ok sorry for the dumb question but ive never done this before. I was thinkin about trading in my car for an 06. I owe a lot less than the kbb trade in value. Assuming a dealer gives me the trade in value for my car, do they give me whats left over or is it automatically put toward the new car.

eg
I owe 5k
They give me 14k
do they cut me a check for the remaing 9k or does it come of the price of the new car? thanks

 

From what i got when i was asking around, they would put the 9k towards the new car so..

you owe 5k
they give you 14k on the trade
they owe you 9k
your new car cost lets say 20k
you finance 11k

thats just what i gather but im new to the whole owning a new car or anything close to new for that matter. so its safe to say im no pro

 

ok thanks. I guess the best way to find out is to ask them. Thanks tho.

 

Since you're new at this, keep this in mind:

- KBB doesn't buy cars, it is just a guide. The dealer wants to bring in your car for what is called "rough book". Meaning, He's going to go to far left side of his black book, and then deduct for miles, tires, and the like. Remember, he's going to have to put money into the car by running it through service, detailing, and then certify it to sell on his lot. If he puts 14k into yours and sells it at 15k, in all likelihood he'd lose dough. This is one of the reasons why a used one is priced so high on a lot in comparison to new.

- If you put a "For Sale" sign in the window and drive around for awhile, you'd most likley be able to sell it for around 16.5k. You'd then send a check into the finance Co. for the payoff, and pocket the rest.

If you go this route, you are looking for people that already know they want a tC. They do not need to drive your car unless you see that they have money and are dead serious. And tell them this. You want to make sure that you don't get some idiots that just want to drive your nice car around.

I'm telling you all of this so that when the dealer tries to offer 11.5 or 12 for you tC you aren't exactly shocked.

Also, the 07's will be out in a few weeks. Not much changes, but why do a 6 when you could do a 7?

 

wow that low huh. I thought ppl were getting close to 15 on trade in. My car is in excellent condition, especially for a black car. 22k miles and going to need tires soon. I didnt want to deal with the hassle of trying to sell privately although ill probably get more money. I guess ill go to different dealers and hear what they say. But my main question was would the dealer give ME the overage or put it toward the new car?

 

Whatever you do don't tell them what you owe.

Bring in trade value from www.kbb.com , www.edmunds.com, and www.nada.com.

Average them together, and don't use "excellent" conditon. Use average. That will be your realistic, bottom line number.

You do not have to put the entire trade value towards the loan. I traded a car in I only had like 3 payments left on, picked up my new car and took home a check for 8K with the keys.

To explain better:
New car was $22000
Trade Value was $13000
I only owed $1000

22K - $13K +$1000 owed = 10K.

I borrowed $18K, and took the extra money home with me. It all in how they write the paperwork up.

My purchase paperwork showed the $10K difference I believe. The loan paperwork was just written up for the $18K.

What was nice about this was I also paid less sales tax (only 5% of $10).

Paul G.

 

The kbb trade in value on my car was $6,200 with 114Kmiles, I got them up to $6000 for trade on it. Not bad seeing as I only paid 6,500 for it two years ago :D

 

Whichever you want. take the money and run, or put it into the car. or a little of both.

As far as the value on trade in, I have a prepare for the worst, hope for the best mentality. There's also a difference in regions. If your car is in the condition you say it is, then you should probably get pretty close to what you want.

 

2006 Scion tC with 5-speed and 22K miles:

KBB: Good condition = $13,685

2005 Scion tC with 22K miles (they dont list 2006 used)
Edmunds (clean): $12,558

2005 Scion tC with 22K miles (they also dont list 2006 used):
NADA Avg. Trade = $15, 125

So, I think you'r 14K is pretty reasonable. I wouldn't take less than that, unless you really want to get out of the car for some reason. Also, consider a high trade value usually means less room to come down on new car.

I'd consider getting $14K, or a bit less, and a very good price on the replacement (if new invoice or close to it).

Paul G.

 

That's a great deal, you got lucky!

 

thanks everyone good info

 

honda offered me 15,500 with a little play room for my 06 auto bsp tC. it had under 3000 miles and less than 3 months old.

but i put 2100 worth of dealer goods in there. emx, led, fog, spoiler...

20,000 was my msrp, so i'll loose 4500 bucks

i was interested in the Si by the way...


hey what did you sell to get 6000 out of your car when you bought it for 6200???

 

k, i'm gonna give away a secret. the dealer might offer on "paper" what you want for the car but they will make up the difference in financing, interest rates, etc., and it will appear you got what you wanted in trade. there i said it; i can't take it back.

imo, sell it on your own privately and get what the car is really worth then go in to the dealer for your new purchase with money in pocket. i'm just worried you will lose some of your equity in a deal that "appears" in your favor.

 

sell it private party, however it does not hurt to see what they will give you. be warned a freind of mine tired to trade in a 04 civic that was paid off, and the dealer really tried to work him, they offered pretty much what he was asking which was based on KBB, but they then added 1% point to his loan do make up the difference. (this was a trade of a civic for a Tc) SO in short you may get what you think its worth but they can make up the difference on the back end, its common. And my freind was tier one when it comes to credit. Also since their is not alot of profit margin on Tc's they have to make money somewhere, usually it is done in finanace with .2-1% added to your rate, plus they will sell you a warranty higher, or something just to make up for the loss on paying you for the trade.........

 

appreciate that.

 

Surf, you are right on..........dealers existance is to make a profit, and sometimes at all costs it seems. Just shop around and get the best deal on your trade, and yes dont tell them what you owe.......let them IN WRITING make you an offer of what they are willing to give you and then go from there. and even better, get outside fincancing that way they are basically "buying" your car, and they can't monkey with your fincancing rate, that .5% can be hundreds or even thousands you will bascially pay them.

 

does anyone have any experience in selling a car privately? i recently sold my 91 4runner. all i did was write "for sale" on the window and my number. it's a cheap car so i expected cash upfront.

my question is: is it really hard to sell a recent car, like a 06 tC privately??? are ppl buying fairly new cars used privately? would i be expecting a huge amount of work from ppl wanting to look at the car, drive the car, looking over the car, etc... and have few to none serious buyers?

dealer accessories aren't really worth anything to other dealers, but will the accessories count for anything privately? i'm assuming it depends on the buyer and whether they like that particular add on or not.

 

i have sold alot of cars privatley.
aftermarket accessories mean nothing to the bank who writes the loan, its better to sell the car stock and sell off the parts.
it will have more appeal to a wider variety of buyers.
Best thing to do is list it in the newspaper where you live, and put the signs on it, the Tc is still very popular and some people dont want to await.........so they may look private party. good luck

 

I traded in my 2002 toyota tacoma v-6 prerunner in excellent condition. KBB listed the trade in at 14800, I got 14000 trade in value. It had low mileage under 25,000 loaded with TRD supercharger ect... I tried to sell it privately ,but you have to wait for the right buyer, many people are just looking and not serious about BUYING it.

 

some people are willing to take a hit, i should have mentioned i traded in my 04 accord for my lexus.......it was 14500 KBB list for a trade in, and I owed about 9k on it, i took the 14500 because i did not want to wait a month or too and have to hagle with people it was not worth it, even though KBB listed it private party as 16,000 the difference was not worth the hassle