Trade-In Evaluation from local dealer, help?
 

Hey guys,

I found a dealer with a 2016 Halo Scion FR-S in manual transmission and I offered my 2013 10-series Scion FR-S automatic transmission as trade-in. They started at $13,000 for the offer but did what all car sales do and called me back with better and better offers like 3 times. So now where we stand is actually somewhat appealing in my mind, but I wanted to see what some of you thought about it. Here's the current evaluation of trade-in and my vehicle specs and details for reference.

I told the dealer the following about my car:

10-Series Scion FR-S [AT]
38,130 Miles
2nd owner vehicle
chip in front windshield
door dent in driver side door
2/32" on stock tires
car is fully stock and well maintained.


Side note:

I owe $15,996 on the current car and I paid $4000 down, drove for 1.5 years and put about 17k miles on the car.

Here was their offer:

They will pay off the car (i.e give me $16,000 in trade-in evaluation), 2016 scion frs is $25,779 price tag.

Final price after tax & dock fees: $26,855

__________________________________________________ _________

I feel vulnerable talking to car salesman because I feel like they just have so many different ways to get their money out of you in the transaction. Does all of this seem legit? Also, what does everyone think about that trade-in evaluation on the car?

what's your monthly payment gonna be?

Seems like $18k is the average the car should go for based on your info from a dealer, so the dealer intends to resell your car and profit $2k.
What they are asking for the 2016 is normal so everything seems to be in order.

My payment will go from $317.50 to $427.00/mo

I told them to factor that based on 4.5% interest rate which is what I have from the last deal. and to assume my credit was sub 720. I figured if its above and I can get 3.5% instead that would just be icing on the cake, i know its close but I wanted to figure worst case scenario.

My only other questions is with proximity to 2017 toyota 86 release should I wait? I don't want the 2017 (don't like front styling) but 2016 should be less expensive once that comes out, not sure if pure pricing does a global reduction of price like that?

This^^^^^


They are giving a reasonable offer to make a reasonable profit. Yes, you take a hit on value due to depreciation but that is the car ownership game.




Not directed to OP just a general comment on trading/selling:


Never can understand the car owner that wants to buy for rock bottom but then get top dollar when selling and then blame the dealer for "ripping them off" when that does not happen. Dealers are there earning a living not catering to our personal wishes and desires. As long as they are fair (as per above) then all is good and everybody wins.

Pure pricing will die with Scion and it had nothing to do with what the dealers could charge in the first place.
The 17s could force the price down or could actually make the older ones go up in price. Still to early to tell but if they flop the older ones could become more desirable. Don't think this will happen but it is possible and not without precedent after facelifts. My guess is the current versions will hold the same value with very little impact one way or another from the facelift. Now if it was a second gen that could be a completely different story.

Honestly? That sounds like a great deal on the trade in.

You could probably find a better price on the new car if you searched cars.com or other websites, but honestly if you like the car and you are happy, go for it.

You should try and go to a local bank or two or the like to see what you can actually get for a car loan. And go to credit karma.com to actually get an idea what your credit is. Even though they might not admit it, interest rates are competitive as well.

I got $16k for my 2013, and the buyer knows the complete history of the car. 45k miles BRZ Limited with lots of track miles.

To me. All it sounds like your losing is 4k and getting a manual. You may miss the amenities the 10 series has

But Tcoat, the new one has 5 more horsepower.


The power of five whole horses, man. Gotta' pay to play.

The dealer would actually profit less than $2k since his tires are worn down to 2/32". They would replace those before selling.

If you do the math, a 2016 fr-s cost $126 per Hp based on a $25,305 MSRP. Which means the 2017 has approx $632 dollars in extra power.

As far as the deal itself goes, it seems fair. However, my question to you would be whether or not a manual transmission is worth about $10k. Financially, you're better off keeping what you have then taking a $10k hit and having a car that's much the same as your current one.

dealer giving you $16k for
40k miles
chip in front windshield
door dent in driver side door
2/32" on stock tires

Seems pretty good to me if you MUST get a new car.

Is there a specific reason that you want to pay more and replace current car? If so, you'll be increasing your debt from 16,000 to 26,855. Not sure if it's really worth for newer car with manual transmission. If not, save up, payoff current debt and live on.

At the end of the day, everyone will say it's your money and your decision.

It seems pretty good. The dealer may make a few pennies on your trade, If they replace the tires, even less. The price they gave you on the new car is competitive. Assuming the finance side works for your budget, i'd pull the trigger.

Yah I hear what you're saying, thats not really a fair comparison though because the new car has 38k less miles, new tires, new brakes, etc.

I understand its really not a good idea to do these type of transaction as they are not economical, however, I bought the AT used due to a need for a vehicle (my job requires travel in order to generate sales) it was the only one held locally at the time and it was the car I wanted but I needed a car none the less. When I bought it, I didn't envision being a car enthusiast and considering tuning the car and adding aftermarket parts and getting into track driving etc. but that's the way life has transpired so that is the reason I want the MT. I don't want to put $2300 into full exhaust, $4500 into supercharger, money into tuning etc into an AT.

Wll now, that sounds like you have answered your own question.

You have a new purpose for a car, so just do it ....... ;)


humfrz

Still makes more financial sense to just sell auto car, buy a used manual for the same price as what the 2013 is worth and use that $10k you'd be putting in extra for the $6800 in mods you plan on doing with a few thousand left over for even more mods.
Also, you don't buy a brand new car and kill the warranty out of the gate with the supercharger. Usually the main reason for a new car purchase is the warranty.

Yups! ;)

Someone said it, buy a used MT. Sell your car straight up and you can probably pay it off. Or trade for a used manual. I wouldn't buy this car new. Just not enough car for me to pay nearly 30K for it. I paid half that for my 13 MT with 43k miles on it. Just not sure I'd want this as a new car. You can forgo all that modding and just buy something fast in the first place. When I trade this one in I'm going back to fast. But this isn't about me its about you and sounds like you have a plan so go for it

Well I'll put it to you this way: Would you rather have the new car or the current car with $10k in the trunk?

actually im considering on selling my 2013 manual white frs with 34K miles. interesting i ran into this thread haha

REALITY CHECK - Need more info (how many months is the loan, 60 or 72 - or longer?)

When the dealer says they'll, "Pay off the car" that seldom means they are giving you $16k in trade. It means they are giving you the 13 (or whatever) and rolling the remaining difference (so up to 3 grand) into your new loan. This means you are handing them money on the front end AND on the back end. What you're probably really paying is the $26k for the new car, plus the $3k you still owe on your old car for a loan total of $29k (plus TTL).

Unless you have it IN WRITING that they have valued your trade for sixteen grand and would write you a check for that amount.

Look at your paperwork VERY closely. If they aren't doing that they've messed with the interest rate or the loan period to get you the "payments you want", but are still getting their money out of it.

We can't really make an informed decision without all the particulars of the proposed loan agreement, but if it seems to be working out in your favor it rarely actually is.

-Also, rereading your initial post I get the impression the dealer has not physically inspected your car yet (you stated you "told" them the facts on your car)? That would mean their appraisal is conditional and I'd be curious if they don't try and knock it down a bit once they actually put their eyes on it.

In case it's not obvious - I don't trust car dealers. ;) :D

That being said, according to my trusty financial calculator, 427/mo for 72 months @4.5% does work out to the final price you've stated for the new car, so maybe it's legit and they really are giving you the payoff amount in trade on your old one. In which case, that seems like a pretty good deal.

Thank you for the advise, I learned a lot of the same when I bought the car originally. You are correct, they are out of town and I have not physically brought my car to them, I did honestly tell them every single issue with the car in grave detail over the phone and the salesman told me his general manager said he'd take the risk giving me $16,000 for the trade in value. I've already told them not to waste my time, so long as I wasn't hiding anything (I wasn't) then they shouldn't have an issue with the car when I bring it there, if they do, and try to reduce trade in offer, I'll walk away, simple as that. I'm not giddy about the trade and I certainly won't talk myself into taking a lesser deal, I'll probably visibly get pissed and walk away, its all business really.

Aside from that, I understand where people are coming from with trading for used manuals etc. That's probably a better way to go, but I'd have to find one first, and one that isn't 2k miles away. I understand a lot of people would prefer to spend more money on more power than to spend it on buying the car newer, but I actually hate every other sports car I've driven in that range. I hate mustangs, I hate Cameros, but I love this car, and I'll eventually add more power, but for now its a driver's car and it's top notch in my opinion. I do plan to drive it until its eventual death after this transaction and I don't have the upfront cash to buy all the upgrades I want to put into it anyways, I'd wait out the warranty and save my pennies while I do. As of now, I think I've mostly made up my mind and I'm going to the bank with financial docs tomorrow to see what I can get for financing + GAP insurance on the new ride before I even go to the dealership. I'll update when I get back Sunday evening and let everyone know what transpired. Thanks everyone.

Have a used 1 shipped to closer by?
If you want to throw money away I'll take it.

Sounds like you have the right outlook.

Good luck!

If you're buying a car based on payment....you're doing it very wrong.

:thumbsup::thumbsup:

I understand what you mean, but it's not like that. The dealer doesn't know my credit score and I don't intend to let them pull it. I just meant that I was moving the process along and going direct with the bank rather than getting screwed at the dealership. I just bought a house 3 months ago and was curious how big of an impact my credit score had taken and how it would affect the APR I would get on financing a new auto loan is all.

I thought dealerships were trying their hardest to clear their inventory, aren't the 2016s supposed to be cheaper at the moment?

Sent from my SAMSUNG-SM-G925A using Tapatalk

https://s7.postimg.org/xwse8glcb/Scion_Price.jpg

https://s7.postimg.org/5xy8hljpn/TFSSubvention_Cash.jpg

https://s7.postimg.org/g9ala9bez/TFS...tion_Cash2.jpg


So I was at a different dealership today having my TSB taken care of, I had planned to go to the dealership to hash out a deal tomorrow. The salesman at the toyota dealership locally told me some interesting bits of information today after realizing he didn't have what I was looking for. Just wondering what all this means, and if anyone has any specific advise regarding the details as these documents he let me take pictures of don't make a ton of sense to me.

He told me that Scion was announcing a $3500.00 price reduction on Scion FR-S Inventory today, but the dealership that has the scion I want knew nothing about it. The price tag on their car at the other dealership shows a marked down price however and at the bottom reads "w/ TFS rebate."

Also, does anyone know much about the .9% APR 72mo with $500 bonus cash offer through scion? Just wondering why the financing through toyota would be so much less APR than what I could get through my credit union? My Experion credit score yesterday was 697, I question whether I qualify? If i did that would be sweet, anyone have any clue whether I would?

wow, .9% for 72 months....I got mine at same % but 60 months...the .9% rate was offered by my local Scion dealership which was much lower than my credit union...but then my credit score was over 830....I believe if credit scores are good then dealership supposedly give better car loan interest rates.

Hey guys,

Thanks for all the help throughout the process. I wanted to update everyone as I said I would.

Sunday rolled around and I took the 1 hour drive to the dealership holding the brand new Halo MT 2016 Scion FRS. I came armed with a host of information regarding invoice price, current scion promo's, etc etc. The deal we eventually worked out was as follows:

My 2013 AT 10-Series Scion FR-S (Trade-In $16,200)

-Smoked in
-Several dents
-Rock chips
-Bald Tires
-40% brake life
-Chipped windshield
-2nd owner (never wrecked)

Their 2016 Halo MT Scion FR-S ($25,559) Brand New (18 miles)

-$1,500 Rebate from Scion/TFS
-$1,318 Dealer Cash (Discount)
-Financed at 0.9% over 5 years (60 mo)

Old Payment: $317.50
New Payment: $424.00

I had to barter pretty heavily for the extra dealer cash, which another dealership offered up their black 2016 MT scion FR-S with $2,000.00 dealer cash + $1,500 TFS rebate and offered to match these guy's trade in value. I live in Idaho though and bought the car from an Oregon dealership so DOCK fee was $214.00 less and I feel like taxes were much less also (only ~$450).

They also matched my credit unions gap insurance while financing through TFS (TFS GAP is $895, gave to me for $495)

I think I did pretty good. From what I understand they basically broke even on the car and took on my trade which they may stand to make some cash off of but realistically with all the work they are going to put into it to spiff it back up, maybe only $1500 profit there.

Its been 3 days now and I'm loving the Manual Transmission. Never owned a manual and had only driven one for maybe 1.5 hours collectively in my life before test driving this one (was super nerve racking, didn't want to stall out in the test drive lol) Anyways, I've got it down pretty good I think, still working on smoothing out upshifts from 1st to 2nd though. Other than that I played with the paddle shifters alot in my AT 10 Series so I've been able to downshift rev match like a champ so far just from passively observing RPM in my 10 series.

If anyone else is considering buying one of these cars, let me know as I've acquired some very valuable purchase information in my research that could save you some bucks.

Sounds like you're happy and deal looks ok. :w00t: