Subject says it all. I'm looking at minivans and am looking at either trading in my fit or selling it myself.

Mine is a 2010 Fit Sport Automatic (black) with almost 60,000 miles on it. Does anyone have any estimates as to what I could sell it for privately or what I should shoot for if I trade it in? I'm in northern illinois if that helps. I checked kbb already. Their prices seem somewhat high, which is good.

I'm really good getting the dealer down to the price I want, but I got screwed on my last trade in.

thanks for any info.

John

 

It's tough to sell a used car now because not many people will have the necessary
cash to buy your car. It isn't easy for all potential buyers to get a loan. Of course
a dealer isn't going to give you retail price for your trade in, unless you are trading
for a car with a big discount. In that case they may increase their trade allowance
to make it look like you a getting a good deal. Dealers are pro's so it's hard to out
trade them.

Did you deduct the high miles from the kbb price? Are your tires in good condition?
High miles and worn tires will reduce the trade in value, figure about 12-15k miles
per year for normal. If you sell the car yourself you will have a hard time getting
dealer asking prices for it. I really don't know how much it's worth.

Clifton

 

The Deal with the Dealer on used car trade is to Price out cars they have currently on the lot. If they have a 2010 civic for $16K and KBB says a Dealer would sell for $16,200, you know they would likely price your Fit on the lot for $200 Under KBB. Walk in and let them know you KNOW this also let them know that if they are going to put your Fit on the lot for $13K (Based upon KBB - $200) you expect pretty close to that in Trade. (Note I researched NONE of the prices above, just using as an example for the "Theory")

Get the invoice price of the Minivan, subtract the "Dealer Holdback" and that's what they could sell the minivan to you for while making a minimal profit. Then figure out the price they'd put the fit on the lot for. Finally figure out how much money you are willing to let the dealer make off of you (Between the "Loss" of the used car trade, and the Minimal amount of Proft on the new car purchase.) Then tell them: i'll let you make $1000 Profit off of me (If you are comfortable with $1000 - They have to make money too) so it's either:
1. Invoice -3 months dealer holdback for the Van, and $1000 under the KBB Price of the Fit on Trade.
2. invoice + $500 - 3 months dealer holdback for the Van and $500 under the KBB Price of the Fit on Trade
3. Invoice +1000 - 3 months dealer holdback for the Van and KBB Price for Trade on the Fit.

Remember the $1000 is the amount of profit you are willing to let the Dealer make on you.
I did this with the altima when I traded. I told them $1500 in profit is what I'd let them make. (I didn't tell them that I had the 30K service - $500 - yet to do with 32K miles on the altima) Profit for them was $1000. I saved about $800 in tax over selling the Altima Private party. (you don't pay the Tax on the Trade in Value - so the Tax for the Fit was about $90).

Be straight with the dealer, let them know you researched, and let them know you understand they need to make a profit to be in business but that you aren't in the business of being ripped off. Be honest and Be fair... But hold your ground.

~SB

 

Thanks for the strategy. I usually don't have a car to trade-in. kbb has my car value priced as follows:

(private party)
13,218 (excellent)
12,768 (v good)
12,318 (good)
11,018 (poor)

(trade-in)
11,448 (exc)
11,198 (v good)
10,648 (good)
9,173 (poor)

I'm going to shoot for $10,500 as a trade-in. Do you think these prices look realistic? I checked carmax prices and ebay and it seems like private party this would sell for $12,000+.

-John

 

then you're not that very good at getting the dealer to down the price...

sell it to carmax. be done with it.

 

You're looking at Trade in prices. look at what the price is if you were buying your car used from the dealer. It looks like in your area, a Dealer would sell it between 13,500 and $14,500 depending on options. (Higher end includes VSA and is Certified Pre-Owned (CPO)) with 60K miles, I doubt it would be certified pre-owned but you never know. See if there are other 60K mile CPO vehicles on the lot, if so, and yours is in very good/excellent condition, they'd probably put yours out as a CPO vehicle (so around 14,500 with VSA) If you accept 10,500 for trade, you are letting them take about 3400 in profit from you. (Remember you save about $600 on tax with a Trade-In - But don't let them in on the fact you already know this.)

Tell them, "Based upon researching other vehicles on your lot, You'll put my car on your lot for 14,500" (this price may be a bit higher or lower - but this is the research you need to do of other similar cars they have currently on the lot - Use their website - heck post it here)
Then Say, "i'll allow you to make $1500 off of me on this deal, so $14,500-$1500 is $13,000, That's what I want for trade".
Remember, if they accept this deal and charge you $1000 over Invoice on the Minivan, that gets added to their profit from you (so they actually will be making $2500 off of you). If that $2500 is acceptable to you, then you can call it a day and make the deal. If it isn't, you can bargain with them to come down on the Minivan Price, or go up on the trade in value. remember to stick to a price difference (but remember that they will have to spend money to inspect and do maintenance on the Fit before putting it on the lot.... it costs them money as well) Just Be Fair and don't expect that overall difference to be $500. $1500-$2500 is a good amount of play. I told my sales guy, "$1500 difference, you can make it up on the trade value, or you can make it up by bringing down the Price of the Car. My Car WILL sell on your lot and we both know it. $1500 Firm!" they came back and for a $1550 difference, we made the deal.

Best of luck.

~SB