Trade in Value of 2012??

Hello,

I have been looking to upgrade to a full size truck the past few years, and am nearing the point of purchase. Was hoping to get thoughts on what a reasonable expectation would be for trade in of my 2012 Tacoma SR5 double cab...135,000 kms. Located in Coastal eastern Canada, so there is a fair bit of rust on the underside

Current issues with it include: windshield needs replacing, leaking exhaust at flange, bumper plastic was removed, cracked leaf spring. Body is in pretty good shape, the regular wear and tear.

Local dealership after $12k Canadian of the price of a new purchase

Thanks!

 

why don't you sell it outright instead

 

Sure, an option as well. What would you see as an appropriate value?

 

What are they going for in your area? That would probably be a good starting point.

 

Post pics.

 

I give you $300 Canuckistikian pesos

 

Did the dealership assess the value of your truck without seeing it? Neither can the experts that lurk here......

 

whatever they go for in your area

 

Certainly worth looking into, but I've always done better to trade.

That's why it is important to know what your current vehicle is actually worth. The way taxes work where I live, I have to sell my truck for 10% more than they allow me in trade just to break even. Factor in my time and effort to sell and I'd need 20% more than trade value to be worth it.

You can use KBB.com to calculate value in your zip code.

Another, more accurate method is to take it to an independent car lot and simply ask them what it is worth in trade, and what they'd be asking for it on their lot. It helps if it's a friend instead of a random guy you've never met. They can look up the value in a couple of minutes and give you a fair, impartial quote. I'd price it somewhere between their trade value and what they would sell it for on their lot. Anyone buying a used truck will pay a dealer more than an individual. You'll never get the same that someone at a car lot will get.

Another option is to take it to your bank and ask them how much they would loan on that vehicle to someone with good credit. Most banks won't loan the full value of the vehicle, so I'd price it 20% over the loan value, but expect to get closer to 10% over. That will give you 3 different numbers in your local area.

The next question is how fast you want to sell it? If you ask top dollar, it could take months, many months, to sell. And while you're waiting to sell it you're paying insurance and taxes on a vehicle you don't want. If you want to sell it quick, you probably won't do any better than they offer you in trade. Especially after the difference in taxes.

 

Do you get a tax break on trade ins like in the US? If you only pay tax on the difference with a trade in, that could be worth a few thousand dollars plus you save the time and the hassle of showing the truck and the whole ordeal of private sales. Might be worth it if they offer enough on your trade.