Hi all,
I am currently thinking about trading in my 06 Scion XA, but I am not sure how this works or how to go about trading, especially the financial aspect of the trade. Can anyone take time to explain? Pls. advise.

-Yvette

 

well..depending on what your trading for.......the milage and the condition of the car is it all paided off do you owe money......if its all paid off then you can get a trade in value i think my KBB.com or something....theres alot to do when thinknig about doing this and alot to know.many people jusy sell there car to a private part cause some dealership dont offer as good of a deal then you may think or want

 

Sell it yourself. Put an ad on craigslist and most likely you will sell it quick and much more than trade in value.

If you owe money on it then the buyer meets you at the bank to settle that.

Don't let the stealership make money off your car.... get the most for it by selling it yourself...

 

I do still owe money on the car and the car is in good condition. No problems under the hood being that I kept up with the svc. The extended warrenty is paid in full. The miliage I think is pretty good for almost 4 years. It only has 62,000 miles. When selling it on my do am I simply asking for what is owed to the bank? Thanks for the reply's so far. Its appreciated!!!

 

You ask what the car is worth, not what you owe (although these could be the same). Go to www.kbb.com and it will tell you about what it is worth. Advertise it on www.craigslist.com for slightly more than that. You can always lower the price so start higher.

If not many people email or call you that is a clue that people think you are asking too much... then you lower your price on craigslist and relist it.

You want to get TOP DOLLAR! Don't mention that you owe the bank money on it... because then they might think you are more desperate to sell it because you owe money on it. Once you negotiate a deal (remember, play hard ball) THEN tell them that you need them to come to your bank and pay the bank and they will get the title.


Another tip that has worked GREAT for me when selling cars: usually more than one person will call on your car. When someone is looking at your car mention that other people have called... better yet let them know that someone else is wanting to come look at it too. A lot of times this will pressure them to make an offer AND it will give you more negotiating power because they might be willing to pay for out of fear that someone else will buy it.

 

One more thing... a lot of times potential buyers will ask... "What is the lowest you are willing to sell it for?"

You don't want to answer this question. Sometimes I will ask them, "What is the most you are willing to pay for it?" OR "You can make an offer and I will tell you what I think of it."

You are better off if you let the potential buyer through out the first figure. Any number you throw out, he will either accept it or counter with lower. If he throws out the first figure the figure can only go up!

When we bought my wife's scion xA we were dealing with the wife (husband was at work). The KBB value was $7500. We had the car inspected and it looked good, just needed brakes. I mentioned that to her and asked how flexible she was on her price. She told me she just talked to her husband and the ABSOLUTE lowest they could go was $6500. I didn't even counter offer, I took it because I really felt that she revealed her rock bottom price and it was $1000 less than what the car was worth!

Then a few minutes later I overheard her talking to her husband on the phone and he asked how the negotiations went. He asked her if she counter offered at all and she said "NO, I just told him the lowest price you said we were willing to take." I bet he was frustrated.... A Good seller will not knock off $1000 off the price immediately, IMO she was a horrible seller (GREAT FOR ME)!

Once I was selling an Accord which I listed for $7700. I was actually REALLY trying to get rid of it since I felt it was about to fall apart. I was actually willing to take $6500 (I felt signs that the tranny was about to blow!). I hadn't had any calls on the car and finally one guy called me. I was so desperate to sell it and would have taken $6500 had he taken it.

He asked me what my lowest price I would sell it for (Remember, never answer this). I would have been tempted to say $7000 (since I just wanted it sold at that point). I asked him to make an offer and he said $7250! Then I told him that his offer was a little low and I think it is worth more.... we finally agreed on $7500! SO IF I would have said $7000 was my lowest, he probably would have wiggled me down to $6800. I could tell that he was excited about the car so I took advantage of that.



Good Luck! Don't reveal that you are desperate or in a hurry to sell it. Do the opposite, let them know that others are interested. Selling a car can actually be a lot of fun, especially if you get a good ammount for it.

 

Mike,
Great points!!!
This is in regards to something(cars) that are very plentiful(in constant/ easy supply). Extrapolate this idea to hard to find collectables, antiques, etc.(which are investments, many people even invest in collectables during down-turns in the economy.. as it reflects a "safe" investment). Some collectors find this method/ ideas to be offensive (brokering) , shady, etc. To each his own, but at the end of the day if you are willing to sell something, and your wanting a certain price for it.... hold out until you get that price(even if it takes 1-2 months).

Sell it yourself, get all your reciepts together( reciepts talk $$$, and buyers like to see year-to-year receipts) , and get as much as you can for it . This will reflect positively on the Scion community as a whole , we need be generating the greatest "return on investment" then any other car brand(Toy a very close second), due to the low initial auto. cost , high durability, and very-good gas milage.

The main reason why "stealerships" low-ball a trade in offer on a potential customers vehicle, is due to the "convienence" factor of anyone rolling in from off the streets, and trading up(usually) or down their vehicle by simply signing over the pink-slip(not much selling sweat off the brow of the owner). The dealership then has to sit on the used vehicle until it sells, but usually makes $3-5K dollars in profit off just that one car!