wanna trade a car in with no equity

Asked by Apr 14, 2012 at 01:41 PM about the 2007 Saturn Sky Red Line

Question type: Shopping & Pricing

just bought a car a few months ago havent driven it and would like to find a dealership that may trade it in for something else. is this possible

3 Answers

8,365

It depends on how much you owe on the car compared to what it is worth trade value- if you owe 20000 and the car is only worth 15000, you probably won't get a bank to do it unless you put the additional 5000 down to make up the difference. It also depends on the value of what you want to buy- if the seller is selling their vehicle for way under book value, you might be able to make up some of the difference there. Your credit score will also be a factor- if you have good credit, there may be something you can do. The best thing to do is go to the place which has the car you want and lay it all out for them and see if it will work- good luck.

905

If you find you must trade the Sky and will be a little upside down, and if you plan on having the new car 3 years, you may want to consider leasing. Leasing is a great option for making inequity go away. Without knowing too much about your previous purchase history, trends, it's a tough guess. Have you gone back to the dealer you bought it from and ask them how much they'd buy it for? If they sold it to you they already bought it, and might have another chance to sell it again. Summers almost here, you may want to try listing it on ebay a few weeks. Canadians are looking for them too, as a seller, give your buyers lots of options! Just like a dealer has to. Good luck, sorry it didn't work out. Next car, try an overnight test drive to make sure it's the right one. These things can be costly experiences.

Why haven't you driven it? I am considering getting one.

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