Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 4 weeks ago

How would this work if you were to trade in a 2018 Toyota Corolla?

Say if 2018 Corolla was 20 grand originally, and 10 grand of it has been paid off. And it doesn’t really have any scratches or hasn’t been in any accidents. Would the dealership just give you what you still owe on the car? Or would they give you a little more then what you owe?

I saw that a lot of used ones were going for 12 to 13 grand. So I was wondering would the dealer just give you what you owe? Or would they give you that extra 2 or 3 grand like I mentioned at the top? The second one sounds a little to good to be true.

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  • 4 weeks ago

    If cars similar to yours are selling retail for 12 to 13 grand, there is NO way you will get that much in a trade in. With that kind of an average retail price, you'd be lucky to get 10K.

    Trading in 2-4 year old cars is a really stupid way to lose a LOT of money.

  • 4 weeks ago

    The dealer is going to look up Manheim auction values on your car (which change weekly) and go with those numbers when coming up with a trade-in value. 

    So, let's say you owe $10K, and they will give you $12K for your car (just spitballin' here)... this means you'd have $2K to put down toward the new vehicle. However, if they will only give you $8K, you'd have $2K in negative equity ("upside-down"). You'd then need to either find a vehicle with an incentive to cover that negative equity, or come up with cash to cover it. 

    Trying to go onto the dozens of car value sites (some mentioned in other answers) will give you an IDEA of what your car is worth, but none are gospel. Kelley Blue Book is the most popular, but dealers haven't used their numbers in decades. 

  • Anonymous
    4 weeks ago

    you wont get what they are asking for similar cars. And what you owe does not matter. They will offer wholesale for the car.  You might have to pay them some or they might pay you a little.

  • Anonymous
    4 weeks ago

    They will give you a very low trade in value.  Nothing personal, just business.  Best thing to do is just pay off the car and drive it until Alabama bans college football or the wheels fall off whichever comes first.  It is a Toyota.  If you take care of it, there is a good chance it will still be running when you give it to your granddaughter

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  • Scott
    Lv 7
    4 weeks ago

    They will structure the deal such that it makes them the most money. That's what they do.

  • A
    Lv 7
    4 weeks ago

    They are going to look up the Kelly Blue  Book value and offer you the trade in value which is a lot less than the retail value.  you can look it up yourself,  If similarly equipped, same mileage and condition cars like yours are retailing for 12-13 you would be lucky to be offered 10K

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