The basics of trading in your vehicle at a dealership. Learn how in just minutes! INSTAGRAM: leeguam
Пікірлер: 191
@ayo30s5 жыл бұрын
Very comprehensive and simple breakdown, thx, 👍🏾👊🏾✌🏾🇳🇬🇺🇸
@guahan5 жыл бұрын
ayo30s Thank you for watching!
@StillLifeHomocide3 жыл бұрын
I chose this breakdown video over tons of up to date videos because you explained this situation clear and straight to it. Thank you.
@arcodean20003 жыл бұрын
A budding businessman, great job man for the clear explanation on how car trade-in works.
@theghostof942 жыл бұрын
Thank you for waking through this in simple and easy to understand terms! It really helped me understand the whole process.
@solosphereentertainment91636 жыл бұрын
3:04 for us who live in the real world.
@slabdog3975 жыл бұрын
Thank you
@OhReji5 жыл бұрын
You mean poverty.
@Marie-ep9hn4 жыл бұрын
Okay so I clicked to 3:04 guessing it would be for me 😂
@bmw3-er3 жыл бұрын
Lol
@neptunes2973 жыл бұрын
@@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 😂
@gsheverything_27162 жыл бұрын
NOW I understand this whole trade in car thing, that was super nice to comprehend...
@cheriselovesmakeup962 жыл бұрын
Wow this was everything I needed !! Thank you
@mireynaledezma61133 жыл бұрын
Video was very helpful! Loved the way you broke everything down in simple terms. Thank you for making this video!❤️
@bigbama04Ай бұрын
Thank you ! This really helped me out a lot!
@ecosystems3 жыл бұрын
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.
@survivor_protector_testimo24372 жыл бұрын
Appreciate your work bro. Very simple and easy to understand.
@se0ulstealer Жыл бұрын
this was the most simple explanation of it! thanks!
@krimstix4 жыл бұрын
Man, thank you! this is the only video that is easy to understand. My confusion is now solved.
@ThePeterPan12113 жыл бұрын
Very nice, you educate me so much about trade in. Thank you for this video. 👌
@khaleesidove12186 жыл бұрын
This is perfect! Exactly what I needed/wanted to know! ^_^
@guahan6 жыл бұрын
I'm glad it helped!
@iamfrankcaceres5 жыл бұрын
U doing your thing man! Yeah the taxes and warranty are missing
@guahan5 жыл бұрын
Thanks! I should definitely talk about those in the next video :)
@shiningstar76435 жыл бұрын
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?
@arnmazing31564 жыл бұрын
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.
@gunslinger21726 жыл бұрын
yeah right NO CAR DEALER is your friend or family .
@guahan6 жыл бұрын
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
@barrysimms80784 жыл бұрын
Fr
@shawnsmith5645 жыл бұрын
Thank you for making this simple!!!!
@guahan5 жыл бұрын
Glad this helped!
@shawnsmith5645 жыл бұрын
Yeah dude I plan to Get a cheaper car so when I trade it in hopefully it will be more than the car price
@guahan5 жыл бұрын
@@shawnsmith564 Sounds like a plan. Best of luck my friend :)
@mark356444 жыл бұрын
Im thinking about trading in my 2019 ram for a 2020 ram. This video help alot thanks👍
@yakwtfgonn3 жыл бұрын
exact same situation for me lol
@deniitracalloway72682 ай бұрын
This really helped❤
@jeanlouise74554 жыл бұрын
Can you explain how it would work if you were to trade in with negative equity but for a car that costs less ?
@kgj7102 Жыл бұрын
You will still owe.
@rafaeloliva9758 Жыл бұрын
Thanks def needed this explanation. Makes a lot of sense now thank you
@SM4YL-LA Жыл бұрын
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?
@internetsuperhero25814 жыл бұрын
Bro that was a perfect explanation
@bajaboy272 жыл бұрын
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 🍻
@Steamy_Dumpling2 жыл бұрын
Well that answered my question. Thanks for the explanation
@Nytellem10 ай бұрын
Very simple and helpful.
@victorrenteria21293 жыл бұрын
What if your car is worth 25k and you want to trade in for something cheaper say 17k for example, how would that work?
@alexgomez7949 Жыл бұрын
The perfect video
@LucidAvery Жыл бұрын
Thank you very throughly explained
@angelbluerider95885 жыл бұрын
No dealer in this world will give 17,000 for a old Mitsubishi
@guahan5 жыл бұрын
True. It's only an example -- a bad one at that haha. Apologies.
@angelbluerider95885 жыл бұрын
@@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.
@guahan5 жыл бұрын
@@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
@angelbluerider95885 жыл бұрын
@@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.
@Fingamyaz5 жыл бұрын
Unless it's a Mitsubishi lancer evolution!
@backshots073 жыл бұрын
this helped so much
@shawnn5213 Жыл бұрын
Nice explanation
@wtpwdsmg95282 жыл бұрын
Wow thanks!
@cozzycody72729 ай бұрын
This definitely helped a lot
@diontaedaughtry9745 жыл бұрын
Thank you this was very helpful and informative 👍👍
@guahan5 жыл бұрын
Diontae Daughtry you’re welcome! :)
@SuperJojo0704 Жыл бұрын
This helped so much thank you.
@TheLokoViejo Жыл бұрын
Awesome job dude thanks a lot.
@iRecordRandomVids Жыл бұрын
Thank you!!!
@kelcarrigan6 жыл бұрын
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
@zacharykirby62485 жыл бұрын
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.
@sa.jayned5657 Жыл бұрын
Thank you for the video because I wanted to trade in my car 😢 but I can't
@gabrieladams68602 жыл бұрын
Excellent explanation thank you!!
@willissixmo75303 жыл бұрын
5:22 is where the actual video starts anybody in first 2 cases wouldn’t be watching this video
@gm1984r6 жыл бұрын
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.
@guahan6 жыл бұрын
Thanks for sharing!
@kchamberlin256 жыл бұрын
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.
@guahan6 жыл бұрын
Thanks for sharking Kirk :)
@Sayyyso3 жыл бұрын
Excellent video
@phansone853 жыл бұрын
Nice... Learned a lot!!
@BigTrip113 жыл бұрын
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?
@RedNineTeen3 жыл бұрын
Yes
@kgj71022 жыл бұрын
How did this work out man? Please respond 😂
@BigTrip112 жыл бұрын
@@kgj7102 bought a 2021 widebody scat lol.
@kgj71022 жыл бұрын
@@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.
@coupeboy3922 жыл бұрын
@@BigTrip11 did they add what u owe on your current car to your next car?
@chuckmccann86614 ай бұрын
So basically make sure u have no negative equity before u trade it in
@samanthasmerk8466 Жыл бұрын
What's the difference between car rules and van rules?
@stormcrow81493 жыл бұрын
Thanks for this. Very helpful
@devarwisdom1468 Жыл бұрын
very informative.
@MiguelHernandez-oc8mh4 жыл бұрын
Does having a high intrest affect the positive and negative equity?
@realracheal4 жыл бұрын
Thank you for this video- it really helped!
@blackasstony3 жыл бұрын
This was so simple Amazing
@kellygprofessional4 жыл бұрын
Great video thank u soooo much! Needed this help
@Steveguzman17536 жыл бұрын
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.
@thenotoriousjoey99563 жыл бұрын
Did you end up doing it in thinking of doing the same thing ? Please respond
@mr.untouchable94482 жыл бұрын
@@thenotoriousjoey9956 u ever end up making this move…?
@josemanuellara99232 жыл бұрын
Great job 👏
@jittstv2 жыл бұрын
Great video
@SicloseGamings5 жыл бұрын
What if I want to trade in a brand new car that I have only for 6 months? Can I do that?
@nuellynuelly3 жыл бұрын
Thank you! Thumbs up for sure!
@TheRayonce4 жыл бұрын
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?
@philiprosales99233 жыл бұрын
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
@aaliyahhernandez2232 жыл бұрын
Thank you!! ♥️
@hablandodecarros31636 жыл бұрын
Hi, you left the tax saving element when you trade in a vehicle
@guahan6 жыл бұрын
Thanks. Perhaps I can make another video on that in the future :)
@allengarcia91526 жыл бұрын
Very helpful!keep it up
@guahan6 жыл бұрын
Thanks Allen, I appreciate it! :)
@621jihoonkim2 жыл бұрын
Can i buy the new car first and sell my old car to other private to get the trade in credit?
@oscardavinesjr.5524 жыл бұрын
I wanna know if the 25gran cost of a new car is before tax or after tax in scenario #1?
@bucsforever554 жыл бұрын
Do you have to have great credit to roll over 5k on a older sports car you're trying to get?
@jewelthompson42106 жыл бұрын
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.
@mechanicaldummy93245 жыл бұрын
Looking yo trade in my mercedes for a gtr income is high but instill owe on the benz this helped alot thank you
@cesarcontreras87644 жыл бұрын
Does the positive equity come out of the remaining with interest or the pay off amount ?
@HStearnsR4 жыл бұрын
can you downgrade when you trade in
@PrakashSharma-sz9iz4 жыл бұрын
Same doubt🙄
@ggt1380 Жыл бұрын
Hi, is a down payment needed if a person is doing a trade in?
@blighter. Жыл бұрын
Did you find out, because I still ask that?
@aj64174 жыл бұрын
Great information
@zoratwofacecat95404 жыл бұрын
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 ?
@gabcruz88073 жыл бұрын
Nice ... thanks
@gadoufioadade22 Жыл бұрын
Please is it possible to trade in your car if you haven't paid off for your current car yet?
@butterflygirl012 жыл бұрын
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
@iheartrm92725 жыл бұрын
thanks. that was helpful.
@guahan5 жыл бұрын
iheartrm glad it was helpful!
@noahmccall370710 ай бұрын
What if you owe 30k and the car you want to trade for is 24k?
@Dat_Rican_Cigar_Guy5 жыл бұрын
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?
@guahan5 жыл бұрын
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 😁
@ANiSoBeast5 жыл бұрын
Great video !!!!
@Djmanboy143 жыл бұрын
So what if I have positive equity But I still owe who’s gonna pay for that?
@emac6603 жыл бұрын
What if u have negative equity that's the same amount as the cars blue book price.is it an equal trade?
@jasmariepineda11242 жыл бұрын
Basically… you can buy cars and trade when there’s positive equity for a better one!
@drea85672 жыл бұрын
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
@mare68512 жыл бұрын
Than you!
@andersonetienne98213 жыл бұрын
Thank u man
@franklee37954 жыл бұрын
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?
@elrodillo072 жыл бұрын
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 ?
@vincealtez Жыл бұрын
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?
@mad0uche5 жыл бұрын
Good video
@guahan5 жыл бұрын
mad0uche thank you, I appreciate it! :)
@gargola18872 жыл бұрын
Is there any scenario when the car value is higher than the debt?
@la_lomacity3 жыл бұрын
So when they charge the taxes and fees? Before they deduct your trade in or after?
@bettinalounkokobi89505 жыл бұрын
wow! Thank u so much!
@Dro-Ordanzo4 жыл бұрын
Let’s say your vehicle is paid off but the engine knocks somewhat loud... then what?
@hnx85224 жыл бұрын
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?
@lexcorp1015 жыл бұрын
Is it logical or even possible for a person to trade in that car when it has only been financed for a few months?
@guahan5 жыл бұрын
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.
@imunmire2 жыл бұрын
@@guahan what about a car I just got but Is paid off
@luis-ch6de4 жыл бұрын
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!