Opinions on my situation?

[Husker4theSpurs]

Just back from the dealer ... they offered me about $5500 less than what I was hoping ... they were willing to come up about $1000 on the trade-in offer (putting it at $4500 less than I was hoping for), but that isn't good enough I don't think. Even taking into account the tax difference, etc (taxes would cost $2000 on the Prius outright), that's still $2500 differential.

Any suggestions? I thought about just selling my car myself, but the SUV market isn't the best obviously. I really don't wanna take it in the rear on this one from the trade-in though.

I am thinking about just buying the Prius and keeping my trade and trying to sell my '07 Acura MDX on my own, but just not sure if that's wise financially.

I hate to say it, but I may not be getting a Prius now ... just seems like a dumb move financially all-around given the #s I've been able to work. It was hard to look directly at the Prius I had reserved just sitting there staring at me

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Any opinions or perspectives would be great!

[Betelgeuse]

It's a hard situation, I think. SUVs are really not selling well right now. That said, you're almost always going to do better in private party sale than if you trade in at a dealer. You should look around to see what cars like yours are selling for these days (i.e. check craigslist or carmax) to get an idea of how much you could potentially get for your MDX.

[BDDave]

What are you talking about?

[MagneticGrayIndy]

I guess look at it as how long it would take you to make up the $2500 difference in fuel savings... or if it's worth the loss to get a vehicle that shuts its engine off so very often.. It's fantastic to sit at a light or in a drivethrough and not be using a gas engine at all...

[BellaInAZ]

Originally Posted by Husker4theSpurs

Just back from the dealer ... they offered me about $5500 less than what I was hoping ... they were willing to come up about $1000 on the trade-in offer (putting it at $4500 less than I was hoping for), but that isn't good enough I don't think. Even taking into account the tax difference, etc (taxes would cost $2000 on the Prius outright), that's still $2500 differential.

Any suggestions? I thought about just selling my car myself, but the SUV market isn't the best obviously. I really don't wanna take it in the rear on this one from the trade-in though.

I am thinking about just buying the Prius and keeping my trade and trying to sell my '07 Acura MDX on my own, but just not sure if that's wise financially.

I hate to say it, but I may not be getting a Prius now ... just seems like a dumb move financially all-around given the #s I've been able to work. It was hard to look directly at the Prius I had reserved just sitting there staring at me

------------------------------------------

Any opinions or perspectives would be great!

What was their reason for coming up short? Does the trade-in value of your MDX meet or exceed the cost of your desired Prius?

[dwdean]

Originally Posted by Husker4theSpurs

Any suggestions? I thought about just selling my car myself, but the SUV market isn't the best obviously. I really don't wanna take it in the rear on this one from the trade-in though.

I am thinking about just buying the Prius and keeping my trade and trying to sell my '07 Acura MDX on my own, but just not sure if that's wise financially.

Well, you need to do what's right for you financially. Only you really know your situation.

How long do you have to get back to the dealer on the Prius? They're hot property right now and you need to be aware that the dealer may not be willing to wait too long for you. I think that you also need to consider that while the price of oil is high, your SUV isn't going to command a very good price. Sorry, I know I took a hit on my truck and that was two months ago.

If you want some perspective on what you might actually get for your SUV you could take it CarMax in Omaha. They do buy cars even if you don't buy one of theirs. That's where I sold my truck (OK, not at the one in Omaha, but you get the picture.)

Was it the "best" price I could have gotten? No probably not. I could have held out for a truly private sale, but I knew time was working against me, their offer was fair, and it was a no fuss, no muss transaction that was open to me immediately. Those last two intangible benefits sold me on selling them my truck instead of trying to milk every last penny out it with some poor schmuck I didn't know and etc.

Just some food for thought....Good Luck!

[Godiva]

Most dealers aren't taking SUVs as trade ins at all.

And you're lucky to find a Prius without having to wait months.

A private sale will get your more than a trade in, whichever car you decide to sell.

Figure out how much gas you'll be saving right now by getting the Prius as opposed to continuing to drive the SUV. Then make a decision.

[KayakerNC]

Originally Posted by Husker4theSpurs

I hate to say it, but I may not be getting a Prius now ... just seems like a dumb move financially all-around given the #s I've been able to work. It was hard to look directly at the Prius I had reserved just sitting there staring at me Any opinions or perspectives would be great!

Are you saying you're "upside-down" on your trade?
Have you tried seeing what CarMax would buy it for? Or a local Acura dealer?

[tnthub]

My wife works at our local Toyota dealer and they are "in general" offering several thousand dollars LESS than KBB or NADA for SUV trades due to the fact they are not selling and the wholesale values have plummeted.

She says many customers are upset and some just walk out but the fact of life is if the dealer can't recoup the trade ultimately they will not stay in business.

[Husker4theSpurs]

OK guys ... I didn't explain my situation very well. I apologize.

My '07 MDX is paid for ... The Toyota dealer was offering me $26,500 for a trade-in ... most sites end up showing it being worth $32,000 or so. Then they bumped it up to $27,500. The MSRP of the Prius I put the deposit down on 6 weeks ago (which is now in) is $28,800 or so. So I would still be paying $1300+ out of pocket.

I figured they would not write ME a check even though I thought my car was worth $32,000, but I thought a straight across trade just might be the worst I could do given the state of the SUV market. Seems not to be the case though.

Also adding to this is that my MDX has some accessories on it that wouldn't be reflected in the value of the car on a valuation site ... I know that's not a huge deal, but it makes it even more of a bite to take this hit.

Given a 7% sales tax ... I would have to be able to sell my MDX for $31,000 privately to "break even" versus trading straight up for each car with no money exchanged ($29,000 MSRP of Prius x 7% tax = near $2000). Anything over $31,000 would be what I would be ahead. Then the question is ... how much do I think I can get privately and how much money is it worth me to not have the hassle of selling it?

I like the CarMax idea ... I just might give them a call ... thanks for that idea and thanks to everyone who has had input so far.