Trade-in experiences?

[Sykotyk]

my dealer took me on my trade in not knowing no better I took his offer got me for about $ 3000.00, know better now will sell my next one and forget the dealer offer there are places that will give you a beter price he said kbb was not good when i asked him about what thet said the value of my 2020 ranger was only had3900 miles JUST BRWARE OF THE CROOKS

My dealer told me specifically unless it was a newer vehicle or a Ford, they really weren't interested in it. They'd turn around and auction it.

Makes sense. A new one can be cleaned up and be resold for a big markup. It's harder to find someone with the cash to do a private sell. Most with that cash will be going to a dealer or buying new. If you have a 4 or 5 year old car, odds are the person buying it will need financing to afford it. It's still quite a bite from their budget.

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[NJ Pinelands]

I don’t know when people started paying tax when they sold a car. I sold several privately in the past, the person gave me cash and I gave them the title, and that was the end of it.

 

[Nighthawk-1]

So we were in a similar place - our 2017 Ridgeline Black had less than 50K miles. You should do what we we did - go online, get valuations and then get Carvana, Autonation, etc. to give you a value. The valuations were all over the place, with KBB being the lowest/most inaccurate. We then took our truck in to the dealer a week or so before with valuations and they gave us a price For trade in and a price for purchase.

I then did a spreadsheet comparing costs. When We trade in - we get a sales tax reduction and only pay tax on the difference. You need to factor that into the “private sale” vs. trade in. In the end, we had modest savings on trade in compared to the high end private sale price - PLUS the ease of just trading in.

So we traded in and they honored the price they had quoted almost two weeks before. I’m certain they do the same thing I did - know the sales tax savings vs. private sale valuation and then create the pricing they offer. Good luck

 

[Grozk72]

I am not sure, but there maybe a bit of confusion. My post was referring to tax credit (for the selling price of a private sale) against the tax charged when buying the new vehicle (similar to that credit most states give when you trade a vehicle for a new car).

Individual states are different but in my experience (I have lived in several states) you pay a state sales tax (+county, city in some jurisdictions) of the net price. Some states cap the tax (my experience in S Carolina was $250 cap but I think it has gone up a bit). In some high tax states the tax can be big additional expense (think of the average transaction price currently at ~$47K in a state with 9.75f% tax...) so any thing one can do to reduce that hit should be leveraged.

 

[TC in MN]

I found my local Ford dealership offered me more than Carvana, etc by $1K. Additionally, it turns out that when one trades in their vehicle at the dealership (at least in MN), only the difference between the new car cost and the trade in value is taxed ($32K new price, trade in $18K, the sales tax will be on $14K). For me, the "savings" trading in my 2016 Escape for an XLT loaded minus sunroof and FX4 was $800 plus the the higher trade in value gave me a "gain" of $1.8K. Check with your local Ford dealership to see what the situation is for your State.

 

[ShadowBlack XL440]

Some of you who have traded-in OLDER vehicles for your Mav, what's your experience with dealers been? I'm hearing some tales of dealers REALLY low-balling trade in values, to make back some money on the deal since the margins are so low on the Mavericks. What has your experience been?

I was low balled on my 2008 Honda Civic Si with 130K miles by the dealer, I sold it the next day for 2000 more in a private sale.

 

[Delzona]

Some of you who have traded-in OLDER vehicles for your Mav, what's your experience with dealers been? I'm hearing some tales of dealers REALLY low-balling trade in values, to make back some money on the deal since the margins are so low on the Mavericks. What has your experience been?

When I bought my Maverick I drove my 04 Ranger to the dealership. They asked if I was trading it on the Maverick, I asked what they give me for it and salesman said $5k! I declined. I'm the 3rd owner, my Father was the 2nd, the Ranger has always been an AZ truck, regularly serviced, so rust or mechanical issues. The Carfax values the truck at $12.5k (only 82k miles)! So I'm selling it myself. Salesman told me they would have sold it for $10k, so that's what I'm asking. Bottom line, don't trade-in!

 

[pxpaulx]

When I bought my Maverick I drove my 04 Ranger to the dealership. They asked if I was trading it on the Maverick, I asked what they give me for it and salesman said $5k! I declined. I'm the 3rd owner, my Father was the 2nd, the Ranger has always been an AZ truck, regularly serviced, so rust or mechanical issues. The Carfax values the truck at $12.5k (only 82k miles)! So I'm selling it myself. Salesman told me they would have sold it for $10k, so that's what I'm asking. Bottom line, don't trade-in!

Have you checked what Carmax, Carvana, Etc will offer? Private very well might be the best option due to age, but they are still worth checking. If Carfax (kbb?) values at $12,500 - those online/larger companies are going to pay something similar most likely.

 

[Delzona]

Have you checked what Carmax, Carvana, Etc will offer? Private very well might be the best option due to age, but they are still worth checking. If Carfax (kbb?) values at $12,500 - those online/larger companies are going to pay something similar most likely.

I've got an offer for $3k from Carvana and $8k from Carmax so right now they'll be in fall back. I'm going to go a bit longer on private sell and see what happens.

 

[Luckyaf]

I traded in my 2019 Hyundai Kona, I owed 16 thousand on it they gave me 22 thousand. I got the Maverick for sticker price 29,479.73 at 1.9% apr. with my trade in the out the door price for my Maverick was around 23 thousand.

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