I bought a brand new 2022 Ram Pickup last year, made all my payments on time so far. Auto dealership called me asking me if I wanted to trade in for a 2024 of the same model. Friend told me this is usually a scam and a way for the dealership to fuck you over and take more money from you.What should I look out for to see if I'm getting a good deal or not?
>>28110388Unless you had a hefty downpayment, and/or a a 36 month loan, it's unlikely that you owe less than the truck is worth after barely a year. That's where the scam is.>look up current value of truck on KBB under "good" condition>subtract your current loan balanceThat gives you your equity in the car. If it's negative and you trade it in, you'll just be adding that money on top of a new loan for the new truck. If it's positive, that's the amount you'll actually get towards the new truck, the rest goes to the bank to actually pay off the existing loan.
>>28110388Just see what they would give on a trade in and depending on what you owe and the rate you get it could be completely fine if you are looking for new. Trucks hold value great so it’s worth a look.
Youre probably on a payment plan so you trade it in and add two years back on your payments and everyone is happy.
