I traded in my V6 last month for a Convertible GT. While I am totally in love with my new GT, I still miss my V6 coupe and saw its listing on the dealership site today.

http://causewayflm.com/Stafford/For-...-Car/29674500/

The dealer only gave me $16K for the trade, and then they price it for $21.9K!!! And they originally quoted me $13.5Km and bumped it up to $16K because I was ready to walk out.

I'm sad. I feel like I definitely got swindled.

 

Sadly that's the used car game. Dealers will typically pay 60-70% of retail towards a trade-in allowance. Most buyers just feel it's easier than trying to sell their car privately...the dealer is offering quick cash that's not really cash.

You didn't get ripped off by the dealer...you took the path of least resistance, that's all.

Tom

 

I know how you feel. It always feels like the dealership wins. But realistically the dealership wouldn't make any money if they sold your trade for the same amount that the paid you for it. So they are going to list is for more than they gave you to try to make a profit. Just because they listed it for sale at $21,990 doesn't mean they are going to actually get someone to pay that much for it. Most people want to feel like they got a deal by talking the dealer into a lower price. Did you check what the car was worth before you traded it in? You can get a good idea of what a dealer will pay you for a car you are trading-in at http://www.newcars.com/trade-in-valu...v=c&pse=google

Good luck with your new GT convertible!

 

Rarely get what you would think is a fair price with a trade in. They were only going to give me $500 for my 1999 F-150.

My gf just traded her 2004 ford taurus in for a 2011 chevy Malibu. They offered her $500 for it as well, which was generous haha. 155,000 miles, front bumper damage, and a cracked windshield. We countered for $1000 but they were still asking $18k for the Malibu. Told them to get to it to $15k or we were gone. They did too. Paper work said like $2300 for that junk taurus. Couldn't help but laugh

 

Best thing to do is to put it behind you. Let's talk about our almost twin 'verts.....

How are ya doing with it? Have you decided on stripes or the Eibach springs yet? Hope you did some cruising this weekend....great weather for a top down drive.

I'm digging the hell out of mine...handles well with the new springs, looks great just sitting still.

I said I'd wait a year before I modded the exhaust. I've had the car 6 weeks now, so close enough!!! Today I ordered GT500 axle backs....I need to hear more exhaust with the top down.

You've got some catching up to do.

Tom

 

That's a sad story.

 

You went from white v6 to black GT.
I went from black v6 to white GT. Lol

Don't worry. They marked your trade in up for haggle room. It's just part of the $ game.

Enjoy your car. The real crooks are the government.

 

Tom

 

You actually did well with the trade. Taking the initial offer would have been the mistake. Good for you for holding your ground.
As stated, these dealers need to make money. Their asking price is just that, an asking price. They'll let it go for $19k most likely and they get their profit and are happy.
Your only other recourse would have been selling the car yourself. Selling cars privately isn't the easiest to do. You would not have received thousands more and this trade-in saved you all the aggravation of 'tire kickers' and idiots that have no intention of buying the car. Never mind the risk of getting scammed or even worse. Lots of scumbags out there. I would not want my wife selling my cars privately (unless a friend) after I'm gone. Take the small loss and move on. The risk isn't worth it.
Enjoy your ride!!

 

The last few cars I bought, I told them I did not have a trade in. We haggled for the best price on the new one and then I asked them hey how much will you give me for my current car. I feel the numbers are less fudged that way.

 

Dealers won't give you full value because they need to make money on the car. It's like anything else you may sell to a retailer that will sell what you sold them. They need to make money. You would do better by selling on your own and leaving out the middle man.

 

Plus you would still have to pay taxes on a private sale.

Lol back to my point about the government being the real crooks .

 

You beat me to it!! The taxes is a good amount of money. Not sure what your tax rate is but if it is like mine it is over $1100 in taxes.

Enjoy the new car

 

are you talking about if she sells her car to a private party she has to pay taxes on what ever she sold it for? Or were you talking about buying a used car from a private party and then paying taxes when she transfers the title into her name??

 

In NJ where Michelle and I are from, the buyer pays the taxes since the seller already paid the original tax. NJ DMV calculates the tax basis on the NADA value, regardless of what the buyer paid for the car. At least that's the way they did it in the past. It's been decades since I bought/sold a used car.

Tom

 

Yes pretty much the same here in IL

 

Wut?

 

I thought you pay taxes if you sell it for any bit more than the book value. That's what I heard.

 

I'm just wondering, for a private sale, do you have to claim that on your taxes as income?

 

Yes for a business (profit only), but I don't think so for an individual.
Either way only an actual profit would be considered 'income'. Buying new or used and then selling at a lower price than what you paid is a loss. An individual cannot deduct that loss so I doubt they would have to claim any income from an occasional sale of a vehicle used for personal driving.