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Old 03-03-2015, 12:42 PM   #15
gajagfan


 
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Originally Posted by HuJass View Post
Still don't know why people trade cars or try to sell to dealers.
They HAVE to buy below market value. That's how they make money.

Some people say they do it for the taxes.
The money you save on taxes is far below what you gave up in profit. In other words, you're giving up $2K to $5K to save $500.
Doesn't make sense.

I will NEVER trade a car in.

It's not hard to sell a car on your own.

I love when salespeople ask if there's a trade and they seem shocked when you say there isn't one. That's because you just took away one shell from their shell game.
I always tell them they can't give me fair market value and why would I want to give that money to someone else.

Trading is a scam.
Everything you said is basically true. We have both traded vehicles and sold vehicles outright. Our basic plan is to drive vehicles until there is not much value left in them. At that point, the price difference between selling vehicles outright and the price given at the dealer are not different by much. An example was the last vehicle we parted with. It was a 2003 Tahoe with about 230K miles on it and it had about $2500 worth of body damage from a rear tire that came apart (that was the final straw pushing us to get rid of the vehicle). It also had its share of mechanical and electrical issues. We were given $2500 for the vehicle. We had not put any money into the vehicle in the 11 years we owned it (except tires, brakes, etc) outside of a water pump I put on and a transfer case rebuild. Selling a vehicle takes time out of other things you need to get done. To make $500 to $1000 more but have spent money to make things right and arranging to meet people to show the vehicle are often just not worth it to folks depending on their lives.

There are times trading in makes sense, and times it does not. It all depends on the person and their situation at that time.
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Old 03-03-2015, 02:45 PM   #16
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Originally Posted by gajagfan View Post
Everything you said is basically true. We have both traded vehicles and sold vehicles outright. Our basic plan is to drive vehicles until there is not much value left in them. At that point, the price difference between selling vehicles outright and the price given at the dealer are not different by much. An example was the last vehicle we parted with. It was a 2003 Tahoe with about 230K miles on it and it had about $2500 worth of body damage from a rear tire that came apart (that was the final straw pushing us to get rid of the vehicle). It also had its share of mechanical and electrical issues. We were given $2500 for the vehicle. We had not put any money into the vehicle in the 11 years we owned it (except tires, brakes, etc) outside of a water pump I put on and a transfer case rebuild. Selling a vehicle takes time out of other things you need to get done. To make $500 to $1000 more but have spent money to make things right and arranging to meet people to show the vehicle are often just not worth it to folks depending on their lives.

There are times trading in makes sense, and times it does not. It all depends on the person and their situation at that time.
Truth be told, in your example, that car probably wasn't worth more than $500 to the dealer. So, had you not traded in, there was probably $2000 in additional room he had to reduce his price on the car you bought.

Bottom line, you lose money on trades to avoid the hassle and time to sell, including the hassle of paperwork, title transfers, etc.
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Old 03-03-2015, 02:50 PM   #17
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Originally Posted by USMUCL View Post

Bottom line, you lose money on trades to avoid the hassle and time to sell, including the hassle of paperwork, title transfers, etc.
In some states, it affects your tax you pay on your new purchase. When I traded in my Camaro SS to downsize to the FR-S, I paid $0 in taxes. Value of traded-in car exceeded value of new car, and in Texas, you only pay taxes on the difference between the two values or no tax at all if trade-in is worth more.

If it's a big enough value, that tax break could very well pay the difference between dealer trade-in offer and private party selling. But yeah, this is a state-by-state case.
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Old 03-03-2015, 03:17 PM   #18
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Originally Posted by USMUCL View Post
Truth be told, in your example, that car probably wasn't worth more than $500 to the dealer. So, had you not traded in, there was probably $2000 in additional room he had to reduce his price on the car you bought.

Bottom line, you lose money on trades to avoid the hassle and time to sell, including the hassle of paperwork, title transfers, etc.
It was a trade for a vehicle they had taken in trade, so who knows where they were at. The trade was so new, they had not even prepped the vehicle yet. I negotiated a price on the truck we bought prior to bringing the trade into the picture, so I am not sure how much the Tahoe affected the deal. I am positive they made money since the vehicle we took home was just over a year old.

I agree you give up money because they handle some of the work for you (selling the traded car, handling the title, just as you mentioned), but where we differ is what you value your time to be worth and what I value mine to be worth. That does not make either of us right or wrong, just different. For what its worth, the last vehicle we got rid of I sold out right. Was paid in cash long before the 1LE was here, and the guy buying our WS6 let me use the car until a few weeks before the car 1LE was here (at which point the dealer gave me a car to use at no charge - GM had them on hold - long story). The point is each situation is different in my opinion.
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Old 03-03-2015, 03:37 PM   #19
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Stop going to Carmax expecting a good deal!

They are a dealer that only deals in used cars. Used cars have higher markup than new cars across the board. If you think a dealer that only works in high-profit deals is going to give you a great trade-in value on your car, then you need to reevaluate your understanding of the automotive industry.

New cars have low markup today because prices are closely controlled by the factory with invoice and MSRP being relatively public. You can ask for an invoice on a new car to confirm the value of your car at sale. With an invoice, you know what the new car dealer pays for a new car. Without an invoice, a used car can be bought at any price and then sold at any price.

If I go find a Chevrolet Malibu at Billy Bob's Chevrolet, it's the same price as one with similar equipment at Big City Chevrolet because they want to compete with one another. Both prices will end up on AutoTrader, Cars.com, and every other car resource out there. You'll buy the cheaper one, and if they're the same price, you'll buy the closer one or the one in the color you want.

It doesn't matter how many cars you've bought in your lifetime. A car salesman has probably sold that many last month. Regardless of your skill level at negotiating, you aren't as good at beating the system as salespeople are at making suckers out of most people who walk through the door.

You have two options: learn the process and use the process or sell outright and buy new, knowing that you're less likely to get screwed on both sides of the deal by a fellow amateur—an outright buyer—and a new car.
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Old 03-03-2015, 03:54 PM   #20
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I don't know how far you are...try Eric Hall at Classic Chevy in Grapevine Tx...he may be able to help.

But....IMO it's best to sell your car yourself...private party on Auto Trader..Ebay or Craigslist...
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Old 03-03-2015, 03:54 PM   #21
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You couldn't get me to buy ANYTHING from CarMax.... the only reason they stay in business is because people "believe" they are so good...
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Old 03-03-2015, 03:59 PM   #22
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You couldn't get me to buy ANYTHING from CarMax.... the only reason they stay in business is because people "believe" they are so good...
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Old 03-03-2015, 04:34 PM   #23
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My local Chevy dealership sales people are really idiots. They tried to tell my dad at one point that all Camaro SS's have the 1LE package.

OMFG !!! LMAO
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Old 03-03-2015, 04:36 PM   #24
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Just another reason that Tesla will succeed in destroying the 100yr old method of selling cars.
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Old 03-03-2015, 04:54 PM   #25
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Well. I took my 14' 2SS/RS 1LE to trade for a stingray.
Went to about 6 dealerships over the weekend. Not one cared for the 1LE option. All they see is an SS camaro. Everyone of them said. It's an option. Who cares. It's still an SS.
So the highest offer I was given was 28,750. My car has EVERY feature. Including RECAROS.
They don't care. So. The resale value of a camaro is CRAP!
I have 0% financing. Paid almost 45k. 0 down. 650 a month. I want out of this car! But unfortunately I'm stuck with it until hopefully it's stolen. Bummer for me cause I also have LoJack installed.

So I have an 14' AGM for sale. New goodyears G2s all around, NAV, Recaros, always babied, never raced. Make me an serious offer. I'm in. I want my stingray!
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Old 03-03-2015, 05:00 PM   #26
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Had my 2013 Honda CRV for sale for 2 months for $19500, blue book was $20k. Finally took it CarMax because I wanted it gone before I moved. They offered $18k, not bad at all. Then took that offer to another local used car dealer that said they would beat anyones offer by $500, so they bought it for $18500. That is all I wanted for that car, so it worked out for me.

They just go off auction prices, and low ball you, but in some cases it isn't that bad and worth the easy quick sell.
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Old 03-03-2015, 05:19 PM   #27
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Quote:
Originally Posted by Wollmank View Post
Well. I took my 14' 2SS/RS 1LE to trade for a stingray.
Went to about 6 dealerships over the weekend. Not one cared for the 1LE option. All they see is an SS camaro. Everyone of them said. It's an option. Who cares. It's still an SS.
So the highest offer I was given was 28,750. My car has EVERY feature. Including RECAROS.
They don't care. So. The resale value of a camaro is CRAP!
I have 0% financing. Paid almost 45k. 0 down. 650 a month. I want out of this car! But unfortunately I'm stuck with it until hopefully it's stolen. Bummer for me cause I also have LoJack installed.

So I have an 14' AGM for sale. New goodyears G2s all around, NAV, Recaros, always babied, never raced. Make me an serious offer. I'm in. I want my stingray!
You would have been given the same money for a non-1LE. Its the 1LE option that is not going to be worth anything because there is so little demand for it.
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Old 03-03-2015, 07:06 PM   #28
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You would have been given the same money for a non-1LE. Its the 1LE option that is not going to be worth anything because there is so little demand for it.

What? Are you sure that the 1LE won't be worth any later because I think it will be highly sought after! Most dealers can't keep a 1LE on the lot and the 1LE has become the Camaro to get! Ppl are still learning how great the 1LE is! Look at the GT8 and GTO that had little demand and now prices are high and steady! Even though I don't like the 2000's GT0 and don't really care for the G8 !
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