should i sell my car?

i’ve been wanting a more affordable car that’s better on gas, and i’m moving across the country in a few weeks. 

so i still owe about $9,000 on the car, but now it’s only worth $6,000. could i find a dealership to buy me out for more than it’s worth? i would want to try and get $10,000 for it, but i know it’s not worth that much anymore.

options

1. should i sell it right before i move, so i don’t have to pay to get my car shipped over? 

2. should i go ahead and trade for a more affordable car here?

3. should i ship my car over to my new place and then trade in for a new-to-me car?

10 Answers

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  • fuzzy
    Lv 6
    2 months ago

    This is why you never borrow money to buy a car. Pay cash for a car you can afford even if it means driving a bomb for a while.

    If you MUST borrow make sure you pay it off ASAP. The interest rates will kill you again

  • 2 months ago

    shut down nasa the costing biillions

  • Anonymous
    2 months ago

    Nope. You are deeply "upside down" or "under water" in your loan and you are STUCK WITH IT. The only way to get out of your loan is to come up with the difference in cash if you want someone to take it off your hands or if you are going to trade it for another vehicle. Your best bet is to keep it and work like hell to pay it off ASAP. 

    .

    In the future, when financing a vehicle, NEVER take the longest repayment option for the lowest monthly payment unless you make a large down payment because cars almost always depreciate faster than they can be paid off under those circumstances. No dealer will tell you that, so it is up to you to figure out what the depreciation will be vs the rate of payments.

    .

    I hate to say it, but EPIC FAIL. Life learning often happens the hard way. 

  • Scott
    Lv 7
    2 months ago

    No, a dealer is not going to pay you more for your car than it's worth. In fact, they will pay you wholesale price, which is even less than market value. You can't trade in a car that's worth less than you owe without paying the difference.

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  • 2 months ago

    Keep the vehicle.  Dealers know the value of vehicles.  Try paying it off faster.

  • Robert
    Lv 7
    2 months ago

    You're never going to get your money out of a dealer sale.  You will probably make more selling it privately but that takes time and a lot of patience.  You will get more from a deal as a trade in than you will trying to sell it to them for cash, so you would be better off driving the car to where you are going and trade it there.  You're not going to get 8 or 10 K for it if it's worth 6. 

  • 2 months ago

    The $3000+ you'd lose on the sale pays for a LOT of gasoline at its current low price.  Consider that if you traded a car that gets ~20mpg overall for a car that gets ~30mpg overall, at current gas prices you'd have to drive the new car ~90,000 miles (!!) to just break even on the $3000 loss from the sale.  Not remotely worth it.  Keep the car you've got until you're not underwater on the loan.  Good luck.

  • CB
    Lv 7
    2 months ago

    No chance - dealerships are in business of making money. However, if you trade it in they may make a deal where you get even more underwater in payments on a cheaper vehicle. Nothing will be helpful to you - best option just keep paying on what you owe.

  • 2 months ago

    The few dealerships that will "just buy it" are going to offer you the wholesale value. If you think the car is worth $6000 - meaning that another buyer would pay about $6k for it, then dealerships will offer you about $4000. They have to pay their overhead expenses and make a profit, and there's nothing wrong with them doing so. But they're not in business to bail you out of being upside down.

    Some dealerships will take the car on consignment - this means you remain the legal owner but the car goes on their lot, they advertise it, and when it sells they do all the paperwork. They'll take a cut of the sale price - usually between $1000 to $2000 on a car of this value.

    So the bottom line is that if the car is worth $6,000 then that's the most anyone is going to pay you for it. Nobody is going to pay several thousand dollars more than what the car is worth just because you *need* the money. And if you want a dealership to help you with the sale in some form or another its going to cost you.

    As for what you should do - it depends on your circumstances and why you're moving. Can you simply drive the car to your destination? If you've got a lot of stuff could you drive a U-haul truck and pull this car on a trailer behind it? Do you have the money to cover the difference between your loan and the car's value? How's your credit? how "bad" is the fuel economy on your current car and how much "better" will it be on the new car you're thinking of - and how much do you drive? (in other words, how much will you really save on fuel costs by getting a different car)? How's the condition of the current car?

    Without knowing any of these factors my general advice to people is to keep the car they have as long as its in decent reliable condition. This is especially true if you're upside down on the loan and don't have the cash to just pay the difference and put down a down payment on another car.

  • 2 months ago

    You will never find a dealership to just buy it, especially for more than it is worth. If anything they would low ball you. Your best option is to keep it until you pay down the debt and are not underwater on it anymore.

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