Trading in, need some advice

[Danimal1209]

I'm thinking of trading in my 2004 Mustang GT with 67k on the clock.

Car is in great condition, with many mods (I know it doesn't add value).

I want to trade it in to get the payment to the bank off my back. I want to get something I can pay cash for with the difference after finishing paying the loan.

I still owe 4500 on the car and blue book in great condition is 10,400 in my area.

Additionally, I am looking to purchase a very specific car, which no dealers in my area have (1995-1999 eclipse gsx/talon tsi AWD).

So, I was thinking of just trading in to a dealership and buying my new car from a private seller.

My questions are. How close do dealers come to kbb value?
My car is somewhat rare for my area, especially color/profile/sound, which increases selling potential, IMO, does this help?
What would you guys do in my position?

 

[KDKPSJ]

My questions are. How close do dealers come to kbb value?

Usually.. not even close. My guess is that the dealer will offer you around $7k-8k for your car, that's if you buy from them.. expect less for cash buyout.

My car is somewhat rare for my area, especially color/profile/sound, which increases selling potential, IMO, does this help?

It will help if you sell it private.. but if you bring it to dealer, they will pretend they don't care so they can buy it from you cheap.

What would you guys do in my position?

Either selling it private, or try Carmax if you want faster solution.

 

[NutBucket]

Carmax won't give you any more money but it will at least give you an idea of what the dealer may offer. Although, AFAIK they don't like cars with mods.

Either return it to stock first or sell privately.

 

[Danimal1209]

No chance to return it to stock. It has exhaust, intake, larger TB and plenum, tuned, 4.10 gears and a short shifter. Too much to go back to stock lol.

I was thinking I may just keep it and deal with the payments, but I wanted a gsx to mod, since theyre cheap to mod and are faster, after mods, than the mustang would ever be without forced induction.

 

[jagec]

Craigslist it.

 

[Danimal1209]

How would that work if I don't have the title since the bank does?

 

[HarryLui]

Talk to the bank?

 

[Insomnihacks]

If you only owe $4500 and the payments are "on your back" so to speak, why not refinance it? It still has low enough miles to probably qualify. You can lower your payments and pay a bit extra when you can so you pay it off sooner.

Of course this all depends on your credit as well. Depends on if you have a crazy high interest rate right now.

 

[power_hour]

Use a Line of Credit to pay it off, SELL CAR, pay off LOC, PROFIT!?

The problem you got is a lien on the loan that nobody will want. You need to clear the title for a private sale. Trade-in saves the hassle but you lose $$$ in most cases.

You could try to find a private dealer that caters to buyers orders. Maybe they got somebody looking for a modded GT? Couldn't hurt to ask around.

 

[mvbighead]

How would that work if I don't have the title since the bank does?

Very, very easy. I just bought a truck off a guy who still had a loan on it.

They meet you at your bank, with cashiers check in hand, to pay off the loan. They take possession of the car/keys and sign a bill of sale that you keep (and a duplicate for the buyer to keep), the title gets shipped to you in 5-10 days. You fill out the title, and meet or deliver to the buyer for them to fill out their end. Title is then transferred.

People do this all the time, so don't worry about that. Just make sure you deal with the finances at the bank. Also, leave insurance on the vehicle until the title is fully transferred.

The above is how mine went down. Granted, I could see someone being leery with a cashiers check, but mine came from a major bank in the local area. Cash could work, but 10k might be a bit too much to deal with.

In any case, you get paid, and then you just need to go find a new ride once yours is sold.

 

[Vetterin]

Try this: (just fill in the blanks) http://www.cars.com/go/kbb/kbbMain....me=Mustang&kbbmdname=GT+Coupe+2D&pt=&referer=