Normally whenever people trade in, it is for something that is worth/costs more.

My car is now paid off, and I'd like to sell it to save/invest most that money. I will need a replacement vehicle though. Will it be possible to trade in for a cheaper car at a dealer - because instead of receiving cash, they will be cutting me a large check - anywhere from 15-20k.

Anyone done this before?

 

Try at CarMax.com

 

Yes you can, its no big deal. They will cut you a check for the difference, you won't pay any tax (most states) just title and doc fee if they have one.

 

You'll get a lot more out of it selling your car in a private sale.

 

Yea sell it privatly..Dealer's pretty much rip you off..

 

And that's pretty much an ignorant statement. What do you expect when they are going to have to recondition and then resell the car for profit in order to stay in business? Yeah, some will give more then others, but the idea is trading money for time and convenience. Trading a car at a dealer turns it instantly into cash without you having to have people call your house, wanting to test drive your car and having to make extra trips to close the transaction. Plus you'll save on sales tax.

 

with that price range, I get a used s2k or 350z

and yes I would trade it for a cheaper car simply because putting your money in cars won't do you no good in a long run. Value depreciated so much

 

Actually, a dealership offered me 2.5k more than I was charging as a private party for my Toyota Celica. I just went in there to look at the car I was buying and they made me a good offer on it so I took it. I was pretty surprised though.

 

yes you can. Normally when buying a new a car or a more expensive car the dealer has room to give you money off the more expensive car or they will give you more money than your trade is worth.

When tradeing down they will give you the lower end of what you car is worth. You will also normally pay the asking price on the lesser new car.

Try carmax they gave local kid a unbeliveable amount for his used beatup evo, or sell outright.

 

the trick is to come up with a deal on the car you want first.. then tell them your trade in... If they know you have a trade in first they can fudge the #'s.. Happened to me a few times when I was trying to trade and buy...

 

I'm not sure where you're saving on sales tax. Most states will require you to pay the sales tax on the new car no matter what. If the dealer is hiding the tax elsewhere, that's one thing, but you're not getting out of it altogether - at least not in the places I've bought cars.

 

I have a couple of friends who have traded-in more expensive cars for cheaper ones. In both cases, the haggling went on for quite a while but in the end both were happy with the deals they got.

Dealers will play a numbers game with you. Before you head to a dealership, make sure you have a solid idea of the price difference between the car you're trading and the car that you want to buy. (research on kbb, nada etc) This is the most important number. Once you have an idea, fight hard to make sure you get the most out of the deal.

Dealers will try to throw different trade-in/sales prices at you. Make sure you get the most of the deal by sticking to the price difference. It is going to be more difficult than trading in a car for a more expensive one, but if you take your time, you should be able to get a decent deal out of it.