[TMMA]

Hi everyone,

I wanted to trade in my car for a mazda 3. But there is a problem, I'm still on financing with this car and there is around 24 months to go.
So I'm here to ask for you guy's opinion about this and hoping to get some more info on how this trade in will work!

I appreciate any advice or opinion!

tmma

 

[Levitron]

I'm going to be doing the same thing.

I'll be doing a private sale, and then leasing the new m3.

I also haven't finished financing my old car (there's around 8 grand left on the lien), so when I get the money from the guy I sell it to, I'll go pay it off at Honda Finance (that's where I got my financing from) and show that I don't owe Honda Finance any more money.

As for trading in, you should speak to the dealer where you want to get the m3 from. Sometimes, they can work a new "deal" out for you, and let you borrow from them to pay off the lien on the old car.

 

[TMMA]

I'm going to be doing the same thing.

I'll be doing a private sale, and then leasing the new m3.

I also haven't finished financing my old car (there's around 8 grand left on the lien), so when I get the money from the guy I sell it to, I'll go pay it off at Honda Finance (that's where I got my financing from) and show that I don't owe Honda Finance any more money.

As for trading in, you should speak to the dealer where you want to get the m3 from. Sometimes, they can work a new "deal" out for you, and let you borrow from them to pay off the lien on the old car.

Cool.... Thanks alot for your answer!

 

[Levitron]

NP, glad I could help

 

[dinu01]

Please sell it privately!

Dealers will RIP YOU OFF on a trade-in. They wanted to give me $3500 ($4000 tops) for a 93 Civic DX HB w/125.000kms in 2001 and I sold it privately in less that one week (add in the Star) for $6000 even - the car had some issues to say the least or I could have gotten more.

 

[schulkw]

I agree, dealers will rip you off. The commercials sounds appealing, but they're deceptive.

You can get out from lease/loan, and most dealers will pay that amount off and add it your new vehicle loan.

Just try to sell it privately first. Trade-in values are far lower than private party. Try kbb.com to see the difference.

 

[PSIVIC]

My wife and I want to trade in her P5 for the 3, and the dealer told me outright that we should sell private cause the dealer will probably offer 3K less than market value. Unfortunately for us, he also said that with the 3's hitting the showrooms, the value of P5's just went down by a grand or so. Looks like we'll have to wait until Mazda runs their first promo on the car.

 

[TMMA]

I know trade in value is usually lower than private selling. But the problem is that I need to use the car all the time and I don't have much time to do the selling by myself.
I have checked the canadian black book for the trade in price and the market value for private selling.... the difference is around 2-3k!!!

 

[TMMA]

Check out the following page.....

http://www.carsoncd.com/pages/000/ce000.html

 

[mz6zoomzoom]

Depends on the car... with my Stratus, it was easier to just trade it off, and not hav eto deal with private selling.

 

[gruss]

yeah its kind of a pain when you still owe...see what they'll offer you and if your happy with that. then its no muss no fuss...I was going to sell my last vehicle outright, then the trade offer was good enough I said screw it, not worth the hassle. I just made it clear that they would be waiting for my sale until I sold it...they wanted to sell something now so up came the price everyone's happy

 

[dinu01]

For Japanese models it's easier to sell it privately (more interested buyers) than for domestics. As far as cars go, not many people would own a used Cavalier but most would a used Honda...

 

[TMMA]

Depends on the car... with my Stratus, it was easier to just trade it off, and not hav eto deal with private selling.

That's so true.... it really depend on the cars....
I think I will just go directly to the dealer and see what they offer for the trade in first!!! :roll:

 

[3fan]

As for " I don't have much time to do the selling by myself. "

The time that it takes to call the local newspaper or post your car on the web and take some phone calls and have someone drive the car is a couple hours. Let's say 3 hours. That's about $1000 per hour. I'd like to make that much per hour.

You could have a neighbor kid take the calls and set up the demo ride and pay him $100 for doing it. I did that for a neighbor. He paid me $100, after I sold the car for $1200.

 

[TMMA]

As for " I don't have much time to do the selling by myself. "

The time that it takes to call the local newspaper or post your car on the web and take some phone calls and have someone drive the car is a couple hours. Let's say 3 hours. That's about $1000 per hour. I'd like to make that much per hour.

You could have a neighbor kid take the calls and set up the demo ride and pay him $100 for doing it. I did that for a neighbor. He paid me $100, after I sold the car for $1200.

That's a pretty good idea to get neighbor kid to take calls for you. But what I mean by "I don't have time to do the selling" is that I don't have that much spare time to let ppl test driving my car from time to time. I have to use my car almost everyday!

 

[dinu01]

Which is cool. Tell them to come by at X hour on X day.

 

[TMMA]

I already traded in my car for a Mazda3 Sport GT fully loaded today.
Took me 3 hours to argue on the trade in price.....

 

[dinu01]

And if I may ask... can you give us the pricing details on your trade-in and on the 3.

BTW, what dealer did you get it from and when will you pick it up?

 

[mz6zoomzoom]

As for " I don't have much time to do the selling by myself. "

The time that it takes to call the local newspaper or post your car on the web and take some phone calls and have someone drive the car is a couple hours. Let's say 3 hours. That's about $1000 per hour. I'd like to make that much per hour.

You could have a neighbor kid take the calls and set up the demo ride and pay him $100 for doing it. I did that for a neighbor. He paid me $100, after I sold the car for $1200.

But it isn't like making $1000/hr, it's making What you got for the car - what you could have gotten as trade in.

For my Cherokee, for instance, I spent a lot of hassle trying to sell it, ended up not being worth it.

For the Stratus, it had TONS of damage, and I knew it wasn't worth it to do private sale... I tried a little, but not much. The dealership didn't even notice the damage though.

 

[TMMA]

And if I may ask... can you give us the pricing details on your trade-in and on the 3.

BTW, what dealer did you get it from and when will you pick it up?

The pricing is about the same as you see on the official website. Except they raised $100 on the leather + sunroof option. (I choose a Sport GT + A/C + sunroof + leather)

With the freight + PDI $900, Metallic Paint $105 (Titanium Grey), A/C Tax $100, Gas Tax $75, and Admin Fee $150. The total is around ~$25500 + tax.

Since I'm trading in with my old car, so they deducted the trade in value before they add in the tax. Basically that means I'm saving some tax for trading in the car instead of selling it privately.

I bought the car at Markham Mazda, and I'm giving me 30 days to get me the car. Otherwise, they will give me back the deposit ($1000).