Should I trade in with current market?

Any reason I shouldn't take my 2019 sport 4x4 with 50k miles and trade it in for a new 2021? I'm guessing I'll lose maybe $3k or so in the trade with the market the way it is but will have a brand new truck, all things equal. There has to be a catch, right?

 

I don't think the forum can answer this question for you. Do you want a car payment, additional debt, etc? For me, I find it really odd that now people are exclaiming they got a truck for MSRP (as if they got a deal) when just a few months ago people would be jumping on you if you paid MSRP and didn't haggle down. My how we have such short memories. There's no telling what will happen with prices in the future but if it were me I would not be buying a vehicle right now unless I absolutely needed to. It's kind of like fighting or a TV on black friday when a few weeks later you can get one or probably the same price and without any of the hassle. if you like black friday then jump right in.

 

Your trade in will be high, however, you will also pay list with an unknown wait time for the new vehicle to come in.

 

The vehicle is on the lot locally right now.

 

Ofcourse this forum can't answer, but I'm not here for an answer; I'm here for opinions. The point is i'm able to trade a vehicle in with 50k miles for a new vehicle with 0 miles for a pretty low amount. I'm just wondering if there is anything else I should consider when doing this with all things equal between the trucks. I mean $3k to erase my mileage is a great deal.

 

Then do it now. Somewhere I saw Toyota had a 8 day backlog. Essentially, they can sell it as soon as its being produced.

Good luck.
Enabler

 

If it's on the lot right now, what have you got to lose except your time. Go find out for yourself.

 

It really depends on your level of want/need for a new truck and what you are able to negotiate. Right now with low supply these trucks are moving quickly so dealers are much less likely to give you any sort of huge discount. That said, you probably won't do better with your trade-in than you would now, so in the end it will probably be a wash. I did my deal in mid May and was able to get my truck well below MSRP by letting the dealer place the financing. Rate from Southeast Toyota Finance was a bit higher than my credit union but not significantly so, and my plan was to immediately refinance it through my credit union anyway.

Keep in mind that to some people auto loans and car payments are the instrument of the devil, to others they are a tool. To you $3k is a pretty low amount, to others it's a small fortune. Point is that the opinions you get on this topic will be from many different perspectives, not all of them the same as yours. The bottom line is do your research on your trade's value and if you can get the dealer down to a number you can live with and the new truck makes you happy, go for it....but do it quickly if you do, because I can just about guarantee that truck you are looking at won't be on that lot for long.

 

Do you use/need crawl control? Aren’t they still having some issues with that on the new models? I think it sounds like a good deal otherwise.

 

I heard about the issues. Anyone know anything about if theyve fixed that yet? Yes i want those features.

 

Awesome, thanks!

 

You're going to lose $3k on your 2019 or the difference from your trade to new is $3k?
I highly doubt the dealer is going to give you inflated trade in price and sell the new below MSRP. Now is the time to sell or downsize vehicles and homes, if you're upgrading, you're going to get hit.

 

NADA is valuing my truck at 39000 avg trade in. Dealer has a 2021 on the lot listed for 42k.

 

Used and new are both over priced so there's likely no money to be made if that's what you're thinking, based on the 'used price mania' chatter.

Trading is always a win for the dealer. Or they wouldn't do it. So keep that in mind too.

 

That's NADA, see what your dealer will offer, they may be two very different numbers.

 

You could sell it and buy a sweet bicycle

 

Don't forget to factor in things like sales tax, dealer fees, DMV fees, etc as part of your cost. Your out-the-door cost will likely be a good chunk more than $3k. The only way you will know for sure is to talk to the dealer. Doesn't cost you anything to find out, and if you don't like what you get from them you can walk away and know you at least tried.

 

Calling them as soon as they open. Ill keep updating

 

Kinda stupid to trade in now with prices being high . You are just going to lose money on the new truck when values go back down .

 

Just my $0.02, but my truck has valued (according to KBB/NADA) +$7-8k from what I paid for it, and the dealer said they go with NADA prices. I have a TRD ORSB Premium in Voodoo Blue on order, supposed to be built on the 2nd, and hoping to get it by the end of July. In my state, you only pay taxes on the difference of a trade, so it's advantageous for me to wait to do the trade instead of trying to sell private.

The reason I'm okay with doing this is because A. I get a new vehicle. B. I get a factory warranty. C. If I get bored of it, I can just start the whole process over again, which means I'll be better off with a newer vehicle with less miles (currently sitting at 52k, I really only drive 10-12k a year).

That's just my logic.