Vehicle trade in
Question for those in the know. When trading in a vehicle towards a new one, does the dealer go by auction price of vehicle being traded in or by NADA/KBB? Reason I ask is I had a buyer for my truck, ...
Forum Discussion
I once brought in an 26 year old car that was at the end of its life, literally. It was leaking all of its coolant right on the dealer's lot. I had looked up the kbb value before I went there and in its condition (poor) it was worth $150. I was shocked when the dealer offered $350. They said they based the value off of the auction price and it would probably be headed to a scrap yard after auction. I guess scrap prices were high that year.
I'm not sure what they based their offer on with my last truck. The truck had a private party value of $10,000 or $8,000 on a trade, but they offered $5,000. That was right at the beginning of the recession so they were probably just trying to get as much as they could because of all the uncertainty. Everyone was unloading their trucks so I would've never found a private person to take it at 10k. I eventually got them up to $6,000. The truth is I was so done with the truck and would've given it to them for free to get rid of the money pit.
I'm not sure what they based their offer on with my last truck. The truck had a private party value of $10,000 or $8,000 on a trade, but they offered $5,000. That was right at the beginning of the recession so they were probably just trying to get as much as they could because of all the uncertainty. Everyone was unloading their trucks so I would've never found a private person to take it at 10k. I eventually got them up to $6,000. The truth is I was so done with the truck and would've given it to them for free to get rid of the money pit.
