Volvo

[Sbrooks1]

I have my sight on a new volvo, will need to trade a 2022 Honda CRv EX L, owe 19 KBB says arond 23 , however volvo only wants to give me 18. Car is in excellent shape with 32000 miles. Seriously. What would you do. I need the equity to bring down the finance amount.

[FicoMike0]

Sell the honda.

Or, find another dealer who has an almost new volvo, who will deal.

[FlaDude]

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@FicoMike0 wrote:

Sell the honda.

Or, find another dealer who has an almost new volvo, who will deal.

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Right, there is absolutely no requirement to trade in, in fact it can make the process more transparent if you don't. Carmax will make you a no obiligation offer, see what they will give for it. You can also do a private sale, but watch out for scammers. 

[dfwxjer]

Always start with a trip to CarMax to get an in-person offer on your current vehicle. There's no obligation for you to sell it to them, but their used car offers are considered the Gold standard. Most reputable dealerships will meet or beat an in-person offer from CarMax. 

KBB can be used for general guidance but usually not the most accurate. 

If you're $4k upside down then I'd highly advise waiting to trade it in. The allure of a new car is strong, but unless you can cover that negative equity AND add 20% as a down payment toward the new car then you're putting yourself in a bad position. As you said, your Honda is in great shape with low miles. 

[Patient957]

Seriously, keep the CRV.  It will last 20+ years reliably, for hundreds of thousands of miles.  The Volvo... won't.

If you're dead set on a new car, check out car edge dot com and their YT channel for negotiating tools and resources, including trade in value of your current car.  A couple hours invested in learning to negotiate could save you thousands.

[Sbrooks1]

I would never trade at upside down absolutely. I definitely have equity in the vehicle. I am not in a hurry for sure.

[Sbrooks1]

Thats great advice, never heard of these.  Will do!

[Sbrooks1]

CarMax offered 25300 and I owe 19000 so that is def what I am looking for, just not sure how much hassle it is to sell and then buy.  I def can't be without a vehicle for days.. 

[sccredit]

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@Sbrooks1 wrote:

CarMax offered 25300 and I owe 19000 so that is def what I am looking for, just not sure how much hassle it is to sell and then buy.  I def can't be without a vehicle for days.. 

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For $7,300 I'd rent a car for a couple of days.

[FlaDude]

That 6300 difference could cover a few Uber rides.