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| QUESTION: |
| Have an '09 Hyundai Elantra with 3,100 miles that I bought for just under $19,000 last July. It was hit from behind in May. I demanded all brand new parts so the repairs were about $2,500 more than the original estimate and are totaling $10,600. I am also getting $3,100 from the insurance for diminished valuation. I want to trade it in for a bigger Hyundai, probably a Sonata. I would consider a newer used model with less than 20,000 miles or a new one. I don't owe anything on the Elantra and would not want to finance much more than $3,000. I know I'm going to take a hit because of the wreck, but how can I get the most out of my trade-in and get the best deal for the new car? When I go to the dealership should I tell them up front about the wreck or let them figure it out for themselves? This car was meant to be our last one (we are retired) and it was pristine. The next will be the same way. The only reason we are trading is we want a bigger car if we should be in an accident again. -Ray, Columbus |
| ANSWER: |
| Man...... You are in a bad situation. When a vehicle gets hit that hard you have to let the next owner know and in this case it's the dealer since you are trading it to them.
I would drive it a few more years and not lose money because dealers are not going to give you a fair market value since its been in such a bad crash. |
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