EV Trade-in strategy thoughts?

Ask the Hackrs Buy/Finance
1

Based in So Cal.

I’ve seen similar posts on LH regarding positive equity trade in scenarios. Here’s what I’m seeing and wondering if anyone else has experience with this type of scenario.

I have a Hyundai Kona EV thats lease is coming up in a few months. I got a quote from Carvana and Carmax for well over the payoff (over $8k if you include sales tax). I’m considering buying the car outright and keeping it but would love to see if I can roll some of the equity to a Hyundai dealer to get a Hyundai Ioniq 5.
Has anyone had experience working with a dealer to negotiate the purchase price against a new car with the positive equity thats in a highly desirable lease with a local dealer?
I figure its a win win since they won’t be paying the sales tax and have the option to sell the vehicle at significant profits (I have a local dealer selling a similar vehicle with less options and more miles for close to $40k and my payoff on $27K.

2

Never do a trade in to ‘gain value’ as most dealers will play around and rip you off somewhere in the paperwork shuffle.

Sell the dealer the car, and buy a car (possibly from the same dealer). Used Car Managers and New Car managers work for different departments and you don’t get a deal by mixing them together.