Posted on 01/30/2011 9:20:57 PM PST by ROTB
A friend of mine wants to trade her used SUV for a gas sipping 4-cylinder import.
Can she take it to "CarsDirect" or "CarMax" or even a used car lot and trade it for something, or MUST she buy a new car to get rid of hers?
Uhh, why don’t you ask THEM?
My suspicion is they will do any deal they can make money on.
Most of them will, but they’ll see it coming and will jack the price on the econobox and or lowball the SUV.
Is she having trouble with the SUV? Because she will with the econobox, and could end up costing more to fix than the SUV uses in fuel.
Most of the chain used car dealers will offer an appraisal for your used car and buy it even without a purchase, so certainly they’d take a trade along with a purchase.
There are some very aggressive promotional interest rates on new cars, so she might want to look there for total dollar cost comparison, too, if she plans to finance. It could come out cheaper new with a near-zero interest rate. I know Honda has .9% on new Civics locally, others likely have something similar as well.
She might be better off putting a toilet and a shower in it and renting it out...
>Uhh, why don’t you ask THEM?
It’s Sunday night, and they are closed.
Does she still owe on the SUV? If so, is she upside down?
Most times you can get better money from your vehicle if you sell it, then purchase another.
If her SUV is paid off then she she shouldn’t have any problems trading in anywhere, but they will give her less than she could sell it for.
Also, if she still owes money... there have been reports of the car not being paid off by a dealer and the owner gets nailed for it. Or they’ll pay it off, but you will refinance any negative equity you had along with your new car.
While it may seem like a reasonable thing to do, it may not be a good deal unless she plans to keep the 4-cyl for a few years or more and makes up the trade-in loss by driving a lot of miles.
Any trade will get an auction price. If it is not paid for that will be added to the econ.
Dealers get used cars and trucks from auction. I paid 10,5 for a 2004 XLT XCAB after the dealer found it for 9,5
You can trade any car for any car. It is all a matter of what you get for your old one and what you pay for your new used one. That is the only restriction.
It’s Sunday night, and they are closed.
Pay no attention to that man behind the curtain. FR is a great place to get information and your question asked here is just fine.
Sure they will, but you’ll get practically nothing in trade value. Sell it yourself and get as much as you can then take the money and put it down on the new vehicle.
It’s hard to believe you don’t already know that.
You can trade in anywhere they sell cars. You will probably get half of what the SUV is worth because all dealers are having trouble moving them with the price of gas rising sharply. Did your friend actually sit down and calculate the actual savings they would get per year in trading down? One is usually surprised at how little cash savings there are in a move like this when you compare the loss of safety driving a crapbox.
In general, trading in an existing car in order to get one with better mileage is very much a money losing proposition.
Do a quick calculation of the miles she drives and the amount spent on gas per year. Then go through the cost of trading the car for a smaller one and the likely gas cost of the new one.
In almost every instance, the cost of trading for something else covers a lot of gas.
I will probably get lashed for it but I have had two great experiences with Carmax. Traded a Toyota corolla for a Honda accord. They gave me 500 more than I was looking for on then corolla. Like their advertising claims they will buy your car even if you don’t buy their car. They will give you the price they will pay for you car before you even look at one of their cars. Most dealers will try to work funny business is to get you for your trade. They may Jack the price of the car you arr looking at up in order to give you more for your trade or if you drive a hard initial bargain they will low ball your trade.
If you want a idea what the car is worth go to kbb.com and run through the web app. Be honest in your answers and you will get a good price. Their are two options. The first is what you will get when you sell it to a dealer who then has to auction the car or make it ready to sell. Or the private party price in which you take on the hassle of cleaning, repairs, advertising it for sale and selling it.
Do your home work. First find the car she wants to buy. Then go to www.kellybluebook.com and try to determine the retail price. Then do the same thing to find the trade in price for her old car. These numbers will be fairly accurate. You should be able to reach a deal within $500 of what you want to spend.
Wife and I bought a 2007 Four Runner yesterday. They were asking $23999 for it. I wanted to pay $22000.
I wanted $6000 trade in for mine. I got $6500 from mine and paid $22400 for the new one. Figuring the final numbers of what I had had in my mind I paid $400 more than I had hoped to pay.
If you’ve got your facts you can negotiate from a much stronger position. And always remember that your trade-in and the car you’re buying is two separate transactions. And don’t fall for that “Why don’t you sell your old car yourself you’ll make more money.” Make them take it and make them give you what the industry says it’s worth.
Take the SUV into Carmax and let them give you an offer for it. They’ll buy the vehicle regardless if it is paid-off or not. Letting them appraise your vehicle costs nothing and you are under no obligation to do anything once they appraise it. I usually stop at Carmax first to let them appraise a vehicle I’m interested in getting rid of. I can then use that amount as leverage for a trade-in amount at another dealer.
If they offer you a decent amount you can sell it to them then and there. If it’s worth more than you owe they will give you the balance back after they get the title from your current lender.
If it’s NOT worth what you owe on it you can still sell it to Carmax by giving them the difference between the appraisal and what you owe.
You can trade-in at Carmax too and they will give you what your SUV appraises for.
Be aware that since gas prices are on an upward march towards $4.00 a gallon SUV values are probably already plummeting.
Dealers will rake you over the coals if you give them the chance. Getting an appraisal at Carmax is always a good baseline because dealer offers on your SUV will vary wildly. I’m not saying they always offer a good deal, just that they are pretty consistent and a good measuring stick against other dealer appraisals.
Buying a new vehicle in 2008, I had a BMW dealer offer $11,500 for our 2005 Honda Accord Hybrid as a trade-in. A Ford dealer offered us $15,500. It’s been awhile but I think Carmax appraised it at $14,500.
I bought 2 cars from CarMax and was very happy both times! Traded my 1999 Chrysler 300M in on a Nissan Maxima and bought a used Hyundai Elantra as well.
Would never buy another Chrysler, but would buy another Hyundai in a minute. Already bought another Nissan!
I’ve traded used for used many times.
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