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Discussion Starter · #1 ·
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?
 

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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.
 

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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.
 

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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.
 

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Discussion Starter · #5 ·
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?
 

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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. :rolleyes:

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.)
 

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Discussion Starter · #8 ·
... 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?
 

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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.
 
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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. :rolleyes:
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...
 

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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.
 

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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.

 

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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.

 

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This is something i am presently contemplating. My used Tacoma is in high demand . I can actually get 5k more than I bought it for used two years ago. So that amount comes in at or slightly above what the SEL Premium will cost me. Perfect, I thought. Then I realized If I make an even swap at dealer or pay cash I owe sales tax on the entire purchase price. Does it therefore make more sense to trade in at just below new SC purchase price and pay a couple hundred instead of a couple grand in tax? Thanks in advance.
 

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Does it therefore make more sense to trade in at just below new SC purchase price and pay a couple hundred instead of a couple grand in tax?
Do the math both ways and see what the difference is. For example $2k worth of tax vs $5k more on the trade? Easy decision - you pocket $3k seperating the two deals.
 

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Do the math both ways and see what the difference is. For example $2k worth of tax vs $5k more on the trade? Easy decision - you pocket $3k seperating the two deals.
I sold to Carvana. They gave me almost 4K more than anyone else offered for my Camaro convertible. It more than made up for the tax savings loss. It was the easiest transaction I have ever had with a car. The whole thing took less than 10 min. from the time he arrived to get car to check in hand. He barely inspected car. I could have saved myself $125 by not having it detailed, but I wanted it looking its best. Timing is everything, though. 2 months earlier, Carvana offer was 2.5K less than what I received, so its best to compare the sights and if you really like the offer, jump on it.
 

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I got an offer from Carmax for 20.4k on a five year old Civic with 54k miles. That was 4.4k above the highest confirmed trade offer and that was at a dealer that wanted amongst the highest markup. I took the position that I did at least 4k better on my trade then I would have in a normal market which made taking a 2k markup on the SC tolerable as I still feel I came out ahead.

One thing to consider when selling to third party after the fact (assuming you can't sell your original vehicle before the new car) is I wound up taking a much larger amount in finance then I would have if I traded, which I prepaid a week later when I sold my previous vehicle to Carmax. Hyundai finance applied the prepayment to the payments at the end so I was stuck with a higher monthly payment on a shorter term then I would have normally taken. Which is not a huge deal as I was easily able to refinance through another bank at an even better rate for the length I wanted.
 

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I've never traded in a car to a dealer, but I'm very comfortable selling privately as I've done it all my life with the many used cars I've owned prior to ever being able to afford a new car. I'd use all the new used car sales companies to price it out, then check what they are selling for in the used market and make the call if it is worth your time and effort to do it yourself or just let them overpay you for it.

I checked the prices in the used market and gave the most weight to those resale companies that have no haggle pricing. Then I photographed my trade-in just like they did and wrote up a similar no haggle ad with frim price. My 2012 Mini Cooper with low 65Kish miles sold within the first week at about $2K over retail KBB and others pricing services, plus I had other buyers waiting in line to purchase it. The first buyer to show up bought it! Selling it myself worked out well for me and I pocketed the profit that the used car sellers would have gotten, but selling yourself isn't for everyone.
 

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I've never traded in a car to a dealer, but I'm very comfortable selling privately as I've done it all my life with the many used cars I've owned prior to ever being able to afford a new car. I'd use all the new used car sales companies to price it out, then check what they are selling for in the used market and make the call if it is worth your time and effort to do it yourself or just let them overpay you for it.

I checked the prices in the used market and gave the most weight to those resale companies that have no haggle pricing. Then I photographed my trade-in just like they did and wrote up a similar no haggle ad with frim price. My 2012 Mini Cooper with low 65Kish miles sold within the first week at about $2K over retail KBB and others pricing services, plus I had other buyers waiting in line to purchase it. The first buyer to show up bought it! Selling it myself worked out well for me and I pocketed the profit that the used car sellers would have gotten, but selling yourself isn't for everyone.
I did wonder about doing a private sale, but I wanted to move quick once I found a SC for an acceptable price and was petrified a private sale would mean a trip to the NJ MVC (dmv).

In NJ and I believe a few other states their motor vehicle department has yet to recover from covid staffing issues. In NJ everything is still appointment only and popular appointment types are often fully booked 90 days out.
 
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