Does selling old car to Carmax yield more savings in Fozzi purchase or should I trade it in for Fozzi?
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Trade or Sell old vehicle in Florida for Fozzi?
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If you live in FL, FL is a state that allows you to use the equity in your trade to decrease the new vehicles sales tax. If your quote from Carmax exceeds that of your dealer, then do the simple math to determine if the increased trade price outweighs the tax savings. Typically, better to trade at the selling dealer to save the taxes and I can't imagine that your dealer wouldn't, at a minimum, match the Carmax price. Since you are buying a new Foz, they may even beat Carmax's valuation by $100 or two to sweeten the deal.
I guess my local dealership is the exception to the rule. They give you a trade in amount allowance, and it’s firm. If you go 1 mile down the road to CarMax and get a higher offer, the dealership will stick to their original quote and suggest you sell your trade to CarMax. The car I was trading was 5 years old, no accidents, in excellent shape and had 38K miles.
There are times a dealership just doesn’t want to go to the extra effort to sell a trade-in if they don’t feel there’s a sufficiently wide-enough profit margin potential.
I know this, because it happened to me.
I've always aimed to sell my cars privately to fund another car purchase. Typically, you will always get more for a car sold privately compared to either selling to a dealer or trading in. IMO it's only ever the dealer that benefits from those deals.
It is case by case decision but if your state allows you to decrease sales tax with trade in on your new vehicle, it will usually be that newer, more expensive vehicles are better for trade in. Older vehicles you may do better selling privately.
Just do the math for comparison.
I would personally consider trade in/private sale as separate transaction from buying new vehicle.
Secure best rate on new vehicle, check what you can get on private sale and at the end check your trade in quote.
If dealer knows about your trade in, he can play number better (for them) depending where you want to negotiate harder, new vehicle price or trade in price.
Just do the math for comparison.
I would personally consider trade in/private sale as separate transaction from buying new vehicle.
Secure best rate on new vehicle, check what you can get on private sale and at the end check your trade in quote.
If dealer knows about your trade in, he can play number better (for them) depending where you want to negotiate harder, new vehicle price or trade in price.
I agree with @Beluga...and as I stated above, you have to do the math when trading in a car in a state that allows you to take the tax break related to the value of the used car. If you are trading in a car valued at $5000, in FL, your tax break would be $350. $10K is $700 and $15K is $1050. The better the trade-in price and higher the used cars value, the more it may make sense to trade than sell to a Carmax or privately sell. You have to do the math and understand the rules!
Totally agree, and I have done both. Some folks just don't want strangers coming to their home and taking their car out for a test drive. Today's world is very screwed up and you never know who's coming by. You may get a $1000 or two selling privately, based on the vehicle, and you have to decide if you have the time, energy and patience to screw around with a stranger coming to your home and taking a spin in your car. Do they have insurance? Will they give you a cashiers check or cash? Do they have a valid drivers license? For someone that hasn't sold privately before, you need to be well educated too:wink2:
When I purchased my 2016 the dealer wanted to give me 6k for my trade. Told them that we buy any car.com would give
me 8k. So I politely stood up and headed towards the door, he quickly extended his hand and said 8k closed the deal.
So don't be afraid to walk away.
me 8k. So I politely stood up and headed towards the door, he quickly extended his hand and said 8k closed the deal.
So don't be afraid to walk away.
Yep, I can identify with all that. With selling to a dealer or trading in your car one sacrifices some $$$ for the very high convenience factor.
I haven't had to sell a car privately for a long time now but I have my check sheet already prepared!!! hahahaha
1. Do you have financing pre arranged?
2. No I cannot meet you anywhere other than outside my house on the street.
3. If you waste my time I will visit you in the small hours and unleash a Dixie horn up your sleepwear.
^^^you just made me laugh:lol: My boss is from London.
let's not forget lowballers and people that don't show up.
Yes - AND the one who turned up to see my high end Toyota for sale with lovely beige leather and who admitted - after I threatened to cut off his BALLjointS with my nails for time wasting - that he'd only come to "check out your groovy car leather".
Thanks, it sure is nice getting lots of feedback. I will ask Carmax to offer before inking a deal. If dealer offer isn't as good with tax savings. Will sell the old car to Carmax.
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I will need to also check if I do car sale to Carmax whether I can transfer tag to new Fozzi.
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