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Real-World Trade-In Values

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Comments

  • volvomaxvolvomax Member Posts: 5,238
    Can't speak for Carmax. I believe that virtually all CPO programs state that the car cannot have frame damage. Cosmtic damage, properly repaired is ok.
    If the accident is on the Carfax, most places won't want to try and retail it.

    I'd keep after the ins co. Owning a Pontiac may make it difficult to really asses the diminished value, since the whole brand has diminshed value right now.
  • jayriderjayrider Member Posts: 3,602
    volvomax --- if I have a very popular car --super pristine-- low miles-- that I have leased for almost 3 years -- still a month or two left -- buyout is 20k but retail is 23k. Hypothetically if I showed up at a dealer and wanted a new volvo suv -- would a dealer be willing to take my car in trade for 21k--payoff the note and give me 1k toward the new car?
  • volvomaxvolvomax Member Posts: 5,238
    Well, that depends on what the trade in is actually worth.
    If the car is really worth $21k, fine. If it's not, then you are looking at an overallowance scenario. You just end up making the new car that much more expensive.
  • jayriderjayrider Member Posts: 3,602
    Will see when the time comes. Every dealer somewhat different. Knowing your customer base - what they like and what they will pay will probably be a factor as well. Nothing to lose -- always turn it in and walk. No disposition fee on my lease papers.
  • mikefm58mikefm58 Member Posts: 2,882
    Hypothetically if I showed up at a dealer and wanted a new volvo suv -- would a dealer be willing to take my car in trade for 21k--payoff the note and give me 1k toward the new car?

    Don't forget, you typically have to pay sales tax on the buyoff amount because you are actually buying the vehicle from the leasing company and then trading it in to the dealer. The state is going to get theirs somehow.
  • jayriderjayrider Member Posts: 3,602
    If I trade in my leased car before the lease is up am I responsible for the buyout or does the dealer handle that? I drive up -- give you the keys and lease papers and get a new ride. Don't think I'm responsible for taxes.
  • ttarkingtonttarkington Member Posts: 18
    2003 Honda Accord Coupe EX-L Nav V-6 FWD
    Private Owner - 2nd owner
    Black/black leather
    106000 miles (needs timing belt service, $600 dealer)
    good condition - new tires, all maintenance records. Rear bumper replaced last year - the current owner backed into their other vehicle.

    2002 Acura 3.2 TL V-6 FWD
    VIN 19UUA56662A048754
    1 owner, red/tan leather interior. Good (not new) tires.
    85k miles.
    Great condition - no dents, tears, stains. No accident history.
    Service history good - verified with the Acura dealer.

    Both are located in TN, the Honda near Nashville, the Acura in the Eastern part of the state.

    Wondering what a good offer would be for both of these cars.
  • mikefm58mikefm58 Member Posts: 2,882
    Don't think I'm responsible for taxes.

    I'll let those in the biz respond for other states, but if you're in Florida, YOU are in fact responsible for sales tax. Think about it now. Who is the legal owner of the car when you trade it in, you or the leasing company? Up until the trade in, it's the leasing company. If you want to make a few bucks on your car since the trade in amount is more than the lease buyout, then YOU have to buy it from the leasing company and then trade it in to the dealer. Otherwise, the dealer could simply buy it from the leasing company for the lease buyout amount.

    I know this is fact here in Florida because I did exactly that in 2002 with a Honda Odyssey I had been leasing since 1999.
  • jayriderjayrider Member Posts: 3,602
    Checked with dealer re early sale. He said that when you lease you essentially own the car until the lease is up. If I bring my car to him before the end of the lease and it wholesales for 12k and my payoff is 10k he will buy the car and cut me a check for 2k. No sales tax on my part in illinois or missouri. Dealer pays off the note to get the title. If I sell it to a friend, then I have to buy it from nissan --pay sales tax--and sell it to the person who then pays sales tax again. :sick:
    Never know what the market will be in two years but nissan has been raising prices on muranos -- still very popular. Msrp is up 3k from when I bought and we are still in the same model year. Don't know what the 2010's will sticker for. Of course if gas is $6 a gallon --- different ballgame for sure.
  • sebring95sebring95 Member Posts: 3,241
    One way around the sales tax on a private sale, is to approach a dealer and ask them to buy the car from Nissan and sell it to your friend simultaneously. I agreed to a "document fee" of around $300 and everyone was fat, dumb, and happy. I have also done this on private sale of a vehicle I owned to save the sales tax on the new vehicle. I find smaller dealers more willing to work with you on these types of deals.
  • jayriderjayrider Member Posts: 3,602
    Thanks for the alternative sale option sebring95.
  • whitallwhitall Member Posts: 190
    Not sure if this is always true, but....I bought out my lease directly from NMAC. I sent them the payoff plus tax. I received a letter stating that I had paid off the lease. The title (in NJ) had the seller info filled in and the sales tax stamp at the top all filled in and marked as paid. The buyer info was blank. If I were selling it to somebody they could have paid me and taken the title to DMV and not had to pay tax. I would basically have been able to collect the tax I paid from them, this way it wouldn't be paid twice. Have I explained this coherently?

    I skipped the dealer. Didn't even call them. NMAC didn't charge me the $150 the lease says the dealer would charge, and didn't try to sell me financing. I'm happy with my 3% home equity loan. I was afraid the dealer would sucker me into something. Also, bought the extended warranty online from Nissan of Santa Rosa , CA. Paid about $1000 for 84 month--forgot miles, maybe 72 or 75k?
  • scanz1scanz1 Member Posts: 1
    Hello,

    I'm new to this site, but this discussion seems very valuable and I wonder if anyone can help me appraise this car for trade?

    2004 Mazda 3 Hatchback (gray)
    Boston MA/Manchester NH area
    77,300 miles
    5-speed
    Loaded with options (leather, 6 disc CD, alloy wheels, power sunroof, ABS, front side airbags, auto-dim rearview mirror, navigation, tire pressure monitoring system, universal remote transmitter, xenon headlights).

    Car is in clean condition, new tires.

    I took an average of KBB, NADA, and Edmunds and come up around 7800 (Edmunds was as high as 9k, KBB was down at 6300).

    Thank you for your help!
    Sean
  • gooddeal2gooddeal2 Member Posts: 750
    hmmm...did you price it correctly at edmunds?

    I was thinking it's too high for a 6 years old Mazda 3. I plug in your info w/ average condition, I got $7205 for trade in value but I might did something wrong as I don't know much about the Mazda.
  • mikefm58mikefm58 Member Posts: 2,882
    If I bring my car to him before the end of the lease and it wholesales for 12k and my payoff is 10k he will buy the car and cut me a check for 2k. No sales tax on my part in illinois or missouri

    Hmmm, interesting. I'd be curious to know if that is legit, seems like the state got screwed out of the sales tax here, any of the folks in the biz here familiar with this situation in Illinois or Missouri?
  • sebring95sebring95 Member Posts: 3,241
    A dealer can always buy a car without paying tax. The end consumer is who pays sales tax so when the dealer sells the car, the new owner pays the tax. If you buy out a lease privately (even if you're going to resell it) you pay sales tax because you do not have a auto resale permit. So the state gets the money twice, one from you and one from whomever you sell it to.
  • uga91uga91 Member Posts: 1,065
    Location: Atlanta
    1993 Honda Civic EX sedan (4DR), FWD, automatic
    Mileage: 44,225 (Yes, that is right, 44,225 miles)
    White/beige
    EX features: sunroof, air, bigger engine, 4 wheel anti-lock disc brakes
    Exterior is really good for its age, a few "kisses"; interior is excellent, back seat hardly ever used.
    Original brakes, no brake squeal or pedal vibration at all
    Tires are 10 years old, have 22k mi on them
    All maintenance performed at selling dealer--battery replaced 6 mos ago and thermostat replaced over the summer.
    One minor accident resulting in new front bumper cover when car was new in 1993. Did not hit hard enough to cause air bad to deploy.

    I know it's only worth anything as a private sale, any ideas on what Ishould be able to get for it? Thanks.
  • woodywwwoodyww Member Posts: 1,806
    I'll take a wild stab, only because I've sold a few super low-miles hondas & toyotas, & usually the biggest prob is the phone lines almost exploding. $6500-ish, private sale, "starting" price, you can always go down. Of course the tires are older than the car; but most people probably don't care, or are even aware.....
  • uga91uga91 Member Posts: 1,065
    Thanks, but the tires aren't older than the car. The car is 16 years old and the tires are about 10. The Honda dealer where mine was sold and serviced has a 1995 Civic DX sedan with 85k mi on it for $4995 and there are 1993 Civics on craigslist here in Atlanta with 180k mi on them and beat to crap and they want over $2k for theirs. Compared to those, mine is practically museum quality!
  • mikefm58mikefm58 Member Posts: 2,882
    If you buy out a lease privately (even if you're going to resell it) you pay sales tax because you do not have a auto resale permit.

    Thx, that was my understanding as well. Sounds like either the dealer the OP was working with is crooked or the OP got some of the details wrong. The state is ALWAYS going to get theirs.
  • kyfdxkyfdx Moderator Posts: 265,440
    Generally... (maybe not in FL), you can trade in your leased car to a licensed dealer, and no sales tax is due. No different from trading in a car that you have title to... You don't have to take ownership of the car, first... Almost every leasing institution will sell the car directly to a dealer for the payoff amount.

    Selling to an individual is a different matter..

    regards,
    kyfdx

    Edmunds Price Checker
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    Edmunds Moderator

  • woodywwwoodyww Member Posts: 1,806
    Oops, just my math dyslexia again. Still, a "museum quality" 16 y.o. civic will only get so much of a premium......& what dealers & people are "asking" for similar ones ($4995??) may be way more than they'll sell for. $3K-ish, private sale.......
  • stkntrafficstkntraffic Member Posts: 172
    Well, you're paying a portion of the sales tax every month as part of your lease.
  • acehawkacehawk Member Posts: 22
    New York City
    2008/Honda/Accord EX-L
    4DR
    4 cyl, Auto
    FWD
    20,300 miles
    Black/Black
    Leather, Sunroof
    Avg condition for the mileage
    No accident or paint work

    What's the trade in value?
  • lrguy44lrguy44 Member Posts: 2,197
    Because you are leasing the car you pay taxes on the monthly payment. In some cases a portion of these taxes may have to be collected up front, but it is all based on the lease payment. It is the same as buying an item in the store. Therefore, if you buy the car taxes must be paid on the purchase price.
  • mikefm58mikefm58 Member Posts: 2,882
    Well, you're paying a portion of the sales tax every month as part of your lease.

    Heeeeere's your sign. Did you even read the entire thread?
  • sugarbellysugarbelly Member Posts: 29
    Hello, all:

    I'm looking for true private party & wholesale values for her. Don't need to sell her quickly, as she's resting in a garage, but would like to move her before winter sets in.

    MINI Cooper S
    JCW upgrade
    91k miles
    Dark Silver/Black top
    Anthracite/Chrome Line interior
    All major options: Xenons; full leather; MINI 6-cd; Multi-Function Steering Wheel; Premium; Sport Plus & Cold Weather Pkgs-- No NAV

    Dings:
    tiny ball-point dent/scratch (have touch-up paint)
    1/2" faded scratch by door handle
    Brakes: 55% worn (have new to offer/install); Rotors 15% worn

    3 Tire/wheel sets:
    35% worn snows on 15" OEM wheels
    35% worn summer treads on 17" OEM wheels (rare-- sport pkg Cabrio)
    100% new 15" White OEM wheels with all seasons

    1-owner, all maintenance records, no accidents, repainted hood when JCW Aero Kit front bumper cover was installed (3 months ago)

    always garaged & non-smoking
    Milwaukee/WI

    Thanks in advance
  • jayriderjayrider Member Posts: 3,602
    Whenever I've traded in cars, I've always had the complete service record with receipts. The dealer could care less. I guess it has no value unless you sell it yourself -- correct?
  • gooddeal2gooddeal2 Member Posts: 750
    I trade in so many cars and not even a dealer asks me about service records. They only care if the car has physical damages or been in an accident.
  • lrguy44lrguy44 Member Posts: 2,197
    Service records really do add value to a high end car. Not much on a Chevy, Ford Dodge, etc.
  • sebring95sebring95 Member Posts: 3,241
    Looking at buying this one, wondering what the dealer might have in it. At a Chevy dealer, don't know much about it yet but the asking price got my attention ($13.5).

    2008 VW Jetta S, manual, no options
    20k miles
    Black/Gray
    Ohio
  • jayriderjayrider Member Posts: 3,602
    sebring95 --- I can't believe your still shopping. :) To evaluate that jetta as a buy -- check out the 09 - 10 new jettas on the vw lot. If a base stick is ok, I think for a few grand more - maybe less- you can get a new one with free maintenance and warranty for 36k miles. 09 -17k 2010 18k. Heck -- for a few grand more I might sell you my jeep liberty.
  • sebring95sebring95 Member Posts: 3,241
    I'm always shopping. Similar new base Jetta S w/ hand shaker is about $18k. So I save $5k (minimum) on a car with a good carfax, one private owner, & maintenance records. I'm not following the value of that new car?? Free maintenance doesn't interest me, I'll lose more money driving an hour each way to get to the dealer. I think you should keep that Jeep ;)
  • krwest1krwest1 Member Posts: 79
    This one is at a Kia dealer in Charleston, SC:

    2007 Mitsubishi Eclipse Spyder GT
    V6, auto trans
    33k miles
    Dark red over black leather
    Sport Premium package (leather, auto climate control, heated seats)
    Condition looks good from the pictures. Haven't seen it in person, so I don't know about tires and maintenance.

    What do you think they have in it and what is a fair offer?

    Thanks in advance.
  • mherr05mherr05 Member Posts: 14
    Location: Omaha, NE
    2008 Toyota Highlander Sport
    V6/Auto
    2WD -Front
    27000
    Pearl White Out/Light Gray Cloth In
    Options: MP3 Multi-Compact Disc/JBL Premium Sound/Bluetooth Wireless/Sun Roof/Rear Air/Third Row/Alloys/Roof rack/Privacy Glass
    Interior/Exterior: No flaws, still looks fairly new
    Tires - 40% worn
    Maintenance: bought car as Certified Used just over 1yr ago. Has had normal maintenance performed on time (oil changes/inspections)

    We are looking to trade this. I am appalled at the offer we've received. $16k!! Seems very low to me so wanted to get an opinion here. I am seeing this type of car for retail around $26k. I'm confused.

    Thanks
  • jayriderjayrider Member Posts: 3,602
    Your car is listed --asking price in the high teens on various sites. 16k trade seems right on. You can't swap cars in a year and not expect to get bombed in most instances. Gas is going up again -- the lower mpg vehicles are suspect again. You have fwd and cloth seats -- sun roof? Pretty basic -- I'm sure you liked it when you bought cpo. Enjoy it for a few more years. Otherwise, do like I did a few years ago and get killed on a quick turn around trade-in. :sick:
  • mherr05mherr05 Member Posts: 14
    Thanks JayRider. I have not seen our model Highlander w/ features for under $23k. Where are you seeing this?

    Not sure what you mean by "basic" but its has extra features that I listed in my original post. Its the middle model "Sport" not the base model. I just did a TMV pricing and it says $25k. We bought it certified used with $13k miles on it. Just wondering why a dealer would only be willing to pay $16k for it. It still seems extremely low.
  • qbrozenqbrozen Member Posts: 33,733
    hmmmm... I just tried TMV and it says $22k trade-in. Edmunds is usually high, but not THAT high.

    Has the car ever been in an accident?

    '11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S

  • mherr05mherr05 Member Posts: 14
    You must not be adding in all the options.

    No it has never been in an accident. It was certified used when we bought it just over a year ago and its been well taken care of!
  • mherr05mherr05 Member Posts: 14
    Also want to clarify....When I said $26k I was talking about the retail value since JayRider said he was seeing them listed in the high teens????? I do not see that. Yes, TWV approximates are: Trade In is $22k, Private Party $24k and Retail $26k. So thats why I am not understanding the trade in offer of $16k. Its low. We owe close the the TMV trade in value.

    Thanks
  • jayriderjayrider Member Posts: 3,602
    Punched in the truck on cars.com and autotrader. Matched miles and year for the sport. Most were in those high teens -- a few in the 20's. As far as equipment -- seems people want leather- moonroof and awd if you are going to get interest in the mid 20's. Your miles are good. There are a lot of sports around. Not sure if they are moving fast. The dealer guys can give you the best info. You still haven't said why you want to trade and for what.
  • sebring95sebring95 Member Posts: 3,241
    You still haven't said why you want to trade and for what. What does that have to do with the value of his car??

    I'm seeing these in the lower to mid 20's on autotrader with same miles. So I'm not sure where you're searching. Without knowing current auction values however, it's hard to say too much. It's possible Toyota has a bunch of these coming off lease which is deflating values. This is the time of year that happens with Toyota so it could be a timing issue. If the auctions are swamped with lease returns, it'll bump all the values down, even average mileage newer iron.
  • jayriderjayrider Member Posts: 3,602
    Has nothing to do with the value of his car. Thanks for pointing that out. Will try not to stray off the straight and narrow. I was looking at 07's instead of 08's.
  • mherr05mherr05 Member Posts: 14
    It seems you may be not inputing the correct info on my car. I just did the same search on Cars.com and Autotrader and i'm getting the mid 20's for retail listings. Mostly around $26k. This is a 2008 Sport 2wd with lots of extras. Pretty much everything besides leather and 4wd (sunroof, rear air, mp3 multi disc cd changer, jbl sound, bluetooth wireless, third row seating, alloys, etc).

    You could be right about there being an overload of these cars in auction. I just dont see how dealers are buying these for $16k and then listing then in the mid to high 20's. Seems like a big mark up. Hmmm
  • british_roverbritish_rover Member Posts: 8,502
    Even 16,000 seems high to me but FWD in a SUV is basically a no sale car in this Hilly Part of New England. Maybe that is as scary in flat Nebraska.
  • woodywwwoodyww Member Posts: 1,806
    It sounds like you've only been to one dealer, & gotten 1 trade in offer you didn't like? Why don't you go to a few more dealers to see what they'll offer? And/or list it privately on autotrader or ebay & see what happens.

    To get a good trade-in price for a car you may have to schlep it to 4-5 dealers, & maybe put up with some weird BS from some. Some are just gonna wholesale it off. As far as "big mark ups", that's kind of why they're running a dealership.....
  • jayriderjayrider Member Posts: 3,602
    Like i said in previous post -- put in 07 not 08. But the key is not what folks are asking for them -- it's what they actually sell for. Auction prices are for dealer eyes only --- you would do better selling yourself -- hassle and time consuming but it will pay off. If you are upside down on what you owe, then it might pay to keep it a while. Good luck.
  • nthenthe Member Posts: 414
    2000 Volvo S80 T-6
    103k miles
    good condition
    new brakes/tires
    no malfunction lights on
    accident on rear passenger side that has been fixed - replaced rear quarter panel and bumber cover.
    1 owner
  • nthenthe Member Posts: 414
  • dbtdbt Member Posts: 298
    The Highlander was redesigned for 08. 07 was last year or prior generation - that will lead to a big difference in value here, if you use the wrong year.
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