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Unread 03-29-2010, 11:19 AM   #1
Funbob
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Confused about trading in my relatively new car for a Jeep Wrangler.

Hey everybody!

Straight to the point: I used to own a Jeep Wrangler, but I tipped it over on the highway and totaled it. This experience made me want my next car to be something less apt to tip, more comfortable, and with better gas mileage, so I bought an '08 Mazda 3 for $23,000. It's everything I wanted and more.

But, all I can think about all day long is how much I miss my Wrangler, and it's driving me crazy.

I really want to trade my car in, but I'm not sure how the money works out, because I'm still upside-down on my current car loan.

I owe right about $16,000 still, and according to the Edmunds.com I would only get $13,400 for it. So if I traded it in for something else, would the difference between those two ($2,600) be added onto the cost of the new vehicle?

I just want another Wrangler so BAAAAAAAAAAAAAAAD!

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Unread 03-29-2010, 12:26 PM   #2
InfernoGirl
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If $ works out ( they don't want too much for the Jeep) then yes that is how it is done. Be aware that you will likely not be offered the 13400 that edmunds says for your Mazda, most dealers offer auction or black book value on trade ins. That means that you will be qualified to borrow what ever the loan value is on the Jeep, so you need to get the sale price on the Jeep low enough to make up the difference between what you still owe on the Mazda + the sale price of the the Jeep. IOW, you would be much, much better off selling the Mazda yourself for as close as you can get to what you owe on it, and then buying the Jeep.
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Unread 03-29-2010, 12:54 PM   #3
pjleslie03
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Quote:
Originally Posted by SpiceGirl View Post
If $ works out ( they don't want too much for the Jeep) then yes that is how it is done. Be aware that you will likely not be offered the 13400 that edmunds says for your Mazda, most dealers offer auction or black book value on trade ins. That means that you will be qualified to borrow what ever the loan value is on the Jeep, so you need to get the sale price on the Jeep low enough to make up the difference between what you still owe on the Mazda + the sale price of the the Jeep. IOW, you would be much, much better off selling the Mazda yourself for as close as you can get to what you owe on it, and then buying the Jeep.
I worked at a dealership in college and trust me, SpiceGirl is dead on, you arent going to get anything close to the retail value for your vehicle. Go to nadaguides.com and find out what your vehicle is worth through that. In an economy like this, the dealer will probably offer you the "average trade-in" or the "rough trade-in" value for your car. I would base the numbers off of that.

And dont forget, if they add $2k, $3k or whatever amount to the price of the Jeep, you;re upside down in a used Jeep on day one. You;ll pretty much have to drive it til the wheels fall off which is usually sooner than later if you;re putting many miles on it. (sorry, I've loved all my Jeeps, but reliability isnt their strong point).

Best of luck either way you go.
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Unread 03-29-2010, 12:59 PM   #4
hal2814
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If you can find someone willing to make the loan, that is how it will work. What on earth kind of options did you add to your 3 to get it at $23K? My 2007 Mazda 6 only cost $14K out the door new and I bought that in 2006. I'd check your Black Book price. In my experience, at the end of the day when the dealer is ready to cry uncle, that's what they'll offer you. I'd wager it's going to be lower than your Edmunds figure.
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Unread 03-29-2010, 01:02 PM   #5
vindicated
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I found my TJ for 14k and I was upside down on my Ford Focus by 4k. Since the wrangler valued at 19.5k I was able to get financed. My bank will finance at up to 120% LTV, so it worked perfect. It all depends on the finance company. I feel it was worth it to roll the negitive equity as I love my TJ. But, whatever you roll that much negitive equity into, make sure one of two things. 1) YOU LOVE IT!!! 2) YOU REALIZE YOU WILL HAVE TO KEEP IT! Good luck in your decision.
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Unread 03-29-2010, 01:29 PM   #6
XJNUTTIER
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I currently work for a Jeep dealer, and there really is no magic involved. The hardest thing about the Mazda 3, is that it is not a very popular car, and does hold its value very well, as you can tell. I would go with the KBB trade in value in good condition, and that will get you very close to the true trade in value. The new Jeep however, there is not much room to move. The Wrangler is a steller seller and value holder. The way the Wrangler retains such a high value for so long, is by not giving them away from new. They have always kept the rebates low on the Wrangler model, and right now there is a $750 cash allowlence in the mid atlantic zone. You have roughly about 1200 worth of mark up from what we pay at invoice to the MSRP. Addendum stickers are there for 2 reasons. 1) additional dealer markup 2) added componenets, or appliques that have been added to the vehicle. The one thing you should look for is them adding things like "adjusted market value" or doc fees that are excessive. Hey if you want to come t PA to purcahse, I would give you a deal on any Wrangelr I have here in stock, and I could pretty much do most of the deal over the phone or via email. Shoot me a PM if you are interested.. Mike
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Unread 03-29-2010, 01:54 PM   #7
Funbob
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Ok, so I basically had it figured out right.

I added every option possible to my Mazda 3, which is why it cost so damn much. The thing has rain-sensing windshield wipers for god sake.

Anyways, all those sites say I'd get about $13,500 from a dealership if I were to trade it in, and almost $16000 if I sold it privately, which is about what I owe so that would be fantastic.

Should have mentioned this in the first place, but I'm not interested in buying a brand new Wrangler. The '97 to '06 generation is my personal favorite, (mine was a '97), and my ideal would be a Wrangler Unlimited within that generation. Rubicon would be SWEET, but I think that might get a little too expensive.

Thanks for all the feedback everybody, I needed it!
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Unread 03-29-2010, 02:01 PM   #8
BSaint
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Quote:
Originally Posted by Funbob View Post
Ok, so I basically had it figured out right.

I added every option possible to my Mazda 3, which is why it cost so damn much. The thing has rain-sensing windshield wipers for god sake.

Anyways, all those sites say I'd get about $13,500 from a dealership if I were to trade it in, and almost $16000 if I sold it privately, which is about what I owe so that would be fantastic.

Should have mentioned this in the first place, but I'm not interested in buying a brand new Wrangler. The '97 to '06 generation is my personal favorite, (mine was a '97), and my ideal would be a Wrangler Unlimited within that generation. Rubicon would be SWEET, but I think that might get a little too expensive.

Thanks for all the feedback everybody, I needed it!
I just bought my 05 rubicon in december. paid 14k even. If you sold your mazda for 16k I'm sure you'd be able to get a real nice jeep with that money, or if you added a little extra you could get something extremely nice

also. You paid 23k 3 years ago for the mazda and its now worth 16k if it were sold privately (if you can get that much). That means its value depreciated by 7k over 3 years. Let that be a lesson that you should buy something a couple years old if you are planning to buy a newish vehicle. Let some other guy pay for the depreciation and then you can pick up a good deal
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Unread 03-29-2010, 02:14 PM   #9
Funbob
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Haha, yes, lesson learned. My first new car, and probably last, unless I somehow start making lots of money.

Hopefully the whole rockstar thing works out.
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Unread 03-30-2010, 10:25 AM   #10
jlsfitness
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I did it with a Toyota!

One year ago I traded in an 24 month old '06 Toyota Matrix for a 2000 TJ -
3" lift, 31's, intake, no AC, had to replace radiator (myself), caliper, fluid changes...my wife thought I was crazy - now I have constant tinkering, had to put in a new stereo and speakers, just did a diy undercoat and am about to do a rust - fix go around on it...I LOVE IT!!!

I took my toyota to a toyota dealer where they had a bunch of used Jeeps and they simply paid it off at my loan price - I had purchsed it no money down and they gave me all 11,500 for it because they will make more off of the toyota than an old Jeep. In the end, used car salesmen want to seller newer cars rather than older. They were asking 10,500 for the Jeep, I paid 8,900.

All you can do is try, I failed 4 times and then found a guy that must not have sold a car in ages - he jumped on me! If you take an imperfect car off their lot, they seem to be happy! I was ready for a fixer upper and it worked out.

Be patient, keep trying...
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