I have a few questions for those who have bought used cars from a dealer on finacing. I scheduled a date of 4/12 to go to this dealer and take a look around and have them look at my current car for a trade in. I am currently looking at http://www.atlantichyundai.com/hyundai/showpre.asp?StockNumber=U51295&VIN=2 B3HD46F0TH318468 Now my credit is not good. Its bad but not terrible and I am 19 years old. I would really like to drive away with that car on 4/12 and just trade in my car for the downpayment on the finacing. Is it that easy to get accepted for finacing on a used car? Is their anything that I should be aware of? If I decide to take the car that day and everything goes right will the registration and insurance all be done on their end or what?
I dont know myself but i have heard stories but then again people just like to make things up. I've read by other people that you would most likely get more money by selling your car you have now and then use money from that on the downpayment instead of trading it in cause they will obviously give you less then what its worth cause they have to try to sell it and make a profit on it so you'd be the one to lose out (maybe not by much though). I may be wrong though, but i hope it works out for you.
I think he's right. If you go to kbb.com, and put your car into private party retail value, you'll get a bigger number than you would if you put it into the dealer trade in value.
Used car dealers are in the business of making money off the cars they buy.
They'll usually sell the car for several thousand more than they buy it
for, in order to give themselves bargaining room and still be able to make
a profit. With that in mind, you may be in better shape selling your car
privately. It'll take you longer but you'll make more money.
The other half of it, of course, is that he has marked that car your buying up for the same reason. With that in mind, you may be able to haggle him down. For example, my car was listed for $4000 plus taxes, but I managed to bring him down to $3000 tax included.
So, there it is. You have your choice. Trade the car in for less money but a more immediate return, or sell the car privately, which'll take a lot more time or effort but should net you more for it in the end.