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I have a camry le 2007 model 68,000 km, purchased at $24000?

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Old 15 Jul 2010, 04:54 am   #1 (permalink)
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Default I have a camry le 2007 model 68,000 km, purchased at $24000?
want to understand how the trade in would work. i am looking for a vechile purachse valued at $25,000 but still owe around $18,000 on camry, how does the trade in work.
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Old 15 Jul 2010, 04:55 am   #2 (permalink)
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The average trade-in value according to NADA is $11,000. If you owe $18,000 but can get $11,000 trade-in, that means you will still owe $7,000 on the Camry. Add that $7,000 to the new vehicle cost of $25,000 and you will be financing $32,000 (vs the $24,000 you financed w/ the Camry).































Most banks/ lenders aren't going to want to give you a $32,00 loan on a vehicle that's only worth $24,000. Your payments would be much higher if they did. (Unless you have a nice down payment to put down, that is.)
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Old 15 Jul 2010, 05:00 am   #3 (permalink)
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You also should compare car insurance quotes for cars before buying one, for example here - carquotes.fateback.com
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