Selling vs trade in

What are your thoughts on which way to go since the wait seems pretty long to get a 4R? I'm trading in a '21 Tacoma. The advantage of trading in is the savings on sales tax on the amount of the trade in. The advantages of selling and not waiting is saving on insurance, bigger refund on the extended warranty, and not having to mess with keeping the battery charged since I quit driving the '21 Tacoma and just have it garaged. The problem is that I don't know how long the wait will be.

 

I only see my vehicles private party.

Hell if the dealer is making money off my trade in and my new vehicle. Plus you get more back. I have extra wheels so waiting is never a problem. But of course I try to sell as close to getting my new one as possible.

 

If the difference between private sale and trade-in is equivalent (or close) to the sales tax savings just trade it in and be done with it. No bozos to deal with.

Since you’ve got a 21 you should eliminate almost all sales tax with such a high trade in value.

 

Forgot about that. It's a lot simpler to just trade it in.

 

I'll still take my couple $k over giving the deal more money.

Never spent over an hour at the buyers bank when selling private party so worth it to me. Dealer takes longer just waiting for the damn finance guy to do his paperwork.

 

That's a good point.

 

I’ve always used a credit union to finance a car. That way it’s just like walking into dealership and paying cash. No BS, just figure out what color you want and your done.

I have always sold my cars on my own. On average, I keep my vehicle’s at least 20 years and put 200k+ on them so not a lot of trade in value.

This was after I stopped driving Fords and discovered Honda and Toyota.

My Fords barely lasted 50k before they became money pits, but that’s a whole different story.

 

Depends on where you live and what price range you're selling in. I found in the bay area, anything new-ish, say <5 years and >$15k value, selling private party you get inundated with used car dealers low-balling you. I ended up trading instead just to avoid the hassle. Selling older vehicles <$15k, you'll get regular people with cash.

 

My situation worked perfectly for me. My new '22 ORP arrived on a Saturday and I took my 2014 Tacoma Off Road with 92K mi. to CarMax and got 24K that same day. (I had already got a quote from them the week before). Didn't do a trade in on the new 4Runner because the dealer couldn't match that amount plus tax break. I find dealerships to be a hassle time wise and with shenanigans. Private sales can be problematic as well. CarMax was simple in and out.
Good luck.

 

PS I'd suggest just going to CarMax for their free quote to see what they offer in current market. Then you might have negotiating power with your dealer. It also might be the better option. CarMax's offer is good for 7 days. Nothing to lose but time.

 

On the day I was due to pick up my new 4R in May, I went to Carmax in the morning and they offered $14,000 for my 2016 Subaru Crosstrek with 92,000 miles on it ($26,000 new). That afternoon the Toyota dealership offered me $12,000 trade-in. I showed them the Carmax offer of $14,000 and they matched it no questions asked. Plus 6% of $14,000 = $840 in tax savings by trading-in since it offset the purchase price by $14,000.

 

Currently I believe trade-in value is better than private selling. Dealer offered me more than Carmax offered. Dealership was also explicit in saying they are paying on the high-end of Blubook value in order to secure vehicles. They weren't lying, as their offer was 4K more. Just my .02

 

I would check with Autonation as well. They offered me within $500 of private party KBB value for my last 4runner.

 

Well, I went and sold the Tacoma today. Got about $6K more than what the dealer offered so it more than made up for what I would have saved in sales tax trading it in. Now with the money in the bank, I don't have to worry about used car prices going down before the 4R comes in and can take my time since I have another car to drive. Thanks for all the replies!

 

Nice- but where did the price land? Close to KBB retail? Better/worse?

 

I'm not sure what KBB retail is but it was a bit more than what I paid for the Tacoma so I'm happy. Got to use the Tacoma for awhile for free.