Trade-In VS. Private Sale: Which Is Best?

[@TJTooSmooth]

Imaging running into Mike at a gas station and saying “Nice car man, How can I afford a car like that?” And BOOM he huts you with a study guides worth of info on how to ACTUALLY buy the car 😂😂😂 love this stuff.

[@vinniecorleone62]

Also purchasing a new car the last day or week of the year is very wise, we just obtained $9000 off a brand new loaded Nissan Maxima for my wife the last day of 2017 & bought her prior 2014 Chevy for $5000 off the last day of 2014, it's worth the trouble to wait it out to when the dealerships are highly motivated to move their inventory, we always wait for the deals & also go through Costco to save even more.

[@vinniecorleone62]

I've owned 90 vehicles over the years, the majority of them I've sold to private parties to obtain the most money including many cars I've still owed money on to various banks. It is a hassle in many ways to sell to private parties as you get a caravan of individuals of all types coming to look at & even test drive your vehicle for sale which in & of itself is quite stressful. Most folk today are frankly lazy & take the easy route doing the upside down trade-in dynamic which I did on my last Challenger I purchased trading in my 2014 Chevy but because it was the last day of 2016 I was able to obtain a supreme deal even being somewhat upside down on my existing car. I was willing to walk away which I did a few weeks prior which got me an additional $6000 off with a 2.99 interest rate, so I got my ultra clean 2014 Blacktop Edition R/T with Super Track Pack & 392 rear gears with 14K miles on it for $28,000 out the door, Chevy paid off & a low $524 a month payment with only $50 down on it.

[@blackcat6.2.]

Ayy new sub here n I'm loving it I got a 15 srt 392 sublime challenger looking to trade in for a hellcat and I'm up here in canada bc where the prices for a used '15 kitty is 65kCAD still and they offered only around 36 for mine only 24km on it like 10kmiles and 1 owner oof I'm kind if stuck on what to do and the difference pay out is around 31

[@mikebythesun]

Yeah, when you owe more than what they’re offering you, its not the best situation. If your credit is solid, you can bury the debt in the new purchase, but then you’re in the new car pretty deep.

[@Widebody20]

This is why i trade in versus private. Taxes and private is a problem. In NY is 8.75%

[@mikebythesun]

Yes sir! “Debt and taxes” LOL

[@56gasser10]

Nice job Mike..Asheboro Hellcat

[@mikebythesun]

Hey man, I’m catching up on comments from some of my videos today. Are you the guy who bought that black Cat from Kernersville last winter/spring?

[@michaelprichett0617]

blackscatpack live chat brought me here lol

[@mikebythesun]

Michael prichett yeah man, you’re in good company! Let me know if i can help in anyway re: buying new/used cars. I’ve done a lot on this channel about that topic. Also - I’m going to do a live chat on youtube tomorrow (Sunday Dec 30) at 7:30pm.

[@platsticdude]

Quebec tax is 15%, 4% seems like a dream

[@NeekBCoolin]

What if you’re upside down on a car you want to trade in?

[@Kevinb1821]

I’d say if the car run great still with no hidden issues sell it privately but if the car does have underlying issue please just trade it into a dealer. Don’t be that scumbag that pawns off a car on to an unsuspecting victim. You wouldn’t like it if someone did it to you.

[@56gasser10]

No mine didn’t come from there...I have the R/T that I kept without trading for the Hellcat

[@michaelprichett0617]

does a 392 soak up negative more than a regular 5.7 charger?

[@mikebythesun]

It all depends on what you owe vs the price of the car you’re financing, otherwise know as loan to value ratio. Depending on your credit, a lender will allow you roll any balance owed on the “old” vehicle up to 25% of the value of the new car. So if you owe $5k on your old car and you want to buy a car for $20k, they would allow you to finance 25k, or 125% of value of the new car. Again, it depends on your credit. The better your credit, the more negative equity you can finance over. The worse the credit, the less you can roll over (and the more likely you have put money down).

[@michaelprichett0617]

@@mikebythesun yeah I have a 2017 altima sr which was purchased last april I owe 18k but I went to steve white motors and they said the value is around 13k so I was told I could get a regular rt or sxt which I was like nah I'll just keep saving for the daytona only issue is if it was gonna be a 392 or 5.7 and i dont mind gettin a used daytona

[@mikebythesun]

Michael prichett Is $13k the only offer they made to you? The first offer from a dealership will always be most favorable to them, so it is in your interest to negotiate and get as much as you can for your car. I just did a search on cargurus for 2017 Altima and most of the listings I’m seeing are in the $14-15k range, so $13k might be the best you can get. (Though I don’t know what your mileage is like, which exact Altima trim you have, nor the condition of the car). If you are going to trade-in, the single best thing you can do for your situation is to pay down your Altima as quickly as you can to get rid of as much of that negative equity as possible, followed by keeping the miles on your Altima down. If you chose to sell your car privately, you’ll be able to get more for you car, but it is much more inconvenient and might take a while for you to sell it, given how many used Altimas are on the market right now.

[@michaelprichett0617]

@@mikebythesun yeah 13k was the only offer so far. my altima is a sr and it has over 43k miles on it

[@Sky1]

hey, I live near you would like to meet with you over coffee or something, am interested in either a used Hellcat or a new WB Scatpack here in the Raleigh area. What is your handle on Challengerforumz.com ?