QQ - what to consider when trading up to SS

[biojack]

So let's say...

i have an LT that i paid 32k+tax - financed for 6 years...monthly payments being made...let's say I've had it for a year, and i want to trade up for the SS

If i am told that my LT is blue book at $26K, does that mean that i get $26k to put against the remaining principle of my original loan when i trade in? Then, i have to pay whatever above is remaining (after the 26k is applied), then i get a new loan for the SS?

is it as simple as that?

[67 Convertible]

I doubt you will get 26k for a trade on your car.....more realistically 22k (give or take). Did you put $$ down? If not, you probably owe about 29k on your car?
Let's say you trade for an SS and pay 36k. Owing 29k for your car and getting 22k for it on trade, there is a 7k delta. (just examples, don't know what the real fiqures are)

You now finance 43k for you new SS. (You probably won't get financed on the SS for more then the car is worth, if you're upside down on your LT)

EDIT: I see you're in Canada, my numbers are probably way off, but you get the idea.

[Darth_Emma]

I don't think a bank will loan you more money than what the SS is worth.

So, if you are underwater with your current loan on the LT (the car is worth less than your remaining loan), then you may have trouble getting financing when trading for an SS.

Not only that, it's probably a bad idea to get in so far over your head.

But, if they are willing to give you such a loan, then the loan would for the new car and your old loan would have to be paid off when your LT is traded in.

Just my 2 cents.

[GbrilliantQ]

I've been thinking of doing the same thing. I love my Camaro, but wish I got the SS when I could of.

I'm going to sell my car privately, because no dealership would give you what your car is worth. It's better to try and sell it yourself.

[the Kolektor]

And that boys and girls is why I will be going directly to the SS, no regrets and since it will be new/newish, I shouldn't have to get a new car for many many years to come so I'm getting what I want, plus I'm paying for it so I might as well put my money into what I want, right??

[biojack]

All good feedback, my timing was bad...within 3 months of purchasing the car things have improved for me considerably (like really really...) and i can easily afford an SS...i am just trying to plan what this will look like if i do want to do this...

I can still easily live with the LT (very easily!) it's more or less justa curiosity i have...

[the Kolektor]

Try selling it privately like was mentioned earlier, if it's meant to be that you have an SS, then the LS will sell and you can get your SS.

[10spokess]

I would say to stay with the LT until you are done with your loan and then when its paid off trade it in for whatever new camaro is out there

[2010 2-Tone]

If things have improved that much you should save a little money so when you do decide to get the SS you will have enough to pay the LT off and not be upside down. A man once told me if you can't afford the note on a 36 or in some cases a 48 month term then you are looking at too much car!!!! Very true indeed!!!

[SSOOCH]

Just enjoy your LT for a couple of more years until you're in the green on it. Then trade up to the SS or even the Z/28 or HP or whatever the hell they're going to call the new one. You got the looks with the LT and plenty of power on tap already. Just my .02

[Darth_Emma]

I'd suggest you save for a bit.

[Ironheadspearo]

Originally Posted by biojack

All good feedback, my timing was bad...within 3 months of purchasing the car things have improved for me considerably (like really really...) and i can easily afford an SS...i am just trying to plan what this will look like if i do want to do this...

I can still easily live with the LT (very easily!) it's more or less justa curiosity i have...

if your financial situation is "really really" good then double up on your payments for a year, then buy the SS.... the next ones will have more power anyway plus newer style interior. thats what i would do. unless you hate the LT that much

[VR Baron]

I looked at the same thing and financially it is a big loser!! The answer to your question is no, you dont get that 25 towards the SS, you get the difference if any, of what they will give and what you owe toward the new car. I paid 30 for my 2ltrs, dealer will give me 25, I owe less then 17, I get 8 toward the new one. And I've paid off 3000, plus mods of 2700 or so so factor that in also to your real total costs so far.All that, extra gas over x years and the higher ss cost and its alot of doh.

[BlownSS]

Anytime you trade in soon, you take it in the can! Whatever money is left over from what they allow you in trade, subtracted from the money you owe is called negative equity. so.......say you owe (for easy math purposes) 28k and they give you 24 k in trade.....you now have negative equity of 4k. You can roll that into your new loan but due to the banking crisis, many financial institutions are not loaning more than 95%-100% of retail value for new cars. Unless you could possible get a big enough discount to counteract the negative equity, you will not be able to get a loan. I say double up your payments for a while until you are at or about what you owe=trade in value.