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I just helped a friend do this very thing. They traded a 2006 Outback in for a 1998 Ford Windstar van. They wanted to get out from under the payments. They had equity in the new car, so the deal went down like this: we traded the new car to the dealership, they pay it off and we get the van, out the door, no money out of our pocket. If you have sufficient equity in your newer car, you can even walk out with cash and the car, but look and listen carefully. The dealership will try to get you to pay the "dealer prep fee" that "everyone" pays. I told them no--we have enough equity to cover everything. Hope this helps

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18y ago

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Is buying a new American Car less expensive in Texas or Florida?

Florida


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Can you trade in your new car that you still owe a lot on for a significantly cheaper car?

It is not a good idea to make such a trade. The dealer will offer you significantly less then you owe, and move the difference unto your cheaper car. The bank may not even want to finance your cheaper car because the collateral would not cover the entire loan balance. You may be able to get approved if you purchase GAP insurance when making the trade; however, there is no guarantee. Even if you can get approved, it would not be the best choice to do so. Imagine making a $500 payment on a car that over 5 years would have had a $300 payment. You could probably keep the more expensive car for the same $500 a month. Weigh the options. It is usually more expensive to trade the more expensive car for a cheaper one.


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How much cars cost in 2003?

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Depends on what arrangement you are able to make with the dealer.


Where can you trade in your new car for a used car?

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