Trade-In Question - The HuntingPA.com Outdoor Community
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post #1 of 31 (permalink) Old 08-06-2013, 07:30 PM Thread Starter
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Trade-In Question

I am looking to buy a new (or new to me) truck. Currently I owe about $4000 less than my car is worth (according to KBB). I did reach out to a dealership the other day and he laid out a scenerio that I wanted to bounce off of you folks to see if it made sense (or it was correct).

EXAMPLE (This is hypothetical):
New Truck: $30,000
My Car: KBB Trade In Value $13,000
Amount Owed to Bank: $9,000
Dealer Rebates: $5,000

Dealer laid out this scenerio:
Buy the truck for $30k, minus the $5,000 rebate, minus the $13,000 trade in, plus what I owe.

$30,000-$5,000-$13,000+$9,000=$21,000

So I would only pay $21,000 for the new truck.

Does that sound right?

They say don't trade a vehicle in unless you own or better yet sell it our right. I can't do the car anymore. I bought it for gas mileage but with my new job that isn't an issue.

Thoughts?

...but those that wait upon the Lord shall renew their strength. -Isaiah 40:31
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post #2 of 31 (permalink) Old 08-06-2013, 07:50 PM
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Re: Trade-In Question

The question is, what is the KBB private party sale value of your car and are you willing to go through the hassle of selling it yourself? Generally, you'll save some bucks by doing so. I'll give you an example, we had a 2004 Toyota Sienna AWD minivan. The dealer was offering us about $5000 on a trade. We listed it for $7500 and offered to have it newly inspected and put new brakes and rotors on it for a buyer at a cost of about $700. Figure about $100 for advertising and we ended up netting about $6700. Was it a pain? Yes. But we saved about $1700 bucks, minus whatever the sales tax would have been on the trade in value.
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post #3 of 31 (permalink) Old 08-06-2013, 07:55 PM Thread Starter
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Re: Trade-In Question

I have no problem selling it out right. I don't mind the hassle at all problem is I owe money on it still so the title is with Citizens bank.

Private party value was about $4,000 more then trade in value.

...but those that wait upon the Lord shall renew their strength. -Isaiah 40:31
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post #4 of 31 (permalink) Old 08-06-2013, 09:11 PM
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Re: Trade-In Question

Ah. I never tried to sell a car that I still owed money on. I guess that would be a bit of a pain.
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post #5 of 31 (permalink) Old 08-08-2013, 09:14 AM
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Re: Trade-In Question

remember when u trade u don't pay taxes on the amount they give you for the trade. so that's 13000 u wont pay taxes on

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post #6 of 31 (permalink) Old 08-08-2013, 10:28 AM
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Re: Trade-In Question

That is correct. Don't tell the dealer what you oee on your current vehicle cause they will only want to give you that. Tell them only after you have the price of the new vehicle.

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post #7 of 31 (permalink) Old 08-08-2013, 12:23 PM Thread Starter
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Re: Trade-In Question

It sounds as though the example I gave above is accurate I just need to not reveal too many details.

...but those that wait upon the Lord shall renew their strength. -Isaiah 40:31
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post #8 of 31 (permalink) Old 08-08-2013, 12:47 PM
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Re: Trade-In Question

Personally, I'd do everything I could to screw the dealer!

Let them show you $45k trucks all day long. They'll offer you more on a trade....make them put it in writing. Then start shopping for the price point you want....then work them down from there. Make sure they hold their end up(trade-in AND rebates). You may have to walk out several times....you might even have to leave completely, but they WILL call you.

Sorry, but car salesmen are looking out for themselves....not you. They'll take you to the cleaners if you aren't sure of what you're doing. Do your homework, know what your vehicle is worth(honestly) and know what you're buying is worth(not what they're asking). At the end of the day they won't make a deal if they aren't making money. You just have to be happy paying them what they're happy with.

I hate buying vehicles....but I'm good at it! Check out Edmunds and learn away!

You really under estimated the ramifications of the boondoggle you have just perpetrated!
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post #9 of 31 (permalink) Old 08-08-2013, 03:24 PM
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Re: Trade-In Question

Quote:
Originally Posted by JasonN
Personally, I'd do everything I could to screw the dealer!

Let them show you $45k trucks all day long. They'll offer you more on a trade....make them put it in writing. Then start shopping for the price point you want....then work them down from there. Make sure they hold their end up(trade-in AND rebates). You may have to walk out several times....you might even have to leave completely, but they WILL call you.

Sorry, but car salesmen are looking out for themselves....not you. They'll take you to the cleaners if you aren't sure of what you're doing. Do your homework, know what your vehicle is worth(honestly) and know what you're buying is worth(not what they're asking). At the end of the day they won't make a deal if they aren't making money. You just have to be happy paying them what they're happy with.

I hate buying vehicles....but I'm good at it! Check out Edmunds and learn away!
I agree!! Also, be leary when they ask you "How much do you have to spend"? "How much of a payment can you afford"? "Do you have a trade in"? They use this as ammo against you to get the most out of you. They also want to push loans on you. Be leery and make them sweat.

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post #10 of 31 (permalink) Old 08-08-2013, 05:06 PM
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Re: Trade-In Question

Can you get the 5000 cash rebate sent to you? It is the practice (depending on manufacture) to offer a larger dealer hold back if the customer applies the rebate to the purchase. You should be able to negotiate a better sticker price from the dealer if you want the cash back. The dealer can offer you more off the sticker to make sure the rebate says with the purchase.

If you don't have time to do it right. When do you have time to do it again?
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