Automotive

Trade in Car for new Car at Toyota Dealership

  • Last Updated:
  • May 25th, 2019 12:36 pm
[OP]
Sr. Member
May 20, 2003
501 posts
198 upvotes
Toronto

Trade in Car for new Car at Toyota Dealership

Hi, I'm looking at buying a new car and want to trade in my old 2013 Hyundai Sonata Hybrid Limited. I was planning on negotiating a price, and then telling them about the trade in after. How much should I expect to get for this car?

If I trade in the car, I save on the taxes as I don't have to pay taxes on the price that they pay for the trade in. Is it worth trying to sell this privately? Since it's a Toyota dealership, would they pay less than say a Hyundai dealership? Are there dealerships in the Toronto area that pay more for used cars? Should I clean up or get the car detailed before they look at the car and give me a price?



Thanks in advance for any tips
19 replies
Newbie
Jul 9, 2017
54 posts
101 upvotes
The dealership will give you a lowball offer. Sell it privately on Kijiji instead.
[OP]
Sr. Member
May 20, 2003
501 posts
198 upvotes
Toronto
en3rgy wrote: The dealership will give you a lowball offer. Sell it privately on Kijiji instead.
I feel like everyone on Kijiji will low ball me as well. In addition, the logistics of trading a car into the dealership just makes it easier because you give them the car, and then you drive off with the new one. Whereas with the Kijiji buyer, if you make a deal, you want to offload it ASAP because you don't know if the guy is going to back out and leave you hanging.
Jr. Member
Nov 30, 2016
130 posts
104 upvotes
en3rgy wrote: The dealership will give you a lowball offer. Sell it privately on Kijiji instead.
Some folks have neither the time nor patience to deal with Kijiji. OP you'll have to decide whether it's worth your effort, a private sale will always yield more than trading in. Good luck.
Newbie
Jul 9, 2017
54 posts
101 upvotes
davext wrote: I feel like everyone on Kijiji will low ball me as well. In addition, the logistics of trading a car into the dealership just makes it easier because you give them the car, and then you drive off with the new one. Whereas with the Kijiji buyer, if you make a deal, you want to offload it ASAP because you don't know if the guy is going to back out and leave you hanging.
You just have to be patient until a decent offer comes around. Just ignore the lowballers. Get it detailed and rust-proofed. Have you kept maintenance records? How many Kms? Figure out what the average market value is and add $1-2K on top of that as your listing price.
Deal Guru
Aug 26, 2002
12969 posts
4671 upvotes
Toronto, ON
First of all, you should go on Autotrader or Black Book website and put in your current car's info and see what the fair market value is for your vehicle. Then take 10-20% off that and most likely that's what the dealer will give you. It won't matter if the make of your current car is different than the dealership. They may not resell that car themselves but will simply flip it to a used car reseller. So the dealer will offer you only what the used car reseller will offer them.

You'll have to factor in your time and effort if you want to sell it privately. And yes, you should at least clean up the car a bit when you bring it in to the dealership. A dirty car will only lower their offer even more.

There is something to be said about being able to drive to the dealership with your current car, handing them the keys and letting them deal with it after you pick up your new car. So is it worth the couple hundreds or thousands of dollar difference you'll get between the dealership's offer and what you could potentially sell it for privately? That's up to you to decide.

I recently picked up a new car and traded in my old one in the process. Not having to deal with reselling the old car was worth the slight hit to me.
Deal Addict
User avatar
Jul 5, 2011
1477 posts
1281 upvotes
Toronto
1. A Hyundai dealership could potentially pay more because they are more likely to retain the vehicle for retail sale on their lot, whereas a Toyota dealer will be wholesaling / auctioning / etc the vehicle

2. You will almost always get more money selling it privately, but at a trade off of hassle, risk, time, etc

3. Work the deal at 2-3 dealerships if you are concerned that you're going to get lowballed. Cash price on the road including all fees, the trade, etc. Switch it to a finance or lease if you prefer after working the deal as cash.

I would suggest that you be careful you don't get caught with trade fixation... I see so many people get focused on the trade value so much that they completely ignore everything else (discount, total price, admin fees, etching, etc).
2013 Wins - $1320 - Woohoo!
Deal Addict
User avatar
Mar 7, 2007
3116 posts
1159 upvotes
davext wrote: I feel like everyone on Kijiji will low ball me as well. In addition, the logistics of trading a car into the dealership just makes it easier because you give them the car, and then you drive off with the new one. Whereas with the Kijiji buyer, if you make a deal, you want to offload it ASAP because you don't know if the guy is going to back out and leave you hanging.
This is true. It is sooo convenient just to give the old car to the dealer. But you pay for this convenience.

So basically, decide if you can afford it, and if you want to spend the money that way.
Deal Addict
User avatar
Jul 26, 2007
4687 posts
2251 upvotes
Toronto
Visit all toyota dealers and get your hyundai appraised. Pick the most discount toyota car you got and tell them about the other Toyota dealer who gave you xx amount more for the trade in.

Work your way down on the dealer list until you are happy with the discount on the new car and the trade-in amount.
Deal Guru
User avatar
Jul 12, 2003
10815 posts
3105 upvotes
Toronto
Kijiji has Lowballers but not as low as dealership.
No, there is no difference if your car is detailed, clean or not. They don't care.

For trade in, dealership would need the make model, year, all if not most original stuff in it. (for example, rather it comes with the stock manufacture rims, they don't care if you put a $3000 rims on it, it will even decrease the value if you do not have the original stuff).
Don't even throwing in extra stuff, keep your winter tires, keep your sound system, etc..

Remember, dealership is not trying to make good money to resell your used car, they are only focus to sell you their brand new car. They offer trade in, so it motivate people to dump their old cars and buy a new one from them. Most of the time, they are not going to sell your old car at their lot, they will sell it at auction or other places.

Example to you, a dealer offer my last car only $1000 and I sold on kijiji for $7500, plus I part out the accessories apart and get myself another $500 extra from it.
$1000 vs $8300.

Yes, I spent more time selling it on my own than dropping the keys to dealership, but the difference of the money is well worth it.

I understand not everyone is comfortable to make a private sell and meeting up strangers, so pick the way that you feel the most comfortable for you.
Last edited by MP3_SKY on May 23rd, 2019 2:04 pm, edited 1 time in total.
Retired Forum Moderator February 2009 - June 2015
Deal Addict
May 30, 2012
3670 posts
1021 upvotes
Montreal
If you are going to buy a new car, then trade in makes more sense.
Deal Guru
User avatar
Jul 12, 2003
10815 posts
3105 upvotes
Toronto
iownyou wrote: If you are going to buy a new car, then trade in makes more sense.
How so?
Other than saving OP the hassle to sell it on his own, the money on the tax saving from an trade in won't be enough to offset the selling price difference, (Trade in vs Private sale)
Retired Forum Moderator February 2009 - June 2015
[OP]
Sr. Member
May 20, 2003
501 posts
198 upvotes
Toronto
Thanks everyone for the feedback so far. It makes sense to compare trade in prices between dealers. I do love getting the best deal but at the same time I feel like I'm backstabbing the salesperson especially since a friend of mine referred me to him because they're friends. I had previously sold my Toyota Highlander through Kijiji but I felt like that car was in high demand and it had low mileage whereas this car is not as popular so I have my reservations on trying to sell it privately.
Deal Addict
May 30, 2012
3670 posts
1021 upvotes
Montreal
MP3_SKY wrote: How so?
Other than saving OP the hassle to sell it on his own, the money on the tax saving from an trade in won't be enough to offset the selling price difference, (Trade in vs Private sale)
You got to know how to negotiate....
Get the best price for the new vehicle, then throw in the trade and be ready to walk.... dealer will want to seal the deal at the end of the day.....
Deal Guru
User avatar
Jul 12, 2003
10815 posts
3105 upvotes
Toronto
iownyou wrote: You got to know how to negotiate....
Get the best price for the new vehicle, then throw in the trade and be ready to walk.... dealer will want to seal the deal at the end of the day.....
Right if OP chose the route to trade in.

Otherwise, the best is to sell your current car for what it worth the most privately and buy the brand new car with the most incentive, negotiate with the salesman or the sales manager. Then you can the sweet on both ends. :)
Retired Forum Moderator February 2009 - June 2015

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