Trade-In ?
Thread Starter
Safety Car
Joined: Sep 2000
Posts: 3,704
Likes: 70
From: Davie Florida
Trade-In ?
Ordered our new C6 and it looks like the car goes to the line the week of 2/20/06. When we ordered the car we decided to trade our existing C5. I didn't give it a thought at the time but was wondering? Is it standard fro them to take the trade-in at the time of the order or should they have waited until the new C6 arrived and then taken the trade??
I just figured they offered my x amount for the trade and if I kept for the next 7-8 weeks there would be more mileage and exposure to something happening so the request for the trade at time of the order was not unreasonable.
Is/was my reasoning amiss??
I just figured they offered my x amount for the trade and if I kept for the next 7-8 weeks there would be more mileage and exposure to something happening so the request for the trade at time of the order was not unreasonable.
Is/was my reasoning amiss??
Team Owner
Joined: May 2004
Posts: 82,175
Likes: 1,319
From: McKinney TX
St. Jude Donor '21-'22-'23-'24
When are you going to pay for the C6? The dealer didn't get my tradein until I paid for my C6, both times. Of course, I bought a car already on the lot, but same thing. He should have already told you approximately how much you were going to get for your car. I wouldn't think what you did was standard.
Former Vendor
Joined: Oct 2004
Posts: 8,127
Likes: 1,656
From: Atlantic City NJ
When ordering a car and trading something in, you would normally have 2 choices. You could pre-trade your car at the time of the order which gets you the value of the car right then and there, but takes you out of the car. The dealer gives you present value because he has the ability to sell it right then and there and will probably sell the car before your order comes in. Or, you can wait till your order comes in and have your car appraised for trade in. It may or may not be worth the same as when you ordered the car. He will give you the present value so you are subject to market conditions.
Melting Slicks
Joined: Mar 2005
Posts: 2,676
Likes: 0
From: Anaheim Hills California
St. Jude Donor '06
That seems strange. I understand what you are all talking about. Getting current market price. But I would think the dealership would have to give you a check for the equity. Then you write them a check back when your car is delivered. Probably more a pain but it does seem to me to be the proper way it should be done. On a paid off car that could be a lot of money.
Melting Slicks
Joined: Nov 2005
Posts: 2,022
Likes: 0
From: Belleville Illinois
I agree with what Dave just posted. That has always been the case with me, up until I ordered my Corvette. I did the deal over the phone, no one ever looked at my car prior to completion of the deal, as a matter of fact, the first time they saw my car was when I trailered it there to pick up my Vette. I guess the fact that he had an order that was able to be changed to my spec's and it only took 4 1/2 weeks to get the car made the difference. Also you have to be very honest with the representation of your trade. If it was not as I represented, I am sure the deal would have to be renegotiated.
Race Director
Joined: Jun 2002
Posts: 12,198
Likes: 15
From: Columbia MD
My dealer was cool - let us keep both C5s until our C6 arrived and garaunteed the price for the trade-ins at delivery, whenever that turned out to be. Of course, he realized the cars weren't going to be driven that much since the '00 had 6100 miles and the '02 had 4400 miles on it.
Safety Car
Joined: Aug 2004
Posts: 4,594
Likes: 3
From: Chino Hills, Ca. You are completely safe with me, I'm a good screamer.
Rule of thumb is to treat a purchase and a trade-in as two different transactions anyway. So if you plan on trading it in, why not try and sell it on your own. You'll get more than trade-in value. Or FWIW, try getting a price from Carmax, or a similar dealer. If it's more than what you'll get from the trade, then bonus for you. Regardless, it seems like you may have a little time so do a little leg work and get the best dollar.
Good luck.
martin
Good luck.
martin
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Le Mans Master
Joined: Dec 2005
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From: Southern Colorado
Originally Posted by fredl11
Ordered our new C6 and it looks like the car goes to the line the week of 2/20/06. When we ordered the car we decided to trade our existing C5. I didn't give it a thought at the time but was wondering? Is it standard fro them to take the trade-in at the time of the order or should they have waited until the new C6 arrived and then taken the trade??
I just figured they offered my x amount for the trade and if I kept for the next 7-8 weeks there would be more mileage and exposure to something happening so the request for the trade at time of the order was not unreasonable.
Is/was my reasoning amiss??
I just figured they offered my x amount for the trade and if I kept for the next 7-8 weeks there would be more mileage and exposure to something happening so the request for the trade at time of the order was not unreasonable.
Is/was my reasoning amiss??
Melting Slicks
Joined: Jan 2004
Posts: 2,158
Likes: 4
From: Henderson Nevada
Originally Posted by BKNIMKR
Rule of thumb is to treat a purchase and a trade-in as two different transactions anyway. So if you plan on trading it in, why not try and sell it on your own. You'll get more than trade-in value. Or FWIW, try getting a price from Carmax, or a similar dealer. If it's more than what you'll get from the trade, then bonus for you. Regardless, it seems like you may have a little time so do a little leg work and get the best dollar.
Good luck.
martin
Good luck.
martin
Make sure you understand what FL law is on taxes and registration.
Drifting
Joined: Mar 2002
Posts: 1,810
Likes: 0
From: Indian River MI
Originally Posted by fredl11
Ordered our new C6 and it looks like the car goes to the line the week of 2/20/06. When we ordered the car we decided to trade our existing C5. I didn't give it a thought at the time but was wondering? Is it standard fro them to take the trade-in at the time of the order or should they have waited until the new C6 arrived and then taken the trade??
I just figured they offered my x amount for the trade and if I kept for the next 7-8 weeks there would be more mileage and exposure to something happening so the request for the trade at time of the order was not unreasonable.
Is/was my reasoning amiss??
I just figured they offered my x amount for the trade and if I kept for the next 7-8 weeks there would be more mileage and exposure to something happening so the request for the trade at time of the order was not unreasonable.
Is/was my reasoning amiss??
Melting Slicks
Joined: Mar 2005
Posts: 2,676
Likes: 0
From: Anaheim Hills California
St. Jude Donor '06
Originally Posted by 2bubbas
I've always had the use of the trade in until the new vehicle came in. But you do run the risk of damaging or breaking something during that time. I usually get a trade-in price and then try to sell on my own before the trade. Always get more than the trade-in price.
For those of you that sell on your own. How do you handle the problem of a car you don't hold full title on? In other words you still owe money on it? Some people are scetched on giving you the full amount without getting the pink slip.
I sold a boat one time and the buyer gave me the payoff amount. I gave him a receipt. Then when the pink slip came in he gave me the balance and I gave him the boat and pink slip. We both put trust in each other but I am not sure if I would do it again.
Burning Brakes
Joined: Nov 2005
Posts: 859
Likes: 14
From: Arizona
Originally Posted by fredl11
Ordered our new C6 and it looks like the car goes to the line the week of 2/20/06. When we ordered the car we decided to trade our existing C5. I didn't give it a thought at the time but was wondering? Is it standard fro them to take the trade-in at the time of the order or should they have waited until the new C6 arrived and then taken the trade??
I just figured they offered my x amount for the trade and if I kept for the next 7-8 weeks there would be more mileage and exposure to something happening so the request for the trade at time of the order was not unreasonable.
Is/was my reasoning amiss??
I just figured they offered my x amount for the trade and if I kept for the next 7-8 weeks there would be more mileage and exposure to something happening so the request for the trade at time of the order was not unreasonable.
Is/was my reasoning amiss??
The dealer wants your trade for one of/all of three reasons:…..
1) He has a buyer on the line and has your car pre-sold!
2) He knows what your trade is worth TODAY but the Book value may change by the time your new car comes in. By taking your trade today, he eliminates any market risk for him!
3) From the individual sales persons perspective, this is the real reason he wants your trade today:….it locks you into the deal and there is less likelihood that you will tell them to forget it if there is a delay in delivering your new car!
Read the fine print, typically it will say that if you fail to complete the transaction for any reason and want your old car back,… the Stealership has the right to charge you for any repairs they made to your car. At minimum these items will include a $200.00 safety inspection, $200.00 detail, $400.00 tune-up, an oil change, fuzzy dice and anything else the can think of! If they already sold your car they will be charging you all of the above plus a healthy sales commission.
The day the dealer delivers my new car, is the day he gets my trade,…not one second before!
Jim
Last edited by TheJimer; Feb 9, 2006 at 09:07 PM.
Racer
Joined: Jan 2006
Posts: 390
Likes: 0
From: Silver Spring Maryland
Originally Posted by vetdude
My dealer was cool - let us keep both C5s until our C6 arrived and garaunteed the price for the trade-ins at delivery, whenever that turned out to be. Of course, he realized the cars weren't going to be driven that much since the '00 had 6100 miles and the '02 had 4400 miles on it.
Pro
Joined: Feb 2005
Posts: 583
Likes: 5
From: Western MA
Originally Posted by BKNIMKR
Rule of thumb is to treat a purchase and a trade-in as two different transactions anyway. So if you plan on trading it in, why not try and sell it on your own. You'll get more than trade-in value. Or FWIW, try getting a price from Carmax, or a similar dealer. If it's more than what you'll get from the trade, then bonus for you. Regardless, it seems like you may have a little time so do a little leg work and get the best dollar.
Good luck.
martin
Good luck.
martin
Main reason to trade versus sell outright IMO is the trade reduces the taxable amount of the sale (by the trade-in price) and here in MA, a $40,000.00 trade reduces the sales tax by $2000.00!
Should the dealer quote you a trade in value and then let you drive the car for another 6-8 weeks? He'd be crazy if he did.
But, my local dealer allowed me to arrange the sale of my 2002 Camaro SS and have them act as the agent (for a small fee of course) and I still was able to use the sale price of the car as a trade and reduce the tax liability on the new/ordered vehicle and I got to keep the Camaro up to a few days before delivery of the new vehicle.
Thread Starter
Safety Car
Joined: Sep 2000
Posts: 3,704
Likes: 70
From: Davie Florida
Thanks for the responses!
That was our dilemma. I went ot Carmax and the price they gave me was good for a week and then is started to decrease rapidly. In Florida the trade-in value is taken off the purchase of the new car and the taxes are based on the balance. I had car on cars,con,edmunds.com and the Auto trader but was getting no responses. Except from companies that wanted to charge me $150 to sell the car.
Looks like everyone is getting the C6 and the market is flooded with C5's. Oure was a 2001, full power, Memory,HUD, Sport axle, Auto, Polished rims, Firestone run flats (New) and under 40,000 miles and I was looking for $23,000. That was what I needed to equal a $20,000 trade in to 0 out the tax.
So anyway I guess it is a mute point now, but i was told I had screwed up and should have had use of the car till the new one arrived.
And yes we had agreed with the dealer on the price of the new C6.
Even have it is print.
thanks again for information
Looks like everyone is getting the C6 and the market is flooded with C5's. Oure was a 2001, full power, Memory,HUD, Sport axle, Auto, Polished rims, Firestone run flats (New) and under 40,000 miles and I was looking for $23,000. That was what I needed to equal a $20,000 trade in to 0 out the tax.
So anyway I guess it is a mute point now, but i was told I had screwed up and should have had use of the car till the new one arrived.
And yes we had agreed with the dealer on the price of the new C6.
Even have it is print.
thanks again for information