Want a Speed3 so badly but scared of trade in.....

[Summersweets108]

Ok so as you guys know i have a sedan 3i sport 2011, i want to trade it for a 2012 speed3 so badlyyyy like i've researched forums and everything theres to know about the car lol. but now I'm scared of the trade in value or my payments going through the roof. I currently pay 330 for my 3 and have about 15k left to pay on it. 21k miles on it. Im supposed to get an "appraisal" this week to see how much it'll b valued at and if i'll have "negative equity" for a new Speed3. I can't go higher than like 400 a month so we'll c if i become a part of this side of the forum or not.... in any case, Red's my color

Any of you guys have any personal experiences w/ trade ins? or similar? any words of advise?

[Seven02]

Originally Posted by Summersweets108

Ok so as you guys know i have a sedan 3i sport 2011, i want to trade it for a 2012 speed3 so badlyyyy like i've researched forums and everything theres to know about the car lol. but now I'm scared of the trade in value or my payments going through the roof. I currently pay 330 for my 3 and have about 15k left to pay on it. 21k miles on it. Im supposed to get an "appraisal" this week to see how much it'll b valued at and if i'll have "negative equity" for a new Speed3. I can't go higher than like 400 a month so we'll c if i become a part of this side of the forum or not.... in any case, Red's my color

Any of you guys have any personal experiences w/ trade ins? or similar? any words of advise?

The dealership will really try to rip you off on your trade in. I would go to KBB.com first and print out what your cars trade in value is and take it with you to the dealership.

But say you have no negative equity and the Mazdaspeed your buying costs 24k, plus 2k for taxes no money down and a good interest rate like 4%. A 72 month loan would be just over $400 per month. Not bad, but then they will try and sell you GAP insurance and tell you your upsidedown in your current car and try to squeeze some more money out of you.

[Tyler@CorkSport]

Originally Posted by Seven02

The dealership will really try to rip you off on your trade in. I would go to KBB.com first and print out what your cars trade in value is and take it with you to the dealership.

But say you have no negative equity and the Mazdaspeed your buying costs 24k, plus 2k for taxes no money down and a good interest rate like 4%. A 72 month loan would be just over $400 per month. Not bad, but then they will try and sell you GAP insurance and tell you your upsidedown in your current car and try to squeeze some more money out of you.

This is true. If you are really serious about trading, look at selling your car via private party, then buying the speed. You'll be better off in the long run if you can wait that way.

-Tyler

[My spoon is too big]

Yup. Do not trade it in. Sell it privately. You will get reamed on trade. And the worst thing you can do is roll your negative equity into the new loan.

I've got a friend that added his cars to his refi'd mortgage so he gets to pay for his cars for 30 years.

[warlord]

Before jumping to conclusions that you have neg equity you might be pleasantly surprised. I owed $13,300 on my MZ3 and the dealer offered me $17,300 on a trade in.

On a dealer trade in you only pay sales tax on the difference between the price of the new car and the trade in price.

A new MS3 lists for 24,500. You can easily negotiate the price down to $22,xxx.

Don't ever think you need to pay for any dealer fees, gap ins, or special wax treatment that have already been applied to the car. Don't pay for any of that B.S.

I pay $379 a month for 60 months at a 4% interest rate on my MS3. I put the $4,000 profit that I made on my MZ3 into the MS3 and drove out without writing any checks. Even got a $250 refund check from DMV because the dealership calculated something wrong.

I still think it was a fair deal because I'm now in a car that I like better and I never did have the 4k in my bank account so I don't miss it.

As of last week KBB lists my car as being worth $18,000 on a dealer trade in. Last months Chase statement says my payoff is $16,000. So I'm pretty much ahead of the game on my MS3 at this point.

I'm under the impression that Mazdas don't take a big depreciation hit early on like a lot of other cars.

[OrangeVirus1]

they will probably offer you 11-12k on trade, and you might be ok with 400$ payments if you have good credit, and possibly a used speed 3.

If you really want a speed 3, First get your car appraised, find out how much the dealership is willing to offer you, then find out how much it's WORTH. if they offer way less counteroffer and show them proof ( print out the NADA price page, Most dealerships don't go by KBB at all ) second, find a decently priced used speed in your area, And then go there and trade. Usually If you go to a dealership and tehy offer you like lets say 12k on your car, but another dealership offers you 13k, you can tell the dealership that offered you 12, that " these guys are offering my 13k," and say that the only thing keeping you from walking is that they have the used speed. USUALLY a dealership will meet that offer. if they dont, hand them your phone number and walk out. Don't let them play you, you gotta play them. walk out, if they dont call you in a few hours, go back and tell them "last chance" sort of thing.

that should work! I did that when I bought my mazda. mazda dealership offered me 11k for my 2010 dodge caliber, so I went else where. Hyundai offered me 13k, So i went back to mazda and hassled them until they offered me 12.5k and a brand new mazda 3

[OrangeVirus1]

Originally Posted by My spoon is too big

I've got a friend that added his cars to his refi'd mortgage so he gets to pay for his cars for 30 years.

what an idiot. he gets to pay interest on it too for 30 years. idiot.

[Frnchplayr15]

I've noticed that CARMAX usually are the highest buyers. But that's just here!

[Scot]

I traded my 2007 with 120k miles for a brand new 2011 mz3 and kept my payments the same. Owed more on the car than kkb said it was worth but the dealer had it sold before I finished signing papers so I got a brand new car they made some money. Everyone happy.
Don't get taken by being willing to walk. There are tons of dealers and they all want to deal with you.


Sent from my Autoguide iPhone app

[My spoon is too big]

Originally Posted by OrangeVirus1

what an idiot. he gets to pay interest on it too for 30 years. idiot.

yup. i didn't have the heart to tell him to his face, though. but if he sells his house in the next few years, then i guess it doesn't really matter.