I've Got The Bug (question about trading my Yaris for a Mirage)

[silverstreak]

I have always been attracted to small cars. Currently I own a 2010 Yaris sedan, I love it, but I'm really likening this cool car. I went to Mitsubishi of westboro to check inventory. They had only standards, and I want a cvt. I called them when I got home they had 6 in the back that had just come in. Does anyone know if they will pay off my trade and put the remainder on the Mirage.

[MetroMPG]

Welcome, silverstreak!

Why not get the standard? More fun, less money, better fuel economy in the hands of a motivated driver.

I'm not sure about the details of trading cars in. I added more info to your thread title and hopefully someone else will chime in. grsupercity works at a GM dealership; he'll know about that I'm sure.

Darin

[festiboi]

Hey Silverstreak!
Welcome to the forum and glad to see other small car fans around.

You can certainly have the payoff on your Yaris added onto the loan of your Mirage if you trade the Yaris in. It's actually quite common and easy to do, and the dealership's finance department takes care of it.

However, as a former Edmunds.com buying advisor, I never recommend it. Buying a new car is not a good investment to begin with, as a new car depreciates quickly in the first year. Adding the depreciation of another car on top of that only makes matters worse. You'll be way upside down on your loan. If you did have to make an insurance claim, the insurance company will only pay you the value of the Mirage, not what you owe. So if the car was totaled or stolen, you'd be still owing money on a car that doesn't exist.

It may be better to either sell the car privately, if private party is about the same as what you owe, or keep paying off the Yaris until you have some equity in it and it's worth equal or more to what you owe.

Sorry to be a buzzkill, but I've seen some yucky scenarios, especially with the insurance claims

[silverstreak]

Tell me if this makes sense. The blue book on my yaris is about 8k. I owe 4k so how would that work? I'm sleepy and can't seem to think straight.

[festiboi]

Tell me if this makes sense. The blue book on my yaris is about 8k. I owe 4k so how would that work? I'm sleepy and can't seem to think straight.

This could actually come into your favor. I'm not sure if the $8k is trade-in value or private party value.

In this scenario, let's say the trade-in value is $8k, and you go to Mitsu of Westboro and they offer you that much for the Yaris. They will pay off the $4k you owe directly to your bank, and the remaining for $4k will go as a down payment on your Mirage; bringing you equity and lowering your down payment.

Even if the private or retail is $8k and the dealership offers you $5-6 trade-in, you still have a down payment and no overhead from the Yaris.

The dealership will take care of the paperwork for you with the payoff on your loan. If you buy on the weekend especially, basically any dealership will have to take your word on what you owe and have to check with the banks when they open Monday; so it's a good idea to check your payoff beforehand. Otherwise, the dealership will send a bill (or a check if it's under) if you're off.

[grsupercity]

Hey Silverstreak!
Welcome to the forum and glad to see other small car fans around.

You can certainly have the payoff on your Yaris added onto the loan of your Mirage if you trade the Yaris in. It's actually quite common and easy to do, and the dealership's finance department takes care of it.

However, as a former Edmunds.com buying advisor, I never recommend it. Buying a new car is not a good investment to begin with, as a new car depreciates quickly in the first year. Adding the depreciation of another car on top of that only makes matters worse. You'll be way upside down on your loan. If you did have to make an insurance claim, the insurance company will only pay you the value of the Mirage, not what you owe. So if the car was totaled or stolen, you'd be still owing money on a car that doesn't exist.

It may be better to either sell the car privately, if private party is about the same as what you owe, or keep paying off the Yaris until you have some equity in it and it's worth equal or more to what you owe.

Sorry to be a buzzkill, but I've seen some yucky scenarios, especially with the insurance claims

If your ever negative into a vehicle its best to buy GAP coverage. That helps in case of total loss. As far as trade vs money owed. Festiboi hit the nail on the head. Lets say you owe 4K, and they appraise it for 6K. Then they pay off your previous loan, and they can either write you a check for 2K or put 2K down. All depends on what you wanna do! Your best bet would be to drive it down there and let them take a look at it and have them tell you what its worth and give you a 10 day pay off!

[MetroMPG]

Thanks for the nuts & bolts info you guys.

I've only bought a few cars from dealers, and have never financed, so that side is a mystery to me.

[cinder]

If you get the DE w/ the C.V.T. this may be what you can expect to finance .

$15,000 > DE w/ C.V.T.
- 1,000 > Mitsubishi Rebate ( benefits you and dealer )
________
$14,000
- 500 > ( Average Dealer Discount , higher the better , have seen $1,000 )
________
$13,500
- 8,000 > ( Trade In )
________
$5,500
+4,000 > ( Loan balance )
________
$9,500 > ( Your price before taxes , fees , etc.. )

Here's a rough estimate of what your monthly payment could be at 3.9 % loan rate for 5 years ( 60 months ) . Not sure of your credit , so your % rate could be lower or higher . Always go for lowest rate as part of the deal .

Bankrate car loan calculator at 3.99% is : $174.91 . Shouldn't need gap insurance , but may want to add disability insurance . That varies . Could be $10 extra . Good luck and let us know of your decision .

[cinder]

Here's a recent ad . The rebate from Mitsubishi still exists until 1st of June . This is for DEs' with the 5 speed manual . Also applies to those with the C.V.T..

[Ares]

Congrats! You may want to try CARMAX first before you pull the trigger on selling the car to the dealership. My experience has been CARMAX buying my car a good 1-2k more than the dealer would.

Of course you're going to have to weigh in what kind of "dealer incentives" they will be willing to throw in with your trade.