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Finance Question
Ok, i am hoping someone here can help me. My BMW 318i is going in the next few months to be replaced by an estate and a caterham Roadsport. The question i have is how does the trading in policy work on a car that is worth less than my used BMW.
I have been really cheeky and said i want £16k for my BM, realistically would take £15k as this is its value on parkers car guide. I owe roughly £7k on the BM. The car i would be trading it in against is a 59 plate which they are asking £12995 for. Am i right in thinking that the profit between the money i owe and the price i get will just go onto the new car:
Hypoteticaly:
- I get £15,000 for my car
- £7,000 finance paid off leaving me £8,000
-The £8,000 goes on the new car and i only owe the difference between the deposit of £8,000 and the price of the new car.
I hope this makes sense. Or am i better trying to sell the car privately an then taken my cash into the dealer for the new car and get a better deal that way?
Hope this all makes sense and someone can assist me.
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