Is there any strategy to take a 2018 Toyota Highlander XLE, 30,000 miles, decent shape, that I currently own outright and turn it into two leases on something similar? I don’t even know where to start.
Start by getting offers on vroom, carvana, etc for an outright purchase of your vehicle.
Then if you are happy with that. Sell.
Leasing kinda sucks right now but deals are out there.
Expect to do a lot of homework and research.
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I guess I don’t know how to come out on top with the situation I am in. I have this Highlander I paid off with COVID money(long story) and then another car that is a miracle it still runs. I really like the Highlander but maybe its better to unload it for the equity and just lease something? I guess if the leases are inflated then I wouldn’t be getting into a better situation.
Do you get a sales tax benefit for trading in one or both in Oklahoma?
Not sure what you mean by that. In Oklahoma you pay tax one time at purchase. I paid the $800 or whatever it was on $30,000 in 2018. Every year its just $100 tags which get lower every year.
In some states if you get a new $30k car and trade in a $20k car, you pay sales tax on $10k.
In other states you still pay tax on $30k, even with the $20k trade-in.
Which way does it work in OK?
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I guess its a brand new law as of 2020 that you do get a credit.
If that’s the case, get valuations/offers for your current vehicles.
Negotiate one lease at a time, keeping the trade out of the deal until you’ve settled on all of the lease terms.
Get a trade-in offer for both vehicles. At that point, you know if it’ll make more sense to trade/take the tax credit, or just sign the new lease and sell the car separately.
Repeat with lease 2 and the existing car you have left.
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I have a 2018 Toyota Highlander XLE located in Oklahoma City. The lowest used prices in this area seem to be around $30,000-$32,000 at various dealers. I was thinking I could sell it now and sit on the cash until prices drop. With this strategy, I may end up with another one that is brand new for what I sold it for. Is this correct thinking that prices will eventually come down in the next 6 months? Sell now and rebuy within 6 months? I don’t think I can tolerate being without the car for more than 6 months.
I wouldn’t count on prices being back to normal in 6 months
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I was just going off what the Toyota dealer told me. He said their shipments 3-4 months out. I guess I was assuming they would have ramped up production by now.
What happens if it more like 15 mo, 18-mo before prices return to normal?
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The microchip shortage continues. It’s not about Toyota’s production ramping up. It’s about the global lack of chips.
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I was only supposing, but wondering what people thought about this being resolved sooner than later.
There is an entire thread on shortages, of which microchips are just one component.
This mess is going to take a long, long time to sort out. You can’t time both sides of the transaction.
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