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Discussion Starter #1
Hi guys, I am toying with the idea of trading in my 09 G8 V6 for a GT, but I don't know how to go about it.

I still owe about $14k on the loan. The car has a hair under 29k miles, I have all maintenance records, I just got 4-brand new Extreme Contact DWS tires put on last month, and I baby the paint and interior. I love the car but I just want the V8.

How exactly does the process go when trading to a dealer if you still owe money on the loan? I'm hoping I would get at least $19k for a trade-in (hoping). So would that mean it would be $19k off the price of the new one, or $19k trade minus $14k I still owe for a total of $5000 to put towards the new one? I have never done any of this before so I am unsure.

Any help or insight is greatly appreciated! Thanks in advance.
 

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To simplify, if you owe $14k and you get $19k, you have $5k as a down payment for the next car. If you are upside down (owe $14k but get $12k) you will add $2k to the price of the new car. You should, however, only be charged tax on the difference between your trade and the new car since you already paid tax on the car you currently own.
 

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Discussion Starter #4
Ok, that makes sense. I'll have to get a new loan for the new car, so how would that work? I assume the dealer I buy the GT from will pay off my old loan correct? Will I have to go to my bank and get another loan prior to trading in the car, in order to pay for the new car? Or, when I purchase the GT, would it all get taken care of at once. Meaning, my old loan would be paid and at the same time I would get a new loan for the remaining balance on the new car?

I apologize for all the questions:/ But I sincerely appreciate your help:)
 

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The dealer can put together a loan through different banks. Sometimes, and only sometimes you can get better rates from the bank itself. I would see what rates you would apply for based on your credit.

Print out your credit report and bring it to the bank and the dealerships. That way they are not running your credit a million times ruining your credit. See if they can give you the best rate estimate based on your printed credit report. Then when you decide on where to get your loan you have to try to work them on the rates and payment. That is really what you have to live with.
My loan was for 21k, but i pay 376/mo. I got a decent rate for being a first time car buyer. When you ask them what the montly would be on a 20k+ car they are going to tell you that 10k equals out to be 250/mo so 500/mo is what you would pay for a 20k car. What i think happens there though is that the dealership gets a kickback from the extra monthly payment.
Have a monthly payment in mind and see what they can do. Dont ever be set on one car. Have an arsenal of other vehicles you could easily see getting into and if one does not work out then you can just walk away without any hard feelings.
Good luck with the GT buy. I hope you find what you want and enjoy the TQ. :)
 

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get a quote on trade-in value. dealerships get special financing rates from banks,let's say 3%, they might charge you 5%, they get the 2% as profit. best bet is to get your own financing and ask dealer to match rate. make them give you trade at dealer cost. their price will very inflated. in NC i don't think you have to pay sales tax on used vehicle. make sure that they give a fair trade-in and know value of car you're buying. hope this helps
 

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Beep Beep I'm a Jeep.
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I was in the same situation as you about 6 months ago...

I shopped around for trade in prices. I also tried selling private.

If you are going to buy the GT from a dealer, in NY anyways, I would have saved the tax on my trade in after I paid of my loan for the V6.

Make sure that the dealer is actually going to pay off the loan, I had a problem before with owing money still...

Just shop around for the best deal you can find, try different dealers.

Good luck
 

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Beep Beep I'm a Jeep.
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Honestly, with it basically being winter time dealers are going to have a hard time selling a "sports car". Unless you live somewhere that snow is never seen.

I got 19.5 for mine in June, it was in nearly perfect condition and stock.
 

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Honestly, with it basically being winter time dealers are going to have a hard time selling a "sports car". Unless you live somewhere that snow is never seen.

I got 19.5 for mine in June, it was in nearly perfect condition and stock.
What you said is the honest to goodness truth. The value of my car dropped like a rock the past couple months. I have 27K on it today and mine is a base V6. I keep a pay off spreadsheet for my car so I am aware of how much it is worth vs. what I owe cause I am crazy like that. Anyways here is what it has look like since the begining of the year. You could probably trade it in for same amount or 1-2K more than you can today if you wait till the spring but than again the GT wil be more too. just something to consider. Good Luck!!

Feb-11 $ 18,500.00
Mar-11 $ 18,000.00
Apr-11 $ 18,500.00
May-11 $ 18,800.00
Jun-11 $ 18,800.00
Jul-11 $ 19,225.00
Aug-11 $ 19,450.00
Sep-11 $ 18,225.00
Oct-11 $ 17,375.00
 

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Taxes vary from state to state. In Indiana you pay taxes on the price difference between the two vehicles. In Ohio you pay the difference only if the purchased vehicle is new. I believe Illinois is the same as Indiana.
 

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when i traded my PBM G8 in for a GT the dealer gave me 20k for trade in with 63k kms. the SRM i got was 24k with 68k kms
 

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Where's pics of the new one LoCal?
 

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haven't taken any, waiting till spring when it's better looking mode hahahahah
i don't like winter mode
but i kept my V6 wheels when i did the trade :)
 

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^^^ congrats on the GT!
 
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