I traded in my `04 5.4 XLT SCrew (35900 miles) 2 weeks ago on my `07 XLT SCrew, and I just checked the dealer's website. They are asking $24.9k for it!! I only paid 23.5 for it! Dang, I'm such a fool, I knew my `04 was going to be a classic and appreciate...

So I guess as the title says, there really is a sucker born every minute ... I can't believe the dealer has the guts to seriously ask that much for my truck.

I feel bad for the new owner - hope he pays for an extended warranty.

Doug

 

so what did they actually give you for trade-in value?

Most everyone should know that dealer's used car prices are highly inflated and you should be able to negotiate down just like buying a new car. The only sucker is the one that pays the full used car price or the full MSRP price on a new car.

 

Got 15.5k. Felt grateful to get that given the truck's warranty history and ~9k of collision damage 18 months ago.

 

Wow!!! In December I traded in my 2002 F150 Lariat S-Cab Flareside 5.4L FX4 with 56K miles for my current 06 F150. The dealership gave me $17.2K for my trade and the truck had $16.5K worth of repairs completed in 10/06 after my accident in 08/06. They replaced the entire frame, passenger front fender, passenger door and the entire front clip including the radiator. So I'm sure you could have gotten a lot better trade in value for your '04.

 

I doubt it. Edmunds and kbb both said my truck was worth about 14.5k.

Sounds like they were seriously inflating your trade in value and not giving you as good of a deal on the new one. But however the number worked out, as long as you're happy with the difference, that's all that matters.

Edit- just for reference Edmunds says trade on your truck is worth 11.5k, or dealer retail of 14.5k. So ,they were definitely stacking the numbers toward your trade. Those numbers are approximate since I don't know all the options you had, but I was very generous.

 

KBB had my truck listed as $15.5K for Trade-In value, $17K for Private Party sale value and $21K for Retail sale value. NADA listed prices were even higher than KBB. Now the dealership started at $14K Trade-In and I fought tooth and nail and wouldn't accept this amount. Finally when I attempted to leave, we haggled a little more and they gave me what I wanted for my truck (which was at least $16.9K). You always have to put up a fight and threaten to leave, otherwise if you're too nice they just play you for a fool.

Now I paid $28.6K (prior to taxes, title and license) for my 06 F150 which had an MSRP of $37.9K. I also got the 1.9% APR for 72 months and put nothing down. So I feel I got a great deal on my 2006 and received what I wanted for my trade and I believe I even got the truck at below invoice price.

 

Here is a link to NADA showing the truck I traded in and list items from KBB & Edmunds for Trade-In Value. Now keep in mind it's been just over a month since I traded the truck in, so the values have decreased slightly.

NADA:
Trade-In Value 2002 F150

KBB:
Excellent
$15,250
Good
$14,325
Fair
$12,705

Vehicle Highlights
Mileage: 56,000
Engine: V8 5.4 Liter
Transmission: Automatic
Drivetrain: 4WD

Selected Equipment Change Equipment
Standard
Air Conditioning AM/FM Stereo Dual Front Air Bags
Power Steering Cassette ABS (4-Wheel)

Optional
FX4 Off-Road Multi Compact Disc Running Boards
Lariat Premium Sound Towing Pkg
Power Windows Leather Two-Tone Paint
Power Door Locks Power Seat Alloy Wheels
Tilt Wheel Sliding Rear Window Ovrsize Off-Rd Tires
Cruise Control Stepside Bed

Edmunds:
2002 Ford F-150 4dr SuperCab Lariat 4WD Flareside SB (4.6L 8cyl 4A)
National Base Price $10,842
Optional Equipment $1,192
Two-Tone Paint $62
AM/FM/Cassette/CD Changer Audio System $82
Manual Horizontal Sliding Rear Window $35
Limited Slip Differential (Rear) $79 3
Side Steps $111
Running Boards $68
Camper/Towing Package $97
Heated Front Seats $68
Skid Plates $45
Captain Chairs (2) $137
Daytime Running Lights $13
Off-Road Suspension Package $172
5.4L V8 SOHC 16V FI Engine $223
Color Adjustment
Dark Blue $-35
Regional Adjustment
for Zip Code 80214 $-77
Mileage Adjustment
56,000 miles $272
Condition Adjustment
Clean $0
Total $12,194

So you can see there is a wide range of value from NADA, KBB and Edmunds. I had informed the dealership I was only willing to negotiate using the NADA price structure and we went from there. Now I considered my truck to fall into the good to excellent catagory, even after the accident.

 

Yeah thats how the dealers work how they make money they give you trade in value as low as possible then turn around and sell it for how much more makes you sick but what can you do

 

My point here was that some uninformed poor sucker could end up paying as much as I paid for it new! I don't care that they're asking so much for it, there's no way I could sell it privately for even over $20k. That is a retail 17-19k truck as is. That's why I felt 15.5 was a good value for the trade. Edmunds, kbb, nada be damned, that's what the trucks are going for here.

The `04 is a 3 model year old truck, and I think the 35% depreciation is pretty typical.

V8 - you also have to remember that you're going to get a better tradein on a 4x4 in Denver, in the winter. I'd bet the resale isn't quite the same here in dallas.

 

Just thought of this. When the dealership brought back the initial offer of $14K that I refused, they tried to blow the following smoke up my rear. They stated the reason they weren't offerring the $17K for my trade was because when they take a trade in it costs them around $1500-$2000 to detail the truck, change all fluids needed, send the truck through all inspections and a few other items I know I'm missing (basically to get the truck prepared for auction or to put on their lot). I called them on this BS and asked them why then is the Retail Price listing $21K while the Trade-In Price is $17K? I basically told them I was not taking this mark down and that this amount should be equaled into the difference from Retail to Trade-In Price. The Used Car manager (who was throwing out the Trade-In figures) looked at me with a bewildered look, like I wasn't supposed to know this.

So they'll do whatever they can and tell you whatever they think you'll buy into. Gotta stick to your guns and not let them take you for a ride!

 

The location could be why I received such a good value, being 4X4 is needed a little more than in TX.

 

Mine was a 4x2, which I don't think I mentioned.

 

Dont worry, What you think they gave you in real dollers towards a trade is a secret the FBI couldnt uncover, Its what YOU think that matters. They made their money

 

If you're trading trucks, the only thing that matters is the price difference. You don't care how they get there. You offer them the money you feel is fair for the difference in value and let them decide how hey want to calculate the selling price and the trade-in.