I would like to trade in my 2005 Hyundai Tucson GLS 4door. I am Financing my vehicle and the payoff amount is $13,004.63.
I have 3 boys and not enough room. I was interested in the Chevrolet Traverse. How do I trade my vehicle the smart way?
There are many reputable websites that you can check to help you to serve as a guide for the value of your trade. Edmunds or Kelly Blue Book for example. The best advise that I could offer is to be honest about what the information that you enter...specifically the options/equipment and condition of your vehicle.
〉 Answered on Jan 3rd, 2009 by Susan Scarola, President and CEO at DCH Auto Group
First go on line to sites such as Edmunds.com, Kelly Blue Book, etc and research your current vehicle value. Take into consideration the mileage, condition, and equipment to get a good idea of the value. Also check local listings to see if there are any ads for your type of vehicle.
You can also have the vehicle appraised to get a true value in your area of the country and the market there.
Once you have these numbers you can see what a dealer will allow as a part of purchasing a new vehicle. You need to remember that you will have to pay off the amount owed on your current vehicle and that will affect the amount of the loan on the new one. If you find a dealer that you believe gives you a fair deal than you can buy that new vehicle.
You should also research the actual cost of the Traverse so you know if you are receiving all the discounts and incentives available to you.
There are two ways of looking at the numbers on the transaction. One is Wholesale to Wholesale, the other is Retail to Retail. If they are showing you the MSRP of the new vehicle as the starting price that is a Retail/Retail deal. If they are showing you the discounted price of the new vehicle that would be a Wholesale/Wholesale deal. The only numbers that really matter is the last number....the "bottom line", what you are actually going to pay. You can also consider selling the Hyundai yourself, but be aware of any tax advantages you might receive in your state by trading.
〉 Answered on Jan 3rd, 2009 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)