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New car dealers do not want trade-ins. They generally don't keep them, but auction them for what they will bring. I have actually had car salesmen explain that to me, then offer 5x the trade-in if I would sell it to him personally.
As I was looking into how to get rid of my current 24 y.o. car in prep of buying a new one, I found out that you get to deduct the actual sale price that the charity sold the vehicle for.
So for example, your car is valued at $4500 when you donated it. The charity sent it off to auction and received $500. You'll get a receipt that allows you to claim the $500 for tax deduction. So, if you pay about 28% in income tax, your tax savings is $140. Financially, you come out ahead selling the car on your own, but then there's all the hassle that comes with it.
I posted my 24 y o car on CL for $1300 and got 1 serious buyer within 1 day, 2 more the next. Wow- so much easier than I thought. I said in the post to meet at the police station and got no weirdo inquires. Also I provided good descriptions and known issues. Will meet buyer next weekend.
New car dealers do not want trade-ins. They generally don't keep them, but auction them for what they will bring. I have actually had car salesmen explain that to me, then offer 5x the trade-in if I would sell it to him personally.
Huh, it's the exact opposite. They definitely want trade ins. That's where the money is. They make money from trade in and resell of that car.
Huh, it's the exact opposite. They definitely want trade ins. That's where the money is. They make money from trade in and resell of that car.
Exactly.
That being said, there are some cars that dealers do not want, especially old and/or really high mileage cars. Same goes with unpopular models that didn't sell well and have been discontinued at some point. So those, yeah, dealers sometimes will immediately get rid of those cars to auctions, wholesalers, salvage yards, etc.
I was looking at one of those dealer ads yesterday where it says "we'll buy your car even if you don't buy ours", and under that in really tiny print, it said "black book value minus 15 cents per mile".
New car dealers do not want trade-ins. They generally don't keep them, but auction them for what they will bring. I have actually had car salesmen explain that to me, then offer 5x the trade-in if I would sell it to him personally.
You'd better believe they want trade ins. Higher profit margin and it helps obfuscate the real price of the new car. The less than desirable cars get wholesaled.
Huh, it's the exact opposite. They definitely want trade ins. That's where the money is. They make money from trade in and resell of that car.
So do they have subsidiary used car lots under another name, or what? I have never seen a dealer with any used car on the lot over a year old. If they can't offer a factory warranty, they are not interested. Service is where they make their money.
So do they have subsidiary used car lots under another name, or what? I have never seen a dealer with any used car on the lot over a year old. If they can't offer a factory warranty, they are not interested. Service is where they make their money.
And you don't make most of your service money with warranty work. You make most of it with customer-pay jobs. Warranty is restrictive, you are limited to charge what the automaker allows, and you are at-risk for chargebacks from the manufacturer if you don't dot your I's and cross your T's just perfectly when filing the claim.
Most car dealers have plenty of used cars, most of them at least 2-3 years old as off-lease cars are bought in bulk by dealers at OEM dealer-only auctions. Dealers in the places I've lived sometimes have more used cars on the lot than new.
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