My friend was thinking of trading in his 2005 maxima for another nissan. Only thing is that he is still paying the loan on the car? Is this possible to do??

 

sure..
sell the car for what he can get out of it, but he still has the lown to pay off. usually you will roll that into another loan for the new car as well as the trade in value of the old one.

say you're buying an '06 Maxima for $30,000... (whatever they cost.. just say 30k to make the math easy)..
they give you 20,000 for trade in on the '05
but you still owe 25,000 on the old loan..

so the new loan on the '06 will be $35k.

 

What is he getting instead? A Z?

 

yes, he was thinking of the 350Z..

 

How old is this guy? He is heading in the direction of being car poor for the rest of his life if he's a young guy.

 

Its possible, I know a guy up north that did that. He traded in his 05 Maxima and bought a 350z, He owes 55k now Oh and he's 25. Talk about a bad decision. Anyway if he sells it and gets what he can out of it and puts it towards the other car he may be better off that way than trading it in, see my example above.

 

Seriously. Something's seriously wrong (with the driver) if he's getting rid of the car after a year. I can't understand it.

On the good side, he take care of a good portion of the deprecitation out so that one of us can scoop it up.

Buy a new Nissan, keep it 10 years or 250,000 miles, whichever comes last. I'm almost there.

 

Yeah... he wants to be like good ole' Russkel!

 

Correct...he needs to wait till he's not upside down on the car then pickup a USED 350Z. He's taken a big hit on depreciation and will be upside down onhis next vehicle...will they do it? Yes but he'll likely end up with a significant sum of money being in the hole or upside down.

 

If I were trading in mine I would want the g35 coupe.

 

yeah i was looking at the z's to but i dont know

 

^^^^As if this topic wasn't crazy enough...this reply takes the cake for me. Whatever your friend does DO NOT take the above mentioned advice.

 

Does he have any money saved? The thing is to have enough saved to equal out the trade for what you owe. the trade on his 05 isnt going to drop drastically but he should get some cash first if hes going to do something like that, its almost impossible to come out on top unless you get used. like 30k for an 03-04 z, he owes 25k, thats 55 grand minus maybe 22 for the maxima (theyll still sell it for 27,995) and 6k cash, is 27k he owes, thats my estimate without going to KBB or anything.