Possible to overtrade when buying 2nd hand car

[Serag15]

Guys,

 

Is it possible to overtrade when buying a 2nd hand car? Cause need to top about 7k for my lancer06.

 

Kindly advise.

 

Thanks

[Yattokame]

It depends on the price of the car u r buying, and what percentage is this 7k to the price of the car

Edited September 24, 2009 by Yattokame

[Caldina]

Any expert here know the body value of Accord Euro R (around 4-5 yrs)?

[Serag15]

  On 9/24/2009 at 8:36 AM, Yattokame said:

It depends on the price of the car u r buying, and what percentage is this 7k to the price of the car

 

car bout 40k excluding the 7k

[Windchoco]

Just like to highlight to TS that,

 

buying a 2nd hand car is already a risk in the sense that you will never know if its a lemon or accident car despite sending it for checks. By right maybe shld set aside some money for buying parts/repairs..

 

If you are buying a risk, and potentially cannot afford to offload it (scrap it) due to your existing overtrade added in + full loan, it would be quite a dangerous proposition in my opinion.

 

2 cents. no offense.

Edited September 24, 2009 by Windchoco

[Fooblack]

overtrade means higher financial risks... cos it is loading unto the next car... so it wont stop the rot but make it worse only.. just my 2 cents... best to settle the current o/s.

[Ithunk]

  On 9/24/2009 at 8:19 AM, Serag15 said:

Guys,

 

Is it possible to overtrade when buying a 2nd hand car? Cause need to top about 7k for my lancer06.

 

Kindly advise.

 

Thanks

 

yes it is possible to overtrade

[Porkerlover]

Of course you can. I'm sure the dealer will be more than happy to work out something for you. But beware in the end the overtrade just goes back to your loan.

[Lsm_83]

Please consider to keep your car. Over trade will increase your financial liability. Good luck in your choice!

[Serag15]

noted guys

[Dunno]

But if my current car don't have to top up money, instead I can get back 5k, then the overtrade is considered as discount?

 

I went to a showroom to look at some new cars and the SE offered me a $7k overtrade if I trade in my current car. I've checked that I can get back something like $7-8k if I trade in due to the low full settlement amount. Does that mean the $7k overtrade is then considered as an upfront discount on the new car price?

 

[Johnson28]

you paid interest on your old loan. overtrade brings the outstanding loan into a new loan which add more interest. so interest on interest.