This happened two weeks ago. I took a bath on my old car. I bought it for 12,000 and only got 7,000 on the trade in. So not great. But for whatever reason they really wanted to unload this thing so they dropped the price so the total after the bath on the trade in was 13,700. Not a smart financial decision but I really wanted this car.
Why am I talking about it two weeks after the fact? Cause the bank balked at financing a 14k loan on a car worth less than 12k and was only willing to finance 12,800. The dealer just had to eat that difference.
So it was still a bad move, but only to the tune of 800 and I feel great about it.
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