is that a good idea.....they claim they give top dollar at blue book value..im really looking in to trading my 03 acura..should i do this? my car is in good condition.
2007-10-30 12:13:22 · 12 answers · asked by da ack wizzy 1 in Cars & Transportation ➔ Buying & Selling
Keep in mind the dealer still needs to make a profit on your car so it's offer will be on the low side.
Check the Kelly Blue Book price to see if the dealer's offer is fair. http://autos.yahoo.com/kbb/
Other price guides:
http://www.nadaguides.com/
http://www.edmunds.com/
Be sure to research the price of the car you want. One dealership trick is to offer a lot on a trade in & then up the price of the new vehicle.
Other resources: http://cartalk.com/menus/info.html
http://www.dontgettakeneverytime.com/
Other things to keep in mind:
- the cost of insuring & state licensing fees for a new car.
- end of year sales to lower inventory & clear space for new car models.
- gas mileage. Car dealers may be desperate to unload gas guzzlers given current gas prices & gloomy outlook for consumer spending.
2007-10-30 12:36:52 · answer #1 · answered by Treadstone 7 · 0⤊ 0⤋
I know carmax does this, and they really did give me top dollar for my 99k mileage 01 Honda Civic EX.
If you are wanting to trade in your car, keep in mind the difference in sales tax though.
For example if car max offers you 20,000 dollars then you can walk in with 20,000 cash (assuming you own the car outright). This is deducted from the total balance you will owe on your new car, but you will pay tax on the whole amount of your new purchase (for simplicity we will say 35,000 dollars).
If you trade the car, you have it deducted off the top, so if they offer you 19,000 you pay tax on 16,000 dollars difference.
In this example, if your tax rate is 6%, then you will pay 2100 dollars if you put the 20,000 as a down payment. If you trade the car you will pay 960 dollars, which is a savings of 1,140 dollars in tax. So, you save more in tax than you lose in trade value.. in this case you got 1,000 less on trade, but saved more than that in taxes, so you are $140 dollars ahead, and did not have to do a second transaction to sell your car separately.
Go to CarMax if you have one close by, and get a guaranteed buy offer from them. It is good for 7 days or so I believe. Use it as leverage to see if you can get the same deal from your dealer, or VERY close. If so, more for you, and if not, let carmax buy it and bring the cash back to the dealer.
If you have a payoff on your car, then it is easier to just trade it in, as most companies who will buy it want free and clear title before they will give you any money you are due on the car, and this can take weeks selling the car, but if you trade it you get immediate credit for it.
2007-10-30 13:54:09 · answer #2 · answered by Rafael P 4 · 0⤊ 0⤋
I work at a dealership and it's only a marketing gimmick. They just want to sell cars and who best to contact then people that they have already sold a car to. It's nothing special. See what kind of deal they are offering you and then see if you really want to get a new one. We call it the Inventory Buyback Event. I don't know what they might call it.
2007-10-30 13:42:04 · answer #3 · answered by evillatoro2002 2 · 0⤊ 0⤋
If you are wanting to get rid of it anyway... sell it to them. I have never heard of this happening though. Are you sure they are not wanting you to do some kind of trade in thing for a new vehicle? Be very careful with borrowing rates and terms if that is the case. If it is too good to be true.. then it probably is.
2007-10-30 12:19:15 · answer #4 · answered by crazytrain_23_78 4 · 0⤊ 0⤋
They are just trying to get you in to buy another car..It just sounds better to you if they say they want to buy your car from you. Which is what they are doing when you trade your car in.
They may even tell you that they have a buyer for your car..They actually do..He is the used car manager..
2007-10-30 12:20:59 · answer #5 · answered by Harley-HST 4 · 3⤊ 0⤋
If you want to trade your car in, trade your car in. But they don't "want to buy your car back." They probably sent letters/made phone calls to everyone who bought a car from them. It's a bullshit sales ploy, and if it were me, that dealership would never see another dime from me, just for daring to lay that kind of bullshit pretense upon me.
2007-10-30 12:27:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you sell your car, how will you get around???? Exactly. They want to buy it so you'll have to buy another one... preferrably from them.
And every dealer advertises "We give TOP dollar for your car!!!!!!!!!!!" But they never do.
Your car is only 4 years old.... so why would you want to sell it anyways?
2007-10-30 12:31:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes acura have a high resale value and there is more profit in selling used cars than dickering with set prices on new cars, find out what they will give you then check to see what you can sell one yourself for...this may be more suprising
2007-10-30 12:24:39 · answer #8 · answered by john b 3 · 0⤊ 1⤋
They only give you that as a TRADE IN towards a new car. It's a marketing gimick, to get you to buy a new car.
2007-10-30 12:17:33 · answer #9 · answered by Anonymous 7 · 2⤊ 0⤋
This is a trick to lure you into the dealership to buy a new car. If you were going to do this anyways take it, but beware of their intent.
2007-10-30 12:21:29 · answer #10 · answered by ms mystery 3 · 2⤊ 0⤋