hey guys i have a math problem that im trying to figure out
i don't really have a use for a truck anymore and with gas i think i might try and sell/trade it in
i found a few cars i might be interested in at a used dealership
price of car: 10,995 + 13% tax = 12424 + licensing (lets say 12500 even)
i still owe $3,806 on the truck but the hard part is finding a price to sell it at
examples:
04 4x4 127,000kms 12k
04 4x4 380,000kms with 5.3 for 7450
02 4x4 with 210,000kms for 7700

i have mine on local kijiji for $6700
extended cab, 210,400 kms, 4.8L engine, RWD, aftermarket power door locks, flowmaster muffler and brand new tires

so if i went to a dealer for a trade would it work like this?:
car 12500
ask 5500 for truck
car is now 7000
and then roll in the remaining 3806 i owe on truck onto 7000?
so car is now 10806 and lien on truck is cleared and get new loan for new car

but if i sold truck privately for 6500:
pay off loan of 3806
i now have 2694 cash in hand
car with tax is 12500
put down 2694
finance car for 9806

and i am looking at cheaper cars in the 6-8k range as well

but the main point is the balance i owe will be added to the price of the car right?