QuestionQUESTION: I own two vehicles. One 2001 Toyota Solara - which is paid for and worth 5000-6000 according to internet value books. The second vehicle is a 2006 Ford f150. I owe about 16,000-when I research, I think I owe as much as its worth Can I trade in both for a lower payment? I financed the truck less than a year ago. Thanks
ANSWER: To help you, I need to know your zip code? Solaro, how many miles,equipment,color and condition on a scale of 1-10. F150, which model,miles,color and condition? What is your actual payoff, Who did yyou finance it with and what was the rate?
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QUESTION: I live in 33461.The Solara has 93000 miles on it, dark blue, some light scratches on the hood but over all shiny, has sunroof, alum wheels, cd/am/fm interior, power windows/locks - has some issues - door trim on inside of passenger door broken. i would say a 6. 2006
F150 is a Lariat extended cab with 39,000, white w/gold trim and very good condition, leather interior, cd/am/fm all power, cruise. i owe 16,000 on it, 14% with Capitol one. Thanks.
AnswerOK, I did some research on edmunds.com for pricing reports in your zip code.
I appraised your Solara as a 2001 Solara V-6 SE, with automatic transmission and 93k miles,Pls understand you have to make adjustments for miles and condition, as these reports do. Avg trade in is $5100 but after adjustments $3200, Private party retail is $5900 after adj $3800, Dealer retail $6700 after adj $4400. I would think your looking at $3000-3500 for the Solara.
Your F150 Lariat Ext Cab,I'm not going to go over the adjustment pricing because they were so close to the same, Avg Trade in $12800, Private party Retail $14900 and Dealer Retail was $16400.I would think your truck will bring $13000 to $13800.
You can look up all this information at edmunds.com and put in the info yourself to see more. If I were not in a hurry,I think I would try to retail them both. They are both high resale vehicles.
With that, your looking at a combination of $16000-$17000 for both trades, that would be enough to close out your payoff on the truck and give you an opportunity to start from 0.0. You could then buy a new car and just use the rebate as your down pymt plus you would get tax savings on the difference only on whatever you decide to purchase. Pls let me know if you have anymore question, I'll be glad to help.
