Tips on Buying Cars: Trade in value, retail values, ford truck

Question
Robert,
   I have a 1998 Ford truck.  It is a great truck and my husband and I want to keep it but we really need van for our growing family.  The problem is that we owe more on the truck than we could sell it for.  We thought about trading it in but have heard that the dealer will payoff the trade in but add it back onto the new payment.  My question is if a dealer will give any trade in value in this situation.  The truck is nice and could be sold for at least $7,500.00.  What would be the best thing to do.  We have to have the van by May because we are going on a big trip and the truck is to crowded.  Thank you.

Answer
No matter what your in a catch 22. You have to do something because the truck doesn't accomodate your family. If I were you selling is the best way out for you. The truck will bring $2000.00 less as a trade in. I will try to sell it yourself. For example you owe $8500.00, the truck will sell for $7500.00 but the dealer will give you $5500.00. So selling is your cheapest way out you just have to make up the difference of the thousand before getting the title. I would try to sell the truck and just rent a van for your trip. If money is the whole option for example you can't sell the truck or come up with the difference in the payoff then you might have to bite the bullet and trade it in. Sometimes people can't come up with the extra thousand but paying $40.00 more a month is ok. kbb,com is a good source for finding trade in and retail values. I hope I answered your question if not send me antother and I will give it another go! Please rate me if you have a second.