Trading down

[SpeedingFirebird]

This is probably a dumb question, but I try not to deal with dealerships too often.

To free up some cash for my FB engine work, my wife and I are going to get rid of the Bimmer. We still owe like $20 large on it. I plan on replacing it with something about half the price to get the payments down. My wife is not crazy about people coming to our house to test drive a BMW - she has a good point. As far as I know, dealers will not trade down, right? I can't give them a 20K car in trade for a 10K car and cash, correct?

Has anyone tried this?

Btw, for sale: '01 BMW 330i. ;)

[sac2165]

They will trade, however, you won't get the cash back, the bank where you took out your loan will see that money.

[Skapimp]

this might be worth looking into:

http://www.leasetrader.com/

[SpeedingFirebird]

Originally posted by sac2165:
They will trade, however, you won't get the cash back, the bank where you took out your loan will see that money.

Of course.

The real benefit to me is to bring down my car payments some to free up some cash.

[SpeedingFirebird]

Originally posted by Skapimp:
this might be worth looking into:

http://www.leasetrader.com/

hmm. interesting. Looks like it is for leases only.

Certainly, I can just list the car on autotrader, cars.com, etc. I was just curious about a dealer trading down - esp for a BMW on the lot.

[3.4 slow to go]

is refinancing not an option?

[SpeedingFirebird]

Originally posted by 3.4 slow to go:
is refinancing not an option?

Possibly. I would hate to have to owe 5 years on an '01, but it could be an option. I should call my credit union and see what they would offer. 5 years on 20G is still going to be more than picking up a cheaper car though.

The other thing that kills me with the bimmer is just the cost of ownership. F-ing NOTHING is cheap for that car - and that pisses me off. I know, I know the price to play.

The funniest part is...I'm thinking of selling the bimmer to get MORE parts for my FB. :eek: