Trade-in - Advice

Ask the Hackrs
,
1

New to leasing, currently starting the process on my first one…so sorry for being a rookie…

I started communicating with some dealers, currently looking for Infiniti QX50 Essential AWD. I’ve already started making mistakes as I just found this site this week and have learned a lot already. My initial thought was put money down, so my monthly payments would be low…WRONG.

So to my question. I have an older vehicle that I own and was quoted decent price for trade-in towards new. Other than the obvious loss if my new vehicle is totalled, are there other downsides with still trading that vehicle in? I really dont want the hassle of trying to do the private sale…etc. Appreciate the tips.

FYI, once I get real numbers on my new car I will def post here before signing…

2

I mean to each their own on trading in, I mean in some states (like Maryland) if you trade in the vehicle at the dealer. They only tax you on the difference between the new car and trade-in.

But if you want to trade-in the car, I’d see what they would give you and then check CarMax, but as other said I would take the cash and not roll it into the lease.

3

Understood. The thinking was I have more leverage to get decent price on older vehicle if I’m buying from you… I’ll have to work the numbers both ways it seems. I am in MD btw…

4

Good luck, im not sure if you’re already doing this but id email the sticky email from the forum to get the best deal. That way you don’t waste time running from dealer to dealer. And I would also, if you’re close enough, email the area closest to DC since deals tend to be better around there due to the more stiff competition.

5

Get a quote from Vroom and Carvana. I sold my vehicle to Vroom for more that I could have through private party.

6

I have not been using the template, or any template, yet as I just started into this nice forum… It’s amazing how annoyingly pushy dealers are about not really giving numbers via email and try to get you into the dealership.

7

I did the carvana quote, which was very low ($900 vs. $4600 the dealer offered). I have a carmax near, so I will do that as well.

8

Don’t do that, say you live far away and youll only drive there if the deal is right to not waste mine or their time.

Just call them and request the New Cars Sales Manager and let then know youre trying to see if they can get close to numbers you want (search the forums for QX50 deals and try to get the best one), or email them on a similar car MSRP to a car deal someone else got.

Or if all else fails, pay a broker. Its up to you but check the forms:

9

Use these numbers as a guide or this broker:

QX50 Essential: $385+tax

10

Funny, was just reading that post…Seems like a decent deal, curious if my local dealer will match/beat.

11

I wouldn’t introduce the trade until you agree on the details of the lease… reduce the number of variables. Giving you $4,600 for the car could also mean they are discounting the new car less.

Keep in mind the dealer can cut you a check for part or all of the trade-in so don’t assume it has to go towards your down payment.

12

Agreed, good point should have added that.

13

Understood and thanks. Yes I’m seeing that was a total rookie move. Thankfully I have several other dealers in the area I can reach out to and start over.