with your vehicle, because in like 2 years the car market changes...something you want will always come out
 

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It's none of my business, but how much did you pay for the car initially? I'm rather stunned that you still owe that much for and '03 after less than a year
 

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I agree that seems very high for a 2003 model.

If you just have to have a new car consider vehicles with high rebates to help you offset your carryover amount.
 

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Discussion Starter #13
It's none of my business, but how much did you pay for the car initially? I'm rather stunned that you still owe that much for and '03 after less than a year
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wel i got the car from the dealership,which was already overpriced as it is. I got the call for 17100+, than financing knocked it up tp 21K :(
 

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Never liked trading in, always thought you should actually, to get the most you can from it.
 

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wel i got the car from the dealership,which was already overpriced as it is. I got the call for 17100+, than financing knocked it up tp 21K :(
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Man, I hate to say this but you got taken to the cleaners. The upside of your situation is, you don't actually still owe 17k. Since you've been making payments over the last year your principle has been reduced somewhat. That 21k is the amount you would have ended up paying over the life of the contract if you made steady payments. The actual amount you'd still owe would probably closer to 15k or so.
 

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I thought I was in bad shape with my 6s, I paid 19k for my 04 brand new in Nov of 2004 with 0% interest. You will probably never be able to be right side up on you car until it is paid off. The best offer I got for my trade in was 12,500 from an Infiniti dealer. I owe 14,500 and have 35k miles on it, and there was no way I am going to lose 2 grand on a car. I did that once when I traded in my Maxima for the Mazda. I have regretted it since, not only for loosing money on a trade in but for getting rid of a Maxima for a 6. Next time you buy a car do much more research, you overpaid way too much for that car. I would have sold you my car for payoff amount.
 

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wel i got the car from the dealership,which was already overpriced as it is. I got the call for 17100+, than financing knocked it up tp 21K :(
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Maybe you should lay off some of your namesake stuff, man. ;) I only paid $2,000 more than that when I bought my fully-loaded '03 brand-new.

Looks like you're gonna be stuck with the 6 for a while. At normal payments you're looking at paying down for another 3 years before you come up even on the trade and can even realistically look at replacing it with something else.

One other thing to remember is that most major lenders have a rather low allowance for what they will allow you to roll into a new car. Meaning, you can't go buy a $15,000 car and roll in the $7,000 that you still on the Mazda6. Aside from that just being dumb a good lender isn't going to loan that to you. There's too much risk if you default on the loan. The bank will be stuck with a car with $10,000 and a loan on it for $22,000.

Roll in anything more than 5% of the value of the new car you're buying and they're gonna start looking at jacking up your interest rate. Anything more than 10% and you're certainly looking at a 1-2% higher rate. More than 15% and you price yourself out of prime lenders and you probably cost yourself another 2% or more. More than 30% and they probably wouldn't give you the time of day unless you had really good credit or they really wanted to sell that car.

To stay in that tolerable-but-still-not-smart 15-20% range with $7,000 in negative equity, you'd have to buy a car with a purchase price of about $30,000.
 

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Discussion Starter #18
Maybe you should lay off some of your namesake stuff, man. ;) I only paid $2,000 more than that when I bought my fully-loaded '03 brand-new.
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1. The name refers to a rapper not cannabis in which ur thinking of.
2. My car was used and not even fully loaded.

Anyway, I didnt have any credit at the time of buying the car. My interest rate is 8.9% which isnt that bad.
 

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So what problems with the car are you facing? You never really mentioned that part. It probably is cheaper to maintain it and keep it at this point.
 

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