Trading up

Discussion in 'Prime Main Forum (2017-Current)' started by EV Happy, Apr 14, 2020.

  1. EV Happy

    EV Happy Member

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    Just received a call from a dealer that wants me to call him about trading up. I have a 2017 advanced with 15,000 miles. I have not called him yet but what would be fair deal to trade up to a 2020? I know there will be sales tax and licencing considerations.. Just curious to what you guys think.
     
  2. jerrymildred

    jerrymildred Senior Member

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    Well, Kelly Blue Book should give you an idea of the street value and trade in value of your car. I can't believe how few miles you have on it!! :eek:

    Is this a Florida dealer wanting you to buy a 2020? Another wow moment.

    For me, it wold have to be darn close to breaking even, which I don't think is likely, but you have really low miles. But if the 5th seat or a mpg gauge that goes over 199.9 mpg (my BIGGEST irritation) is irresistible, go for it. (y)

    Thanks for catching the typo so quickly, @Prodigyplace. (y)(y)
     
    #2 jerrymildred, Apr 14, 2020
    Last edited: Apr 14, 2020
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  3. Prodigyplace

    Prodigyplace Senior Member

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    That would be trading DOWN! :eek:o_O:whistle::whistle:
     
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  4. The Electric Me

    The Electric Me Go Speed Go!

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    IMO, it's NOT the Jeffersons, you will NOT be "Movin' On Up".

    Hey, if you want a new vehicle every 3 years and you can afford it? I guess go ahead. But every new vehicle I've ever bought, you get the dealership spiel about how they WANT your used vehicle, and how they would like you to come on in and "trade up". This usually starts in about 2 years of ownership. And they are always going to make you a great deal.

    But to me? A 3 year old Prius, with only 15000 miles IS a new vehicle.
    I don't know where you are on payments or amount owed, but a New Vehicle is always going to cost more, than the vehicle you have.

    I would take a line from the old song, and "Love The One You're With".

    Unless, you just WANT a new Prius. In which case, just know, that IMO given the parameters of your situation, it's NOT ever going to be a good deal from a financial standpoint.

    The dealership is going to undervalue your trade in, and reset your investment into a new Prius. 3 years, represents the period where depreciation takes it's biggest bite. Going forward is usually when people enjoy getting closer to being paid off, and enjoy owning their own vehicle.

    Again, unless you just want a new Prius, and/or for some reason are supremely disappointed in your 2017 Prius Prime Advanced?

    Well, I ignore those solicitations from the Dealership trying to lure me into "Trading Up".
     
  5. bisco

    bisco cookie crumbler

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    agree with jerry, should be close to a break even. but what's really happening here is the dealers are shedding money and are calling existing customers hoping for a shakedown (cruise)
     
  6. smyles

    smyles Active Member

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    Old trick to get you into their showroom.

    Having said that, assess your 2017 thru carvana and go from there. My guess is Advanced trims depreciate the most and a switch to Ltd isn't as lucrative as with premium/xle.
     
    #6 smyles, Apr 14, 2020
    Last edited: Apr 14, 2020
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  7. sam spade 2

    sam spade 2 Senior Member

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    DANGER, WILL ROBINSON, DANGER. :eek:

    That dealer is NOT trying to do you a favor........especially if your '17 isn't payed off yet, giving them more "mirrors" to hide the real price.
     
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  8. EV Happy

    EV Happy Member

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    Yep Florida dealer
     
  9. EV Happy

    EV Happy Member

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    Paid cash for it. Love my Prius.. Just curious with the Federal rebate how much it would end up costing me. Once in my whole life I had a dealer be 100% honest with me. His dealorship had to sell so many pickups and he was short at the end of the year. This was in the 70's when pickups were not so cool.
     
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  10. bisco

    bisco cookie crumbler

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    someone here buys a new prime every year and makes money on the deal. but you have to shop, wait for the big rebates and etc.
     
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  11. Washingtonian

    Washingtonian Senior Member

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    I received a similar email this week from two dealers: the one I bought it from and the local one who services it. Mine only has 12K miles on it. I thought about replying and saying I might be interested when you have the RAV4Prime in stock. But then I thought "Why encourage them. Better to ignore them".
     
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  12. CarlB

    CarlB Junior Member

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    Florida isn't offering customer cash on new Primes. North Eastern states are, as much as $3500. Check in with a dealer up there, I found one able to flat-bed one to me for $650. The cash back and federal tax incentive together would be $8000. Perhaps about $26000 (before sales taxes) for a new Advanced.

    That north eastern cash-back includes New Jersey dealers. Might be worth it for you to head up, trade the old one, and drive back with the new one. Probably sell yours for $22,000, trade for a few thousand less? Perhaps $6-8k effective difference (figuring in sales taxes)?

    I don't see much in features that you gain, except the rear middle seat, newer trim. But, you would get:

    Reset of the roadside 3 year roadside assistance, 2 year warranty, 2 year servicing, 3 year SOS.
    Extension to a 10-year/150,000-mile traction battery warranty.
    Extension to a 5-year/60,000-mile hybrid powertrain warranty.
    New tires, etc.

    You lose a few of the remote capabilities. Guessing for security reasons, the 2020 Prime curtailed some of the remote features.

    Worth it? Only you can answer that.
     
  13. bisco

    bisco cookie crumbler

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    and shipping should be even cheaper now
     
  14. Salamander_King

    Salamander_King Senior Member

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    I traded my 2017 PRIME Premium with 40K miles to 2020 PRIME LE last month. In NE market, it makes sense to do this with a huge discount and rebates. But in Florida, you may not get as good of a deal. With your low milage on Advanced trim and assuming it has no blemishes, you should ask for $23K, but you may end up getting lower or higher number depending on what they are discounting on the new car.

    Screenshot 2020-04-14 at 8.33.52 PM.png
     
  15. The Electric Me

    The Electric Me Go Speed Go!

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    I'm highly skeptical. Or at least very skeptical that this could be continued or repeated very long.
    Basically buying a new vehicle every year, is usually NOT a money making deal. It's a good way to lose money. The instantaneous depreciation hit all vehicles take when they go from unsold new vehicles sitting on the lot, to used vehicles the nano-second the sales contract is signed and tires hit the pavement on the way off the lot, pretty much guarantees you'd be incredibly hard pressed to cycle or buy a new vehicle every year and make money.
     
  16. The Electric Me

    The Electric Me Go Speed Go!

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    Well in any case, if you can make a deal your happy with?
    And if you have the financial resources to do it?
    OK.
    I'm not going to throw too many rocks as I traded in my Prius after only about 3 years, for my current Honda Fit.
    It wasn't a money making deal, but I knew it wouldn't be.
     
  17. Salamander_King

    Salamander_King Senior Member

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    Usually true for most new car-buying situations, but for PRIME purchase in NE or NY/NJ, it has been possible and has been done by many people on this forum. Basically, depreciation was paid by a huge rebate and tax credit. If I traded in my 2017 PRIME a year or two earlier, I could have made money. But since I waited until 3rd year, I ended up paying ~$1000 out of my pocket for 2020 PRIME.
     
  18. fuzzy1

    fuzzy1 Senior Member

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    My guideline: to be a decent deal for me, the trade-up should cost no more than $0.20-0.25 per mile on the older car's odometer, after incentives and tax credits. Plus the value-to-you of any new features that seem worthwhile.

    For me, that means the deal should be no more than $3750 (for miles) + $4502 (Fed. tax credit, provided you will qualify) in cash, plus the trade-in.

    If the state charges sale tax on the full value of the new car, without any credit for the trade-in, then subtract sales tax on the trade-in value to that pre-tax figure above.

    If the dealer actually comes this close on the trade, then beware, and look carefully for any missed snags. Under my requirements, unless there is real other reason to get a new car, there almost has to be a deal-killer in there somewhere.
     
  19. The Electric Me

    The Electric Me Go Speed Go!

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    I still think it's a rare enough of a situation that I wouldn't promote it as anyway being the norm, or possible in most situations and in most areas.
    But hey, if you can do it? Do it.
    Even I would trade in my vehicle in a year or two, IF I was making money on the deal. New car, made money, what's not to like?
     
  20. Salamander_King

    Salamander_King Senior Member

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    Agreed. It has been possible only in NE, NY/NJ market with $3500-$5000 rebates.
     
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