I used to be a big fan of owning the different vehicles that we have. But lately have been rethinking. I bought a Honda Passport in 2001 which grossed around $27.5k. Now I thought I’d sell it (or trade it in) and get something else. The sales guy at Nissan quoted me $3500 for the trade in value and just wouldn’t budge. I was shocked. I was thinking I might get $8-10k at the minimum.
If I had leased this car I would probably have paid a lot less per month and 3 yrs later just return the car and get something else. All the interest is not deductible and neither is the depreciation taken into consideration for personal taxes. Hence my current dilemma. What have all of you been doing?
Tofi bhai I am also searching for a car (multipurpose one) and I was struck with this dilema. I currently have a 95 Corolla ( bought it, instead of leasing) I would say I've made a good decision, coz I went to Erinwood Ford here in TO and they quoted me 4.5 K for it( I was trying to hide my smile). I think I will stick with buying, coz I tend to keep the car for longer period (5 years or more).
on a serious note, dealerships rip u off when u want to trade in ur car...u're better off selling the car privately and then buying another one...just as an example, when i was looking to sell my 98 grandam in 2004, most dealerships were only evaluating it @ $500! the highest i got from a dealership was $1000...the car was in perfect condition and was running well...decided to sell it privately, and sold it for $2600...would've managed to get even more (i was expecting $3200 - 3800) had i waited longer, but I made the deal at that amount cuz it was a reference from a friend...and also cuz I had already bought the Altima, and needed the $$ :D
so yea, checkout autotrader.com to see whats ur car's avg price range, and sell it off privately :)
only sell/trade to a dealership when u know of some hidden or impending problem with your vehicle .. otherwise.. go to CarMax for a fair appraisal and then try to sell it privately for something between the price they quote and the Bluebook price
Um if u have a hidden or impending problem with ur car they will find it TRUST ME!! I tried to trade in my neon and they found the hidden problem hehehe
ah well whatever I sold it privately and bought my new car.
Ok ok, i made a typo. It was supposed to say CAR! :p
Selling cars privately takes a lot of effort. I tried putting it on craigslist.com a few times but there weren't any takers. What else can one do?
craiglist is old skool…it’s decent, but there’s just so much stuff on it…try autotrader.com - my whole family has used that site for both buying and selling cars! :k:
Just saw their deal on the Acura TL, $2169 down and $369 for 36 mths. If i was to go buy it, it would prob be $5k down and around $600 for 5 yrs, and then they'd offer me $3000 for a trade in, what a choice. I think I'm going to go with leasing.
tofi just make sure when you lease u are driving it within the number of miles allowed, and that your insurance will sort the mess out if you total the leased car.
