Road Bike, Cycling Forums banner

1 - 20 of 28 Posts

·
Strained coccyx etc etc
Joined
·
21,050 Posts
Discussion Starter · #1 ·
let's say my friend has a 2007 tacoma and is considering a small, more fuel efficient and less expensive vehicle.

now let's say my friend's truck has an $18k kelley blue book trade-in estimate.

two questions: if the vehicle my friend is considering is from the same manufacturer, and its value is at or lower than the trade-in of the truck, how is that handled?

//my friend would be going through a buyer's rep (bank), which has worked very well for my friend in the past. no haggling, full service (not code).

second: my friend still has 18 months on the loan.

think that would be a straight trade with the note continuing?

my friend is not smart about things of this nature.
 

·
No hero that's understood
Joined
·
6,100 Posts
2 things:

1) I really like the picture of the chick with the potatoes.
B) How much does your friend owe on the 2007 Tacoma?
 

·
Registered
Joined
·
658 Posts
This...

q_and_a said:
2 things:

1) I really like the picture of the chick with the potatoes.
And, I imagine your friends best bet would be to sell it privately. The dealer will "stick it to yer friend" in a bad way if they want to trade it in.

Edit: Fixed for "your friend" stuff...
 

·
half-fast
Joined
·
7,377 Posts
mccurdy21 said:
This...



And, I imagine your best bet would be to sell it privately. The dealer will "stick it to ya" in a bad way if you want to trade it in.
ditto, if you have the time. By like a factor of 2 to 1 or more.
 

·
Strained coccyx etc etc
Joined
·
21,050 Posts
Discussion Starter · #5 ·
q_and_a said:
2 things:

1) I really like the picture of the chick with the potatoes.
B) How much does your friend owe on the 2007 Tacoma?
b) $7-8k IIRC
 

·
Strained coccyx etc etc
Joined
·
21,050 Posts
Discussion Starter · #6 ·
mccurdy21 said:
This...



And, I imagine your friends best bet would be to sell it privately. The dealer will "stick it to yer friend" in a bad way if they want to trade it in.

Edit: Fixed for "your friend" stuff...
that's the thing about the buyer's service...my friend got a pretty good deal on the truck plus a really good deal on the trade-in last time around.
 

·
waterproof*
Joined
·
41,608 Posts
your friend will have to pay off the note on the Tacoma, and start a new loan for the new vehicle.

Figure ~ $9k net leftover for the new ride, so s/he could either buy a $9k car outright, or make a big down pmt and reduce the monthly.

/ get a Leaf

/ pewp a leaf
 

·
banned from the museum
Joined
·
6,622 Posts
Your friend would be better off selling the Tacoma privately, then taking the money and buying a new-used car outright. HTH. Selling with a lien isn't that hard. If the note is with a local bank you can do the transaction at their office, and the buyer can drive away with the Tacoma.
 

·
Registered
Joined
·
1,389 Posts
Dealers won't go off of "trade in value" from KBB, they go from actual wholesale prices of those vehicles in your area, then they will give about 2k back of wholesale.

Translated into figures, you've got about 16k for trade less the 8k owed.
You will have 8k to put down on the new car.
Is it still a good idea?
 

·
n00bsauce
Joined
·
13,507 Posts
While selling the Tacoma yourself might net more, I really don't know what kind of deal you can get for a trade in from going through the buyers rep. You're the only one who can tell us that. There's also the hassle and time it takes to sell a car to consider. You will need a new loan on the new car. No such thing as a loan transfer. The dealer and bank will handle this. If the trade in is worth more than the purchase after paying off the loan then you will get a check from the dealer. BTW, you really need to get help for your imaginary "friends".
 

·
Banned
Joined
·
19,737 Posts
unless the truck is worth many thousands more than the new vehicle, expect not to get much for a trade it.

Car salesmen are only thinking about the current deal. That means, they are not going to want to lose money. And, if they have to write you a check because you traded in a car worth more, that;s losing money. Overall, the dealership won't lose money because they'll make it up on the sale of the truck, but there is no guarantee that your salesman will be getting credit for that sale, so he or she will look at it as a loss. And it really is a loss, as it counts against their commission for the month.

I ran into that when I traded my 94 Sunbird V6 in on a 94 Escort wagon. All I wanted was a one to one trade - wholesale book for the trade and retail book for the new car (within $50 of each other). I had a heck of a time getting it. I eventually had to give them my car and $100 just so they could show a profit on that transaction.

Your freind will be better off selling it to Car Max. He'll get a fair price that way. Heck, buy the new one from Car Max too.
 

·
Strained coccyx etc etc
Joined
·
21,050 Posts
Discussion Starter · #13 ·
thanks, you guys are smrt.

guess i'll sit on the guzzler until it's paid off.

then consider a really small geeky car.
 

·
Registered
Joined
·
190 Posts
Yeah man, i just sold my 2006 ford focus at car max, and got like $1k under blue book, and bought an 08 Xterra for a super good deal. really enjoyed my carmax experience. you could always take it in and see what they would give you for it (the price/offer is good for 7 days)
 

·
Honey Smack!
Joined
·
7,966 Posts
haiku d'etat said:
thanks, you guys are smrt.

guess i'll sit on the guzzler until it's paid off.

then consider a really small geeky car.
I'' trade you my Santa Fe for it. :)
 

·
Custom User Title
Joined
·
760 Posts
haiku d'etat said:
thanks, you guys are smrt.

guess i'll sit on the guzzler until it's paid off.

then consider a really small geeky car.
I'm doing the same 'til '12-13 with my '07 Wrangler, which I bet is worse of a guzzler. One of my serious considerations is the Golf TDI.
 

·
Registered
Joined
·
1,325 Posts
haiku d'etat said:
thanks, you guys are smrt.

guess i'll sit on the guzzler until it's paid off.

then consider a really small geeky car.
I had thought about doing the same a couple of years ago with my Tacoma and decided to keep it until it was paid off. Now that it's been paid off for a few months that extra money for gas doesn't seem so bad.

Based on my calculations, what I would be saving with a more fuel efficient vehicle would be nearly 100% offset by insurance on the additional vehicle.

BTW for a truck my 2005 4wd Tacoma gets decent mileage, around 23 - 24. I would need something getting at least upper 40's for a second car to make financial sense.
 

·
hit it
Joined
·
4,006 Posts
Yer friend would probably hate a little geeky car. "My friend" has always owned trucks or Jeeps with the exception of a 2005 Civic Si he drove for almost exactly 2 years. "My friend" wouldn't consider going back to a small car.
 

·
donuts?
Joined
·
8,945 Posts
i traded in my Jeep Liberty for my Subaru in 2004. the trick was i went through the United Buying Service http://www.ubs4cars.com/ at my credit union. i took my trade in to a dealership that had both Jeep and Subaru outlets - i got 14,500 for my Heap - 3k more than i was offered at the local Subaru dealership.
 

·
Master debator.
Joined
·
8,761 Posts
Good luck getting KBB price on a trade in, unless the cost of the new vehicle doesn't drop a cent from sticker... your friend should just buy a scooter and be done with it :D
 
1 - 20 of 28 Posts
Top