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Originally Posted by bluengoldsti
correct me if im wrong, but if you owe $10000 on the car and the dealer is going to give you $8000 to trade it in, that leaves you with $2000 (negative equity) left to pay the finance company. this is regardless if you are buying a new car or not. so, you would need to pay the $2000 to the finance company to pay off the car PLUS $15000 for the new car.
$15000 (new car) + $10000 (loan) - $8000 (trade in) = $17000
the only way a trade in is worth it is if you dont owe anything (or very little) for the current car.
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Bah. No one said my math was good
You are correct. (Dang it)