Trading my 2012 for a 2013?

So I just got a call from the dealership I bought my truck from and they have a customer looking for a 2012 pyrite mica like mine and they do not have one. They called me and asked me if I would trade mine back to them and they would compensate me with a 2013 and my payments would stay the same. The only draw back would be that I would lose the 11 months of payments that I have already made and my term would restart. I am working on getting all the details and getting it in writing before I make my decision.

Do you guys think this is a good deal?

 

Lets say your loan was for 5 years and 2012 if they draw the new loan for 4 years and payments stay the same I would, other then that I wouldnthen your losing money you put in for the last year. Maybe Im not understanding or know all the stips but from what you said its a hit or miss deal

 

That is a sales call. They don't need your truck, they're trying to sell you a new truck and they'll sell yours used. In fact, depending on your monthly payment, you could be getting severely screwed on that deal.

Consider this:
Your monthly payment is $600. You've made 11 payments, totaling $6600. After interest (if you have a high interest rate) that's at least $6k in "equity" in your truck that would be gone by trading it in for a 2013. You would be paying $6000 to upgrade to a 2013. Now, you tell me - if you sold your truck used on craigslist, do you think you'd sell it for $6k less than what you could buy a 2013 for? My guess is that you could sell it for closer to $2k-$3k less than you could buy a brand new 2013 for. So, instead of costing $6k to upgrade, it would only cost you $2k-$3k to upgrade.

This all depends on your monthly payment though. If you're paying $200/month or less, it might be worth it. But, I'm guessing that's not the case.

 

Could be a legitimate offer but I would be very skeptical. Everytime I am sitting in the waiting room while my truck gets it's free oil change, a salesman comes around asking everyone if they would like to get into a new car/truck for the same payments they are making now.

Is someone looking for your exact truck? Perhaps, but I would bet you see it on the lot a week after you trade it in. Most of the time they will extend your payment plan to 6 years and require a significant down payment to keep the payments similar.

 

THIS!!

Don't do it - They want your money!

That's 11 more months of $$$ for them, and that is all they are after.

There is absolutely no way in hell this is legitimate.

 

My old dealership tried this with me a few months ago when they thought that I still had my 11' Tacoma. They sent a letter in the mail saying the samething that they told you over the phone. It's a sales pitch. By them doing the trade they sell your vehicle used(get more money in mark up), get more in interest. In turn you get a new truck, you get tacked on the depreciation for the 11 months you had it, you lose the 11 months you put into it and your term is restarted. It's not a win for you, unless you consider having the same payments a win. It's a win only for the dealer. Don't do it.

 

It's only a win if he has a super low monthly payment (ie: $150). Then he would only be paying a little over $1500 to get into a new truck. But, even then, it's still pretty much a straight across trade.

 

Thanks for the input guys. I am still waiting on them to send me the deal in writing so I can look at all the details. I am definitely leaning towards not trading. Essentially I would be losing $3500 but getting a brand new truck.

 

What's wrong with your 12?

 

There isn't a point really. If you think about it what's going to be any different from your 12' to a 13', nothing right? It's just a way for them to get money out of you for another term while reaping the benefits of selling a used vehicle to a customer.

 

And it will happen again in a year on a 14

 

Nothing. After reading what you all have put and talking to another dealership there is no way I am going to trade.

 

I went to dealership going to trade up from 2010 to 2013 4x4 base and I only owe 8 k on my truck now and by trading up I would have owed 18k... as you can see from my sig... I declined

 

It's not considered a straight across trade if he's paying anything. He's still going to be negative $1500 + losing the 11 months he already put into it + having another year of payments. If he was going to be square with the dealership then the dealership wouldn't do the deal because they wouldn't make any money.

 

If you use the homelink in your rearview mirror on your 12' you will lose that on your 13' it's no longer offered.

If you are happy with your 12' then keep it you will lose all the money you paid in and add another year of payments. I don't see that you'll gain anything. They are just looking to move another unit is all and they are selling you a payment IMO. Good luck!

 

Tell them you want a Limited, with zip out of your pocket, for the exact same payment, and for the same term you have left! Its a total sales call, but if for some reason unknown to the rest of us, and they "really need" your truck, it puts you in a very very strong position. But being that I sold cars for a while, I can tell you its total BS. Lets face it, while we all love our trucks to death, they ain't exactly hard to come by.

 

Like everyone said it was just a sales call trying to get more money.

 

One year newer and the payments stay the same. I would do it for sure. New tires, brakes, warranty, technology etc.. Sure, you could sell it yourself and get closer to retail on a one year old truck, but you also would be stuck paying all the tax again. When you trade in on a new truck, you get the full value against the taxes. I would take that deal. Even if you actually lost a couple of grand, I would prefer a brand new truck over a used one any day.

 

i do not agree with any of this

 

Me either. His logic ( or lack of ) is flawed.