Topic: Trade-in my Matrix 09 to Rav4 09, is it possible?

[bogsci23]

Just new here!

Is it possible that i could trade-in my toyota matrix 09 to a rav4 09?

My matrix 09 is 12mos. old under toyota financing, it has only 4500 mileage.
The reason is just to lower my mo. car financing cost.

[ovr50]

You could likely do it; BUT not sure how you would lower your payments, as you will take a depreciation hit on the Matrix - it's now a 1 year old used car. 

The trade could be expensive to you. Maybe keep the Matrix and renegotiate the payment schedule (which is also going to cost you over the long pull ie. longer to pay, more interest).

[bogsci23]

I used the canadian black book for value of my car and it gives me a 16000 - 17000 value for the trade in.

when I went to toyota website and do their prize your toyota for quotation of rav4 and I used 16000 for the trade in value, it gives me less $60/mo. vs. my current mo. payment for matrix.


I attached the toyota quotation base on prize your toyota...

Anyways, thanks for ovr50 for quick reply... I appreciate it...

[quadzilla]

But if your Corolla is being financed you would have to pay that money back.

Example: If still owe $15,000 and they give you 16K for you car, you only have a trade in of $1,000.

I don't think there is a way you can buy a more expensive car and end up paying less unless you put a lot of cash on the table first.

[CSH]

But if your Corolla is being financed you would have to pay that money back.

Example: If still owe $15,000 and they give you 16K for you car, you only have a trade in of $1,000.

I don't think there is a way you can buy a more expensive car and end up paying less unless you put a lot of cash on the table first.

And in the first 2 years you are upside down. Because of depreciation you actually owe more than your car's worth. Forget any trading in for 5 years

[Shnak]

I don't think there is a way you can buy a more expensive car and end up paying less unless you put a lot of cash on the table first.

It might be possible if he finances the RAV4 over 7 or 8 years... 

[quadzilla]

I don't think there is a way you can buy a more expensive car and end up paying less unless you put a lot of cash on the table first.

It might be possible if he finances the RAV4 over 7 or 8 years... 

Sure your monthly payments will be less as long as you don't care about all the extra interest you are paying.

[bogsci23]

Thanks for all your concerns...

I really don't know how trade-in goes...

[airbalancer]

Good to a dealer and ask

Please post the numbers they give u

[initial_D]

I used the canadian black book for value of my car and it gives me a 16000 - 17000 value for the trade in.

when I went to toyota website and do their prize your toyota for quotation of rav4 and I used 16000 for the trade in value, it gives me less $60/mo. vs. my current mo. payment for matrix.


I attached the toyota quotation base on prize your toyota...

Anyways, thanks for ovr50 for quick reply... I appreciate it...

when I went to toyota website and do their prize your toyota for quotation of rav4 and I used 16000 for the trade in value, it gives me less $60/mo. vs. my current mo. payment for matrix

Right. But who pays the monthly payment for the Matrix after the trade-in? Not Toyota, it will still be you.

[dorin]

Short answer: NO!

[vdk]

I giggled.

1) You paid in 12 months say $5k for your car. The rest is NOT paid yet.
2) Your car is now worth less than what you owe, so you'll actually LOSE money by trading it in.
3) I'm sure Toyota can figure things out for you, but you will end up paying the difference between what you owe and trade in value on top of the new car's price. So instead of having a trade in of $16k you'll have a trade in of -$3k.

[HeliDriver]

Life would sure be sweet if things worked that way!

Me, I'd buy a Mercedes B200, drive it for a year, then trade it in on a C350 for a hundred bucks less a month. I'd drive that for a year, then trade it in on an E550, and save myself another few hundred bucks a month. After another year, I'd trade that in for an S65 AMG, and save probably close to a grand.

In no time at all, I'd have an SLR McLaren - and Mercedes-Benz would be paying me to drive it! 

[vdk]

Life would sure be sweet if things worked that way!

Me, I'd buy a Mercedes B200, drive it for a year, then trade it in on a C350 for a hundred bucks less a month. I'd drive that for a year, then trade it in on an E550, and save myself another few hundred bucks a month. After another year, I'd trade that in for an S65 AMG, and save probably close to a grand.

In no time at all, I'd have an SLR McLaren - and Mercedes-Benz would be paying me to drive it! 

Now wouldn't that be great! Oh those sweet dreams.

[initial_D]

[Cord]

But who pays the monthly payment for the Matrix after the trade-in? Not Toyota, it will still be you.

Well, that's the right idea but a dealer won't take a car on trade unless the lien is paid. The trade will be completely paid off at the time of trade-in by adding the lien to the price of the new car. If the lien is too much, the bank won't approve the loan - i.e. they likely won't lend $30,000 to buy a $20,000 car.

[initial_D]

they likely won't lend $30,000 to buy a $20,000 car.

GMAC used to let their dealers do that.

[johngenx]

they likely won't lend $30,000 to buy a $20,000 car.

GMAC used to let their dealers do that.

Yup, and now the captive financing arms are all in the toilet with US banks.  Makes you say hhhmmm...

[Cord]

they likely won't lend $30,000 to buy a $20,000 car.

GMAC used to let their dealers do that.

You sure about that? I really doubt that GMAC ever approved loans at 150% of value.

[initial_D]

GMAC even approved fiancing on vehicles that did not even exist, with make up VINs by certain dealer(s).

Will dig up the article.