Trade-in Math
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Joined: Jun 2006
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From: Brooklyn, NY
Trade-in Math
How does that work again?
Say I am currently paying for a $23K TSX, and I want to trade it for a $33K TL. I have payed $4K so far on the TSX, so its down to $19K I guess.
So how does the math go? Correct me if Im wrong...
33K - 19K = 14K
So 33K + 14K = 47K
Hell no that cant be right?? OR IS IT? Wtf?!
Say I am currently paying for a $23K TSX, and I want to trade it for a $33K TL. I have payed $4K so far on the TSX, so its down to $19K I guess.
So how does the math go? Correct me if Im wrong...
33K - 19K = 14K
So 33K + 14K = 47K
Hell no that cant be right?? OR IS IT? Wtf?!
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Joined: Jul 2005
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First, you need to determine the value of your TSX, which depending on year and mileage, is probably somewhere around $16K (assuming a non-Navi '04 with 35K miles).
You most likely owe more than $19K as some of the $4K in payments went to interest, but assuming you really owe $19K, you would need to pay the difference between what your car is worth and what you owe (i.e. $16K - $19K = -$3K) and the price of the new car (i.e. $33K). Therefore, in this example, you would need to pay $36K.
You most likely owe more than $19K as some of the $4K in payments went to interest, but assuming you really owe $19K, you would need to pay the difference between what your car is worth and what you owe (i.e. $16K - $19K = -$3K) and the price of the new car (i.e. $33K). Therefore, in this example, you would need to pay $36K.
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From: So. Cali
Originally Posted by TasteOfPower
wow.....im a programmer too, and cant do math.
...no wonder there's so many glitches with drivers and other stuff ;-P
I went through this a couple of months back
2 years ago I financed a Scion tC for $18k (after taxes and all the other stuff)
In beginning of April I decided I wanted a tsx. The cost of mine was about $31k (after taxes).
At this point I owed $10k on the scion. The dealer gave me $13k as a trade-in. So at this point I was +$3k. I had 2 options, either apply the $3k towards the tsx (as downpayment) or take a check from the dealer. I decided to take a check from the dealer, but if I was to apply it as downpayment, I would have owed $31k (price of tsx) minus $3k (amount trade in) = $28k.
If the trade in price was less then what I owed on the car (say $9k), then i would have to add the difference of $1k to the $31k purchase price of the tsx and thus owe $32k on the tsx
2 years ago I financed a Scion tC for $18k (after taxes and all the other stuff)
In beginning of April I decided I wanted a tsx. The cost of mine was about $31k (after taxes).
At this point I owed $10k on the scion. The dealer gave me $13k as a trade-in. So at this point I was +$3k. I had 2 options, either apply the $3k towards the tsx (as downpayment) or take a check from the dealer. I decided to take a check from the dealer, but if I was to apply it as downpayment, I would have owed $31k (price of tsx) minus $3k (amount trade in) = $28k.
If the trade in price was less then what I owed on the car (say $9k), then i would have to add the difference of $1k to the $31k purchase price of the tsx and thus owe $32k on the tsx
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