Hyundai Forums banner

1 - 4 of 4 Posts

·
Registered
Joined
·
5 Posts
Discussion Starter · #1 ·
I have a 2013 chevy sonic sedan LT with about 5000 miles on it. I do not like the car at all and I want to trade it in for a 2014 accent gls. I owe 13,400 on the sonic. How would be the best way to trade it in? I have easily enough money to cover a upside down issue also.
 

·
Registered
Joined
·
125 Posts
check out the kbb wholesale value of your car. that is the most you can get. check out the invoice price of the accent.

the dealer can give you more than the wholesale value in trade, maybe enough to cover your loan balance on paper.

bottom line is you have to finance the total amount of the transaction. that amount should not exceed the sticker price of the new car. I would never go upside down on any trade/transaction. jmo.
 

·
Registered
Joined
·
5 Posts
Discussion Starter · #3 ·
check out the kbb wholesale value of your car. that is the most you can get. check out the invoice price of the accent.

the dealer can give you more than the wholesale value in trade, maybe enough to cover your loan balance on paper.

bottom line is you have to finance the total amount of the transaction. that amount should not exceed the sticker price of the new car. I would never go upside down on any trade/transaction. jmo.
It's looking around 11,000 for trade in value at very good condition and yes it is at least very good if not excellent condition. Now the way I understand it is you have to pay the difference between the amount owed and the trade-in value right?
 

·
Registered
Joined
·
6,733 Posts
You have to negotiate to get the trade-in value.

You have to pay the original loan off - yes, but that difference can be financed into the new loan.

For example, let's say you are doing no cash down and you can get the Accent for $15,000, and you can get $11,000 for your trade, you would end up financing $6400 (13,400-11000+15000).

You best bet in this situation (but it's hard to pull off) is to sell the Sonic at private party retail, put the money from the sale of the Sonic down on the new Accent (or pay down the Sonic Loan - if you have enough to pay it off), and then buy the Accent. The drawback to this is you either end up (ideally) with a slightly larger payment on the Accent, or possibly the same payment on the Sonic (which you no longer have) and a small payment on the Accent. (Not sure that last option is workable as you would be responsible for the loan but the finance company couldn't repossess the Sonic.)
 
1 - 4 of 4 Posts
Top