I am looking to buy a new (or new to me) truck. Currently I owe about $4000 less than my car is worth (according to KBB). I did reach out to a dealership the other day and he laid out a scenerio that I wanted to bounce off of you folks to see if it made sense (or it was correct).
EXAMPLE (This is hypothetical):
New Truck: $30,000
My Car: KBB Trade In Value $13,000
Amount Owed to Bank: $9,000
Dealer Rebates: $5,000
Dealer laid out this scenerio:
Buy the truck for $30k, minus the $5,000 rebate, minus the $13,000 trade in, plus what I owe.
So I would only pay $21,000 for the new truck.
Does that sound right?
They say don't trade a vehicle in unless you own or better yet sell it our right. I can't do the car anymore. I bought it for gas mileage but with my new job that isn't an issue.
...but those that wait upon the Lord shall renew their strength. -Isaiah 40:31