Vehicle Trade-in explained

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  • เผยแพร่เมื่อ 30 ต.ค. 2024

ความคิดเห็น • 191

  • @ayo30s
    @ayo30s 6 ปีที่แล้ว +44

    Very comprehensive and simple breakdown, thx, 👍🏾👊🏾✌🏾🇳🇬🇺🇸

    • @guahan
      @guahan  6 ปีที่แล้ว

      ayo30s Thank you for watching!

  • @arcodean2000
    @arcodean2000 3 ปีที่แล้ว +4

    A budding businessman, great job man for the clear explanation on how car trade-in works.

  • @theghostof94
    @theghostof94 2 ปีที่แล้ว +5

    Thank you for waking through this in simple and easy to understand terms! It really helped me understand the whole process.

  • @solosphereentertainment9163
    @solosphereentertainment9163 6 ปีที่แล้ว +126

    3:04 for us who live in the real world.

    • @slabdog397
      @slabdog397 6 ปีที่แล้ว +6

      Thank you

    • @OhReji
      @OhReji 6 ปีที่แล้ว +6

      You mean poverty.

    • @Marie-ep9hn
      @Marie-ep9hn 4 ปีที่แล้ว +1

      Okay so I clicked to 3:04 guessing it would be for me 😂

    • @bmw3-er
      @bmw3-er 4 ปีที่แล้ว

      Lol

    • @neptunes297
      @neptunes297 3 ปีที่แล้ว +1

      @@OhReji I'm poor and I've owned 8 cars in my life and every one of them was paid for in cash. I feel like people who make payments are the ones with money 😂

  • @mireynaledezma6113
    @mireynaledezma6113 3 ปีที่แล้ว +14

    Video was very helpful! Loved the way you broke everything down in simple terms. Thank you for making this video!❤️

  • @cheriselovesmakeup96
    @cheriselovesmakeup96 2 ปีที่แล้ว +5

    Wow this was everything I needed !! Thank you

  • @gsheverything_2716
    @gsheverything_2716 2 ปีที่แล้ว

    NOW I understand this whole trade in car thing, that was super nice to comprehend...

  • @survivor_protector_testimo2437
    @survivor_protector_testimo2437 2 ปีที่แล้ว +2

    Appreciate your work bro. Very simple and easy to understand.

  • @ecosystems
    @ecosystems 4 ปีที่แล้ว +5

    Bottom line is you take less on the trade-in than what you can sell the vehicle privately. What you pay for is the convenience. Many people take this option to avoid the hassle (unknown) of selling their own car.

  • @se0ulstealer
    @se0ulstealer ปีที่แล้ว

    this was the most simple explanation of it! thanks!

  • @gunslinger2172
    @gunslinger2172 6 ปีที่แล้ว +41

    yeah right NO CAR DEALER is your friend or family .

    • @guahan
      @guahan  6 ปีที่แล้ว +15

      Business is business, but as long as you know just enough to not get taken advantage of, you should be good :) If the salesman realizes the customer knows nothing, I totally agree most will take advantage of them.. sadly

    • @barrysimms8078
      @barrysimms8078 4 ปีที่แล้ว +1

      Fr

  • @krimstix
    @krimstix 4 ปีที่แล้ว +2

    Man, thank you! this is the only video that is easy to understand. My confusion is now solved.

  • @bigbama04
    @bigbama04 3 หลายเดือนก่อน

    Thank you ! This really helped me out a lot!

  • @bajaboy27
    @bajaboy27 3 ปีที่แล้ว +4

    That's not how dealerships work. If you trade in your car(worth $10k) for a car that's worth $25k, they do not subtract $10k from $25k, they add it to it. You won't be financing $25k, it will actually be $35k. The dealership sells your $10k trade in at the auction, the finance company pays them their $25k and you're stuck paying for the new car and the car you traded in. They'll tell you the price went up to $35k because you may have a bad credit score or because financing and taxes. But it's all BS. Your best bet if possible, get the car without trading in your old car. They're still going to get you by asking you for a cash deposit, low ball them by saying you only have $5k or so. Cheers 🍻

  • @ThePeterPan1211
    @ThePeterPan1211 3 ปีที่แล้ว +2

    Very nice, you educate me so much about trade in. Thank you for this video. 👌

  • @khaleesidove1218
    @khaleesidove1218 6 ปีที่แล้ว +10

    This is perfect! Exactly what I needed/wanted to know! ^_^

    • @guahan
      @guahan  6 ปีที่แล้ว +1

      I'm glad it helped!

  • @rafaeloliva9758
    @rafaeloliva9758 ปีที่แล้ว

    Thanks def needed this explanation. Makes a lot of sense now thank you

  • @shawnsmith564
    @shawnsmith564 5 ปีที่แล้ว +4

    Thank you for making this simple!!!!

    • @guahan
      @guahan  5 ปีที่แล้ว +1

      Glad this helped!

    • @shawnsmith564
      @shawnsmith564 5 ปีที่แล้ว +1

      Yeah dude I plan to Get a cheaper car so when I trade it in hopefully it will be more than the car price

    • @guahan
      @guahan  5 ปีที่แล้ว

      @@shawnsmith564 Sounds like a plan. Best of luck my friend :)

  • @iamfrankcaceres
    @iamfrankcaceres 6 ปีที่แล้ว +7

    U doing your thing man! Yeah the taxes and warranty are missing

    • @guahan
      @guahan  6 ปีที่แล้ว +2

      Thanks! I should definitely talk about those in the next video :)

  • @mark35644
    @mark35644 4 ปีที่แล้ว +1

    Im thinking about trading in my 2019 ram for a 2020 ram. This video help alot thanks👍

    • @yakwtfgonn
      @yakwtfgonn 3 ปีที่แล้ว

      exact same situation for me lol

  • @Steamy_Dumpling
    @Steamy_Dumpling 2 ปีที่แล้ว

    Well that answered my question. Thanks for the explanation

  • @kchamberlin25
    @kchamberlin25 6 ปีที่แล้ว +5

    If you go in to buy a car, you can almost always get a discount off the list price. Say I'm looking at a $15,000 used car. To close the deal, the dealer may give me $2000 off. Of course they have this built in to their asking price. If I go in with a trade which is worth say, $ 1000, the dealer may say "Tell, you what. I'll give you $2000 for your $1000 car." I just gave my old car away. Always sell your old car yourself.

    • @guahan
      @guahan  6 ปีที่แล้ว

      Thanks for sharking Kirk :)

  • @victorrenteria2129
    @victorrenteria2129 4 ปีที่แล้ว +3

    What if your car is worth 25k and you want to trade in for something cheaper say 17k for example, how would that work?

  • @SM4YL-LA
    @SM4YL-LA ปีที่แล้ว +1

    I currently own a 2020 Chevy Camaro that has a value of $27000 with. However, I still need to pay off $12800 for it so I have positive equity. My intention is to trade it for a 2023 Cadillac CT5. Can you please advise me on what to do based on your experience?

  • @Julu2026
    @Julu2026 4 ปีที่แล้ว +1

    Bro that was a perfect explanation

  • @shiningstar7643
    @shiningstar7643 5 ปีที่แล้ว +13

    I would like to know how would that play out if you're bringing in your car for a trade and you're still in debt but you want to downgrade in your car and the price?

    • @arnmazing3156
      @arnmazing3156 5 ปีที่แล้ว +1

      From what I understand they'll give you a dollar amount for your car if they give you $5000 on a car that you owe $1000 dollars on you'll be at a negative equity of $5000 and you'll be paying for the downgraded car plus the negative equity. So if you downgrade to a $7000 car you'll be paying $12000 due to the remaining debt.

  • @diontaedaughtry974
    @diontaedaughtry974 5 ปีที่แล้ว +3

    Thank you this was very helpful and informative 👍👍

    • @guahan
      @guahan  5 ปีที่แล้ว +1

      Diontae Daughtry you’re welcome! :)

  • @gm1984r
    @gm1984r 6 ปีที่แล้ว +4

    This is the dealers game when you try to trade your car for a used car, they do this to see if you going to be OK with the payment, whatever you own on your current car that stays, and they just add the trade in value on top of what you own, which payment Will be a bit higher.

    • @guahan
      @guahan  6 ปีที่แล้ว

      Thanks for sharing!

  • @angelbluerider9588
    @angelbluerider9588 5 ปีที่แล้ว +36

    No dealer in this world will give 17,000 for a old Mitsubishi

    • @guahan
      @guahan  5 ปีที่แล้ว +19

      True. It's only an example -- a bad one at that haha. Apologies.

    • @angelbluerider9588
      @angelbluerider9588 5 ปีที่แล้ว +3

      @@guahan so it's better to trade then selling private?? I heard selling private you get more money. dealership lowball the price of the trade.

    • @guahan
      @guahan  5 ปีที่แล้ว +4

      @@angelbluerider9588 It's very circumstantial and also depends on you.
      You can use your trade-in as a leveraging tool to negotiate a better deal between dealerships , getting each other to pay a better price for your trade-in.
      Selling private will almost always pay more, but it'll take time to find a buyer. So what you're getting by selling your car to a dealership is time basically.
      My dad just bought a brand new truck and decided NOT to do a trade in because what the dealership was offering was unacceptable to him. So currently he has two trucks and still has to worry about finding a buyer for his old one. Personally, I don't like to deal with the hassle and would negotiate until I can get an acceptable price for my trade.
      -->So it's really up to you. Hope this helps

    • @angelbluerider9588
      @angelbluerider9588 5 ปีที่แล้ว

      @@guahan thats true plus the problem is the private buyer never register the car and the seller can get tickets even though buyer sold the car. Cant trust to much private buyers.

    • @Fingamyaz
      @Fingamyaz 5 ปีที่แล้ว +2

      Unless it's a Mitsubishi lancer evolution!

  • @willissixmo7530
    @willissixmo7530 3 ปีที่แล้ว +2

    5:22 is where the actual video starts anybody in first 2 cases wouldn’t be watching this video

  • @cozzycody7272
    @cozzycody7272 11 หลายเดือนก่อน

    This definitely helped a lot

  • @LucidAvery
    @LucidAvery ปีที่แล้ว

    Thank you very throughly explained

  • @Nytellem
    @Nytellem ปีที่แล้ว

    Very simple and helpful.

  • @jeanlouise7455
    @jeanlouise7455 4 ปีที่แล้ว +11

    Can you explain how it would work if you were to trade in with negative equity but for a car that costs less ?

    • @kgj7102
      @kgj7102 ปีที่แล้ว

      You will still owe.

  • @TheLokoViejo
    @TheLokoViejo ปีที่แล้ว

    Awesome job dude thanks a lot.

  • @SuperJojo0704
    @SuperJojo0704 ปีที่แล้ว

    This helped so much thank you.

  • @BigTrip11
    @BigTrip11 3 ปีที่แล้ว +3

    so for instance, i still owe 24k on my car but they say they’ll give me 38k for the trade in. Would my trade in value be 38k & I use the remaining 14k as a down payment?

    • @RedNineTeen
      @RedNineTeen 3 ปีที่แล้ว

      Yes

    • @kgj7102
      @kgj7102 2 ปีที่แล้ว

      How did this work out man? Please respond 😂

    • @BigTrip11
      @BigTrip11 2 ปีที่แล้ว

      @@kgj7102 bought a 2021 widebody scat lol.

    • @kgj7102
      @kgj7102 2 ปีที่แล้ว

      @@BigTrip11 Holy shit you ballin fr😂💯but I got a 2016 impala I’m trying to trade after having it a year due to electrical issues. Can you possibly give me some advice on what to do? The car is worth a little over 16k and I owe 15k.

    • @coupeboy392
      @coupeboy392 2 ปีที่แล้ว

      @@BigTrip11 did they add what u owe on your current car to your next car?

  • @gabrieladams6860
    @gabrieladams6860 2 ปีที่แล้ว

    Excellent explanation thank you!!

  • @kalikillz
    @kalikillz 4 ปีที่แล้ว

    Great video thank u soooo much! Needed this help

  • @realracheal
    @realracheal 5 ปีที่แล้ว

    Thank you for this video- it really helped!

  • @deniitracalloway7268
    @deniitracalloway7268 4 หลายเดือนก่อน

    This really helped❤

  • @backshots07
    @backshots07 3 ปีที่แล้ว +1

    this helped so much

  • @SicloseGamings
    @SicloseGamings 5 ปีที่แล้ว +1

    What if I want to trade in a brand new car that I have only for 6 months? Can I do that?

  • @phansone85
    @phansone85 3 ปีที่แล้ว

    Nice... Learned a lot!!

  • @gadoufioadade22
    @gadoufioadade22 ปีที่แล้ว

    Please is it possible to trade in your car if you haven't paid off for your current car yet?

  • @bucsforever55
    @bucsforever55 4 ปีที่แล้ว +1

    Do you have to have great credit to roll over 5k on a older sports car you're trying to get?

  • @butterflygirl01
    @butterflygirl01 2 ปีที่แล้ว

    I bought a 2020 Corolla cash for $28k about three weeks ago but now I want the 2022 which looks to be less $24k at my local dealership , if I were to trade in my 2020 Corolla, how much would I owe remaining

  • @stormcrow8149
    @stormcrow8149 4 ปีที่แล้ว

    Thanks for this. Very helpful

  • @621jihoonkim
    @621jihoonkim 2 ปีที่แล้ว

    Can i buy the new car first and sell my old car to other private to get the trade in credit?

  • @oscardavinesjr.552
    @oscardavinesjr.552 5 ปีที่แล้ว +1

    I wanna know if the 25gran cost of a new car is before tax or after tax in scenario #1?

  • @Sayyyso
    @Sayyyso 3 ปีที่แล้ว

    Excellent video

  • @Steveguzman1753
    @Steveguzman1753 6 ปีที่แล้ว +1

    How about trading in a financed car with positive equity for a cheaper car worth less than the financed car? Are dealers motivated to do business this way? I want to do this with my 2015 Toyota Camry Le(KBB trade in $12,000) trade in for a 2007 Toyota Rav4($5,000) . Reason being to kill debt from my life.

    • @thenotoriousjoey9956
      @thenotoriousjoey9956 3 ปีที่แล้ว +1

      Did you end up doing it in thinking of doing the same thing ? Please respond

    • @mr.untouchable9448
      @mr.untouchable9448 2 ปีที่แล้ว

      @@thenotoriousjoey9956 u ever end up making this move…?

  • @ggt1380
    @ggt1380 ปีที่แล้ว +1

    Hi, is a down payment needed if a person is doing a trade in?

    • @blighter.
      @blighter. ปีที่แล้ว

      Did you find out, because I still ask that?

  • @TheRayonce
    @TheRayonce 5 ปีที่แล้ว +1

    What if the new car is way cheaper than what you still owe on your own car? My car is a 2015 and I still owe 12,000 but the car I want to trade it for is a 2011 and it’s only 8,000. But also my car is worth 8,000 how does that work?

    • @philiprosales9923
      @philiprosales9923 4 ปีที่แล้ว +1

      Are you saying that 8,000 is the trade in value? I think scenario 2 would be applied then.
      8,000 (Trade-in value) - 12,000 (Debt) = -4,000
      Then
      8,000 (New Car) - (-4,000 negative equity) = 4,000

  • @MiguelHernandez-oc8mh
    @MiguelHernandez-oc8mh 4 ปีที่แล้ว +2

    Does having a high intrest affect the positive and negative equity?

  • @franklee3795
    @franklee3795 4 ปีที่แล้ว

    So how is the amount that the delarship will offer you for your car determined? (I have a 2010 Camaro my loan was 15k I now owe like 10k only of that 15k after how much can I trade in my car for a newer one?

  • @elrodillo07
    @elrodillo07 3 ปีที่แล้ว

    How about if my car is worth 10k, can I take 5k in cash/check and the other 5k put in to a new car ?

  • @joshlee4467
    @joshlee4467 4 ปีที่แล้ว

    차 산지 2년정도이고 5년 파이넨스인데
    Downgrade 하려고 하는데 가능한가요?

  • @luis-ch6de
    @luis-ch6de 4 ปีที่แล้ว

    Can someone help me here I want to trade in my 2014 challenger n I have payed 10k n still owe 15k n I want to trade it in for a 2013 brz that cost 16,880 how much will I owe if I get the brz ? I appreciate if I get a answer thank you!

  • @cesarcontreras8764
    @cesarcontreras8764 4 ปีที่แล้ว +1

    Does the positive equity come out of the remaining with interest or the pay off amount ?

  • @emac660
    @emac660 3 ปีที่แล้ว

    What if u have negative equity that's the same amount as the cars blue book price.is it an equal trade?

  • @shawnn5213
    @shawnn5213 ปีที่แล้ว

    Nice explanation

  • @drea8567
    @drea8567 2 ปีที่แล้ว

    Someone please give me advice I’ve never had a mentor but I would really appreciate it. So I have a Kia 2018 which was financed through dealer I got a 4 something rate now I still owe 21k and now I need a 3rd row so I’m going w the pilot. The credit union already pre approved me for 45k at a 2.61 % rate idk if I should refinance rn or just trade in due to inflation but I really want to just get rid of it I seen a nice pilot the black edition for almost 41K

  • @samanthasmerk8466
    @samanthasmerk8466 ปีที่แล้ว

    What's the difference between car rules and van rules?

  • @nuellynuelly
    @nuellynuelly 4 ปีที่แล้ว

    Thank you! Thumbs up for sure!

  • @devarwisdom1468
    @devarwisdom1468 ปีที่แล้ว

    very informative.

  • @alexgomez7949
    @alexgomez7949 2 ปีที่แล้ว

    The perfect video

  • @jasmariepineda1124
    @jasmariepineda1124 3 ปีที่แล้ว

    Basically… you can buy cars and trade when there’s positive equity for a better one!

  • @zoratwofacecat9540
    @zoratwofacecat9540 4 ปีที่แล้ว

    What if you have remaining debt on vechile but you want to purchase a car cheaper than what your debt is how does that work ?

  • @josemanuellara9923
    @josemanuellara9923 2 ปีที่แล้ว

    Great job 👏

  • @jittstv
    @jittstv 2 ปีที่แล้ว

    Great video

  • @sa.jayned5657
    @sa.jayned5657 ปีที่แล้ว

    Thank you for the video because I wanted to trade in my car 😢 but I can't

  • @la_lomacity
    @la_lomacity 4 ปีที่แล้ว

    So when they charge the taxes and fees? Before they deduct your trade in or after?

  • @hablandodecarros3163
    @hablandodecarros3163 6 ปีที่แล้ว +5

    Hi, you left the tax saving element when you trade in a vehicle

    • @guahan
      @guahan  6 ปีที่แล้ว +1

      Thanks. Perhaps I can make another video on that in the future :)

  • @gargola1887
    @gargola1887 2 ปีที่แล้ว

    Is there any scenario when the car value is higher than the debt?

  • @kelcarrigan
    @kelcarrigan 6 ปีที่แล้ว +5

    I don't believe the negative equity example is correct. All you did essentially was make her pay off her loan, then give you her car for free, and charge her full price for a new car. You didn't give her any value for the trade-in. It should be 27K - 8K. Then add her 2K negative equity. For 21K total new car

    • @zacharykirby6248
      @zacharykirby6248 5 ปีที่แล้ว +1

      Kelan Carrigan sure you would pay less for the new car but your loan would still be there if you didnt put the $8000 into paying it off. The way youre saying its as if you’re getting $16000 for the trade in ($8000 to pay the loan and $8000 to take off from the new car) which isnt the case. He explained it correctly.

  • @allengarcia9152
    @allengarcia9152 6 ปีที่แล้ว +1

    Very helpful!keep it up

    • @guahan
      @guahan  6 ปีที่แล้ว

      Thanks Allen, I appreciate it! :)

  • @Dat_Rican_Cigar_Guy
    @Dat_Rican_Cigar_Guy 5 ปีที่แล้ว +1

    Great video! Thanks I just have once question say your behind 2 payments I’m on scenerio 2. Can you still trade in your vehicle?

    • @guahan
      @guahan  5 ปีที่แล้ว +1

      Chris Pereyra I would say it’s possible as long as it’s attractive enough for the bank. The finance team in the dealership you’re working with should be able to better guide you and tell you a more clearer answer based on your situation 😁

  • @noahmccall3707
    @noahmccall3707 ปีที่แล้ว

    What if you owe 30k and the car you want to trade for is 24k?

  • @vincealtez
    @vincealtez 2 ปีที่แล้ว

    What if: You have a $25,000 car loan. and the trade in value of the car is $20,000.
    And you want to trade it for an older car worth $8,000?

  • @wtpwdsmg9528
    @wtpwdsmg9528 2 ปีที่แล้ว

    Wow thanks!

  • @jewelthompson4210
    @jewelthompson4210 6 ปีที่แล้ว +1

    So,in the second Sencario, does the person get rid of the first car loan to get into another one? If the person, can't afford the 15 grand are they driving off the lot with another car loan? Thank you for this video by the way! Very informative.

  • @Djmanboy14
    @Djmanboy14 3 ปีที่แล้ว

    So what if I have positive equity
    But I still owe who’s gonna pay for that?

  • @iRecordRandomVids
    @iRecordRandomVids 2 ปีที่แล้ว

    Thank you!!!

  • @aaliyahhernandez223
    @aaliyahhernandez223 2 ปีที่แล้ว

    Thank you!! ♥️

  • @Dro-Ordanzo
    @Dro-Ordanzo 4 ปีที่แล้ว

    Let’s say your vehicle is paid off but the engine knocks somewhat loud... then what?

  • @lexcorp101
    @lexcorp101 6 ปีที่แล้ว +1

    Is it logical or even possible for a person to trade in that car when it has only been financed for a few months?

    • @guahan
      @guahan  6 ปีที่แล้ว +1

      Hi Raymond. Great questions. If you only had your car for a few months, it won't be the best decision to trade it in so early. You will have too much negative equity on the car. The best time to really trade in your car is if you wait until you have positive equity, which is when "majority" of your loan is paid off. But to answer your question, it is possible. You'll just end up paying more unnecessarily. It'll also depend on your credit and if the bank is willing to approve the trade.

    • @imunmire
      @imunmire 2 ปีที่แล้ว

      @@guahan what about a car I just got but Is paid off

  • @iheartrm9272
    @iheartrm9272 5 ปีที่แล้ว +1

    thanks. that was helpful.

    • @guahan
      @guahan  5 ปีที่แล้ว +1

      iheartrm glad it was helpful!

  • @HStearnsR
    @HStearnsR 5 ปีที่แล้ว +12

    can you downgrade when you trade in

  • @mechanicaldummy9324
    @mechanicaldummy9324 5 ปีที่แล้ว

    Looking yo trade in my mercedes for a gtr income is high but instill owe on the benz this helped alot thank you

  • @chuckmccann8661
    @chuckmccann8661 7 หลายเดือนก่อน

    So basically make sure u have no negative equity before u trade it in

  • @hnx8522
    @hnx8522 4 ปีที่แล้ว +1

    If your trade is paid off, and the dealer asks you "How much you owe on your trade", what's the best way to answer this?
    Do we tell them it's paid off or can we lie to them saying we still owe $$ on it?

  • @ANiSoBeast
    @ANiSoBeast 5 ปีที่แล้ว

    Great video !!!!

  • @aj6417
    @aj6417 4 ปีที่แล้ว

    Great information

  • @alexlua7674
    @alexlua7674 5 ปีที่แล้ว

    Once I trade in my car, do I need to cancel my registration?

    • @moejohnson8459
      @moejohnson8459 5 ปีที่แล้ว +1

      No you give it to the dealer. They take care of it.

  • @gabcruz8807
    @gabcruz8807 3 ปีที่แล้ว

    Nice ... thanks

  • @aj_english87
    @aj_english87 3 ปีที่แล้ว

    You got any connections in California?

  • @barrysimms8078
    @barrysimms8078 4 ปีที่แล้ว

    Same carvana wanted $98 and I almost fell of the chair

  • @andersonetienne9821
    @andersonetienne9821 3 ปีที่แล้ว

    Thank u man

  • @bettinalounkokobi8950
    @bettinalounkokobi8950 5 ปีที่แล้ว

    wow! Thank u so much!