RXR8TED

Hello, I just subscribed to this fantastic site, I about to trade-in my 2000 dodge caravan for a new RX8, but I still owe like $12301.75 on it, I want an RX8 so bad
do you think I should wait. Sincerely RXR8TED.

ABG

You really need to know what the value is of your Caravan (both trade-in and private sale) before you can make a decision.

I don't really think you need to pay the whole $12301.75 off. Just reach a point where you can just walk away from the Caravan.

RXR8TED

Can you explain it to me more in detail?... If i Trade it in to the mazda dealer you
think they will pay the bank the $12301.75 but then they will add it to my payments !!!... Can anyone give a better option cause if I wait my value for my 2000 dodge caravan will go down! please help.

Chief

Goto kellybluebook.com and it will tell you the avg price the dealer will pay (also the private sale avg) based on the condition of the vehicle, miles, etc. The dealer will not give any money to your bank, they will just take whatever amount they are willing to give you off the the price of the rx8

I love my car

Sea Ray

The dealer WILL pay off your loan if there is a lien on the car you trade in. And yes it will be deducted from the trade in value they give you.

How much do you owe on your van?? How much will the dealer give you for the trade in?? What is the difference??? That is how much 'credit' towards the new car you will end up getting for your trade.

RXR8TED

Are you saying they will not accept my trade-in?... So then i will have to make double payment!

ABG

Let's say you go to First's Mazada and want to trade in your Caravan today. The dealer will look your Caravan's value on Kelly's Blue Book, make a few call to a dealer or whole seller to see how much it's worth. Let's say the dealer say it's worth $8,000. You own $12,000.

The dealer will pay off your $12,000 loan BUT WILL ADD THE $4000 NEGATIVE to your RX8 ($12,000 - $8,000 = $4,000 negative equity). So, your $30,000 RX8 now costs you $34,000.

Let's say, you don't like that deal and decide to shop around. You go to Second's Mazada. They do the same thing. Look up Kelly's Blue Book, make a few call. Finally, they say we'll give you $9,000 for your Caravan. You say, okay, "but I want a discount on the RX8 too. First Mazda offerred me a $1,500 discount, btw!" So, to make their quota's, beings it's the end of the month, Second's Mazda say, "Okay, fine. Here's the deal:

Trade = $9,000
Discount $2,000! Do we have a deal?"

So, $12,000 (payoff) - $9,000 (trade) = $3,000 negative
RX8 MSRP is $30,000 - $3,000 discount = $27,000

$27,000 (RX8) + $3,000 (negative) = $30,000.

So, by shopping around an getting the highest trade-in value and the largest discount, you just bought an RX8 and traded in your Caravan for MSRP.

This is a simplified scenario. The problems is, I've found that one dealer will offer more on the trade but less discount, while another dealer will offer more of a discount but less of a trade.

Your best bet is to see what dealers will take for your trade just to see where you stand. Your best discounts will probably be when the 2005 models come in. And in the meantime, sell your Caravan privately.


PS: Frequently, the dealer will go a few hundred dollars below the low trade-in value.

RXR8TED

Thanks ABG, you been a good source of help to me I will show your reply to my wife she is kind of worry for the decision I'm about to make ... right now im paying about $647.00 a month for the dodge caravan and I would like to get the RX8 and pay about $500 a month!... Back in 2000 there wasn't a four seater sports car that i liked. And I LOVE THIS RX8 THIS IS THE ONE.

ABG

Glad to be of help. Try these sites for more info:

New affiliation with them, but they've given me some good info:

http://www.leasecompare.com/lcforums/index.php
http://www.leasecompare.com/

http://www.kbb.com/

winebrad

RXR8TED,

Whatever you do, do not go into the dealership and tell them what payment you want. They will get you the payment but you may have to be into a 10 year loan to do it. Do your homework first! Use the Kelly Blue Book site a well a Edmunds or any others that are listed in this forum. Then when you have a dollar range for the amount you will be financing use these same sites to calculate the payment based on the prevailing interest rate. Also contact your bank or credit union regarding financing before going to the dealer. Note that the dealer is getting a kickback from the financial instutions as well when they arrange financing. I for instance had my loan approved from a credit union at 3.5% before even walking into the dealers door. The bottom line is to go in prepared and you will not walk out walking funny!!

Good luck and welcome to the club!!

G8rboy

Not to burst your bubble, but If you're upside down on your Caravan, and have no spare cash to throw at an RX8 for a down payment, you're likely looking at close to $600/mo for an RX8 (assuming a normal interest rate and 60month loan).

That aside, if you're already budgeted for a $600/mo car payment, you'll be a lot happier zoomin' around in an RX8 instead of a dime-a-dozen kid hauler.

G8rboy

I also forgot to add that if your Caravan is in decent shape and everything works, I would recommend trying to sell it yourself- it might take you a few more weeks to get your RX-8, but you'll save thousands over a dealer trade in.

In my case, the dealer offered me $3000 for my trade, which I thought was ludicrous. I put it out for sale for $7k, and sold it for $6500 (I could have probably sold it for $8k if I waited for the summer since it was a convertible). That's a huge difference which can really bring down your monthly payment if you can be patient.

VescorMatt

FYI here are the NADA book values for a 2000 Dodge Caravan.

Trade-in/ Loan/ Retail
5200 Caravan 4700 6975
7000 Caravan SE 6300 8975
6700 Grand Caravan 6050 8625
8300 Grand Caravan SE 7475 10400
9200 Grand Caravan LE 8300 11375
9800 Grand Caravan ES 8825 12025

OPTIONS:

475 Add: Sport Trim 475 550
225 Add: 3rd Row Seat 225 250
150 Add: A/A/ Wheels 150 175
(std. ES)
1150 Add: All Wheel Dr. 1150 1300
75 Add: CD Player 75 100
(std. Grand ES)
300 Add: Leather Seats 300 350
350 Add: Left Slide Door 350 400
125 Add: Power Seat 125 150
(std. LS, ES)
225 Add: Rear Air Cond 225 250
50 Add: Theft Rec. Sys 50 75
575 Deduct: 4 Cyl. Engine 575 575
525 Deduct: w/o Air Cond 525 525
125 Deduct: w/o Cruise 125 125
75 Deduct: w/o Pwr Locks 75 75
125 Deduct: w/p Pwr Wind 125 125
75 Deduct: w/o Tilt 75 75


Mileage Class: 2

0 to 7500 Miles: Add:1725
7501 to 15000: Add:1500
15001 to 20000: Add: 1300
20001 to 25000: Add: 1150
25001 to 30000: Add: 1000
30001 to 35000: Add: 825
35001 to 40000: Add: 650
40001 to 45000: Add: 500
45001 to 50000: Add: 325
50001 to 55000: Add: 150
55001 to 60000: -----------
60001 to 65000: Deduct: 275
65001 to 70000: Deduct: 500
70001 to 75000: Deduct: 700
75001 to 80000: Deduct: 925
80001 to 90000: Deduct: 1250

This should help you estimate a value. These are Pacific Northwest/Rocky Mountain values though. California values tend to be slightly higher. Hope this helps.

RXR8TED

Thx dudes for the great response and opionions, I just got to sit down and get back into a rational existant here. but thanks for your help. I think my RX8 purchase here will be on hold for a long time... Sincerely RXR8TED.

ptiemann

>> here are the NADA book values for a 2000 Dodge Caravan.

I just visited nadaguides.com and checked how they valued my 1992 Ford Festiva and my 2000 Pontiac Firebird.

In both cases their numbers were SIGNIFICANTLY over Kelly Blue Book's numbers.

Firebird: KBB says $6000 (good condition), NADA says $9175 to 11200 depending on condition.

Festiva: KBB says $450 (ok condition), NADA says $900 to $2000 depending on condition.

Something is strange there, or? Maybe they mean Australian Dollars? NADA talks about a RETAIL VALUE, KBB distinguishes between private resale and dealer trade-in value (lower).

Either way, those NADA numbers


Festiva value:
http://www.nadaguides.com/Values/Val...=1992&ColorId=

Firebird value:
http://www.nadaguides.com/Values/Val...=2000&ColorId=

VescorMatt

It's always been my opnion that KBB is useless and garbage. Galves and NADA have always been much better and more realistic.