Trade in values tanked

All vehicles depreciate. Anomaly's don't last. Am I missing something with these threads?

So what are you buying next OP?

 

Whatever he’s selling next

 

Dealers are still asking almost new prices for a few year old tacoma. Trade in value is still high.

 

Just traded my 18 DCLB sport Saturday 34,500.00 load, tech, leather, jbl. 29k miles. New 23 powerboost lariat fx4, sport package msrp $77, 500 got for$72,500

 

Damn. Full sized pickups have gotten so incredibly expensive.

 

$72,500 for an F150? Wow!

 

Damn, almost $80K for a fucking pickup truck! I paid $79K for my house back in 1992. I weep for my grandchildren.

 

Congrats, those are nice trucks! I'll bet the extra interior space and power comes in handy.

 

Still make the money you did back in 1992?

 

I’m done bought over 50 cars over the years. I could always justify it in my mind but now it’s just crazy and quite honestly most cars today blow. I’ll stick with my 22 4runner pro. I drive it across country a few months back. It’s the most solid car I’ve owned. When I see a Chevy blazer or dodge whatever selling for 50k plus makes my 4runner look like a steal at 57k

 

I just want to hear more about the “straight” bear penis guy you mentioned when you talked about this same exact thing on the Lime thread a bit ago:
“I’ll put you in touch with my guy there I don’t get anything for it but we’ve become good friends and he’s straight as a grizzlies dick honest”[/QUOTE]

 

Carvana is not a good gauge for value. They were always the lowest and even last year had an insulting offer on my trade that I got $6k more for than their offer from Toyota dealer.

 

Last week my dealer offered me $500 more than what I paid for the truck as a trade-in. I told them they gotta cough up another $28,741.57 for the mods I put on, or I walk. I have no time for lo-ballers.

 

Trucks are easily the most profitable production vehicles sold. It is insane but as long as people will pay they will charge whatever they can get. I purchased an access cab utility model in March. The dealer was not enthused about selling it. It was in the back lot and hadn’t been washed in a while. I had to point it out and ask. It was “only” $31,000.

 

I have had the same experience with Carvana… easy has a price.

 

I stopped by Right Toyota in Snobsdale this afternoon to see what was available. I still regret getting rid of my black 2020 TRD OR premium 4Runner and have been looking for a suitable replacement vehicle. They had one on their lot, grey, but it had a sunroof and those cheap crappy running boards. They were also asking $2k for XPEL window tint and a couple other extra's on the addendum. If it didn't have the sunroof I probably would have offered close to sticker. BTW, only the front two windows were tinted.

I inspected the used/certified pre-owned lot. Quite a few 2023 Tacoma's being sold as used. Mostly trd or's and one white trail edition. They wanted 53k on each one! Most of their used cars didn't have window stickers at all. Salesman claimed prices were not listed and it had something to do with vehicles being in their dealer network.

I left in disgust to say the least. Pretty appalling to see how expensive these Toyota hens teeth have gotten. I think they're just marking them up to keep inventory on the lots.

 

^

I guess my point is trade in prices can't be that low if they're demanding that high of a resale.

 

The stupidity of people will never cease, people buy these over priced vehicles and fail to understand that a vehicle is a deprecating asset and not an investment. They have to have the latest model with every bell and whistle in it so they can impress everyone. Dealers know this so they prey on those people and they offer them 72 month, 84 month and yes even 96 month loans so they can actually barely afford to make the payments on said vehicle for the next 6, 7 or 8 years of their life.

Sadly these same people who are getting took think they beat the dealer and are normally the same people who trade every 2 to 3 years, and the same dealer welcomes them back with open arms because they will just roll over the balance owned into the new loan but that only works a couple of times before these same people are so buried in debt on their vehicle loan that no one will finance them anymore and they will at some point be stuck paying off that last loan with the rollover prior loan(s) added to it so instead of getting another new vehicle in 2 to 3 years they are now stuck with the same vehicle for the full term of the 8 year loan they took out.

By the time they pay off that loan the vehicle is worn out and worth next to nothing and the cycle starts all over again because they did not learn a lesson from this first experience.

 

I find it amusing reading threads like these because someone will brag how they got $2,000 dollars more than they paid for their vehicle on trade in. What they don't tell you is:

1. How much they still owed on the vehicle they just traded that was only 2 or 3 years old and how that amount was rolled into the new loan.

2. How much more expensive the new vehicle cost.

Trust me dealers are not giving away their new vehicles so they can sell your old vehicle that they have to recondition before it gets put on the used lot, the dealer is making money off your new vehicle. They are also making more money on the loan you take out and any and all other warranties and plans they can sell you by showing you how it only increases you payment $20 dollars a month for this and another $10 dollars for that.

There is only one way you can keep even in the car buying game and that is to pay off your current vehicle so the trade in value is fully applied to the new vehicle. If you have a loan on the vehicle you are trading in that loan is rolled over into your new loan, far to many people think the dealer pays off you old loan and you are done with it but that is not how it works. If you still owed $15,000 dollars on your old vehicle and the dealer gave you $28,000 in trade you did not really get $28,000 dollars for your trade you only got $13,000 dollars for your trade and your loan was not paid off like you think, the $15,000 dollars was rolled over into your new loan and will now be paid off with the new loan at the new interest rate so if your new interest rate is higher than your old interest rate you lost not once but twice because you are still paying off your original loan and now you are being charged more interest then the old loan had.

I just purchased a 2023 Tacoma SR Access Cab 2.7 4x4 and I traded in my 2019 Ram 1500 ecodiesel Laramie. I looked up the trade in values in my area and that is what you will be getting is the trade in value in your area, and it was $24,000 dollars. I found the Tacoma I wanted at a Toyota dealer and while the Tacoma was an in transit truck we made a deal. My Ram was paid off and the dealer offered me $24,560 dollars for my Ram so they did not low ball me as I had already pulled up the trade in values in my area. So in my case the full $24,560 dollars goes towards the price of the Tacoma. By the way I paid out the door $29,000 dollars for my Ram so for the 4 years and 51,000 miles I owned and drove it the Ram only cost me $1,110 dollars a year for that vehicle price wise after my trade in.

The sticker on the Tacoma was $33,928 deduct $24,560 and that comes out to $9,368 Add in dealer fees and tax, tag and title and I am out of pocket a little over $11,000 dollars that I owe on the new truck that will be paid off in 7 months, the contract can charge you a fee for paying off before six months so I will give myself a one month buffer and I will have a paid off truck in just 7 months. Oh and I paid no dealer adjusted market value garbage as they did not have any adjusted market value stickers on their vehicles.

Don't get me started on dealer fees, Florida is very week lawfully in protecting the citizens from dealers and their bogus deal fees. Most dealers in my area are charging right at $1,100 dollars for their dealer fees and it is hard to get them down because they are all charging it and if you walk they know the person behind you will pay it. Florida law makers really need to put a stop to these bogus dealer fees. Another bad thing about Florida is many states people can shop for extended warranties from other states, but Florida does not allow that so you are locked into the warranties offered in the state which drives up their cost. So that dealer in another state who is only charging $475 dollars for that 6 year 100,000 mile extended warranty, that offer is not valid for Florida residents, we are stuck having to pay far more and have to argue with the dealer to get the price down if they will budge. I refuse extended warranties because of that as they are a financial loser because it is rare that you ever make out on one. Yes some people have but 99% of the people end up never using them or if they did the repair was still cheaper than the cost of the extended warranty so that $1,100 dollar repair covered under their $2,000 dollar extended warranty really cost them $2,000 dollars if that was the only time they had to use that extended warranty.

Think of extended warranties this way, you and dealer/warranty company are gambling and you are betting $2,000 dollars that you will have repairs on the vehicle during the extended warranty period that will be over $2,000 dollars, the dealer/warranty company are betting that you won't need any repairs during the extended warranty period, now take a wild guess who wins that bet 99% of the time if you said the dealer/warranty company then winner winner chicken dinner, the consumer (you) will lose that bet 99% of the time.

The only time an extended warranty makes sense is if you buy a model of vehicle that has a known history of mechanical/electrical failures during the extended warranty period. Even consumer reports will tell you not to purchase extended warranties with the exception of a model of vehicle that has a history of breakdowns during the period covered by the extended warranty.

Okay my rant is over.

 

Don't think you have quite right there my friend. If you owe $15,000 on trade in vehicle and you get $28,000 from dealer then you have $13,000 of equity that you have to use for the new vehicle loan. The dealer is paying off the old loan in the amount of $15,000(they are purchasing the car to resale/get title). The $15,000 is not rolled into to new loan unless you were underwater by that amount(negative equity=you owe more then that dealer gives you for trade)
Also keep in mind in some states you get a tax break by trading in a vehicle(only paying tax on the difference between purchase price of new vehicle and the trade in value)