ive been looking to trade in my box which i am financing through toyota, i owe $10,000 on the thing and thats pretty much what KBB says its worth. They value the trade in value at $8,500. So i got to mazda and have it appraised and they say they will only give me $4500 for it which i was able to get up to $5000 but thats a $5000 difference from what i owe toyota. So just the $5000 being paid off over the term of the lease would bring my montly payment up $200. I refuse to pay $470 a month to lease a Mazda anything. Did anyone have similiar issues when trading in their box? is there any way i can sell it privately without the title? Is there i way i can take the potential buyer to toyota to pay off the box and swap the title? or is that unheard of? Any info you might have will be super helpful. If i have to keep my box that wouldnt be a big issue but i would really like to upgrade. thanks in advance, joe

 

Dealers will rarely give you what the car is actually worth... it's a hassle, but you might be better off selling on your own.

 

Very true....

 

That is a blatant rip off. Even if it was wrecked it'd be worth more than that just in parts. I wonder how these stealerships can stay in business???

 

That's a horrible deal. Dealers will try to screw you any way they can. I had a similiar situation recently. My fiance just bought a Yaris and they were pretty cool, but when I asked if they could get me out of my lease with my Mazda 3, and into a tC, they said they'd only give me 10k for it. The KBB was $12,500. I had a small dent in the back of my car and they said if I got that fixed maybe they'd give me $11,000 (but they'd have to reappraise it). I was so ____ed, We just bought a car from them, and that 's they best they could do?? So, I went to another dealer and said that other dealer was gonna give me 11k, what can you do? They said 11,200 (without fixing the dent). Now, I have a tC. Try going to other dealers and tell them what other dealerships are willing to give you for your car and see if they can beat it. It's worth a shot....

 

HAHA, oh, those wacky, wacky cheating scumbags.

Do what I did: Go to Carmax. They'll give you a lot more for it (especially if you point out that you KNOW they're going to turn around and sell it for $14,000).

and if Cramax doesn't give you what you feel it's worth:

1) Take it to Carmax
2) Take the printout they give you
3) Scan the printout into Photoshop
4) Add as many zeroes as you feel can be reasonably believed and reprint it
5) Leave it half-under a jacket on the front seat when you have another dealer appraise the value of the trade-in

 

That does seem way too low. Dealers will never give you what KBB retail is. That's all they can sell it for so they have to get it from you for less. They do it for 2 main reasons, 1. to try and make more profit, 2. if they have a hard time selling it at retail, they have room to cut and still sell it. Plus they take into consideration anything they will have to do to the car to make it presentable on their lot.

 

A little off topic, but mind if I ask what you're going to trade it for?

 

Why would they buy your car for 8500 when they could go to the auction and buy the same for 1/2? That is why "stealerships" stay in business. Sell it on your own and get what you deserve.

 

A dealer needs to make a 10-20% markup on anything he transacts just to pay the massive over head salaries etc and make a few dollars. He is in business to make a few dollars. Just like any business to survive and prosper a percentage must be made on almost all dollars transacted. The $5000 trade offer may indeed be a ripoff, but, I have not seen Dollar5's box, maybe it is rough? (no offense intended Dollar5). When a dealer makes an offer that seems low, try another dealer! If they are all low then maybe your appraisal of the vehicles value is wrong. You can expect trade in offers to be 10-20$ lower than the Blue Book retail prices. If you can look at a NADA value book they list average trade-in numbers (banks used to have these). Edmunds.com will show you these values as well. If you want to get retail for your car you need to sell it retail to another individual.

Some dealers or deals are a ripoff. Most dealers from my expierience are just trying to make a living. If you are sitting there having done no research and not considering only the bottom line value that they are giving for your trade and the bottom line cost after discount on the car being purchased you are asking to be taken. They will not normally rip you off but they will hold close to a retail price + dealer addons on the new car as well as a low trade value if they think they can and you let them. The only way to be sure you do not pay too much is to research exactly what you want and its dealer cost, exactly what your trade is worth (be honest), and what current financing rates you can secure from local banks. You then go to the dealer and offer them their cost plus $300-500 on most cars (hard to get or high demand cars you may need to increase this). DO NOT talk about your trade at this time. Negotiate only the cost of the new car. Get them to remove or charge less for any overpriced preparation fabric guard paint sealent etc. (I have been successful in reducing these prep fees to about $150 or less every time...it gos better if you leave them a little bit as they normally actually did this work ) You may be able to negotiate some if the service fees as well (tag/title processing etc ...remember tho there are actual cost that they will pay on your behalf so perhaps paying $2-300 isn't alot). DO NOT talk about payments ever (till the deal is done...then and only then do you discuss paying for the deal). You should already know about how much you are going to spend (new - trade- downpayment financed at the bank rate you reasearched).

Once you have negotiated the bottom line cost of the new car (I assume you got a good cost on the new car or you should leave and go to another dealer) then discuss what they are going to pay for your trade. I usually avoid discussing trade at all till this point. I have been knwon to say "Ok Mr Dealer I will buy your car today if you give me what I want for my trade" (Only after knowing exactly what the new car would cost you with no trade!!). Trade negotiations ensue. Remember that you are trading at wholesale not retail. You should get a realistic wholesale value for your trade. If you stuck them hard on the new car then give them a little back perhaps on the trade value. Remember a couple hundred dollars is not a large amount when you are considering the dollars invloved in the transaction. Leaving a little can make the deal go smoother.

Assuming the new cost is good and the trade value is good then we can go to their finance and see what deal they can make there. If their deal is not good we simply go to our bank (where we already researched and got preliminary aproval I hope )and get the loan thru them.

 

excellent explanation

 

so in other words if they will give me half what KBB says my 06 is worth $300

 

Great Explanation TerribleTed...

 

I've been looking around at trucks for a while. I went to the Ford dealership on Dec 30, 06. Just wanted to see what 06 trucks they had left on the lot and see how much i could get them off the price. The truck was a good price, about $10,000 off. So I say, hey give me a price on my xB (3.0). I owed $15000, they offered me $11,000. I laughed at the guy and left. However, what I was going to offer to the thread is that if you find someone who wants to buy your xB.
I have heard that you can bring that person to your dealership and do a same day trade through the dealership. It's not something they advertise, but i've heard it about two different dealerships in my area. The benefit of this for you is that you won't have to pay taxes on the amount of the vehicle you're trading in. I guess that is if you have to pay taxes for autos in your area.
Soon i'm planning to go to a couple toyota dealerships and see what they'll give me for the trade for my xB. Maybe I'll get a better trade offer from them? On that note, anyone interested in a 3.0 '06 xB?

 

thanks for the response. I feel my appraisal is fair, i understand that dealers need to make money but when they try to make money off my trade and money off the new car, thats over board.

the specs of my car, 04 xb 89K miles, body is in perfect shape as well as interior. i have a cracked windshield which i told them up front and dropped $400 off kbb and edmunds qoute.

i was trying to lease a mazda3 5 door. they offered with $2000 down and $340 a month for 39 months. Which at the end will cost $15,260 - remember that the mazda 3 lists just under 19k.

Now on mazdas website they have that for $2209 and $209 a month you can lease a mazda3.

which all comes back to them making $5000 off me under the justification that its for the negative equity of my current car. I tried to reason with them, that i understand they have to profit, ive been living in this capitalistic world for 24 years. im no chump. I just feel that over paying $5000 isnt fair. I was willing to pay $2500 extra to make up for the negative equity my box has hanging over its head, but $5000 is BS...

 

Its very common for people to get "upside down" in their car loans, owing more money than the car is now worth. The best way to get out of that situation and to keep you financially fit for the future is to just keep you box and save your money to you can really afford to do it right. Patience is a virtue and you gotta love the box. Maybe buy something nice for it to mod it up and it that will make you feel better for a while. Good luck!

 

I would be careful with the Mazda 3 (I just traded one in for an xB).
In a nutshell: any one can kick a certain place on the 3's doors and it trick the solenoid into unlocking all of the doors and disabling the factory alarm. This was of great concern to me as a musician as I frequently carry 5-10K worth of instruments in my car. This problem was supposedly fixed by Mazda in Jan. 07 and later cars, but that won't keep people from kicking your door to find out.
Read about the problem here:

http://www.mobilemag.com/content/100/354/C11410/

 

There's also the glove box rattle, or the engine almost literally falling out. That's what turned me off.

 

yup - dealer offered me $11,600 for my 06 box with 11k miles on it. he said that i should ebay it and come back with the money (i was trying to get an rs4)...

anyway, it wasn't worth it and i wound up staying with my box which i am quite pleased with ;]
- sh00k

 

Thanks!!! I have purchased (or helped negotiate for friends) 15-20 new cars this way the most we ever paid over invoice was around $500 (plus some fees) except in Alaska where the only hook you have (since there are not other dealers to go to) is that you can order the car from the lower 48 states and ship it in. Cost for this is about $1000 (partly a small profit to the broker and the other 6-700 for shipping. In Alaska we paid between $750 and $1000 over invoice.