Car Trade-In - (1 Viewer)

[cubd8]

Here's a scenario:

Car Value: ~Approximately 23,000

Current Balance on Car: 22,500

Car payment: $399.00 a month for 72 months (1.9% APR)

**

If I were to trade my 2016 car in for a 2017 for a car that is $30,000, for 1.9% APR on a 6 year deal, how would my new payments look?

 

[mr. furley]

first question, can you afford $400 a month for 6 years?

that smells of "i can't afford this car"

 

[Rattle and Hum]

$30K for 6 years at 1.9% is $441/month. Each $1K +/- is about $15/month.

 

[James Daulton]

The car value approximates the amount owed on the car?  Unless you put a ton down, seems a bit optimistic to me. 

 

[belljr]

Does the 30k include taxes etc?

Are you sure you are getting that in trade?

441 dollars

 

[Nugget]

What is wrong with the current car?  What kinda car do you have and are you looking at?

 

[Chemical X]

low

 

[cubd8]

first question, can you afford $400 a month for 6 years?

that smells of "i can't afford this car"

Yes, i can afford the payments.

 

[cubd8]

The car value approximates the amount owed on the car?  Unless you put a ton down, seems a bit optimistic to me. 

I bought the 2016 Hyundai Tuscon for about 27.5K. I have paid it own to about 22.5K since I bought it.

It's in excellent condition, was just doing the Kelly Blue Book and it's listed for about the same price as I what I owe.

I'd like to understand, and I doubt I'd actually do this if my payments were crazy, what I would owe monthly if I did the trade it in for a new 2017 Tuscon, say 30K.

 

[cubd8]

What is wrong with the current car?  What kinda car do you have and are you looking at?

2016 Tuscon for a 2017 version....Probably wouldn't do this, but was curious how those payments would look if I did.

 

[the moops]

if your car is worth 23,000, it is only worth ~2/3 of that in trade in value

 

[Nugget]

2016 Tuscon for a 2017 version....Probably wouldn't do this, but was curious how those payments would look if I did.

Payment would likely rise 50-60 bucks a month, depending on taxes, cancelable products in the note, rebates, and such. 

Have you considered leasing if you like newer cars?  

 

[mr. furley]

if your car is worth 23,000, it is only worth ~2/3 of that in trade in value

wife wrecked her car a handful of years ago.  thing was on its absolute last legs. KBB said in mint condition it was worth somewhere around 5k. in her condition, private sale we were hoping for 3000 if we found the girl who really loved that particular kind of car.

insurance gave her 8k

go figure

 

[DocHolliday]

Not sure why someone would trade in their 2016 Tuscon for a 2017 Tuscon.  Seems like a good way to waste money on car depreciation two years in a row. 

 

[Timmay]

Ghost ride the 2016 Tucson down a steep grade, collect the insurance money and buy a 2017 Tucson. 

 

[AhrnCityPahnder]

Not sure why someone would trade in their 2016 Tuscon for a 2017 Tuscon.  Seems like a good way to waste money on car depreciation two years in a row. 

I'm not entist: when it comes to cars, but if you have a 2016 you're insane for wanting a new one already.  

 

[Ignoramus]

There are a million car payment calculators online that will tell you what your payment will be.

 

[Bull Dozier]

wife wrecked her car a handful of years ago.  thing was on its absolute last legs. KBB said in mint condition it was worth somewhere around 5k. in her condition, private sale we were hoping for 3000 if we found the girl who really loved that particular kind of car.

insurance gave her 8k

go figure

Insurance is much different than trading in to a dealer.

 

[James Daulton]

If only there was a way to find out what the payment would be on a $400k mortgage over 15 years at 4.25%.  I'm really bad at maths and surprisingly google yields zero results.