I have a 2002 pontiac sunfire, that I owe about $1000 on. My roommate would like to use it to purchase a new vehicle. How can I do that at the dealership without being taken advantage of?
I don’t understand. Who is buying what? Who is selling what?
Go with the values known from a couple sources (Edmunds, KBB) so you know what it’s trade in value is. Also use Edmunds to get the TMV on the new car. With the facts known, you can’t get totally taken, as long as the numbers are at least close.
Forget about it, unless you have $1k in cash to pay off the car.
You’re better off buying the new car out right, and selling your Sunfire separately, and paying it off that way.
Why does your roommate want to sell your car to a car dealer?
And why are you letting him?
It’s your car and one is not required to have a trade-in when buying a new or used car.
What you should do is tell the roommate to go pound sand before this turns into an ex-roommate problem, which could happen by denying this stupid request.
If that’s the case then good riddance to the roommate.
ths sunfire is my second car, it has over 100,000 miles. he needs a new car, but has no down payment. But the car is in my name can we do that?
Do you owe the $1000 to the roommate? Is the car being used to pay this debt?
A 2002 Sunfire is worth almost nothing to a dealer–they will probably prefer no trade in rather than the hassle to process it and send it to auction.
That said–when you are at the dealer treat the sale price, financing, and trade in as 3 SEPARATE transactions. Otherwise the dealer holds all the cards and you will spend more than you have to.
Thanks for your advice, but we have been roommates for twenty+ years, I consider him my brother. So with your inconsiderate comments, good riddance to you.
The problem is that you do not hold title to the car, the lienholder does. Check with the lienholder, but I’m sure they’d let you sell the car to your rommmate for $1000, pay off your loan, and then he/she can use it as a trade. Of course then you’ll be left with nothing, nada, zip, but you can always buy a bicycle.
This deal sounds hokey to me, but if I had a roommate that looked like Halle Barry (sp?) I might do the same thing. Not knowing your circustances I cannot comment.
Sure thing and best of luck.
I doubt a dealer would give a $1000 for a trade-in on this car. I bought a 2010 Cobalt back in February. I was going to trade a 2000 Blazer 4wd with 109k miles in good condition. One dealer offered $800 and another $1300 for it.
Edmunds states the Blazer was worth about 3k in trade (clean condition) and 4k as a private sale.
I decided to keep the Blazer because it was worth more than $1300 to me. You would do better selling the Sunbird privately and giving your roommate a $1000 for a down payment. If the Sunbird is your second car, why not sell it to your roommate for $1000.
Edmunds says the trade-in value for a 2002 Sunfire SE sedan with AM/FM/CD, auto transmission, cruise control, and traction control is about $2800 in clean condition (no major problems). What options do you have on it, and how many miles are on it?
The first think your friend should do is find a car to buy and negotiate a price. Then talk trade-in afterwards. That way you know what the value of the new car and the trade-in are. Another way to handle it is to sell the Sunfire to a dealer before getting the new car. A used car only dealer might be interested in your Pontiac if it is in good condition.