About Trading In

[agreywolfe]

I suppose my next question in the meantime is...say I trade-in and the dealer, as unlikely as it sounds, offers to pay the remainder of my car payments. How does that work? Or if they give an offer without paying the remainder...how would that affect my ability to pay off my car? (I've already got autopay on my EcoBoost since I'm not paying interest on it.)

depends, if they offer more than you owe, part of that will go to paying off the loan, the rest will go toward the loan of the new car, if they offer you less than what you owe, then theyll roll the rest of that loan into the new car loan, i would advise against that.

Sponsored

 

[Adeel3466]

I suppose my next question in the meantime is...say I trade-in and the dealer, as unlikely as it sounds, offers to pay the remainder of my car payments. How does that work? Or if they give an offer without paying the remainder...how would that affect my ability to pay off my car? (I've already got autopay on my EcoBoost since I'm not paying interest on it.)

Your car is worth what it’s worth it won’t affect its value if you owe and once they cut you a check you just use that to pay off your remainder and pocket the rest

 

[BoostRabbitGT]

Thanks again everyone for the useful information!

 

[Jivor]

As long as you're not upside down on your loan, aka if the car is worth more than the remaining balance, then the dealership will pay off the loan on trade in and the negotiated residual value will be applied as a check they cut to you.

Statistically, if you can negotiate a good price, a private sale may net you more money than a dealer trade-in, but you have to arrange to pay off the loan on your own and the paper work of title transfer, etc; plus you better hope that the buyer is not a con before letting your car go.

If the trade in is instead done at the time of purchase, then the remaining value (less the loan payoff) is subtracted from the new car's price and the remaining cost will have to be paid or financed; waiting until that time may result in further depreciation but also a lower balance on your loan. As noted above if the residual trade in value is positive, the reduced cost is then counted for sales tax (if your state allows it).

 

[mcky2011]

It's a simple, if weird question. Is it possible to do an order and trade-in on the same day, but then keep the trade-in car until you take delivery of the order car? Or is it better to order first, then upon delivery do the trade-in? (My trade-in car currently serves as my daily driver.)

I sniffed around and got the best price for my DD from Carvana.

Dealers will always make sure they lowball the blackbook unless they have someone wanting what you're trading.

 

[BoostRabbitGT]

I tried the "Appraise My Car" feature on edmunds earlier today. All I will say about that is I'm hoping I'll be able to trade-in my EcoBoost for $20K minimum on or before August 2025. At the moment it's looking like the earliest I'll want to trade-in the 'Boost will be around February 2025. Hopefully by then Ford gets their ordering process improved to whatever normalcy looks like.

How long does it usually take to go from making a custom order at the dealership to taking delivery of said order?

BONUS QUESTION: If you do the "Get My Offer" feature on Carvana, are you obligated to sell/trade-in your car, or can it be used just to get an idea of how much a given car is worth?

 

[Adeel3466]

I tried the "Appraise My Car" feature on edmunds earlier today. All I will say about that is I'm hoping I'll be able to trade-in my EcoBoost for $20K minimum on or before August 2025. At the moment it's looking like the earliest I'll want to trade-in the 'Boost will be around February 2025. Hopefully by then Ford gets their ordering process improved to whatever normalcy looks like.

How long does it usually take to go from making a custom order at the dealership to taking delivery of said order?

BONUS QUESTION: If you do the "Get My Offer" feature on Carvana, are you obligated to sell/trade-in your car, or can it be used just to get an idea of how much a given car is worth?

The basic answer I’ve heard from my dealer ships is 10-12 weeks from order but definitely not the case for initial orders and any place you aren’t obligated even dealership

 

[Q6543]

Ford’s target moving forward is 12-16 weeks between order and delivery

 

[Richthebish12]

So, further context for those who'd like it...

1. If you haven't read any of my posts on the forum, I daily drive a '19 EcoBoost.

2. After August/September I will owe less than 10K on it. I'm paying zero interest as well. Right now I've a little over two years left to pay off my EcoBoost in full.

3. There is about 8680+ on the odometer. I'm not a throttle-heavy type of driver. I think I drive around 100-200 miles a month, possibly 1K-2K miles a year, give or take. My commutes are typically less than six miles a day for work.

4. Generally I still want to keep enjoying my EcoBoost until I'm done paying for it. But I am also curious how much I'd get for it if I were to trade it in, and then how much of that I could use to pay off the rest of the car payment.

That's all I've got so far. If anyone has questions or comments please don't hesitate to say something.

(written by the guy that unironically enjoys his EcoBoosts active exhaust.)

Trade also lowers the taxable amount unlike private party. You pay tax on the difference. So you Buy a 40k car and you got 20k for trade in, you only pay tax on that 20k not the full 40k.

im trading in as well.

 

[Rio Lobo]

The basic answer I’ve heard from my dealer ships is 10-12 weeks from order but definitely not the case for initial orders and any place you aren’t obligated even dealership

No obligation. get quotes from everybody: carvana, vroom, give me the vin, carmax, dealers around you

 

[BoostRabbitGT]

I tried the "Appraise My Car" feature on edmunds earlier today. All I will say about that is I'm hoping I'll be able to trade-in my EcoBoost for $20K minimum on or before August 2025. At the moment it's looking like the earliest I'll want to trade-in the 'Boost will be around February 2025. Hopefully by then Ford gets their ordering process improved to whatever normalcy looks like.

How long does it usually take to go from making a custom order at the dealership to taking delivery of said order?

BONUS QUESTION: If you do the "Get My Offer" feature on Carvana, are you obligated to sell/trade-in your car, or can it be used just to get an idea of how much a given car is worth?

As a follow-up to this I punched some numbers, and I realized to make the most of my situation, the earliest I personally should order a Mustang GT is February 2025 and no later than April 2025. That would ideally lead to an August-September delivery, which by then I can trade-in my EcoBoost no problem and transition to the GT relatively seamlessly.

If I were to trade-in now, I'd only get $22-23K and then be left with $9K or less, which wouldn't be ideal for the $10K down I'd combine it with. I would want to put a total of $30-35K so that my per monthly goal would be feasible.

 

[wilkinda65]

I tried the "Appraise My Car" feature on edmunds earlier today. All I will say about that is I'm hoping I'll be able to trade-in my EcoBoost for $20K minimum on or before August 2025. At the moment it's looking like the earliest I'll want to trade-in the 'Boost will be around February 2025. Hopefully by then Ford gets their ordering process improved to whatever normalcy looks like.

How long does it usually take to go from making a custom order at the dealership to taking delivery of said order?

BONUS QUESTION: If you do the "Get My Offer" feature on Carvana, are you obligated to sell/trade-in your car, or can it be used just to get an idea of how much a given car is worth?

I ordered my 2022 ScatPack Widebody in Nov '22. It was pushed into a 2023 MY in January and I had to change my color since it wasn't available in a '23. It was built April and delivered on May 19th to the dealer

Sponsored