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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > General E90 Sedan / E91 Wagon / E92 Coupe / E93 Cabrio > Trading in car?



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      12-26-2012, 05:21 AM   #1
thedm
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Trading in car?

Hello,

I purchased a certified pre-owned E92 in September of last year, and due to some unforeseen circumstances (job, recent college grad, etc.), I have come to the really difficult decision that it may be better to downgrade and take a lower monthly payment. I still have about four years of payments left on this car, and my interest rate is really low, but I'm wondering if I can still settle for cheaper.

What is the process of doing this? Will I even save money in the long run? I heard that refinancing will cause my interest to go up... For example, if I were to go to a VW dealership and say, "I want to trade in my car for a used GTI", would they take over the rest of my payments or what? Do I sell the car outright? I've been doing a little reading, and it seems that I would just lose out in the long run if I deal with the dealership...

Ultimately, I am very unfamiliar with this whole process and any help would be much, much appreciated.

Thanks guys.

Last edited by thedm; 12-26-2012 at 05:27 AM.
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      12-26-2012, 07:33 AM   #2
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You'll get 1 to 2 thousand $ more by selling it outright than trading it in to a dealership, or selling it to a place like carmax.

If you are unfamiliar with all this, I would think a private sale would be a bit much for you.

Yes, you'll lose a bunch of $ trading it in on a lesser car. The difference between what you owe and what the dealer is willing to pay for it will be added to the loan of your "new" lesser car.

But either way, private sale or trade, you'll be losing money in the end.

Stick with what you have if you can.
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      12-26-2012, 11:41 AM   #3
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Selling an expensive car privately is hard. You can't finance it and the buyer population can't vet you as a reputable seller.

That said it's not hard or expensive to list it for sale on AutoTrader and give it 30 days to see what kind of activity you get. Take it to CarMax and get the floor value you could receive easily.

Trading to a dealer for your next ride is easy and the benefit is the sales tax savings your will have by paying sales tax only on the difference.

Figure the value of your car and the loan payoff to be sure you don't owe more than you can get for it.

Agree that keeping it may be the best option but obviously don't know all the numbers.
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      12-26-2012, 11:48 AM   #4
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If your car is worth trade in $25k and you owe $20k the dealer will give you $5k towards your next car. They don't "take over" payments try simply pay off your loan and then try to sell your car or auction it.

The best thing to do would be to sell it privately, as I did a similar thing due to a circumstance just like yours. It took me 2 months but I sold it and made $6k more then what the dealerships were offering me.

Depending on your current rate refinancing rates are 2.5% and above so unless your current rate is less then that you would be saving money with less of a payment. Good luck, I was fortunate to drive my car for 9 months put 5k miles on it and sell it at only a $500 loss.
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      12-26-2012, 11:53 AM   #5
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      12-26-2012, 12:00 PM   #6
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Do you owe more than it's worth?

If so, sell the car (privately will net you more money), pay off your loan and buy another car cash.

Don't dig another hole if you're already in hole by getting another car payment.
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      12-26-2012, 01:04 PM   #7
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What are the specifics on your car etc. I'm looking to purchase a good used bmw soon.
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      12-26-2012, 05:42 PM   #8
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I see. It seems like just keeping the car may be saving more money in the end. The payments aren't too terrible, but I just thought it'd be beneficial to save money where I can. Guess I get to keep her Thanks everyone!
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      12-26-2012, 10:54 PM   #9
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I would keep the car if I were you. Sounds like you got a good rate and can still make the payments.

It would be nice to have something with lower payments but you have to take into consideration how much money you are going to lose by trading the car in. Selling privately would get you more for your car but it might take a bit more time to sell and find a buyer willing to work with you to clear the loan and then transfer the title.
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      12-27-2012, 12:16 AM   #10
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take note:
step 1: Do not trade your car in you will lose a lot more money.
Step 2: Try to sell it privatley, post it on craigslist?
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      12-27-2012, 12:23 AM   #11
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Yeah, unless you somehow break even and the car you get into is half the price of your current car, its not worth the hassle. Maybe just eat more ramen and hit up the value menu a bit more.
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      12-27-2012, 06:11 AM   #12
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Quote:
Originally Posted by E90_boostjunky View Post
take note:
step 1: Do not trade your car in you will lose a lot more money.
Step 2: Try to sell it privatley, post it on craigslist?
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