Sell Now or Wait To Trade in?

stonedot · Nov 29, 2022

What’s up all,

Looking for some feedback on my situation. I’ve ordered my 23 already and plan to have that be my primary vehicle. Issue is I’m trying to decide on if I should try to get rid of it now or wait to trade it in on the new truck.

I daily a service van for work Monday-Friday and my vehicle is a weekend driver and mostly just for fun nowadays. I’m leaning to keep it for a trade in because hell you never know when I may have to daily it again but also leaning to sell now and put the monthly note and insurance towards the new truck. Decisions but I would appreciate any input.

Thanks,

*side note

Anyone have experience trading in with Mark Dodge?

ChemLab · Nov 29, 2022

I'd also be interested in how trades go with MD.

Viper1500 · Nov 29, 2022

I don't know how it is there but in Texas we only pay taxes on the difference paid after the trade. So if the trade vehicle is worth 20K then you don't have to pay taxes on that 20k. So a trade is usually the better option.

stonedot · Nov 29, 2022

Viper1500 said:
I don't know how it is there but in Texas we only pay taxes on the difference paid after the trade. So if the trade vehicle is worth 20K then you don't have to pay taxes on that 20k. So a trade is usually the better option.

I didn’t know that. I’ll have to look into it but knowing California they’re gonna squeeze every dollar out of you that they can smh

ChemLab · Nov 29, 2022

Do your stretching exercises...get ready to bend over.

Digerati · Nov 29, 2022

In California, sales tax applies to the full price of the vehicle, regardless of trade-ins.

stonedot · Nov 29, 2022

ChemLab said:
Do your stretching exercises...get ready to bend over.

Haha *laughs but cries inside

stonedot · Nov 29, 2022

Digerati said:
In California, sales tax applies to the full price of the vehicle, regardless of trade-ins.

And that sales tax is gonna hurt either way

stonedot · Nov 29, 2022

Digerati said:
what are you trying to trade-in? some vehicles still holding value. Did you try carvana, givemethevin, carmax etc?

21 Camaro 2SS Shock Metallic. Carvana major lowballed and Carmax just normal low balled. Givemetgevin was close but wouldn’t budge. Best bet may be a dealer haven’t tried California dealers yet.

Bad thing is there’s a light accident on the carfax because someone hit my car at a gas station even though it was just a scratched bumper and cracked headlight. (I wasn’t driving, a family member was gassing it up for me when I first moved out to California but the car stayed for a while.)

So that put me in a tough spot of having to pay it down more for a sell or pay off the underwater.

Digerati · Nov 29, 2022

Try this but don't give actual phone number but keep the email and the rest of the information accurate so you can contact them if you like anyone near by.

https://www.kbb.com/instant-cash-of...ode=B&LNX=KBBOWNSLP&zip=93901&isCombined=true

Also try cargurus.com

stonedot · Nov 29, 2022

Digerati said:
Try this but don't give actual phone number but keep the email and the rest of the information accurate so you can contact them if you like anyone near by.

https://www.kbb.com/instant-cash-of...ode=B&LNX=KBBOWNSLP&zip=93901&isCombined=true

Also try cargurus.com

Thanks man I’ll try it out and see if I get a bite

timinnd · Nov 30, 2022

In ND... you only pay sales tax on the difference.

Is every state as b.s. as ND on this next rant:

In ND, every time a vehicle is sold, vehicle sales tax is collected.
So If you and I sell a vehicle back and forth to each other 10x, we each pay full sales tax 5 times each.
Only reason they do it, is because they can. They can't do with private parties with shovels or guns or clothes or snowblowers or lawnmowers because they can't track those.

Its one of the biggest bullshit rules that exists.

KnightMare · Nov 30, 2022

NC doesn't have sales tax on vehicles sales, just a Highway Use Tax. We are exempt from paying it if we trade a vehicle in, regardless of cheap the trade in is

stonedot · Nov 30, 2022

timinnd said:
In ND... you only pay sales tax on the difference.

Is every state as b.s. as ND on this next rant:

In ND, every time a vehicle is sold, vehicle sales tax is collected.
So If you and I sell a vehicle back and forth to each other 10x, we each pay full sales tax 5 times each.
Only reason they do it, is because they can. They can't do with private parties with shovels or guns or clothes or snowblowers or lawnmowers because they can't track those.

Its one of the biggest bullshit rules that exists.

Damn you can’t get away from it even if we were to shake hands? Guess they get you when you have to register it.

stonedot · Nov 30, 2022

KnightMare said:
NC doesn't have sales tax on vehicles sales, just a Highway Use Tax. We are exempt from paying it if we trade a vehicle in, regardless of cheap the trade in is

Man I miss the south haha

Vermillion65 · Nov 30, 2022

timinnd said:
In ND... you only pay sales tax on the difference.

Is every state as b.s. as ND on this next rant:

In ND, every time a vehicle is sold, vehicle sales tax is collected.
So If you and I sell a vehicle back and forth to each other 10x, we each pay full sales tax 5 times each.
Only reason they do it, is because they can. They can't do with private parties with shovels or guns or clothes or snowblowers or lawnmowers because they can't track those.

Its one of the biggest bullshit rules that exists.

PA is like this as well. Tax on the difference between the trade so that becomes a big chunk of change sometimes.

Taxxed each time it's sold and resold...
Taxation for that stellar representation...

humble · Nov 30, 2022

Carvana is in deep shit as of late so i doubt theyll give anything reasonable. you could also try shift or cars ands bids

@JC · Nov 30, 2022

humble said:
Carvana is in deep shit as of late so i doubt theyll give anything reasonable. you could also try shift or cars ands bids

Carvana's stock price is down over 96% year to date and down over 98% since its peak in August 2021 and has laid off over 20% of it's workforce so far, the smell of bankruptcy is in the air. If you get an offer from them, make sure it's straight cash...

rugbym8t · Nov 30, 2022

You have a sports card so I wouldn't sell it in the winter. I know you are in California, so it's less cyclical but you could potentially get better values in the spring or summer rmonths from the national resellers. It will also give you more time to drive and enjoy the car, while paying it down.

Also, you never know what could happen to your TRX. It could arrive damaged, it could take 9 more months or more to arrive. Interest could be through the roof on financing. Etc. If you like your current car, it would be a shame to get rid of it now and end up with no car.

Socks about the accident. That's going to hurt the value no matter what as a lot of people won't even entertain a car that's been damaged.

The used market has sharply contracted on pricing, so I don't think we are in a golden window of opportunity now, especially if you can't break even with any of the offers now. Prices will NOT decline faster than your car payments in the interim. Now if it read it wrong and you can sell your car now and pay off the loan without being under waterlr, then that could be appealing. Otherwise I say you wait until the TRX has landed and you have a true picture of the total cost of the transaction.