who has trade in knowldge/expierence??

Exactly how it works in Utah. You pay taxes AFTER your trade in value is deducted. Probably some lobbying by the dealerships to have a little advantage over a private sale (even though you only get a much lower trade in value).

Sell it yourself before walking in the dealership door. It removes the cheating over high vehicle price and low trade in vs. high trade in and lower vehicle price. It gives you cash in hand to negotiate with. You'll probably get 10-15% more for a private sale. You could have changed the oil every 1,000 miles, stored it in pure nitrogen when not in use, never drove it in bad weather, had plastic over all upholstery, waxed it everyday, etc. and the dealership couldn't care less. They'll give you the lowest trade in value possible.

 

So trade in a perfectly good pro for another pro for some seat adjustments, fancier headlights/head unit and possibly a “desert intake”.
Don’t make sense to me but if you can afford it I’d rock that green one.

 

No. It's just like Illinois. You pay tax on the selling price, or the selling price minus trade allowance. Equity, or lack of it, has nothing to do with it. (Google)

 

Technically yes but the bigger upgrade is the transmission shifting problems have gone away. (Also don’t forget the moon roof now on pro models ) but thanks for all the input guys. I kinda had a feeling that trading in wasn’t gonna be all that I expected. Do you guys know what the private market it like with new Tacoma’s? Still under 20 thousand miles. Also question with a private sale, if I bought the extended warentee how does that work? That’s stays with the truck correct? Just transfer info and ownership and what not? Cuz if I can get something decent for mine I might take the small hit and sell it privately and then but the new one.

 

You can allow the extended warranty to go with the vehicle. May entice a private sale buyer. But if you trade, that warranty should definitely be cancelled. Because your truck is so new and still under the original factory warranty, you'll get most of what you paid for it back. Or if you still owe on it, they will send the money to the finance company, thus lowering your payoff. Either way you get the money...

 

In Vermont, you can get the same tax advantage of a trade in if you sell your old vehicle privately within 3 months (before or after) of the purchase of a new vehicle. They send you a refund.

It took a little digging to find it but I did it and it worked.

 

I'd like to know how since it has the same transmission and same software per OVTune.

Hint: It is going to suffer from the exact same issues your truck, and mine have.

I'd wait for a real new model, not a refresh.

 

It sounds like you were saying the right thing that you pay tax on sale price minus trade value. What you owe doesn't impact the tax rate. At least in Fla anyway.

 

It's easy , find out what your truck is worth, KBB carmax , carvana will estimate it online in 2 minutes . Negotiate the price of the new truck without even talking about your truck . Then negotiate the trade and it's easy math . If the new is 50 and they give you 40 you owe 10 plus the payoff unless your trade is paid for plus ttl . I hope you live in a state where it's a tax credit ,if I trade in 40K here it's a $2400 tax break . I take a pad and pen and when they say this is how much you are financing it better match my number . If it doesn't match see what fees they are adding and get rid the BS ones .GL

 

Correct. The sales tax savings has nothing to do with what is owed on the vehicle. I think what he meant to say was "depending on what it's worth".

 

In texas you would pay tax on the 10k difference only.

 

The value from Carmax should probably be considered a low-ball estimate; at least based on my experience this past Sept. Carmax offered X amount of dollars and the Toyota Dealer just 3 blocks away offered 5K more than Carmax and I was able to remove the mods added to the truck without a change in the dealer's offer.

FYI - Remaining mods can be found in the 3rd Gen Marketplace.

 

Exactly.

Changing the oil before a trade in or sale is like brushing your teeth right before visiting the dentist in hopes you will have fewer cavities LOL

 

Easy.

Buy second truck, keep 1st one and turn it into a toy. If budget doesn't allow, sell current truck outright and wait to buy the new one.

I just did this with an extra car I had; I took my Corvette to CarMax 2 months ago and sold it to them after I was getting similar offers via private party (Craigslist).

After you've agreed to their offer, depending on how many people are ahead of you, they get a check ready as well as some paperwork IE vehicle/vessel transfer form, release of liability, etc.

I went out to lunch while they got paperwork ready and when I was back, I signed said paperwork and got my check.

 

Perhaps I should have suggested just top the fluids instead of an oil change in my earlier post but the OP was asking for "experience" and being a diy'er I failed to realize some folks on here pay some hefty $$ for oil changes. I did change the oil myself for about $15 before the CarMax appraisal since it was approaching the due date in the on board maintenance schedule.

While waiting for the appraisal the CarMax rep said they do check to see how well the vehicle was maintained and have their mechanics involved in the process. The appraisal did take much longer than others I've had at other new car dealerships. And this Tucson was only 2yrs old.

When I sold that Tucson to CarMax I received top trade in price (19K) according to KBB and the Toyota dealer in San Jose would not match CarMax's appraisal unlike some claims in this thread a dealer will always beat CarMax (dealer only offered 17K) You can check these numbers yourself.

Normally I sell private party but that year of Tucson had known shifting issues in certain conditions due to the DCT and warranty visits failed to resolve it. And for the poster who replied the appraisal did not mention the oil it's very clear its just a basic check list, it does not even mention they test drove it but I'm sure they did.

I wouldn't even be surprised if some of the posters here have never even had a CarMax appraisal done since they did not even mention any experiences??? I only had this one CarMax appraisal done and it was positive so ymmv. A friend did save 4k using CarMax over the dealer trade in as well he claimed.

 

Agreed!!! Last year, I got a rav4 for my wife. It wasn't big enough and three weeks later I decided to traded in for a highlander. I paid 26K for the rav4 and carmax offered me 22K. I got 24K from a Toyota dealership plus the tax savings.

 

I had a pretty good but rare trade in experience to get in to my Tacoma. I had a 2016 honda civic and owed about 21k on it. Decided I wanted to get in to the Tacoma which I originally wanted. At first Toyota offered me something like 15k for trade in and of course that wasn't happening. I left and came back a few days later and they upped the offer to 17k. Told them no and went to get walk around more and check out trucks and they came back again offering me 21.5k for my trade in and gave me the Tacoma at "invoice". I don't know how it happened but my friend and I were blown away. Someone told me that it was because I went towards the end of the month and they were probably trying to make their sales quota but I really don't know. So anyways, be patient and try to get a couple dealerships to fight between themselves and maybe wait until the end of the month like now? good luck!

 

Using your math, you made about $400 net by going to Carmax instead of trading in your vehicle. Assuming that San Jose sales tax is 9.25%

Carmax buy price: $19,000
Toyota Trade-in amount: $17,000
Sales Tax Ratef: 9.25%
Tax Benefit on Trade-in: 9.25% x $17,000 = $1,572.50
Effective Cash Price of Trade in = $18,572.50 ($17,000 + $1572.50)
Difference: $427.50

Dealing with two dealers, driving back and forth, and other associated hassles don't seem to be worth it to me for $400. I would have went with the dealer just to save some time/aggravation. Everybody values their time differently, but this is a good example of knowing the financial benefits of trade-in vs selling privately (or to a dealer).

 

yeah, forgot to mention i was still paying off my highlander. Owe 29k the appraisal was 22k, Base model highlander