I'm looking for input from anybody who may be a car salesperson (or maybe is married to one). I own a car (it's paid for) that has a Edmunds trade-in value of about $14K. If I want to buy another car that is listed for $11K. Will I be able to sit down with the dealer, make a deal and leave with the car and a check for $3K? Is this uncommon and/or hard to do? Any tips/pointers on how to do this would be much appreciated.

Have you thought of selling the car yourself and taking that money to purchase the car? I do know a dealer and you have to remember the dealer has to make a profit when they re-sell your car. So you most likely won't get the full value from them when you trade it in.

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Don't know for sure but I'm inclined to think that it won't work that way. Most car dealers haven't exactly had banner year which would leave them flush with cash. They make their money by selling new cars not by selling your used one.

Trade in value is generally much lower than the actual book value on a car. You would probably be much better off to try to sell the car on your own. We have traded in two cars and didn't get anywhere near the book value either time. Dealers consider it a hassle to do trade ins, and it means more paper work for them. Plus when they take a trade in they still want to make a profit on the traded in car....

The last time we did a trade in about 2 yrs ago the dealer was not using Edmunds or Kelly Blue Book. So don't expect to get what the "book" says. I would try to sell it myself taking into consideration the loan value and going from there.

I highly doubt any car salesperson will give you a check for the difference even if it was in tip top shape. They're in it for the $$$ -- not to give money. As a matter of fact, they're probably laugh at you.

Like another poster said, sell it yourself and go out and buy yourself the car you want with the cash.

Good luck!!!

Yep....sell the car outright. You may be able to get Blue Book value but I doubt you will get it if you trade it for a car with lesser value nor do I think you will get cash back.

I just got a 2009 Special Edition Blush convertible VW New Beetle. The Kelly Blue Book on my trade (2003 Trailblazer) was $6500, without hesitation the dealers gave me $6500 for my trade and I got the 0% financing. They are hurting to move cars.

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Actually we have received money back when truck trading probably 8 yrs ago. There was a huge rebate, customer loyalty cash and GM Credit Card cash to use and we received a check for the overage.

Actually, that's not true. They make more on used cars than new ones. I read this somewhere a while ago. A quick google search brings up this from 2007:

Ford and GM Dealers Bail for Used Car Sales | The Truth About Cars

I don't have time right now to see if there's something more recent, but I would assume that there are more people looking to buy used cars than new ones in this economy.

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I would definatley try to sell the car outright. The dealer will give you below blue book and then turn around and sell it above bb. This is how he makes his money. If the car has over 50 in miles, it will probably go to auction. I work for a company that calls people on behalf of dealerships to trade in thier vehicle to upgrade to another one. A dream come true to a dealer is for a customer to come in an purchase a car with no trade. Less paperwork and more profit for them.

I sold cars for years and then was a Finance Manager. At least try to sell it yourself.....craigslist is free, or I usually sell my used cars by putting them on the corner of our busy road. I have had calls within 2 hours of parking it. Please, make sure you have the title and the lein release from the bank......people are not as trusting these days and you may lose a good buyer if you don't have them. Also, make sure you finish the deal at the DMV....don't just sign off on the title and let them go. Go with them to the licensing office and make sure they do the title work. Yes, it is more of a hassle then going to a dealer, but worth it both financially and if something were to go fishy with the buyer.

You can always visit a dealer and see what they say.....what kind of car is it?

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Wow....thanks for all the input, everybody. It's an '07 Camry with 34K miles.

As most others have said, you're much better off to sell your own car and purchase your next one without a trade. When you have no trade in you will get a better purchase price.

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Barb


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'07 Camry with 34K miles

Definitely try to sell it yourself......Toyotas have an excellent resale value and an 07 with 34K has less than average miles. My advice....price it about 1000-1500 ABOVE what the book says, then 'deal down' if needed to what you wanted for it....you may find a buyer to take it at the asking price!

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