We're buying a new car this weekend from a Ford dealer. I'm planning to trade in my current car, but not really sure what to expect as a fair price. KBB says its trade in value is worth around $3,800 but I would not be surprised if they offer me something half that. Is this value negotiable with the dealer? The last time my wife traded in a new car the dealership (Subaru) told her that the price is non-negotiable as they use a price calculator and for whatever reason cannot deviate from that price.
For anyone who cares about the details of the car I'm trading in, it's a 2004 Acura RSX (non-S type) with leather, 110k miles, and at worst in "fair" condition. It is a "salvage" title which KBB does not offer prices for. I live in Syracuse, NY.
Trade in is negotiable, it's a matter of how far they're willing to move and how capable you are in negotiating.
And the other advice is accurate, negotiate the trade separate from the vehicle you're purchasing, they're two distinct transactions (financing is a third).
Edmunds will provide you with invoice (dealer cost) pricing on the new car, which you use as leverage to negotiate on it.
I don't want to put money into fixing these things. Am I better off just going to a place like Carmax with my car in "as is" condition, or is it worth it to put some money into the car?
If the dealer offers you squat, try Craigslist. It can't hurt. You have to always mention the salvage title b/c no matter the condition, folks are weary of them and they really depreciate the value of the car by a lot!
Good luck.
I don't want to put money into fixing these things. Am I better off just going to a place like Carmax with my car in "as is" condition, or is it worth it to put some money into the car?
Wow, I thought these were good vehicles.. 101k miles aint nothing nowadays
$1000 to fix window motors? moulding leaks? the damn emblem falling off the car? You can have your BMW..
In the German cars, it's the electronics. My MB is going on 14 years old now, and mechanically it's a clock. I've never been stuck, never had any major mechanical repairs.
On the other hand, it's been death by a thousand cuts with the electronics. The amplifier to the radio failed. The switch for the folding mirrors failed. The xenon headlights both failed. If you're handy, a quick trip to eBay and you're back up and running on the cheap in minutes, but knowing that it's only going to continue to get worse means that at some point you have to part with it despite the fact that the drivetrain probably has another 100k miles in it.
Which is why I will line up and buy the first car sold with modular electronics or the Luddite equivalent without onboard computers (which, with the current emission standards will never, ever happen). The machines are built to last 20-30 years, but the sensors onboard, throughout the car, aren't meant to go more than 10.
I've owned three BMWs and in 15 years spent very little on anything other than tires and brakes. You get what you pay for, parts on German luxury autos definitely aren't cheap.
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Glue, small parts etc tend to require replacing well before then.
In the German cars, it's the electronics. My MB is going on 14 years old now, and mechanically it's a clock. I've never been stuck, never had any major mechanical repairs.
On the other hand, it's been death by a thousand cuts with the electronics. The amplifier to the radio failed. The switch for the folding mirrors failed. The xenon headlights both failed. If you're handy, a quick trip to eBay and you're back up and running on the cheap in minutes, but knowing that it's only going to continue to get worse means that at some point you have to part with it despite the fact that the drivetrain probably has another 100k miles in it.
Which is why I will line up and buy the first car sold with modular electronics or the Luddite equivalent without onboard computers (which, with the current emission standards will never, ever happen). The machines are built to last 20-30 years, but the sensors onboard, throughout the car, aren't meant to go more than 10.
No argument there jcn, that's dead on.
I would go to the dealer to test drive the car that you like and then do all the negotiating over the phone using the value of the carmax trade in as your down payment. Much less stressful that way.
I gravitate toward generally more problem-free but less sexy Acura/Lex segment (Honda nailed the new TLX), but German cars are dope. Some day as a second car if I ever get outta NYC...
This ^^^^^^
Do NOT tell them that you want to trade a car. They will ask you that up front because it is part of their ploy. Tell them NO. Negotiate the deal on the car without the trade in the picture. You may be better off selling your car with that salvage title apart from this transaction.
Yes. 18 months ago we got a 2001 Buick with 40k on it, and have already replaced two window motors and the radio.
Although the car looks good as new, and actually is where it counts, the electronics have been aging the whole time. We got a great deal on the car, so I happily replaced the window motors, as we expect to have the car for many more miles.
Since there is virtually no profit to be made, there really is no value for a trade in. You will probably be better off selling it yourself.
Carmax won't touch it. You'll be lucky to get offered anything in trade.
2. financing is literally impossible to obtain.
Vehicles which carry a salvage title may not be registered and driven on public roads in most states,[8] which impacts resale value.[7] Rebranding of the title is not permitted without having an inspection to verify that they meet all safety standards.[9] The inspection procedure may be complex,[4] and attempts to illegally circumvent the inspections are periodically reported.[10]
Industry standards followed by the National Automobile Dealers Association Appraisal Guides, Kelley Blue Book Market Report Official Guide, and the International Society of Automotive Appraisers devalue a motor vehicle that has a salvage title. Kelley Blue Book automatically rates any salvage vehicle as "poor" and does not value it at all.[11] The value of a vehicle with a salvaged title is usually 40-50% lower than the vehicle's estimated value. These cars cannot be registered or operated on public roads or highways.
If the vehicle is rebuilt to a road worthy condition and has passed State inspection the difference in price is 35-50% of fair KBB. These cars have "rebuild" or "rebuild salvage" annotation in the title and can be registered and operated just like a new car.
Cars that previously had "junk" title and were restored to road worthy condition get new title and new VIN after state inspection. New VIN will not match any other VIN numbers on the vehicle doors or panels. Year of the vehicle is determined by title issue date. These are considered to be self assembled cars.
Title washing refers to transferring a vehicle's registration for the express purpose of removing a title brand.[12] The practice is legal, and practiced by the insurance companies themselves.[13] Title brands such as "salvage," "junk," and "rebuilt" are not standardized, and a vehicle which has such a designation may receive a clean title when registered in a different jurisdiction. Further, vehicles imported to or exported from the United States and Canada are issued a clean title, even if they have been involved in an accident. Other states have relatively lax inspection criteria to remove the salvage brand.[2]
There is a specific book they use for trade in's. It's not even close to the edmunds or kbb.
The name of the book escapes me... I will find out
There is a specific book they use for trade in's. It's not even close to the edmunds or kbb.
The name of the book escapes me... I will find out
"Black Book"
but even that is now considered obsolete.
Most dealers are locked into the Manheim Auto Auction prices which update vehicle values immediately.
There is absolutely no reason why you shouldn't sell it on your own
galves - ( New Window )
First, I keep all of my transactions separate, doesn't matter if I'm buying or selling.
I've only sold a few cars privately and as I get older, I don't have the time or desire to go through that process.
If I'm selling and happen to be dealing, at the same time, with a new car dealer, I have them give me a trade-in price as a joke comparison (they have 100% of the time been a joke), then I will get a price from Carmax so I know where my low point is, then I will shop it to several local used car dealers in town who I have gotten to know over the years. I'll then sell it to the highest bidder or the one I like the best.
Carmax's model has put a tremendous amount of pressure on the whole used car market, up and down, new and used. Many of the local used car dealers are hurting because of it, so if you shop your car to one of them, you're very likely to drive a better deal for yourself.
All the talk of "salvage" is spot on, you will have trouble with it.
All of the talk of auction pricing is also spot-on, unless your car is special (in a good way) you're going to get a price based on what it will sell at auction the week.