Trade in Question
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Tuned
Joined: Jul 2009
Posts: 489
Likes: 4
Trade in Question
Fellas,
I am trying to help a buddy out as i have not bought and traded many vehicles. I know this thread doesn't really belong here but wasn't sure where else to put it. I have a 6.7, figure this spot was as good as any and is full of inteligent folks.
Bud has a 2011 6.7 loaded KR and wants to trade in on an 2010 F150 XLT, frankly hes burnt out on paying the notes and just wants something cheap. He says he has has positive equity in the truck (not upside down, truck is still worth more than he owes). Is their anything he should be aware of before approaching a dealer to trade in this "not paid off" vehicle? I assume if he has equity that will go towards the purchase of the new vehicle and thats it...putting him oweing less than he does now. I am just skeptical as that seems too easy to get out of the note. In this situation, can the dealer hang you and keep him in the vehicle he can't afford anymore?
I know this is a bit off our normal discussion, but wanted to pick y'alls brain on it.
Thanks, any input appreciated.
I am trying to help a buddy out as i have not bought and traded many vehicles. I know this thread doesn't really belong here but wasn't sure where else to put it. I have a 6.7, figure this spot was as good as any and is full of inteligent folks.
Bud has a 2011 6.7 loaded KR and wants to trade in on an 2010 F150 XLT, frankly hes burnt out on paying the notes and just wants something cheap. He says he has has positive equity in the truck (not upside down, truck is still worth more than he owes). Is their anything he should be aware of before approaching a dealer to trade in this "not paid off" vehicle? I assume if he has equity that will go towards the purchase of the new vehicle and thats it...putting him oweing less than he does now. I am just skeptical as that seems too easy to get out of the note. In this situation, can the dealer hang you and keep him in the vehicle he can't afford anymore?
I know this is a bit off our normal discussion, but wanted to pick y'alls brain on it.
Thanks, any input appreciated.
Fleet Mechanic
Joined: Mar 2012
Posts: 1,738
Likes: 7
From: Land of the Free
i was in a similar situation with my 08 6.4... had pretty good equity in it and wanted to trade it for the 6.7. i wanted to use the equity as my down payment so i wouldnt come out of pocket too much for the purchase. when shopping around dealers, the main factor was finding a place that would give me the most for my truck. once i found that, i grinded em as hard as i could to give me every penny i wanted. and since i keep my equipment pristine, i knew i had a bargaining chip. so once we made a deal for the trade in value, then we started wheelin and dealin on the new truck. they make way more on used vehicles than new so they want that trade in....
Fleet Mechanic
Joined: Mar 2012
Posts: 1,738
Likes: 7
From: Land of the Free
Theres that too..i just couldn't find someone who was gonna give me 30k on the spot private party...its just a matter of what your time is worth. And the longer it takes to sell the more at risk of something happening to the value such as an accident or such.
Post Fiend
Joined: Jan 2009
Posts: 6,521
Likes: 11
From: Greenwood, SC
Go to car max and get a figure from them, might surprise you, they do good business. You can sell them your vehicle on the spot if you choose too. Then use that figure to bargain with the dealership.
Depending on the relationship with your dealer, a good deal can be made. Come to greenwood, sc and I could get you taken care of.
Depending on the relationship with your dealer, a good deal can be made. Come to greenwood, sc and I could get you taken care of.
Hotshot
Joined: Nov 2000
Posts: 11,591
Likes: 14
From: Pflugerville, tx
Go to car max and get a figure from them, might surprise you, they do good business. You can sell them your vehicle on the spot if you choose too. Then use that figure to bargain with the dealership.
Depending on the relationship with your dealer, a good deal can be made. Come to greenwood, sc and I could get you taken care of.
Depending on the relationship with your dealer, a good deal can be made. Come to greenwood, sc and I could get you taken care of.
we always take it to get a detail wash right before as well.. Make a good impression..
at least in Texas, but I image everywhere else, when you 'trade' as part of the transaction, you get to offset the sales tax difference. (cause u already paid sales tax on the old vehicle).
if u sell to carmax without the trade, then you will lose this value.
my 08 dually trade in was 24k at cm and ford gave me 25k.. so 25k less to pay sales tax on. $1562.50.
Fleet Mechanic
Joined: Mar 2012
Posts: 1,738
Likes: 7
From: Land of the Free
First ford dealer offered 23k for my 08 and u got him up to 27k. Then went to second dealer and they offered 28k and i got em up to 29k
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Hotshot
Joined: Nov 2000
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From: Pflugerville, tx
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Senior User
Joined: May 2012
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There's also no need from them to know his payoff on the truck either until after figures have been discussed.
Basically work the deal. How much will they give him for his and how cheap will they sell the 2010 for.
The equity can be applied to the purchase and new loan on the other truck without any issues.
Basically work the deal. How much will they give him for his and how cheap will they sell the 2010 for.
The equity can be applied to the purchase and new loan on the other truck without any issues.
Post Fiend
Joined: Oct 2002
Posts: 11,314
Likes: 4
I usually work it the other way...(although I didn't this time and paid for it 
)
there's a reason they ask if you have a trade right up front....
Get the bare bones deal on the new truck (like $12k off list they've been offering lately)
THEN introduce your trade...
and having carmax numbers etc.... you can do your negotiating from there....
fyi - they don't need to know the numbers on your truck or payoff.... that comes in at finance time... (although when they run your credit, they see it reported usually)
)there's a reason they ask if you have a trade right up front....
Get the bare bones deal on the new truck (like $12k off list they've been offering lately)
THEN introduce your trade...
and having carmax numbers etc.... you can do your negotiating from there....
fyi - they don't need to know the numbers on your truck or payoff.... that comes in at finance time... (although when they run your credit, they see it reported usually)
Senior User
Joined: Jul 2011
Posts: 423
Likes: 0
From: Stafford Virginia
Go to car max and get a figure from them, might surprise you, they do good business. You can sell them your vehicle on the spot if you choose too. Then use that figure to bargain with the dealership.
Depending on the relationship with your dealer, a good deal can be made. Come to greenwood, sc and I could get you taken care of.
Depending on the relationship with your dealer, a good deal can be made. Come to greenwood, sc and I could get you taken care of.
Senior User
Joined: Jul 2011
Posts: 423
Likes: 0
From: Stafford Virginia
PS i've considered the same thing. I love my truck but I thought a 1990's era F-350 with a 500 ci crate motor would allow me to minimize payments and have fun tinkering with aftermarket parts. All motor and tranny and just have fun with a beater truck.
Fleet Mechanic
Joined: Mar 2012
Posts: 1,738
Likes: 7
From: Land of the Free
dont think whatever they offer you is set in stone. its all about your negotiating skils. watch a few episodes of pawn stars if you need brushing up. you hold the power, so stick to your guns and sell it just like they are selling the new stuff. that is, as long as you dont have a POS
