Opinion on how much to go down on car price?

No lender on the planet is going to overallow that much negative equity to the new loan.

So, as mentioned by others, this is all pretty much a moot point.

Anyone willing to lose $8000 right from the start is a complete fool. More than likely you will have zero bargaining power becaus of the huge amount of negative equity. You probably have lousy credit too which takes away even more bargaining power.

Expect to get ripped off big time. Do not expect to walk in there thinking you can control the negotiations since you have nothing to bargain with.

Stop right there. You still owe $8000 on a car that is only worth $5000, and you are going to increase your debt again? Stop and think what you are doing. The only people who are going to benefit from this deal is the finance company.

You don't really have much negotiating power in your position. They aren't going to give enough for your car and you're going to over pay on the camaro. I've been where you are, anxious to get a better car and willing to get even more behind in life because it's just "payments". The great feeling of that newer car wears off really quick, but the regret of a bad financial decision will last a long time.

Kid, you cant afford to keep trading cars. Your going to take a BATH on the Toyota you bought last year.

How about you pay off one car before you buy another ? Even assuming you could find an idiot lender willing.

It depends. You need to know what their car is worth and what your trade-in is worth. BTW, you'll have to pay down your current loan first, unless your car is worth more than $8000 as a trade-in.

Go to the dealer and make an offer. Don't stay for more than a few minutes. The dealer will try to wear you down. Give them your name & phone number, and leave. Do your negotiations over the phone, NOT in their showroom. Don't use dealer financing. They will likely try to overcharge you. Get your own financing from a bank of your choice.

How to Negotiate a New Car Price Effectively
http://www.consumerreports.org/cro/2012/12/how-to-negotiate-effectively/index.htm

First they're screwing you on the price of the Camaro (they'll ask the for maximum hoping you don't talk them down, ** since it's a used car see my notes on your used car). They may go down to $14k, but I wouldn't hold my breath. Their job is to take as much of your money you are willing to give them. Then they're screwing you a second time with your trade-in (they'll only pay you the minimum, when they sell your old car at a higher price later, ** they make 2 profits on your car) then they'll screw you again when the number on the contract WILL NOT be what you talked about or expected. Hoping you will not gripe and become their sucker. Then you're screwing yourself by paying $26k for a 2 year old car. The smart money is to sell your car FIRST. You may be able to get $2k more than the dealer will give you. After you are out of the first car deal then you can afford to buy any NEW car for less than $26k. Who needs a Camaro? I know, I used to have one 1982 Camaro Berlinetta, blue metalflake paint.

If you really want it, it can be done. They may try to talk you into leasing as an option that can absorb some of that negative equity. Honestly though the banks and lenders are only evaluating you to get a feel for how likely you are to pay for the car and not charge it off or at worst have a full balance charge off. They don't want to put you in a car you can't afford but if you can and can prove it then they will do it all day long. They're not concerned with your irresponsible spending habits as long as you keep your payment history in tact. The people on here giving you advice actually are just being really cool and advising you to not knowingly drown yourself in debt.

Nope

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