[ToadVine]

Last time I did a trade-in, I sold it for cash to CarMax when the Honda dealer's offer was too low. Many of us are contemplating "the trade-in hassle" situation, so I'm wondering how the field has changed in the last 16 years.

There's been a lot of discussion about selling to Carvana over on another forum I frequent. This is all just internet hearsay and I have no personal experience with this, but everybody seemed to be very satisfied dealing with them; the handoffs went quick and easy and the whole process sounded almost too good. (Yes, I know....) But, if you're going to let a dealer work you over on the trade-in, you might as well let Carvana give you an offer first.

Anyone here have any firsthand knowledge of Carvana? Or, of any other auto buyers that might ease this whole process?

 

[Rxturbo7man]

Last time I did a trade-in, I sold it for cash to CarMax when the Honda dealer's offer was too low. Many of us are contemplating "the trade-in hassle" situation, so I'm wondering how the field has changed in the last 16 years.

There's been a lot of discussion about selling to Carvana over on another forum I frequent. This is all just internet hearsay and I have no personal experience with this, but everybody seemed to be very satisfied dealing with them; the handoffs went quick and easy and the whole process sounded almost too good. (Yes, I know....) But, if you're going to let a dealer work you over on the trade-in, you might as well let Carvana give you an offer first.to

Anyone here have any firsthand knowledge of Carvana? Or, of any other auto buyers that might ease this whole process?

Sold a them 2018 Infiniti Q50-S, gave me $1,500 less than I paid for the car; was totally satisfied with the deal, they picked it up w/ a flatbed and payment was direct deposited to my bank on the same day. This was a RWD car on summer tires, performance pkg., etc, not exactly in demand in NY. If you have an SUV/CUV or pickup expect to do even better.

 

[Wontonpierre]

Hey! I sold my XV Crosstrek to Carvana so I can buy an SC. They had the best offer by far (+$4000 over CarMax). My experience is that if your car is in decent shape, say it is in the highest condition, they only inspected it for like 2min. I've heard the same from others, if it isn't in vastly different condition than what you state, they aren't going make you reappraise. I did direct deposit, the money was in my account the next morning.

 

[Rxturbo7man]

Hey! I sold my XV Crosstrek to Carvana so I can buy an SC. They had the best offer by far (+$4000 over CarMax). My experience is that if your car is in decent shape, say it is in the highest condition, they only inspected it for like 2min. I've heard the same from others, if it isn't in vastly different condition than what you state, they aren't going make you reappraise. I did direct deposit, the money was in my account the next morning.

When I took the cover off the car the rep. laughed because it was so clean, didn't drive it or anything.

 

[ToadVine]

Yep, these descriptions are just like people were saying on the other site.

Is there anyone else, beside Carvana, who do these kinds of deals?

 

[Wontonpierre]

Yep, these descriptions are just like people were saying on the other site.

Is there anyone else, beside Carvana, who do these kinds of deals?

Vroom and shift.

 

[SmoovC]

One of the many factors I look at on trade in vs. sale is the outrageous sales tax rate we pay in WA. State. Depending on the region, it can be close to 11%. As for now, the trade in value comes off the total tax bil(king), so say for example:
$40k purchase price w/ $20k trade in value is really $22,200 trade in (based on 11% sales tax). Of course, stealerships know this & try to factor it in their initial lowball trade offer.

That said, I sold my 2014 Cadillac V Sport Premium to Vroom; they offered literally thousands more than CarMax. This meant a net gain vs. trade in value quoted at the time. (I did not purchase from CarMax.)

 

[ToadVine]

... I sold my 2014 Cadillac V Sport Premium to Vroom; they offered literally thousands more than CarMax....

How easy was the appraisel, car transfer, and payment with Vroom?

 

[SmoovC]

How easy was the appraisel, car transfer, and payment with Vroom?

1) Appraisal was pretty in-depth online; they confirmed condition once received. There were no discrepancies.
2) They contracted out the carrier, and picked it up at my place of business.
3) Payment was wire transfer to my bank; received within 48 hours.

I did need to provide a pic of odometer, copy of registration, copy of driver's license, 10 day payoff from my credit union, and power of attorney to facilitate transfer of title. Out of curiousity, I checked the listing for the car once posted, and they they marked it up 10%; which I thought was pretty reasonable given all the back end & transportation costs.

 

[treybrad]

One of the many factors I look at on trade in vs. sale is the outrageous sales tax rate we pay in WA. State. Depending on the region, it can be close to 11%. As for now, the trade in value comes off the total tax bil(king), so say for example:
$40k purchase price w/ $20k trade in value is really $22,200 trade in (based on 11% sales tax). Of course, stealerships know this & try to factor it in their initial lowball trade offer.

This is important to keep in mind when factoring in trade value -- always keep it in the back of your mind. I've always sold private party because the dealer wouldn't get close enough to make up what I knew I could get private party, even with the tax advantage and allowing $500 for the hassle of selling myself.... I'm always honest with them and say something like, "I know I can get $10k for my car private party, if you'll give me $9k we've got a deal." Knowing that they'll advertise it for $14k and make money financing it -- it gives them plenty of room for profit.

That $9k from them is $562 in sales tax saved (6.25% in TX) plus another $400-500 for the hassle of dealing with CL or whatever... and so far no dealer has ever done it. Which is fine, every time I've ended up getting more than I thought private party anyway.

With the crazy market right now, who knows though...

 

[Sparkland]

I contemplated selling my vehicle to Carvana, but the dealer offered me only $800 less than Carvana, so I took the tax savings and did the deal with the dealer. The value of my trade has decreased on Carvana from $30K to $26K in the last month. You might want to jump now, if you are at all serious.

 

[LittleBokey]

Trade (or selling price) varies by a bunch of factors, of course vehicle millage and condition are key. There are demand factors that can drive up or lower the trade. Best to start with KBB as a baseline, then shop it around. Carmax is good and fair, normally they come in highest. All have on-line forms, but they all also come and do a physical inspection.

https://www.kbb.com/whats-my-car-worth/

 

[LittleBokey]

I contemplated selling my vehicle to Carvana, but the dealer offered me only $800 less than Carvana, so I took the tax savings and did the deal with the dealer. The value of my trade has decreased on Carvana from $30K to $26K in the last month. You might want to jump now, if you are at all serious.

Timing is everything... I am seeing a slight down trend in trade values... as inventory increases for both new/used, they will continue to drop. Trade values have been at record highs in 2021.

Vehicle Trade-In Values Hit All-Time High in March 2021 | Edmunds

Thinking about trading in your car? See why Edmunds says there's never been a better time. Trade-in values shot up in March 2021, which is great news if you're looking to upgrade.

www.edmunds.com