Have any of you ever traded down your car

[AlwaysLurkin]

Say u owe 12,000 on your current car and you find a newer car for 8,500.Your current car is valued at 8k..would that 8k go to the $8500 car?So I'd owe about 5k for this new car?Is that how it works?

 

[Gold]

Say u owe 12,000 on your current car and you find a newer car for 8,500.Your current car is valued at 8k..would that 8k go to the $8500 car?So I'd owe about 5k for this new car?Is that how it works?

That's not trading down.

That's just a regular trade.

And yes that's how it would work more or less (if those numbers are legit)

 

[Smoke]

So, assuming you financed the first car. Are your payments readjusted to reflect what you owe on the new car, or do you continue to pay the old amount?

 

[AlwaysLurkin]

So, assuming you financed the first car. Are your payments readjusted to reflect what you owe on the new car, or do you continue to pay the old amount?

I believe they'll adjust it..in this case I guess I'd be paying a much lower amount