Can I trade in an older car for a new one at a dealership?
I have a Lexus SC400 1992 in decent condition. I want to trade it for a Honda fit 2015 or something similar. I need to finance the new car with monthly payments so I'm thinking the sc400 will cover most if not all of the down payment. How does this work normally? Do they accept trade ins this old?
You can, but the worth of a 23 year old vehicle won't be high enough to cover the 20% down payment on a new Honda.
Your car has very little value to a dealer. They are not going to sell a 23 year old car, so off to the auction it goes. They will give you a minimal trade in value for it because it is not going to make them much money.
Sure they will, but do not expect any more than a few hundred dollars for the Lexus.
Have you already been pre-approved for an auto loan? If not, find out what terms your bank or credit union can offer before going to the Honda dealership. That way you will know the best financial terms available if Honda Motor Credit can offer financing as well.
Most dealers will accept just about ANY vehicle as a trade in, and as long as your credit is good, that will be enough for a deposit.
But don't expect much for a car that's over 20 years old, even a nice one like that Lexus. You may be able to sell it privately for more than the dealer is willing to offer, then you have cash for a deposit.
They probably won't even take it in trade. Try selling it yourself for a few hundred bucks
They will take pretty much any car as trade in. Your car is probably not worth as much as the down payment. Use a site like kbb.com to determine what the trade in value of your car is. You could also sell it to a corner car lot that sells old cars like that. You might get slightly more for it there. But your main problem is that is just not worth much.
All dealers accept trade ins but they won't give you much in real money.
They don't want your car, they just take them to facilitate deals. Ideally they would flip it to a wholesaler for a $100-200 profit the next day.
The dealership won't give you much, you are better off keeping it or selling it yourself. As for the trade covering the down payment, it doesn't work that way. If you have good credit, the bank won't require any down payment, but if your credit isn't great, and especially if you end up with a sub prime lender, they will want to see money up front in the form of a down payment. The trade has nothing to do with the down payment.
Yes, they will take it in trade but not give you much for it. If it is in decent condition you would get more by selling it yourself rather than trading it in.
Yes you can but the dealer won't give you as much for it. You could try and sale it yourself and get more money for it. If you don't want the hassle of selling it your self then the dealer will be glad to take it in on a trade in.
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