Trade in advice

[kchumney]

I am buying a new Maverick (in transit) and trading in a car (2023 Bronco Sport) for the first time. There is a Carmax down the street from the Ford dealership. Should I see what they offer before going to Ford for their appraisal? I surely wanted to leave my trade in and take the Maverick all in one day and would not be able to do that if I sold to Carmax. I understand you get a bank draft that might take a day or so before funds are available. I guess if Carmax offered a lot more it would be worth it.

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[sg777]

Take into consideration the taxes you save by trading in bs selling.

 

[Hot Runr Guy]

One thing to consider is how your state handles the sales tax on the new vehicle. In IL, the value of the trade-in is subtracted, reducing the taxable value. Something to consider when looking at the dealer offer vs Carmax..

HRG

Never mind, you're in VA, they do not offer this.

 

[RDRahn]

I traded in a 2016 Camry Hybrid and took it to several different places (5 as I recall) to get an idea of value. Used that to negotiate the trade-in value when I picked up my Mav. Well worth the time in my opinion.

 

[Scott Asheville]

All of the above answers (especially tax favoritism) and a big YES you should get multiple appraisals. I always check my trade value at Edmunds, Carmax, Carvana (if still in business) Kelly Blue Book and others. CarMax will email you an online appraisal.

It's just nice to be armed with the facts before you go in to negotiate. And I'd also print out the CarMax appraisal. I personally had a printed trade offer on a Kia once from the Kia dealer. It was $2,000 more than the Volvo dealer offered. I pulled out the printed form and they met that trade. And no, I'm not making that up. Those were dealerships in Hartford CT.

And I would not tell the salesman anything up front. I'd pull out that trade sheet only if they offer less. With a simple and polite, "Can you match this?". If you're at that point in the sales process, that salesman is already counting his/her commission.

 

[Scupking]

Get the Carmax and Carvana offer then see what your dealership will offer. If the dealership is lower show them you have other offers and to match it. That's what I did and my dealership matched Carmax.

 

[notfast]

I sold my car to CarMax. I thought the process was fair and very efficient. Did the online self-appraisal, made an appointment, got there on time, they took the car and my paperwork, verified that what I entered on the appraisal was correct, I signed some paperwork, and had a check in hand. Total time at the store was around an hour.

Compare that to trading in at a dealership where the appraiser looks at it with a microscope and I have to negotiate a price, not to mention if they hold your car to prevent you from leaving and all the other games they like to play, as well as the very long wait to get the paperwork started, never mind completed, makes me want to only sell to CarMax for the convenience alone even if the valuation was slightly less.

My local Ford dealer advertises $500 more than any CarMax offer, but I'd gladly pay (or rather, miss out on) the $500 to be able to get in and out of there in an hour instead of all day makes it worth it to me.

 

[Tim d]

I am buying a new Maverick (in transit) and trading in a car (2023 Bronco Sport) for the first time. There is a Carmax down the street from the Ford dealership. Should I see what they offer before going to Ford for their appraisal? I surely wanted to leave my trade in and take the Maverick all in one day and would not be able to do that if I sold to Carmax. I understand you get a bank draft that might take a day or so before funds are available. I guess if Carmax offered a lot more it would be worth it.

You will always get more selling your vehicle yourself than the dealership will give you.

 

[Suzukiridr14]

I am buying a new Maverick (in transit) and trading in a car (2023 Bronco Sport) for the first time. There is a Carmax down the street from the Ford dealership. Should I see what they offer before going to Ford for their appraisal? I surely wanted to leave my trade in and take the Maverick all in one day and would not be able to do that if I sold to Carmax. I understand you get a bank draft that might take a day or so before funds are available. I guess if Carmax offered a lot more it would be worth it.

Get the quote from Carmax, see what the difference is, don't forget to add in the tax savings on the trade in, then decide which way to go. Carmax usually pays more, but your dealer may match it with the tax difference, because you are trading in a Ford product.

 

[MakinDoForNow]

Go by CarMax and get the "good for seven day" written offer. Then go to Ford dealer and work your trade, showing your CarMax offer if necessary. Then your Ford dealer will have the choice of selling to CarMax or putting on his own lot. I understand that some dealers have prearranged the procedure with the nearest CarMax dealer. I sold my tremor to a different CarMax than the one that gave me the "seven day offer". Was in and out in 40 minutes, which took longer than normal due to Internet issues at the time.

 

[d7602002]

I traded mine because Carvana offered x amount for my car, the dealer gave me the game amount in a trade, so with the fact that I could subtract the trade in value before taxes, I ended up saving a few hundred dollars more by trading it in instead of selling it to carvana.

 

[commadorebob]

Alabama provides the tax break for trade-ins. But asking for a CarMax quote won't hurt, especially if they offer more than enough to cover the tax difference. Throw all the numbers into a calculator and take the best option.

 

[Dave O]

Get pre-approved for the new purchase and deal with a cash offer at the dealership - sell you existing vehicle yourself to whomever gives you the most “Cash is King”

 

[MakinDoForNow]

Get pre-approved for the new purchase and deal with a cash offer at the dealership - sell you existing vehicle yourself to whomever gives you the most “Cash is King”

Yep but the trade in value adjusts the sales tax that is payable (= 6.25% in Texas so if trade is $20k sales tax due will be $1,250 less in Texas).

 

[Glen Baker LLC]

Cash is no longer considered ``king'' at a dealership because most dealerships make a significant portion of their profit from the financing side of a car sale, meaning they earn commissions on loans and additional products like extended warranties & Gap etc.

I currently deal with a couple small businesses that will not accept cash. They do not want the hassle of having it on property. They don't need to have cash on property to make change.
They do not want to contract with a armored service to make deposits...etc.

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