Trade-in advice

[RubberChicken]

I'm about to upgrade to an SS but the downside is I will be a little upside-down on my Camaro. It's a 2011 Automatic with 50,200 miles. I know dealerships will shortchange you on the trade-in to either a large or small degree. I'm trying to keep it on the smaller side.

On one of the other threads someone posted that they watch out for the dealer telling them that banks will not give a loan on a car this old (again, 2011) so they will have to sell it for less and therefore give you less money on trade.

How much of that is true, or does it just depend on the bank? Also, does anyone have any suggestions as far as trade-in tips?

[01pewterz28]

BS they can sell it as GM Certified when I traded in my Silverado 2006 for my Camaro it was 3 years old and had 55k on it. My truck was on the lot for 2 days before it was sold as the new asked the dealership if they could contact me about it the dealership called me 1st and I gave them the ok.

[Scrappy Doo]

If you want advice, here goes.

If you are upside down, keep it until you aren't upside down.

[pocketcthulhu]

Originally Posted by Scrappy Doo

If you want advice, here goes.

If you are upside down, keep it until you aren't upside down.

what he said.

[PalmerGA]

Originally Posted by Scrappy Doo

If you want advice, here goes.

If you are upside down, keep it until you aren't upside down.

^^^This is the best advice you will get.^^^

Trust me. I've been there. The best way to get out of the perpetual loop of being upside-down more and more each time you trade, is to either:

Add to your principle payment each month until you are "right side up" and/or can pay off your car.

OR... save your cash to add to the trade-in to make it right side up toward your new purchase. (This is what I did 20 years ago and have paid CASH for vehicles ever since)

OR... sell the car yourself and you will (almost always) get more for it than a dealer will give you - especially if you have any mods. Hopefully you will get enough to pay off your loan. If not, save-save-save FIRST... then sell.

Bottom line: DO NOT add the difference between what you owe and what they will give you in trade, to a new loan. THAT is most likely how you got "upside down" in the first place (that's how it happened to me).

Be patient. There will be many many SSs out there once your finances are squared away. Good luck.

[RubberChicken]

Originally Posted by PalmerGA

^^^This is the best advice you will get.^^^

Trust me. I've been there. The best way to get out of the perpetual loop of being upside-down more and more each time you trade, is to either:

Add to your principle payment each month until you are "right side up" and/or can pay off your car.

OR... save your cash to add to the trade-in to make it right side up toward your new purchase. (This is what I did 20 years ago and have paid CASH for vehicles ever since)

OR... sell the car yourself and you will (almost always) get more for it than a dealer will give you - especially if you have any mods. Hopefully you will get enough to pay off your loan. If not, save-save-save FIRST... then sell.

Bottom line: DO NOT add the difference between what you owe and what they will give you in trade, to a new loan. THAT is most likely how you got "upside down" in the first place (that's how it happened to me).

Be patient. There will be many many SSs out there once your finances are squared away. Good luck.

Actually that is terrific advice. I think I will delay the purchase of the car and get right side up. Thanks a million for saving me a ton of money (no pun intended)!

[AdamEL]

I had a 2012 V6, traded for a used 2010 SS and went just a little bit upside down. The only thing that wasn't perfect was the APR, but because I'm not rich, that's the best they could do [my best friend was the finance manager for that deal]. So in about 2 years, I'm going to refinance and the deal will be even sweeter.

Not going upside down is the best advice, no doubt. But if it's just a little bit and you can afford the difference, the SS is well worth it. Just my opinion.

[FilibustaRhymes]

I just bought my 2011 2 weeks ago as a GM Certified with a Wells Fargo loan (and a dang decent rate, at that, considering my credit is still on the upswing from a low point a few years back). Maybe mileage has something to do with it - mine has 13k.

Definitely don't trade when you're upside-down. I got myself in some serious debt trouble several years ago doing that. Never again!

[PalmerGA]

Originally Posted by RubberChicken

Actually that is terrific advice. I think I will delay the purchase of the car and get right side up. Thanks a million for saving me a ton of money (no pun intended)!

You will be very glad you did, and you're welcome. Best of luck!

[PalmerGA]

Originally Posted by AdamEL

I had a 2012 V6, traded for a used 2010 SS and went just a little bit upside down. The only thing that wasn't perfect was the APR, but because I'm not rich, that's the best they could do [my best friend was the finance manager for that deal]. So in about 2 years, I'm going to refinance and the deal will be even sweeter.

Not going upside down is the best advice, no doubt. But if it's just a little bit and you can afford the difference, the SS is well worth it. Just my opinion.

I still wouldn't advise it for the OP or anyone else. Yes, you have a great SS now but you had a great car already that was TWO YEARS NEWER yet... you still went up-side down for an older car (no doubt with more miles on it, too). It just does not make good fiscal sense.

[PalmerGA]

Originally Posted by FilibustaRhymes

I just bought my 2011 2 weeks ago as a GM Certified with a Wells Fargo loan (and a dang decent rate, at that, considering my credit is still on the upswing from a low point a few years back). Maybe mileage has something to do with it - mine has 13k.

Definitely don't trade when you're upside-down. I got myself in some serious debt trouble several years ago doing that. Never again!

Lessons learned. And those types of financial decisions are on record if you (meaning anyone who was in your position several years ago) should need a loan for something serious. Your interest rate will be higher and down-payment requirement greater because of it.

Glad you made things right and saw the light. Been there. Done that.

[jshaf]

just traded my 2010 1LT for 20K with 14561 on the clock, had several modes including exhaust, intake and stereo, I went to kelly blue book and used that as my guide to what I wanted to get for it. knew the frame work for what I wanted to pay and told them what the number I wanted to finance it for, they gave me three offers and to get the deal done they had to pay more for the trade in. do your home work and if they want to sell something they will work with you if they are any kind of salesman! I had 11K in trade equity so was far from upside down though, agree with the above posters, never compound debt. bide your time and be patient. I wanted an SS since I can remember, but I had to wait a couple years, had to be comfortable with the monthly payments so hence the wait.

[AdamEL]

Originally Posted by PalmerGA

I still wouldn't advise it for the OP or anyone else. Yes, you have a great SS now but you had a great car already that was TWO YEARS NEWER yet... you still went up-side down for an older car (no doubt with more miles on it, too). It just does not make good fiscal sense.

Actually, my 2012 had 10,000 miles on it and my 2010 that I traded for had just 5,001! Yes, my V6 was great. But the SS was absolutely worth it. I can afford it, so no regrets whatsoever. This is the car I'll be keeping forever.

[onewaydave]

Originally Posted by AdamEL

Actually, my 2012 had 10,000 miles on it and my 2010 that I traded for had just 5,001! Yes, my V6 was great. But the SS was absolutely worth it. I can afford it, so no regrets whatsoever. This is the car I'll be keeping forever.

"Keep it forever" Said the same thing when I was 16 about my red '68 RS. Man, I miss that car! However lets stay on track; upside down on a car is not where you want to be.