QuestionQUESTION: I am having financial difficulties & am looking to get cash to pay my mortgage. I currently own a 2007 Honda Pilot EXL with 50,000 miles & in excellent condition. I was hoping to trade in my vehicle ( Kelly Blue Book trade-in value is approx. $24,000) & purchase an older, smaller, four-wheel drive vehicle for approx. $10,000. My zip code is 11764. Is it possible to do this & walk away with approx. $10,000? Would any dealership actually do this?
ANSWER: Hi Janice
Yes a dealer will trade down and cut you a check, but before I go further with an explanation, is there a lien on the vehicle ? " a loan " ?
Ray
http://www.usedcartips.org/
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QUESTION: Hi Ray,
No, there is no lien on the vehicle. I paid cash for it.
Thank you for your help/time!
Janice
ANSWER: Hi Janice
All dealerships will cut you a check back for the positive amount, how you approach the situation not being taken for a ride becomes the question as you appear totally green and it scares me the dealer will confuse you with numbers, here is how I would like for you to approach.
Locate a vehicle of interest, you will be asked if there is a trade involved " NO " get the best price, after thinking about the deal and if it's the vehicle you want, simply say my private deal did not materialize and I now want to trade,,, at this point you know cost of buying and the approximate difference you want the dealer to cut you a check for.
As an example, let's assume your vehicle has got a true wholesale value of $21,000 and your purchase cost is $10,000 including handling fees and license transfer, there is no tax factor and the dealer should cut you a cheque for $11,000
Now finding an AWD in your price range becomes another issue where you better have done some homework, for starters study this link on my website http://www.usedcartips.org/TESTDRI.html
Summary,,, Trading a vehicle with a negative or positive factor is an area where dealerships are well polished having done it thousand of times and know how to score big time, if you feel confused or don't fully understand my points feel free to send me a phone number to paulsenray@yahoo.com with best time to contact, and I will walk you through the process
Have a great day and study my website for pointers
Ray
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QUESTION: Hi Ray,
Thank you, I appreciate your insight & availability in helping me. I just found a 2004 Honda CR-V AWD with 71,000 miles listed at $10,988 at Millennium Toyota in Hempstead. It is on their website where you can click on auto check & view the history of the car. Is that an accurate source?
I was hoping not to go older than 2005, but in my price range that is proving to be difficult. After doing some research, I have narrowed down my search to Honda CR-Vs & Toyota Rav-4s. Not only can I walk away with a check after my trade-in, but the fuel efficiency is a plus for me too.
I've been reading your pointers on your website & have found them very helpful. I will hopefully go look at the car this weekend.
Thank you,
Janice
AnswerJanice Janice Janice, first let me say I liked your question because it's before the fact, not after which most questions are and it's then to late in most cases for me to get buyers out of a lemon deal.
Sure the 04 Honda looks like a great deal on paper, but here is the problem, click on Pre Owned, then Online Inventory, and the 04 Honda is listed,,, click on Pre Owned Certified vehicles,,, and it don't show ???, why do you think that is ?
That my sweetie I don't like,,, means you will be buying AS IS,,, and whatever the problems, becomes your problems the moment you take delivery.
Sure great price,,, but let's tag on the word certified, and the cost of car is ???
