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Pay it all off, or just trade it in?

Discussion in 'Off-Topic Discussion' started by CDonC, Apr 1, 2008.

  1. Apr 1, 2008 at 10:41 PM
    #1
    CDonC

    CDonC [OP] Active Member

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    OK, so I'm pretty much certain I'll be getting trading in my F-150 for a Tacoma. I'm having trouble deciding when I'm going to make the trade, though. I've had the truck for a few months now and I've paid for nearly 2 years of payments, and I can probably pay it all off in a year.

    Since the F-150s depreciate so much in the first year, would it be better to pay it all off and then trade it, or trade it in in a few months (I'm wanting an 09 Tacoma) and pay off as much as I can? I know I'm taking a pretty big hit either way, but which would be "better?":confused:
     
  2. Apr 1, 2008 at 10:57 PM
    #2
    utixrunner

    utixrunner I <3 Boost

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    they best thing would be to sell it on your own, you always get f'ed with a trade in
     
  3. Apr 2, 2008 at 3:11 AM
    #3
    Roland

    Roland My other ride has sails

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    I agree. You'll get more from a private sale. Give it a try a couple weeks before you buy your truck. If it doesn't sell you can still trade it in.
     
  4. Apr 2, 2008 at 3:45 AM
    #4
    Janster

    Janster Old & Forgetful

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    Try to sell it privately....however, dealerships can offer good trade-ins when there are certain circumstances involved (I guess..not sure).

    I tried to sell my 2004 Dodge Ram privately - had an ad on www.cars.com for several months as well as posts on multiple forums & such. I had the truck priced level with KBB private value and inline with what other trucks of the same type were going for ( it still had 9 months of the original warrantee left on it & low miles). I got some nibbles but no buyers at all. I kept lowering the price. I'd keep the damn thing before giving it away.....My last asking asking price was $19,500. I think the market was majorly flooded with used Dodges and the new ones can be bought for cheap.

    Took it to the Toyota dealer just to see what they'd do with it....and I was pleasantly surprised at how much they gave me for it. They gave me $19,000 and I just about FELL OVER! I called my husband and we made the trade THAT DAY.

    I'm not sure if other factors were involved witht the trade-in value- The dealership was a 'group' dealer that also sold Dodges. I bought the Tacoma as a cash sale (no financing).

    Try to sell it privately...and see where you end up.
     
  5. Apr 2, 2008 at 7:56 AM
    #5
    Burns

    Burns Well-Known Member

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    I wouldn't pay it off yet, and when you go to sell it defiantly sell it yourself.
     
  6. Apr 2, 2008 at 1:44 PM
    #6
    CDonC

    CDonC [OP] Active Member

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    I guess I'm just worried about getting scammed by selling it privately. I'd probably be selling it at around the price of $20,000 or so, but how many people have that much cash on them and willing to buy a truck? I guess another option would be to accept payments, but I'd probably need the money right away.
     
  7. Apr 2, 2008 at 1:49 PM
    #7
    Dcrooks84

    Dcrooks84 Sir Anal Loin of Beef

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    When you sell your vehicle to a private party you would still go through the same channels as if that person was buying the truck from a dealership. They will either have the cash available to pay for the truck straight up (highly unlikely) or they will go to their local banking establishment to take out a loan. If you do the payment option from someone I would only do that with someone that I know of. If you do it with a close friend or family and any money issues arise it usually causes a pretty big fallout. But you want to at least know the person some what so they won't screw you over. Also make sure you have a contract making it so you have Power of Attorney over the vehicle until it is completely paid for.
     
  8. Apr 2, 2008 at 1:51 PM
    #8
    eordonez

    eordonez Living vicariously through mjp2

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    Like some pleople say around here, a Dodge truck is for life........ buy it and you'll never get rid of it...... :D
     
  9. Apr 2, 2008 at 8:14 PM
    #9
    Janster

    Janster Old & Forgetful

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    People will get small loans, home equity loans, or whatever. You shouldn't be concerned about where the money comes from - Care only that they pay IN FULL with legitimate funds and make sure EVERYTHING clears before you let go of those keys. NEVER accept payment plans from strangers!!

    Once you have the $$ in your secured bank account.... then take that money and pay off the loan.

    From there - whatever money you have leftover, goes towards a tacoma/loan.

    Selling a vehicle privately isn't that hard. If you're uncomfortable with it, then get a buddy or family member to be with you in doing the processing. Then both of you can 'take care' of the situation and make sure it goes smoothly. www.cars.com is a good place to start...it's pretty cheap and easy to put an ad on there.

    If you don't have any luck selling it - take it to the Toyota dealer and see what they'd give ya for it. Then - go back home and research your options. Wait longer....or take the trade-in value. etc.
     
  10. Apr 2, 2008 at 8:32 PM
    #10
    CDonC

    CDonC [OP] Active Member

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    As you can tell, I've never sold a car privately, I never even thought of people getting a loan to pay me for something.

    Has anybody sold their vehicle on craigslist? I know people who've put their cars up on the site but ended up having to trade them in.
     
  11. Apr 2, 2008 at 8:35 PM
    #11
    tacotoe

    tacotoe Pastry Chef

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    I traded a `99 Ford Ranger x-cab stepside in `01 for the then new DBL cab Tacoma. Surprisingly, the Toyota Dealer offered me more than the Chevy,Ford,Dodge Dealer would for trade in. I didn`t have the luxury of time to sell it or other options because I had a new addition to the family on the way.Since you`re not in a hurry just shop around test drive a couple, find a dealer ya like and maybe wait for the `09s.Thats just my 2cents worth.
     
  12. Apr 2, 2008 at 8:41 PM
    #12
    kingfishndude

    kingfishndude NoN Affiliated RedNeck Rebel

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    Never sold anything on craigslist but did buy a nice honda for my wife off
    there.Just make sure you go with them on the test drive because they might not bring it back and make sure the moneys in your hand before the keys and papers are signed.
     
  13. Apr 3, 2008 at 5:56 AM
    #13
    Janster

    Janster Old & Forgetful

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    In my oppinion....it doesn't matter where you post it ... You've always gotta be *on your toes* and have security in mind.

    From what I know of craigslist.....and I could be wrong... people expect to buy stuff for cheap (and I mean cheap).

    Don't let your truck go for any less than you deserve. Start researching on www.cars.com or www.autotrader. com and www.kbb.com and find out what your truck is worth and what other trucks are going for..... It ain't gonna be worth selling it privately if you *let it go* for nothing. Another reason why you should take it to the Toyota dealer and get a baseline of what they'll give you...so you'll know if/when its worth selling it privately.

    Can't remember if I mentioned this or not.... and perhaps this is only in PA...
    But... When you trade a vehicle in - you are only responsible for paying the sales tax on the 'amount due' towards the new vehicle. So - for example - if you sell your truck privately ($20,000 in cash) and you buy a new tacoma for say $29,000... You will pay sales taxes on that $29,000 (in PA, it's 6%- $1740). If you trade-in your truck and they give you $19,000 on it....and you buy the same $29,000 tacoma - you're only responsible for paying sales tax on $10,000 (6% - $600). So right there, you're saving yourself $1140 in sales tax by trading it in.

    Again - I'm not sure how your state works....
     
  14. Apr 3, 2008 at 9:19 PM
    #14
    CDonC

    CDonC [OP] Active Member

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    Yeah, craigslist is a little shady, but I guess an upside is that it's regional. Cars.com has a pretty nice deal with a money-back guarantee that'll let me upload a bunch of photos and will put the ad on A LOT of sites.

    I live in Oregon, and I'm pretty sure we don't have a trade-in tax, but Washington does.
     
  15. Apr 4, 2008 at 11:46 AM
    #15
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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    A better place might be your local Auto-Trader. They have a wide circulation and it doesn't limit it to people with internet access. With Craigslist or Ebay, you have to also watch out for the scammers.
     
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