buying: What Happens to Your Car When You Trade It In - PressFrom - US
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buyingWhat Happens to Your Car When You Trade It In

18:40  12 april  2019
18:40  12 april  2019 Source:   rd.com

Man Trades In Entire Collection of First-Gen Toyota MR2s For a New Miata

Man Trades In Entire Collection of First-Gen Toyota MR2s For a New Miata That's one way to go about liquidating a stash of classics. As far as weird trade-in stories go, this has got to be one of the strangest. Earlier this week, Coad Toyota of Cape Girardeau, Missouri took in a total of five first-generation MR2s of varying specs and mileage from a single owner at once. Talk about unexpected. Japanese Nostalgic Car spoke with Ben Brotherton, the sales manager at Coad Toyota, to get the details behind this unusual trade-in.

When you trade in your old car for a brand new model, one of three things can happen . By the time you invest in your second or third car , chances are you ’ve been around the block enough to know that when it comes time to buy a new vehicle, one of your budget-friendly options is to trade in your old one.

When you trade in a car with a loan, the dealer takes over the loan and pays it off. The dealer also handles the paperwork, such as the transfer of the title, which Also know that you ’d likely get a better price selling your car privately than trading it in . » SIGN UP: See your car ’s resale value. Final steps.

What Happens to Your Car When You Trade It In© Provided by Trusted Media Brands, Inc. business man gives the car key

By the time you invest in your second or third car, chances are you’ve been around the block enough to know that when it comes time to buy a new vehicle, one of your budget-friendly options is to trade in your old one. But what actually happens to your well-loved minivan that you can’t quite get the smell of french fries out of?

According to Gregg Fidan, founder of RealCarTips.com, traded in cars generally go one of three places.

Recondition and resale

Unless you’re trading in a car that is in nearly perfect condition, with low enough mileage, and a close to recent manufacturing date—in which case, why are you trading it in again?—this is not the road that car is going down. A car that is being traded in after a few small dings, or after the owner gets sick of it and wants something a few years newer, is easy enough for the dealership to fix up, put in some of that new car smell, and resell it to someone looking for a nice car at a slight discount. If you’re looking to buy one of these reconditioned cars, take note of the 12 best used cars to buy according to the experts.

12 Tips for Negotiating With a Car Dealer

12 Tips for Negotiating With a Car Dealer The best car-buying experience starts with preparation. Knowing what you want to buy by using resources like our new car rankings, knowing how to finance your purchase, and knowing how to avoid common traps will protect both your wallet and your sanity as you negotiate your purchase at the dealership. Before you even think about talking with a salesperson, read the following pages for tips on how to negotiate and what can be negotiated, when to buy, and how to get a great deal on financing.

If possible, trading in a leased car is not the same as trading in a car purchased or financed with a loan. Monthly lease payments are often lower than a monthly financed payment would be on that same car , as your money is going toward just the expected depreciation during the lease agreement

What happens to the lien on my car when I trade it in ? Report. Follow. I know when I trade it in the dealer pays off the lien but does that dollar amount get transferred to the car I want to buy? The lien is less than what my car is worth so I'm not lopsided.

Wholesale

Say you’re trading in your old trusty truck for a smaller, more environmentally and pocketbook friendly sedan. The dealership you would choose to go to is probably pretty well known for its smaller, more environmentally and pocketbook friendly sedans, which means not a lot of people are walking in looking for a used truck. So instead of taking a loss and letting it sit around in their lot for years, depreciating in value and standing out from their pristine line up, the dealership will drive it down the road to the lot with all the other trucks, and sell it to them wholesale, or trade for the nice used sedan someone just traded in for a truck. According to experts at The Drive, most cars that are traded in will end up here. The fact that your salesman got the car from another dealership’s trade-ins may not be a secret, but he certainly won’t want you to know these 34 car buying tips.

Ships full of Teslas are racing toward China, fueled by trade-war fears

Ships full of Teslas are racing toward China, fueled by trade-war fears At least three giant container ships carrying Model 3s are trying to beat the clock across the Pacific, fueled by US-China trade-war fears.

What is supposed to happen when you trade in a car with an existing loan balance? Normally when you call any lender for your payoff amount, the payoff figure they give you is good for 10 days, otherwise interest starts to accrue and they have to recalculate the amount and give you a new payoff

Knowing what happens to your car after you trade it in at a dealership can help you get top dollar for it . A car dealer usually doesn't make much profit when wholesaling a vehicle, so they will try to low-ball you as much as possible when you trade -in your car .

Public auction

The third direction for a trade-in to head is to a public auction. “Most of the cars at a public auction are the worst trade-ins or very rough repos,” Steven Lang, owner of a used car dealership told Popular Mechanics. Cars at public auction can be in extremely rough shape. “I’ve personally seen cars with over 300,000 miles on their clocks rolled back to 120,000 and sold as ‘Miles Exempt’ meaning no guarantee of mileage,” Lang said. This is the destination of cars that look like they are a few miles away from spontaneously catching fire. Dealerships and even the general public can take advantage of the dirt cheap cars here, but Lang generally recommends against it unless you are a seasoned mechanic. For the most part, these cars sell for less than a thousand dollars but if you’re really looking for a steal on a nice car, find out what happens to all of the new cars at dealerships that never get sold.

The post What Happens to Your Car When You Trade It In appeared first on Reader's Digest.

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