how to trade cars

[just1ofamillion]

I'm a full time student and I currently own a 2000 VW Jetta worth at trade in $2000. It has something wrong with the transmission and has over 100,000 miles on it. It still runs for now, but I don't know how much longer it will last. However, I still owe $6500 on the car. Is there anything I can do to help pay off the car so I can get another one?

Worth: $2000
Owed: $6500
no money for down payment but can get discount on a Honda
good credit and cosigner

Thanks,
T

[GREENBACK]

If it were me I'd keep it, assuming there are no other major issues. A tranny will set you back a couple grand but considering what you owe, it might be a decent option. I can't think of a good way you'll come out ahead trying to sell/trade a 2k car with a bad tranny. People will avoid that like the plague.

You might get that fixed and get another 100k out of it. Buy a less expensive one next time around, by the way.

[melinuxfool]

I'm a full time student and I currently own a 2000 VW Jetta worth at trade in $2000. It has something wrong with the transmission and has over 100,000 miles on it. It still runs for now, but I don't know how much longer it will last. However, I still owe $6500 on the car. Is there anything I can do to help pay off the car so I can get another one?

Worth: $2000
Owed: $6500
no money for down payment but can get discount on a Honda
good credit and cosigner

Thanks,
T

Have you had it looked at by a mechanic? Not the dealer (NEVER let a dealer mechanic touch your car), but a reputable, experienced independent mechanic. Yes, it might cost you some diagnostic time, but it might only be a simple repair instead of a transmission overhaul.

If your car is automatic, the problem might not even be transmission related. Some won't shift into overdrive at all if the car doesn't warm up to the right temperature, which would be a thermostat problem (a less than $10 part).
Have you checked over all the fluids, tranny fluid, engine oil, and coolant? Auto trannies are finicky when it comes to these things.

At any rate, have it checked out, drive it until you have to push it into the junkyard, and set aside as much money as possible for a replacement. And only buy cars you can pay cash for.

[autoxer]

Is there anything I can do to help pay off the car so I can get another one?

I don't know how you got that far under on a car loan, but don't go trading it on a new car with no downpayment, because that will only make it worse.

[disneysteve]

2000 VW Jetta
has over 100,000 miles on it.
Worth: $2000
Owed: $6500
no money for down payment

You owe $4,500 more than the car is worth.
It needs what might be major repairs.
You have no savings.
Still, you want to buy another car.
How exactly do you intend to do that?
If you sell this car for $2,000, you need to come up with $4,500 to pay off your loan. Then you need to come up with cash to buy a replacement.
If you keep this car, how will you pay for the repairs with no savings?

[wincrasher]

Simple, Steve.

The dealership would be happy to roll the deficit onto a brand new car loan!

And probably for only 18%! This is a debt snowball, but in reverse.

[segmond]

take it to a mechanic, sometimes, your tranmission will act up, and it will be a cheap component outside of the tranmission, that may not even cost up to a $100!

[disneysteve]

Simple, Steve.

The dealership would be happy to roll the deficit onto a brand new car loan!

And probably for only 18%! This is a debt snowball, but in reverse.

Very, very sad that the law allows that to happen. This is just one of many areas that needs better regulation.