What will be value of car in 4 months?

josemnz83

Want to trade-in my 320i BMW (67k miles). Received 10,000 offer from CarMax. Currently owe 14,000. Will make $1,000 monthly payments over next four months in hopes of reducing negative equity by 4k by December of this year. How much can I expect the value of car to decrease by December 1, 2019 assuming I add 3,000 miles by then. Any help would be greatly appreciated. I am trying to minimize my negative equity as much as possible before getting a new vehicle. I do not want to roll over negative equity into a new loan. Thanks!!

Michaell

josemnz83 said:

Want to trade-in my 320i BMW (67k miles). Received 10,000 offer from CarMax. Currently owe 14,000. Will make $1,000 monthly payments over next four months in hopes of reducing negative equity by 4k by December of this year. How much can I expect the value of car to decrease by December 1, 2019 assuming I add 3,000 miles by then. Any help would be greatly appreciated. I am trying to minimize my negative equity as much as possible before getting a new vehicle. I do not want to roll over negative equity into a new loan. Thanks!!

All cars depreciate at a different rate. However, I do think it will take more than 4 months to be right side up on your loan.

Have you checked with carvana or vroom to see what they might offer? They generally come in with a better bid than CarMax.