Automotive

Trade-in 2 cars for 1 new one?

  • Last Updated:
  • Oct 5th, 2020 10:47 pm
[OP]
Member
May 28, 2012
313 posts
239 upvotes
ONT

Trade-in 2 cars for 1 new one?

Retired and realized the last 6 months with Covid, we don’t “need” 2 cars. Hypothetical at the moment but if we decide to go from 2 cars to one car, what is the best way to trade-in both cars?

We have 2008 Highlander and 2009 Corolla and are considering new Venza LE or RAV4 Hybrid XLE. Let’s say Toyota offers $5K for the Highlander and $6K for the Corolla, would they offer $11K for both?
13 replies
Deal Expert
Jan 15, 2006
15304 posts
12764 upvotes
Richmond Hill
Makes no difference if you are trading in one or two cars. Will be treated the same. For those 2 cars you're better off selling privately as those are easy to get rid of. Trade-in even after factoring taxes will be less, can almost guarantee it.
Member
Jan 28, 2017
424 posts
411 upvotes
Markham
With two 10+ year old Toyotas, you're better off selling privately. I'd bet that the dealer will offer you max 3k trade for each.

Also both new models you are looking at are new and/or high-demand, so there's even less incentive for the dealer to offer you top dollar on trade ins.
Deal Guru
User avatar
Jul 12, 2003
11249 posts
3500 upvotes
Toronto
Used Toyota are hot selling stuff.
Put them on kijiji and they will be sold within a week.

Then use money to buy a brand new car that you want.
You will get more cash than what your dealer will give you, like A LOT MORE.

To answer your question, yes, they will take your 2 cars as trade in. They are happy aslong as you are buying a new car from them.
Retired Forum Moderator February 2009 - June 2015
Deal Fanatic
Jun 24, 2006
8615 posts
3055 upvotes
Why not just sell one, and keep driving the other?
Deal Fanatic
Sep 1, 2004
5831 posts
4513 upvotes
Gutty96 wrote: Why not just sell one, and keep driving the other?
Unless the cars he already got start to become a liability.

I think OP wants a new car but just want to find a way to justify it.

You are a retiree, so you are part for COVID death stats. On one hand, I doubt dealer will give you much for 10+ year old cars. On the other hand, I'm not sure private sale is a good idea as cases are ramping up and last weekend I believe Ontario is recording Apr/May level of deaths from COVID.

You are about to drop $30K+ on a new cars (after trade-in), you are not stress for $. And your cars are probably fully depreciated, so I really doubt you will lose more money keeping status quo and wait for COVID to blow over.
[OP]
Member
May 28, 2012
313 posts
239 upvotes
ONT
Xtrema wrote: Unless the cars he already got start to become a liability.

I think OP wants a new car but just want to find a way to justify it.

You are a retiree, so you are part for COVID death stats.
Yes, even with Toyotas 10-11 years old you start to think about possible repair costs. Yes, would like a new car, our son just got one and the electronics and features are amazing!

Yes, we are in the "Covid death generation" but not living in a retirement home where most of the senior deaths have occurred.

Other comments all seem to recommend selling privately, so will look at similar on Kijiji, thanks for all comments!
[OP]
Member
May 28, 2012
313 posts
239 upvotes
ONT
Gutty96 wrote: Why not just sell one, and keep driving the other?
We did only drive one the last 6 months (Covid), took the insurance off the second car, that's how the idea of going to one car started.

At least when you have 2 older cars, if one breaks down you can still get around. Only one older car breaking down, you are in trouble!
Deal Fanatic
Jun 24, 2006
8615 posts
3055 upvotes
mrct1944 wrote: We did only drive one the last 6 months (Covid), took the insurance off the second car, that's how the idea of going to one car started.

At least when you have 2 older cars, if one breaks down you can still get around. Only one older car breaking down, you are in trouble!
I hate that I am going to say this.... Don't like Toyota for other reasons.

But they are both Toyotas, so if well maintained and you have roadside assistance, chances are you will be fine for a while with one of them.

I daily drive an 11 year old vehicle for a 50km round trip commute.
Sr. Member
User avatar
Oct 24, 2016
879 posts
741 upvotes
ON
Sometimes it’s just the urge to get something new. I had planned to replace my 2008 CRV with Rav4 hybrid this year. Then Covid happened and the CRV has ended up in storage due to WFH. I have postponed the purchase to next year in the hopes things may get better. But definitely I’m not going the kijiji route to get rid of the CRV. I don’t care if I get less with the trade in but I definitely don’t want strangers knocking on my door to purchase my car or go on a test drive with them. Sometimes it’s just not worth it.
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Deal Addict
Feb 11, 2018
1361 posts
1124 upvotes
mrct1944 wrote: Retired and realized the last 6 months with Covid, we don’t “need” 2 cars. Hypothetical at the moment but if we decide to go from 2 cars to one car, what is the best way to trade-in both cars?

We have 2008 Highlander and 2009 Corolla and are considering new Venza LE or RAV4 Hybrid XLE. Let’s say Toyota offers $5K for the Highlander and $6K for the Corolla, would they offer $11K for both?
Your Toyota dealer might tell you that they don't sell cars older than 10 years and therefore your two vehicles will be sent to an auction, which fetch even less money for your vehicles. If you sell your vehicles to the dealer you will be royally screwed. You should be able to get thousands $ more by selling yourself on Autotrader.ca (free).

Make sure to go to Service Ontario with the buyer to do the transfer of ownership. Otherwise you are still responsible for the vehicles even after they have been sold.
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Member
Feb 14, 2010
492 posts
428 upvotes
Toronto
The fact is most cars around ten years old will be valued as scrap. So expect a few hundred dollars on each one. You will be lucky if they offer more than $1000 each. The only way that will happen is if you buy their brand new car at an inflated price.
I tried to trade in a 09 Toyota Rav4 last year to a dealership for a new car and the sales guy said don't bother the used car department will offer scrap value. I just sold it this month for $4500 after driving it for another year. That's how crazy trade in values are.
Deal Addict
User avatar
Mar 7, 2007
3811 posts
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Regardless if you get a good deal from the dealer or not, they will take the two cars. Why not?

I know a guy who did it with motorcycles.
Deal Addict
User avatar
May 18, 2002
3583 posts
762 upvotes
Brampton
mrct1944 wrote: We did only drive one the last 6 months (Covid), took the insurance off the second car, that's how the idea of going to one car started.

At least when you have 2 older cars, if one breaks down you can still get around. Only one older car breaking down, you are in trouble!
Yup, always good to have a backup. And for the money you would get trading in, might as well keep one, maybe both if you have the room.
This is Canada, keep a winter beater if at all possible. Your summer car will last twice as long.
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