I have a jeep cherokkee and ive been thinking about a cadillac 7 passenger 😬 i want to trade in my jeep. I still own alot on it. Whats the process of a trade in ? Is it worth it ? Im new at this 😕
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@mommyof.1, they might be able to order it for you! Usually it’s like a network. It’s almost never a good idea to trade in if you owe more than what the car is worth, or if you aren’t at least half way through your loan agreement. Cars lose value the second you leave the lot, it slows down after about the 3 year mark. You’ll end up rolling your old car loan into your new car loan if you still owe more than the value.
@momgroupreject. Ok so when i got the jeep the total came up to 30k only because i added like 3 insurance. The jeep originally was 22k and now i owe 22k (again i still have those 3insurance on it) the car i want cost about 40k
@mommyof.1, so I would do as they said above and look at your actual car value, if it’s worth more than you owe, you’re good, if it’s worth less, you’ll be credited on your loan for whatever it is worth and then the remainder of the existing loan will roll over into the new loan.
It depends if your car is worth more than the amount you owe on your loan. If so then you're good cause you'd have positive equity. I just traded in my car a few months ago
@mommyof.1, kbb.com will give you a pretty accurate value of your car plus typical trade in value
@mommyof.1 what Ekko said or on CarMax too. As long as you know the mileage and year itll be pretty accurate
You’ll likely get more for trading it in vs selling it back. You’ll have to talk to whoever handles your loan to find out what you still owe and your interest rate. I would talk to the same dealership you got your car from.