Trade in problems - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Alex_ODell28 · 07-07-2015, 10:54 PM

I have a 2013 1 LT with RS package but I'm looking to trade in for a 2015 2SS with the 1LE package. How easy would this be? I'm not finished making payments on it yet

jdrop01 · 07-07-2015, 10:58 PM

They give you what the cars worth. Subtract that from your balance and if anything is left over they carry the negative equity into the new car.

PsychoZL1 · 07-07-2015, 10:58 PM

Depends on how much you owe, how much value you get for your trade-in, and if you can afford the higher payment and upkeep.

Soybeanrice · 07-07-2015, 10:59 PM

depending on the mileage, I would expect ~17-18k for your car. Theyll probably initially offer you 16k or 15k

Knockoutpie · 07-07-2015, 11:02 PM

Quote:

Originally Posted by Soybeanrice

depending on the mileage, I would expect ~17-18k for your car. Theyll probably initially offer you 16k or 15k

Traded in the same car as OP in... Jan, dealer gave me19750

Alex_ODell28 · 07-07-2015, 11:04 PM

Quote:

Originally Posted by Knockoutpie

Traded in the same car as OP in... Jan, dealer gave me19750

What options did you have on your car and how many miles were on it?

Knockoutpie · 07-07-2015, 11:30 PM

Quote:

Originally Posted by Alex_ODell28

What options did you have on your car and how many miles were on it?

Nothing special, Wheels were dipped, had 20k miles, Mylink was removed and had a super cheap 100$ jvc in there (dealer said he didn't care what I put in) let me take CAI off. Nothing special.

Dizzy82 · 07-07-2015, 11:32 PM

You most likely will become upside down in your payments.

Soybeanrice · 07-07-2015, 11:54 PM

Quote:

Originally Posted by Alex_ODell28

What options did you have on your car and how many miles were on it?

Yea, I had a 2013 1LT/RS too.. Sunroof option and got 21.5 for it in December... I figured no sunroof option. I had 10k miles.. so add in almost another year and more miles ... I guess 18k-19k with 19k being close to your max. I mean they announced the 6th gen and everything.

Soybeanrice · 07-07-2015, 11:57 PM

TBH OP, just wait until they do the same deal they did at the end of last year... the whole 20% off MSRP for the remaining stock. If they did it last year, theyll do it this year. Especially with the 6th gen out.

NYCamOwner · 07-08-2015, 03:56 AM

Your question about how easy will it be? It is real easy to do that trade in and purchase. The dealership will love you for it... The only question you have to ask yourself is how much money do you want to spend, and how much do you want to finance. As others have said, depending on what you owe on your 1LT and how much they give you as a trade in will depend if you are going to have to add debt to the new purchase.
IMO, if you owe more on it than you are getting for trade, then it is not worth it unless you can put more money down to compensate for it.
Have you gone in and started talking to them yet about it? I would find out what the cost of the new camaro would be, and what they will give you for trade in, and go from there.

PalmerGA · 07-08-2015, 05:17 AM

As others have said, Alex... it's real easy to trade in on a new car and dealers love it. Put very simply, if they give you (let's say) $19K for your trade-in and that is what you still owe on it - that's a wash. You will pay whatever you negotiate for on the new car (let's say $35K). Your current loan will be paid off and you will now have a new loan for the 1LE. Any cash you can add to the deal will be subtracted from the final loan amount. For instance, if you give them $10K cash your new loan will be for $25K.

Now, what if you owe $19K on your 1LT and the best they will do for trade-in is $15K? You still owe $4K to pay off the current loan. If you give them $10K cash + your car, $4K will be used to pay off your loan and $6K will come off the 1LE price, making your new loan $29K.

Using this last scenario, what you DO NOT want to do is finance that $4K you still owe on the 1LT into the new 1LE loan. If you do (and they'd love you to) you will then be paying $39K for your new car. A loan amount of more than a car is worth is known as being "upside-down". Realistically, your first $4K of payments is going toward paying off your trade-in... not for your new $35K car. If your payments were $350/month, it will take you almost a year to pay of that 4 grand you still owe on your trade-in. At that time, you will have a 1 year old 1LE that is now worth (let's say) $29K(depreciation is a bitch). Now you owe $6K more (still $35K) on your new car than it is worth, and it just keeps getting worse. Depreciation grows faster than your loan amount shrinks.

*** NOTE: I just picked these numbers out of the air for illustrative purposes. I have no idea what a new 1LE would cost, nor what a used 1LT would trade for.

Bottom line is: NEVER take out a loan for more than a car is worth, no matter how easy they make it for you or how much of a good deal it make it sound like. It will take you years and many $$$$ to get "right-side up". Please, take it from one who has been there.

Alex_ODell28 · 07-08-2015, 06:31 AM

Thanks for the clear ups!

CRISSIS · 07-08-2015, 08:01 AM

You should also check to see if your state gives a credit to sales tax on the car your buying based on your trade. In many states, if you trade in a car for $15K and buy one for $25K you will only have to pay sales tax on the $10K difference.

Assuming a 6% sales tax, that is a $900 savings. Therefore, you can think of this trade as being comporable to a private sale for $15,900.

07-07-2015, 10:54 PM	#1
Alex_ODell28 Drives: 2015 2SS 1LE Join Date: Jun 2015 Location: Ashland,KY Posts: 43	Trade in problems I have a 2013 1 LT with RS package but I'm looking to trade in for a 2015 2SS with the 1LE package. How easy would this be? I'm not finished making payments on it yet

07-07-2015, 11:32 PM	#8
Dizzy82 Drives: 2011 1LT/RS A6 RJT SuperCharged Join Date: Mar 2011 Location: 87114 Posts: 3,503 View My Garage	You most likely will become upside down in your payments. __________________ Power is worthless without control. *The 2nd* protects the 1st.** BMR sub frame brace, BMR tunnel brace, LSR sways, LSR CM ca & tl, Sphon ExD el, GM tower brace, Megan EZ Streets, Goodridge Stainless Steel Braided brake lines, PowerStop D/S rotors & pads, Doug Thorty Ceramic Shorties, Magnaflow x-pipe, MRT V2.0, KICKER PowerStage sub & amp, Infinity speakers & tweeters, Viteese Throttle Controller, Viteese Paddle Shifters, ACS T2 Splitter, ACS T2 Ports/Quad LED lights, VDI kit, Havoc diffuser, IPF ECU/TRANS tuned, IPF/KPE Supercharged. 364RWHP/297RWTQ

07-08-2015, 03:56 AM	#11
NYCamOwner "Katy" Drives: 2014 2LT A6 'Vert Join Date: Feb 2014 Location: Western New York Posts: 1,076 View My Garage	Your question about how easy will it be? It is real easy to do that trade in and purchase. The dealership will love you for it... The only question you have to ask yourself is how much money do you want to spend, and how much do you want to finance. As others have said, depending on what you owe on your 1LT and how much they give you as a trade in will depend if you are going to have to add debt to the new purchase. IMO, if you owe more on it than you are getting for trade, then it is not worth it unless you can put more money down to compensate for it. Have you gone in and started talking to them yet about it? I would find out what the cost of the new camaro would be, and what they will give you for trade in, and go from there. __________________ 2014 Black 2LT Convertible Elite Engineering Catch Can, Vitesse Throttle Controller, CAI Cold Air Intake Possible next mods: Throttle Body Exhaust Upstate C5 Member No, that is not me in the avatar..... I just love hot girls and hot cars.... or hot girls IN hot cars....

07-08-2015, 05:17 AM	#12
PalmerGA Drives: 2013 SIM 1SS/RS L99 Join Date: May 2012 Location: Southwest GA Posts: 8,755 View My Garage	As others have said, Alex... it's real easy to trade in on a new car and dealers love it. Put very simply, if they give you (let's say) $19K for your trade-in and that is what you still owe on it - that's a wash. You will pay whatever you negotiate for on the new car (let's say $35K). Your current loan will be paid off and you will now have a new loan for the 1LE. Any cash you can add to the deal will be subtracted from the final loan amount. For instance, if you give them $10K cash your new loan will be for $25K. Now, what if you owe $19K on your 1LT and the best they will do for trade-in is $15K? You still owe $4K to pay off the current loan. If you give them $10K cash + your car, $4K will be used to pay off your loan and $6K will come off the 1LE price, making your new loan $29K. Using this last scenario, what you DO NOT want to do is finance that $4K you still owe on the 1LT into the new 1LE loan. If you do (and they'd love you to) you will then be paying $39K for your new car. A loan amount of more than a car is worth is known as being "upside-down". Realistically, your first $4K of payments is going toward paying off your trade-in... not for your new $35K car. If your payments were $350/month, it will take you almost a year to pay of that 4 grand you still owe on your trade-in. At that time, you will have a 1 year old 1LE that is now worth (let's say) $29K(depreciation is a bitch). Now you owe $6K more (still $35K) on your new car than it is worth, and it just keeps getting worse. Depreciation grows faster than your loan amount shrinks. *** NOTE: I just picked these numbers out of the air for illustrative purposes. I have no idea what a new 1LE would cost, nor what a used 1LT would trade for. Bottom line is: NEVER take out a loan for more than a car is worth, no matter how easy they make it for you or how much of a good deal it make it sound like. It will take you years and many $$$$ to get "right-side up". Please, take it from one who has been there. __________________ 2013 1SS/RS Coupe L99, Stainless Power Works LT Headers, SCT X4 Custom Tune from RDP, CAI Inc. Air Intake w/ Apex Scoop, VMAX CNC Ported Throttle Body, Solo Axle-Back Exhaust w/ J-pipes, Apex Catch Can, Husky Splash Guards, Heritage Grille, 3D Carbon Rear Spoiler, Oracle Chrome Turn Signal Bulbs, GM Reverse Light Trim Billets, Gorilla Black Locking Lugs, Emblem Pros Retro SS Badges/Custom Retro SS Kickplates/Under-hood Bowtie, 35% window Tint, Nitto Motivo Tires (6-8-18)

07-07-2015, 10:58 PM	#2
jdrop01 Drives: 05 GTO Join Date: May 2015 Location: Weatherford, Texas Posts: 390	They give you what the cars worth. Subtract that from your balance and if anything is left over they carry the negative equity into the new car.

07-07-2015, 10:58 PM	#3
PsychoZL1 Drives: 2015 Challenger SRT Join Date: May 2011 Location: Roy, UT Posts: 1,002	Depends on how much you owe, how much value you get for your trade-in, and if you can afford the higher payment and upkeep.

07-07-2015, 10:59 PM	#4
Soybeanrice Drives: 2014 2SS/RS Join Date: Jun 2013 Location: Orlando, FL Posts: 793	depending on the mileage, I would expect ~17-18k for your car. Theyll probably initially offer you 16k or 15k

07-07-2015, 11:57 PM	#10
Soybeanrice Drives: 2014 2SS/RS Join Date: Jun 2013 Location: Orlando, FL Posts: 793	TBH OP, just wait until they do the same deal they did at the end of last year... the whole 20% off MSRP for the remaining stock. If they did it last year, theyll do it this year. Especially with the 6th gen out.

07-08-2015, 06:31 AM	#13
Alex_ODell28 Drives: 2015 2SS 1LE Join Date: Jun 2015 Location: Ashland,KY Posts: 43	Thanks for the clear ups!

07-08-2015, 08:01 AM	#14
CRISSIS Drives: '14 ZL1 'Vert - Black, #742 Join Date: Sep 2014 Location: MD Posts: 139	You should also check to see if your state gives a credit to sales tax on the car your buying based on your trade. In many states, if you trade in a car for $15K and buy one for $25K you will only have to pay sales tax on the $10K difference. Assuming a 6% sales tax, that is a $900 savings. Therefore, you can think of this trade as being comporable to a private sale for $15,900.