How to get a good trade-in deal?!

I currently have a 2018 Tacoma SR with the 2.7 engine and it has 47,000 miles on it. Next year in March i will finally have paid it off and i plan to do a trade-in for the new model Tacoma. My ideal 2024 model for the trade-in would be for a TRD Pro which i know is a little pricey but i am ok with that. This will be my first time doing a trade-in and i would like to know what questions to ask, what do i take with me and so on and so forth to not get screwed.

 

get quotes from online buyers.
Trading in is rarely a good deal, but I do it, as I don't feel like dealing with tire kickers and someone asking to trade their son's dirt bike with a blown engine.

 

Trading in - horrible idea, you will lose your ass compared to selling it outright

You lose out for to avoid what some might consider an inconvenience, don't unless you have money to throw away

I'd keep the current truck seeing how it's paid off

 

No one predicted the roller-coaster that used-car prices have ridden these past couple of years. And the next few months cannot be predicted.

Do not expect market value for the add-ons ... remove them first and sell them to people who want them. Avoid the obvious damage that will lower your trade-in value.

The dealers control this process.

 

I would sell it privately but i just dont have time for that as it is my only vehicle.

 

Yeah thats what i am going to do.

 

What do you mean by add ons?

 

Skid plates, sliders, bed racks, special radio buttons or custom dash switches, ditch lights, new shocks, bigger tires ... anything other than "stock".

 

On mine or the new one?

 

Oh ok my bad i get you now. I dont have nothing like that on my pick up lol i just got a minor little leveling kit and oversized tires and that it

 

He said remove them.

As in on your truck if applicable.

 

Old one. The value you place on those modifications will not match what dealers will pay for them. Private buyers ... that is a different possibility.

 

Yeah i just said that i dont have any of that. Just a leveling kit in the front and oversized tires.

 

I concur with getting offers from Carmax, Carvana, etc and taking that with you. None of them is going to offer you what you could sell it for privately, but they will sometimes match offers if you have them in writing/print. Research book values. Also have the clean title in hand with both keys if applicable. Go in the last week of the month and they may deal better if they haven't sold many vehicles that month. And above all, don't bring up the trade in until they give you their best price. You might say you have a truck you could trade but are probably going to keep it/sell it to relative instead of trade it. Otherwise they have more ways to screw you with if you walk in with a trade off the bat.
Hopefully by next March they will have more stuff on the lot and will be more willing to deal. Not so much right now.

 

I think it varies by jurisdiction, but in some places, the value of your trade is subtracted from the value of the new and you only pay taxes on the adjusted number. It may or may not make a difference to your plan, because (as mentioned) dealers usually screw you pretty hard on the trade value.

 

1. Research your vehicle value with online sites and look at their market estimates for trade-in versus sell directly
a. Kelly Blue Book
b. NADA
c. Carvana
d. etc, etc…get some realistic, real world estimates on what you vehicle is really worth (remove emotion from the calculations)

2. Negotiate the price of your new vehicle separately from your old vehicle. “This is what I will pay for XXX.”
a. Negotiate your price “out the door”…I.e. “total price” , not monthly payments, financing etc.
b. If you need to finance, see your bank or credit union in advance and have a back-up plan separate from the dealership to counter any financing the dealership wants (financing is a profit center…dealers don’t really want cash offers)

3. Check your state’s tax regulations…here in Texas any trade-in value is deducted from the sales price so your tax burden is reduced proportionately. E.g. I just traded in my 2015 Tacoma on a 2023 Tacoma. I received a (negotiated) trade-in of $21,500 which was 62% of the original price of the 2015 truck (a reasonable return for an 8.5 year old depreciating asset). That reduced my sales tax burden by $1,344 dollars (money back in my pocket).

4. Determine your tolerance for tire kickers, managing finances etc of a private vehicle sale (RE: Chewy’ comments)

5. Do your research, know ALL your numbers, find the specific vehicle on a dealers website you are negotiating to buy. If they can’t meet all of your parameters after you engage in an honest, open dialogue, be prepared to walk away and restart the process.

6. Regarding my latest purchase:
The first dealer didn’t make it past negotiating the purchase price for the new truck. They told me they “could not remove any of the ‘dealer options’ and no dealer in the area remove those option”…so I walked.
The second dealer was somewhat flexible in removing some of the dealer option…not perfect but ended up reducing the price ~$1,400. After we agreed on the price of the new vehicle we started negotiating the trade-in. I had a range for the trade-in I would accept (point #1 above) of $21,500-$22,500–told them I want $22,500. Their first offer (low ball) was $18,000. I told them that was not a fair offer based on my research (they countered with I don’t know what I’m talking about, blah bah blah). I said let’s stop the discussion. My bottom line is $21,500 for the trade-in…usual nonsense ensues “talk to finance, talk to manager”. The finance manager comes back with the best I can do is $21,00. I thanked them for their time and stood up ready to walk out the door…finance manager says hang on let me make one more call…and I get an additional $500 in my pocket and the sales person gets a sale

7. Current Gen 3 Tacoma Pros are at a market premium. I expect this will be amplified with the new Gen 4’s..they will be more than a little pricey, limited availability and you can expect to pay a premium.

outcome—I love my 2023 Tacoma!

 

Just saying ... do not shoot me.

Unless you have a driving need to replace a still-reliable-recent truck with a new truck, enjoy the freedom from car payments. After the payoff, wait 6 months and just put the payment amount into a bank account (do not spend it) and also in monopoly money in a visible place. That will demonstrate clearly what you would REALLY lose if took on a new loan.

 

I always trade in because.....

1. I don't like idiots coming to my house or meeting me at some random place. Nor do I want said idiots driving my truck, that's this idiots job.
2. In my state you only pay taxes on the difference...
Meaning; if I'm allowed $20k for my truck, that's $20k that I don't have to pay taxes on.
3. I'm lazy.

 

Ok y

damn youre just like me haha i live in Florida so idk about the tax situation for that here

 

The 2024 Pro wont be out until next May or June and will probably be marked up, dont see you getting any kind of deal at that time, at least you have 6 or 7 months to figure out what to do with your current truck.