Advice on a car sell/buy

[ponyfitness]

I'm sick of my current vehicle and want to get rid of it. I'm just not sure what's the best way of going about selling it and buying a new one. I owe about $7400 on it still, but it's worth more than that. I could sell it on the open market for probably about 10-11 grand according to auto trader.

If I go to a dealership and check out a new ride while trading in this one, will they pay off my loan for me and give me the balance as a down payment towards a new one?

I know dealers will hose me on the value as well. Any strategies for getting the maximum trade in value for my current ride? And should I take care of all the small scratches before I try to do this stuff so I don't get dinged for it there?

 

[PICK3]

You'll probably get more $$$ by selling it outright than trading it in, but in the U.S. you only pay tax on the difference of your trade in and the new car, e.g. if you trade in a $10k for a $20k car ... you pay tax on $10k, not $20k.

Also, you don't have to put up with all the idiots who want to test drive your car.

Still from a purely financial standpoint you'll probably better selling your present car first.

 

[Smurfy]

sell it yourself first