Jersey Black Beauty
Well-Known Member
Ok series,I understand that but how do you hopefully get equity out of a lease truck
Too buy or not buy
- Thread starter Jersey Black Beauty
- Start date
Series6
Well-Known Member
I stand corrected. Did some checking online it appears you're at market. You would own a great used tacoma. Check what they are reselling for in your area. If a similar unit is going higher, great. Lower, flip a coin.
With all due respect to a fellow member, no matter how I look at the numbers you've shared, this was not a good transaction. Now it's just a case of minimizing the hit .
Last question: do you like the truck? If yes, keep it and do your research next go round.
If it would help I'll put together a process on how I advise friends to buy. No tricks, just math.
With all due respect to a fellow member, no matter how I look at the numbers you've shared, this was not a good transaction. Now it's just a case of minimizing the hit .
Last question: do you like the truck? If yes, keep it and do your research next go round.
If it would help I'll put together a process on how I advise friends to buy. No tricks, just math.
Jersey Black Beauty
Well-Known Member
Sure
Jersey Black Beauty
Well-Known Member
Hook me up and Thank You series6
Jersey Black Beauty
Well-Known Member
That’s about the going price up in Jersey tooter
Taco_Tuesday
Well-Known Member
Orange TRD sport with 34k AND a color matched topper for $30k? Sounds pretty decent. That's about what they are here.
texasred
Well-Known Member
View attachment 30068That to a puuuuuuurdy! As a plus, you’ll never lose it in the snow! [emoji119][emoji119][emoji119][emoji119][emoji119]
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tooter
Well-Known Member
its a sport
Series6
Well-Known Member
Series6’s recommendation on how to buy a car.
I can’t tell you how many times I was asked about “Tricks Dealers Use”. You may buy 10 cars and trucks in your life. The average car salesman sells 10 a month. They are much better suited to go back and forth with Tricks. Stick with math. There is no magic to Math. Just Math.
1-Know your budget.
a-How much down payment do you have? (Let’s $15,000) Not including what your insurance or other after sale costs will be. Some States require the buyer to post license fees. Dealers only charge for temp plates.
b-Know what you can afford. (example $500 for 60 months) ($30,000)
c-Go to your bank or credit union. Qualify for a rate. Tell them what you can afford monthly. And how long you’re willing to make payments.
c-Ask how much interest is in that figure (Let’s say $2500)
d-Deduct $2500 from $30,000=$27,500 the add your Down Payment=Your budget is now $42,500 including tax and applicable fees.
e-If possible, get a pre-approval letter from your bank or Credit Union.
2-Trades-I don’t trade in vehicles. I don’t give up equity. Sell privately. A few months before you actually go to the market, get the word out. In many cases, some one you know either likes your unit, or knows someone that needs a good unit. If you own it out right, no payoff, that’s your number. If you owe on it, ask your lender for a payoff 30 days in advance. Let’s say your payoff is $6300 and you can sell your unit for $10,000. Advise your lender of your plans and they can help make the sale a little easier. A little more work doing it this way. Might take you a week to do it. Question I’d ask would be when was the last time you made $3700 in a week?Don’t trade unless you have to.
Just a little on trades. Most of the mistakes Buyers make is in the Trade Value. The thinking is you are tired of the unit and just want to get out of it. That’s a mistake.
There’s such a thing as ACV-Actual Cash Value. That’s the real wholesale/internal value the Dealer puts on your trade. That’s the maximum that dealer wants to have your unit on their books for. One dealer may allow a little more, another a little less. So, the Used Truck Buyer tells the Desk the ACV is $7000. Desk tells the Sales Guy it’s$5500. And you argue back and forth for a few. You let it go for $6000. You just added $1000 to his margin. Called under-allowance.
3-When negotiating with the dealership, don’t get into a payment discussion. You know that already. Even if they advise you that they can match your Bank or Credit union, make sure you ask for how many months. You’re thinking 60, but when you get in the office it’s 66/72/84.
4-Never fall in love with a unit on the floor. Like the Keebler Elves, they can make another one. Also, avoid one with all the Dealer Added Options. There’s a lot of Blue Sky built in there. Normally there’s about $1500 average in the Retailwindow sticker of a Tacoma. The major part of the Dealer’s profit is in the financing, options and underallowing on your trade. That’s called the Back End of the deal. You can source the same options and upgrade your unit on your own. Get the truck, make sure there’s no bugs in it, and if so get them corrected under warranty.
Anyway, that’s all I got for now. Other opinions are welcome.
I can’t tell you how many times I was asked about “Tricks Dealers Use”. You may buy 10 cars and trucks in your life. The average car salesman sells 10 a month. They are much better suited to go back and forth with Tricks. Stick with math. There is no magic to Math. Just Math.
1-Know your budget.
a-How much down payment do you have? (Let’s $15,000) Not including what your insurance or other after sale costs will be. Some States require the buyer to post license fees. Dealers only charge for temp plates.
b-Know what you can afford. (example $500 for 60 months) ($30,000)
c-Go to your bank or credit union. Qualify for a rate. Tell them what you can afford monthly. And how long you’re willing to make payments.
c-Ask how much interest is in that figure (Let’s say $2500)
d-Deduct $2500 from $30,000=$27,500 the add your Down Payment=Your budget is now $42,500 including tax and applicable fees.
e-If possible, get a pre-approval letter from your bank or Credit Union.
2-Trades-I don’t trade in vehicles. I don’t give up equity. Sell privately. A few months before you actually go to the market, get the word out. In many cases, some one you know either likes your unit, or knows someone that needs a good unit. If you own it out right, no payoff, that’s your number. If you owe on it, ask your lender for a payoff 30 days in advance. Let’s say your payoff is $6300 and you can sell your unit for $10,000. Advise your lender of your plans and they can help make the sale a little easier. A little more work doing it this way. Might take you a week to do it. Question I’d ask would be when was the last time you made $3700 in a week?Don’t trade unless you have to.
Just a little on trades. Most of the mistakes Buyers make is in the Trade Value. The thinking is you are tired of the unit and just want to get out of it. That’s a mistake.
There’s such a thing as ACV-Actual Cash Value. That’s the real wholesale/internal value the Dealer puts on your trade. That’s the maximum that dealer wants to have your unit on their books for. One dealer may allow a little more, another a little less. So, the Used Truck Buyer tells the Desk the ACV is $7000. Desk tells the Sales Guy it’s$5500. And you argue back and forth for a few. You let it go for $6000. You just added $1000 to his margin. Called under-allowance.
3-When negotiating with the dealership, don’t get into a payment discussion. You know that already. Even if they advise you that they can match your Bank or Credit union, make sure you ask for how many months. You’re thinking 60, but when you get in the office it’s 66/72/84.
4-Never fall in love with a unit on the floor. Like the Keebler Elves, they can make another one. Also, avoid one with all the Dealer Added Options. There’s a lot of Blue Sky built in there. Normally there’s about $1500 average in the Retailwindow sticker of a Tacoma. The major part of the Dealer’s profit is in the financing, options and underallowing on your trade. That’s called the Back End of the deal. You can source the same options and upgrade your unit on your own. Get the truck, make sure there’s no bugs in it, and if so get them corrected under warranty.
Anyway, that’s all I got for now. Other opinions are welcome.
Series6
Well-Known Member
One last thing. The dealer needs to stay in business and deserves a profit. I don't mind paying it. They have to pay sales people, and the sales department's portion of the dealership's overhead and still be in the Black after all that is covered. They deserve a return on investment. A good deal is one where both parties are square.
Jersey Black Beauty
Well-Known Member
Were you in auto sales?
Jersey Black Beauty
Well-Known Member
Post it up
B.C.
Well-Known Member
Sorry you got screwed, salesmen only care about themselves all too often, but not always. I actually don't have an opinion for once in my life. Its mint, so if you like it buy it out. Alternatively let them have it back, and go buy a new truck if you really want a 2020. I doubt you need the extended warranty if you keep it, its not driven hard, and low low low mileage. I'll do in weeks what you do in a year, so if I was leaning one way or the other, it's probably keeping it.
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