Toyota exchange program

Went to toyota just for an oil change and got pulled aside bc they want to buy my truck.. They offered me $23k. And said I could walk off the lot with a 2014 taco without taking a dime out of my pocket. 2011 taco double cab base sr5 40k miles. Thoughts/opinions?

 

You must have a pretty sweet truck. You can walk off with any 2014 model you want?

 

Without taking a dime out of your pocket does NOT mean an even trade. It means they will give you a loan without any down payment (except of course the down payment you are making with your present truck). If it is good for the dealer it is not good for you

 

^ what he said. I get offers from my dealer all the time with what a great deal they will give me.

 

Ah, didn't think of that. I was thinking an even trade which really didn't make sense to me. I think you're right

 

This
Except the last part isn't 100% true, the dealer could have a higher ROI in selling used great condition truck. It all depends on your needs too, if you're looking to upgrade it could bea good deal for you just don't let them rape you on the financing.

 

I know that when I was looking for mine in April the dealers couldn't keep the used ones on the lot. Doesn't surprise me that they are wanting used ones to resell.

 

I had my new 2014 only six months and the stealership was calling me about trading, I told them I am good.

 

Everything for my current truck would transfer over to the new truck. Nothing would change financing wise. I would get that 2 years free maintaince, factory warranty and all kinds of upgrades going from a 2011 to a 2014.. Just got me thinking and thought id share and get some opinions

 

I get letters from the dealership often as well. However, as stated above the "wording" is such that it makes you want to jump AND it's in their favor.

But, I had finally saved enough to pay cash for mine and the offer letter looks ridiculous !!! Something like ... " your current payment is $0. your new truck will only cost you $7K+ to keep the same payment " LOL

 

It would have to change financing-wise.

Sure, they might be able to keep the payment itself the same, but what you will end up having as far as rates/period, you're going to end up paying a lot more in interest. There's no way that your truck's value would result in a downpayment high enough to make everything else line up. If everything, including final payoff date and interest rate was the same, that's one thing, but something has to give, somewhere...the math doesn't work otherwise. Follow?

If you were planning on getting a new truck and were comfortable with the payment and the rate wasn't too awful, that's one thing...

 

Yeah, it all depends on your interest rate and how much you owe on your current truck too. I was able to trade in my 2012 SR5 Tacoma with 39,000 miles on it for $25,000 but I only owed $5600 on it. So I basically had a $20,000 down payment on the 2014 SR5 4Runner I wanted. Plus my own credit union gave me a 1.9% interest rate over 60 months. Make sure you look at all the components of their financial package.

 

Got offered 25k for my 2011 last week when picking up filters...I only paid 26...and I'm loan free on it now so it's staying awhile those tundys sure look tempting though lol

 

You are still going to make a payment on the difference of the balance. If you are still making payments this could be lower than what you are paying now.

Its the same as a trade in