Trading in for New Lexus...issue.
I've been getting mailings and calls from my dealer saying they have been low on 2004 ES330's (what I own) and they are giving premium pricing on ES trade ins. My car was hit a few months back, resulting in $12,000 in damages (front bumper, headlight, and fender), and thought it would be nice to get a new car for mine.
When I got to the dealership, the used car salesman said it was only worth $13,500 (it has 27,000 miles on it), that they couldn't trade in a car with damage reported on CarFax, and i was shocked!
I've always known that if a car is wrecked and repaired, it is returned to "Pre-loss Condition" meaning the car is returned to its previous value (as my insurance company says, and that to use NADA to valueate a trade). This price would be $20,000
Has anyone else had this said at a Lexus dealership, about low on ES330's, can't trade in a car with a wreck on CarFax, etc? Or is this a scam to cheat me out of a deal? Any help would be appreciated!!
When I got to the dealership, the used car salesman said it was only worth $13,500 (it has 27,000 miles on it), that they couldn't trade in a car with damage reported on CarFax, and i was shocked!
I've always known that if a car is wrecked and repaired, it is returned to "Pre-loss Condition" meaning the car is returned to its previous value (as my insurance company says, and that to use NADA to valueate a trade). This price would be $20,000
Has anyone else had this said at a Lexus dealership, about low on ES330's, can't trade in a car with a wreck on CarFax, etc? Or is this a scam to cheat me out of a deal? Any help would be appreciated!!
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Comments
IMO, it will not make much diff. in term of trade in value for a car at this age if the accident was minor. 12k damages? I think it's more than just a bumper.
20K trade in value is way too high, IMO. I think this is more like a 16-18K car.
That letter you got is a pretty standard dealership tactic to get people to think about trading their vehicle in for a new model. Maybe they are giving "premium pricing", maybe not, but as you found out, the only thing that matters is what they are specifically offering you.
And the real thing that matters is whether you were interested in buying a new vehicle in the first place!
I would recommend that you drop by the Real-World Trade-In Values discussion for a fair market estimation of the the value of your car. Carefully review and follow the guidelines above the post box so that you can provide all the information the folks there will need in order to help you.
Best of luck to you!