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| I have a Black Touring w/ navi MDX scheduled for delivery in August 2001 and need to trade in my current vehicle to the dealer. The problem is I still owe money on my trade and figure the dealer will not want to give me a fair amount because I have put a $1000 non-refundable deposit on the MDX. Any words of wisdom? Thanks |
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cshields4545,
Go to the library, we use Kelly Blue book in the Northwest. Find out what wholesale book is, minus recon. Then go to a couple of dealers that sell your make and model and get some buy bids. Most American makes 2-3 years old are 2-4k back of wholesale in our area. Because the dealers are selling MDX's at MSRP there probably won't be any over allowance on it. But at least get a few buy bids. You only pay tax on the difference so make sure if you get a buy bid and decide to sell to them or someone else it covers it.
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| just for the record, you only get a tax credit when trading in for a used car. On new cars you have to pay full tax regradless. |
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quote:
Originally posted by slash007
just for the record, you only get a tax credit when trading in for a used car. On new cars you have to pay full tax regradless.
Not so in NY. Sales tax is calculated after deducting the value of the trade (regardless of whether traded-in towards a new or used car). Thus, add 8.25% to the amount offered by 3rd parties to properly compare that to the trade-in value. |
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Slash007,
Washington State only pays the tax on the difference, new or used. Thats sucks if you have to pay all taxes on a new, they already got you once.
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| I know Idaho, Utah, and Texas you only pay taxes on the difference between trade and sales price. New or used. |
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Of course, up here in NH, we don't have taxes!!!
(Apologies...couldn't resist). |
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CShields,
I feel your pain.
If you don't get a reasonable offer for the trade-in, don't hesitate to shop for an MDX elsewhere where the trade-in meets your expectations. You never know where there is a cancellation available and the salesman wants to market outside of their immediate area.
Although my previous vehicle was paid off, I received an extremely low wholesale offer for the van on the day my MDX arrived, and given until noon the next day to decide if I still wanted the MDX. I had already researched edmunds.com, kbb.com and nada.com and had a good idea of what the trade-in offer should be. My suggestion is to do your homework via these websites and then go to your dealer to get a trade-in offer. They probably won't want to do that until your MDX arrives, but push on this so you won't be unpleasantly surprised when the pressure is to sign over your present car at a heavy loss while looking out the showroom window at a beautiful MDX.
In my case, I called a dealer in another city (2-hours away) and was given an offer of $1,500 more for the trade-in and given a born-on date for the next week. It arrived there 3 weeks later at 4:30pm and the salesman delivered the MDX to me at 10:00pm that night. I'm proudly advertising that dealership (Gunn in San Antonio) in my one-dealer city (Austin) until my permanent license plates arrive.
One more thing...places without sales tax are overweighted in property and income tax.
Good luck! |
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quote:
Originally posted by ghotie
Of course, up here in NH, we don't have taxes!!!
(Apologies...couldn't resist).
You also don't have much else up there!
(Apologies...couldn't resist since you are not the only New Hamshirite in the forum, right Danny!):D:D |
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| My dealer told me that they should be able to give me 3 weeks notice before my MDX comes in. They will then give me a trade in value based on mileage and condition at that time. This gives me a base price and 3 weeks to try to sell the car on my own at a higher price (reflecting the tax savings). If not, the dealer can have it. |
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| Do not expect much from the dealer. You probably will come out ahead if you can sell the vehicle yourself. |
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| After being offered a poor trade-in on our '99 Eddie Baurer Exedition we took it to Carmax. They made us a great offer to buy it. They were $2000 over the best trade-in offer and were at the low end of KBB average retail. We felt much better this way than trying to sell it ourself. No hassles and a clean title transfer. |
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