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They are not going to lose money. The farther your trade is worth from the $5000, the less likely they will move on the new car price.
Just talk to them, maybe have them give you numbers, and see what you think. Ten minutes of research online should tell you what people generally pay for the new car your looking at, as well as what the approximate value of your trade is. You can figure out what you should be paying with your trade, and see how close the dealer is to the out the door price you have in your mind when you walk in.
I have two cars, and they are advertising $5000 min trade in. What is the fine print in these deals, you hear them say any car...so can I bring my old van and my car and get ten grand towards another car???
It's $5000 for the trade of one car on one new car purchase. There is a dealer around here doing this about twice a year. There are all kinds of rules that go along with it but you can do ok if you play hard ball and don't mind possabily wasting a day.
The key is to walk in and do the deal on the car without the trade. When the numbers are sorted out then decide you don't really want two cars and want to trade the old one in them stand your ground.
If they want to sell they'll play ball. If not be strong and walk away.
The key is to walk in and do the deal on the car without the trade. When the numbers are sorted out then decide you don't really want two cars and want to trade the old one in them stand your ground.
This doesn't work on this kind of promotion. The whole point of the "push, pull, & drag" promotion is that they give you the PPD allowance against the price they set with the dealership keeping all the incentives. There's very little negotiation with these types of promotions.
And to be honest, this tactic really doesn't work at all, ever. If you hold off on introducing your trade until you've already negotiated a cash deal, you are going to get the wholesale value for your trade, period. If you introduce the trade up front they will show you more for your trade but also charge you more for the car you're buying. The net difference is ZERO. If they need $10K and your car to make money on the deal, it doesn't matter if they show you $5K against a $15K purchase price or if they show you $10K against a $20K purchase price or $95K against a $105K purchase price; you're still going to give them $10K and your old car if you want to drive the new car home.
Now if you're really considering keeping the old car for some reason, then by all means make the cash deal first then ask them about a trade if you want to determine if keeping the car is worthwhile. Just don't get your shorts in a knot when all they offer you is what they'd pay for the same car at auction.
Your best bet is to work out a cash deal on the new car (secure your OWN financing before you buy, not at the dealership) and write a check for the new car. Leave your old car out of it. Then either sell or donate (tax write off) your old car. You'll make the best deal this way. That way if you have to finance, you can set the monthly payment to what YOU can afford. Go to a bank or credit union, work out the loan deal first, they will give you a "not to exceed" check, and you write it out to the dealer. Then you have a new car at a fair price with a payment YOU can afford. Make sure you use sites on the internet (Edmunds, etc) to work out a fair price for the new car ahead of time. Print that out and take that to the dealer. Gives you something to bargain with.
Your best bet is to work out a cash deal on the new car (secure your OWN financing before you buy, not at the dealership) and write a check for the new car. Leave your old car out of it. Then either sell or donate (tax write off) your old car. You'll make the best deal this way. That way if you have to finance, you can set the monthly payment to what YOU can afford. Go to a bank or credit union, work out the loan deal first, they will give you a "not to exceed" check, and you write it out to the dealer. Then you have a new car at a fair price with a payment YOU can afford. Make sure you use sites on the internet (Edmunds, etc) to work out a fair price for the new car ahead of time. Print that out and take that to the dealer. Gives you something to bargain with.
The tax write off don't always work. The IRS has strict limits on what you can claim. If you can't itemize deductions on your federal return then you can't claim it at all. In most cases, if you donate a car and the charity sells it, you can then claim the gross amount of the sale. It also has to be a qualified organization.
True, then sell it off. I have donated cars before but most of the ones I donate are really worn out and don't have much value.
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