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Discussion Starter #1
The longer I wait on the LX my dealer is trying to locate, the more time I have to ponder and second-guess my decisions. Here is the story: We currently have a 2000 Dodge Grand Caravan and are WAY upside down in it with negativity equity. We traded a Malibu pretty quickly after buying it, so there ya go. We owe just less than $16K and the trade in value is less than $7K (it has well over 80K miles and a small scratch on the side).

I really, really want a Pilot so the dealer is selling us an LX with the payoff on the van for a total amount of $38K. The way I am seeing it is that the $38K - the payoff of $16K leaves the total price of the Pilot at $22K + whatever they can sell the minivan for. I honestly don't think they'll get $7-8K for it, based on the going rates around here for used vans (gotta factor in the high miles, too!).

Does this sound good? Or should I keep shopping while he is locating the LX? He did offer me an upgrade to the EX cloth for $2500 more but I told him I'd wait for the LX. I honestly don't want to finance anymore and we are already putting a chunk down as a down payment.

Can you experienced car buyers offer some insight? Is this a good deal? I've gotten taken by car salesman before and I just don't want to get bit again. Thanks!!
 

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Keep the deal simple.

The more different number the better chance of getting ripped off.

Pilot+Payoff-Resale of van+terms of new loan= High potential for rippoff!

Take the van to CarMax, or some other high volume used car dealer with a car puying porogram. Get a quote on the van.

Call your van loan company, and see exactly what you owe, and any other terms of conditions on the payoff.

Deal with the Honda dealer on a cash basis, then work on financing based on that established price.

Good luck, and have fun.
 

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Discussion Starter #3
Thanks. We don't live anywhere near a CarMax or anything like that, but my investigation of the value of our van is that it is around $6000, depending on the source. He is actually giving us a fair deal on the trade in ($6800, I believe). The sale price we negotiated on the Pilot was $26,400 and then the payoff, tax, etc. was added to that to give the total amount of the sale as being $38K. My financing is through my credit union and has nothing to do with the dealer. (Actually, my credit union was the one that suggested I investigate the Honda or Toyota SUVs vs. my hubby's Durango preference!) I've got an outstanding rate with them that they told me at the dealer they couldn't touch anyway.

I guess in looking at it again like this, the $26,400 isn't a bad deal on the LX. Edmunds quotes the True Market Value price as being $26,300 and change for my area.

Thanks for the insight!
 
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