Sell or Trade
Tuned
Joined: Nov 2019
Posts: 303
Likes: 208
What's the best way to accept payment from private buyer for say $17,000 agreed price?
Personal check - no.
Cash, maybe if I inspect every bill.
Cashiers check? Those can be faked.
Stand behind customer at his bank while the cashier's check is made out?
Personal check - no.
Cash, maybe if I inspect every bill.
Cashiers check? Those can be faked.
Stand behind customer at his bank while the cashier's check is made out?
Fleet Mechanic
Joined: Jan 2022
Posts: 1,410
Likes: 712
You're on the right track here but are leaving out that you are paying tax in the trade difference anyway so it's not a $5k difference between the two..... 80k x 6.25% = $5k and lets say the dealer offered him 45k for his truck and he pays the difference of 80-45=35k. 35k x 6.25% is roughly $2800 in tax so the difference there is 5k-2800=$2200 not $5k because you're always going to pay tax on the difference anyway, so as long as the OP gets 2200 more than trade in, which I would imagine he would, then he's in the green vs trading in. And that's just in IL, a lot of states are the same but a lot are different. I know Missouri you can, or at least used to be able to pay the difference of private party trade even if you bought at a dealer. Obviously my numbers are just made up but I'm sure you get the point...
Lead Driver
Joined: Feb 2022
Posts: 7,965
Likes: 4,042
Alternately you can have an Escrow company do all the work.
Fleet Mechanic
Joined: Jan 2022
Posts: 1,410
Likes: 712
The other times I've received a certified cashier's check from the local credit union. I know it's legit as I went in with the buyer and was handed the check by the bank.
Go with the buyer to their bank and get cash, cashiers check, whatever.
Mountain Pass
Joined: Jul 2017
Posts: 216
Likes: 107
From: Ruther Glen VA
I am thinking about trading my 2021 7.3. Dealership has been hounding me about it. Only thing I can figure is someone needs a xl 4 door 7.3 gas like mine is set up. Today i gave in and said if you can find me a replacement and it must be a win for me. I gave my requirements. No carpet must seat 6 tow 20k plus power windows locks cruise. Gooseneck package spray in bedliner tented windows. They sent me a 6.7 version of my truck 2023 or something they just got in. I saw the asking price and said no thank you. I owe nothing. They said we will get you numbers tomorrow. I said no way you are going to get close as i am not forking over 10k even. They said we might surprise you. Why would they do this do you think. Is the 7.3 in that much of a demand they can eat a 6.7 powerstroke. Probably a sales game. But i will keep driving mind. Unless they have a deal that makes no sense lol. I love my truck it’s a basic truck but does everything i need .
Laughing Gas
Joined: Jan 2022
Posts: 778
Likes: 427
I refuse to trade, because it's like giving the dealer a $5,000 tip. My sales tax is only 3.9%, so it not quite as painful. Selling takes some patience, but a nice condition vehicle is always in demand.
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Cargo Master
Joined: Feb 2020
Posts: 2,277
Likes: 949
I have never had an issue with cash or check though. But I guess people are just more trustworthy around here.
Cross-Country
Joined: Sep 2022
Posts: 95
Likes: 46
I don't have the time or energy to sell it personally. I have only sold two vehicles privately in my life. The first one was my very first car I ever owned. I bought a truck through a private party and sold the car off the same way. The second one was an old car that I sold cheap to a friend for his kids first vehicle. Generally when I trade a vehicle in it's well used, doesn't have a lot of value and ends up going right to auction. My last trade was the only exception, this one they put on the dealer lot for $3,500 more than they gave me in trade value and they had to put 4 new tires on it before putting it up for sale.
Mountain Pass
Joined: Jul 2017
Posts: 216
Likes: 107
From: Ruther Glen VA
This truck ai have is my first new vehicle. Except the wifes car but ii have always drove old trucks paid cash and ran them. Would have gone used on this one except used prices where way out of whack at the time I needed something to tow more weight than my old 94 F150 could handle. Unless some miracle happens I hd planned on running this truck till it was all used up. I kinda get set in my ways and once I have things organized in my truck I don’t want to change lol. Fencing tools are where they are needed tools for tractor and implements have there place and kids have what they need. But I am being offered more than I paid for the truck new 2 years ago makes me wonder why. Have the manufacturers still not being able to produce enough or what. I understand they had a crunch during covid but is it still an issue.
Tuned
Joined: Jan 2012
Posts: 292
Likes: 25
Ask the dealer for a trade in value, add sales tax to that amount and try to get more than that through a private sale. It will in essence be the same as if you traded it in. Plus negotiations will be simpler on the new truck.
Laughing Gas
Joined: Sep 2017
Posts: 1,136
Likes: 264
From: Southwestern Pa.
If you plan to sell your current truck when your new truck arrives, your dealer may handle the paperwork for the sale of your truck at the same time that you're buying the new truck...as if were a trade, giving you the tax credit. This is not an unusual arrangement, at least with a dealer that you have a good working relationship with.
Cargo Master
Joined: Apr 2021
Posts: 2,578
Likes: 1,661
From: Bighorn Basin, NW Wyoming
Dealer made me an offer on my old 2022 which was for everything I had into it. So I ordered a new truck, when my new 2022 came in 6 months later we just swapped trucks. They actually owed me money because I had a $3k ECO. I used it for tires. The tax and registration carried over so I only had to pay $57.00 tax for the new truck.
Cargo Master
Joined: Jul 2021
Posts: 2,969
Likes: 2,407
From: Ridgway, CO
If you plan to sell your current truck when your new truck arrives, your dealer may handle the paperwork for the sale of your truck at the same time that you're buying the new truck...as if were a trade, giving you the tax credit. This is not an unusual arrangement, at least with a dealer that you have a good working relationship with.
One thing is for sure, the game has changed at the dealerships and many are running some strange programs trying to stay afloat through this mess.