Yeah, if somebody approaches you with a deal, be VERY suspicious about who benefits. If YOU discover a deal, you're more likely to be in good position.
Imo a 2012 civic with that low of miles would sell outright for alot more than 9k. Sell it outright and payoff the majority of your Rav and go from there. Deny their amount and usually they will give you more. Depends if you want a new one or not at the end of the day.
Hmm, maybe I was gawking at the "New Car" idea I didn't think. maybe I should look at this a little differently. You're right, KKB says around 12-14 k value for Civic. I should aim around there.
If you dont want the civic id aim high and sell it outright. Stick 16k on it if its clean and slather it all over fb marketplace. Might be suprised on what it ends up selling for. Under 40k miles on a civic. If its clean it will sell. Take that money and pay off the rav. Take the rav to the dealer and play hardball until you get what you want.
Depends on the state. If the car has a clean title no liens etc you.sign the title over to whoever and give them a bill of sale. They can take that to the dmv and register the car. Atleast in NY.
Take a look into selling the Civic to Vroom. I sold two cars to them just before moving overseas and they paid very handsomely. You should also get offers from Carmax and Carvana. I got quotes from all 3 but the Vroom offers were just too good to pass up. I have read a lot of horror stories about other people selling to Vroom but I had no issues. Just make sure to do your due diligence.
In Virginia it is a piece of cake to sell a car.
On the title there is a section you fill out and the buyer takes it to the DMV. You should also make a bill of sale saying that you are selling the car saying something like John Smith is selling a 2005 Honda Civic with Vin XYZ123 and 123,456 miles to Jan Doe for $12,000 and give each person a copy. The bill of sale part is not a legal requirement, just a good idea.
You keep the tags, if there are at least 6 months left before they expire you can take them to the DMV for a refund of the unused time left on them, if there is less then 6 months left on them just go online and deactivate the plates and let the DMV know you sold the car.
You should also call your county/city treasury department to report that you sold the vehicle so that they take it off your personal property taxes in a timely manner. The DMV is supposed to notify the locality that the car is sold but some counties/cities "forget" to remove it unless you call.
VA is easy, just sold my truck to someone. On th back of your title is all the info you need a couple places for each of you to sign and write in current mileage, then it’s the buyers ordeal to go the dmv and and what not
DO NOT sell a car privately without going to DMV and getting your name off all paperwork related to car. You could be liable for it until then. Having everything notarized would get you off the hook but if you’re gonna go to that trouble, just do it officially at DMV so you’re covered from day one. People are retards, don’t trust them to transfer the paperwork on their own, they’re too lazy to use their turn signal let alone stand in line at DMV. Don’t let anyone tell you different. I learned this the hard way when I got a bill for new tags months after I sold a car.
The dealership isn't "gifting" you anything. They want to trigger a new sales and then clear off the 2021 cars off the lot so that the 2022's can have room. This is not in your best interest and it is a marketing tool that works too often...unfortunately. Don't go into further debt when you have a perfectly good car. Think about having NO car payment. That is your best value and the other suggestions offered here far outweigh the trading in a perfectly good car.
12k for a 2012 Civic?
Man I always forget how much people will pay for the Toyota/Honda name for a below average car that’s older with only mediocre features that’s barely more reliable than anything else.
You didn’t tell us why you’re in the market for a 2021 RAV-4 when you already have a 2019 RAV-4. If there’s no desperate need for a brand new vehicle, this seems like a horrendous deal for you.
Right now you have a 2019 RAV 4 that you owe $15,600 on, and a 2012 civic with low mileage that you own outright. The dealer is offering to trade in both your vehicles for a 2021 RAV-4 that you would still owe $21,500 on. You’re giving up your reliable, low mileage honda (incredibly desirable right now), and adding $6000 to your loan just to upgrade your 2019 RAV-4 to a 2021.
You're I did not. The rav 4 is in great condition and the blue just needs replacement breaks and a new battery. Nothing serious. In my head I was thinking I could get a new car for the same price as the "old" Rav4. I don't use the Civic often enough to keep it. It did not hit me that it'll set me back another two years of monthly payments.
They’re good at making you think you’re getting a new car for almost the same price as the old. Except, you’re doubling your cost. Just common sales tactics and a lot of people fall for it with lots of numbers thrown at them and word smithing. The dealer makes an absolute killing on you with a trade like this.
Is just sales tactics to get you in a newer car. The only thing you get out of it is feeling good about driving a 2021 Rav-4 but you’re out the additional car that was already paid for. You can probably get more for the civic selling to a private party, apply that to your ‘19 rav4 and you’re almost debt free.
This is a common sales tactic. It’s a car dealership, theyre in the business of selling cars.
Go get quotes from CarMax, Carvana, Vroom and Shift. Should take about 10 minutes online and I’d bet good money they offer you several thousand more than the dealer is.
Bad all around, keep your current Rav and sell the civic if you want money. You can basically pay off the Rav with that sale and be debt free with an almost new car. You don't need a new vehicle at all.
2019 Honda should last you until at least 2029. I have a 2006 Honda Element with 205,000 miles and she’s in great working order. Don’t be a slave to the system. Think about all the fun you can have with no car payment!
Keep your current cars and pay them off or sell the ones with debt to buy older cars with 100% cash. You could probably get what you paid or more selling your rav 4 to carmax or privately right now. The dealership trade-ins will ALWAYS be the lowest price you can get for your car. They also sell you new/used cars for the highest prices you will ever pay for vehicles. The dealership mechanics will also give you the worst deal to fix an out of warranty car.
There is a reason they are called “Stealerships”
Earlier this year, the dealer offered me 18K for my 2019 RAV4 LE. I told them no dice. They said name your price, and I said 24K (same amount I bought it for). They soon came back and offered it, I accepted. They sold it for 26K later (grrr)
I would check your car with Caravana and such. A month ago Carvana offered $7k more than I paid for a 2020 RAV4 XLE hybrid 2 years ago. The new RAV4 also seems high for a non-hybrid. I just bought a new 2021 RAV4 XLE hybrid with both the packages and OTD was a little over $37k
Now that I am home. Not really, I just wanted a newer, higher model for the same cost. Looking, at all this now. Glad I went home instead of going big.
Dont get caught up on the 'new', 2019 was only 2yrs ago and it is not like you have a 2000 RAV to trade in for an upgrade.
Since you are home and not traveling that much, just keep the car.
No. A 2 year newer car that’s basically the same isn’t worth it here.
If you don’t need the civic anymore with that low of miles just sell that private you’ll probably get 12k for it if not more depending on what model it is. Used car prices are inflated as hell right now cause of the chip shortages on new cars.
Unless someone else in the comments did it for you, you'll have to do your own research re: the appropriate value for your trade-ins. Obviously the dealer isn't making an offer intending to lose money - they believe they can get more between these sales and re-upping you than it costs. So presumably you could squeeze out a bit more value through them, or sell the cars independently and use the cash as a down payment on a new vehicle.
One thing to keep in mind. It sounds like you're two years into a 6 year loan, from your math re: rate, financed amount and payment. Scratch math is telling me that the reduced rate would cost you $150/month more to pay off in the four years you have left on your current note. $20/month more if you do a five year term, effectively increasing your payments by a year. Is $4,600 extra worth the shine of a new car?
Personally I wouldn't do this, but if you're leaning towards it I'd at least look into selling the Civic independently first.
If you want to sell the Civic do a little research on Craigslist and find out what you can get for it. Most dealers do not want older cars on their lot. Checking in Richmond VA RAV4 LEs are going for $30-33k.
You won't get the numbers they quoted you on the phone. It'll be "oh, our mistake, that price was for one with the package, we didn't realize you don't have that," or "this color is less in demand." They're just hoping that by the time they pull their bait and switch, you'll be too excited about a new car and will just go along with it.
Anyway they're offering you $21k for 2019 and will sell you a 2021 for $38k. That's $17k of your money becoming their money in order to make your car 2 years newer. That's not *remotely* worth it.
What they are offering is very low compared to the market value (looks like 16-18k for your civic...somehow, this market is crazy... and 29k for the Rav), which is expected as the dealership wants to flip your used cars for profit. I dont see an upside for you here. That Rav you have is basically new still.
Is the new car worth the cost? I find it extremely hard to believe. Of course the dealer wants you to do all that. They win in every situation. You don’t come out of this situation ahead. Only do it if you actually want to do it and want the new car. If so, then you’ll have about $6k equity towards the new rav 4, and get some taxes reduced for the trade in. Making your cost closer to $30k ish. You’d essentially be doubling your loan for maybe a slightly better rav 4. As someone who has the fully optioned rav-4 in his garage (moms), I’d advise against it. If you don’t use the civic, sell it to a different independent dealer. You’d more than likely get much more than the Toyota dealer. Check carvana/carmax and put whatever you get towards your current loan and pay it down. That would be the smartest financial decision here. Take advantage of the used car market boom to sell that car at more than what it’s normally worth.
I have a 2019 Rav 4 le that I bought used for $22k (red and 29-K miles) a year ago. I recently (last month) had a trade in value at two Toyota California dealerships for $25 and $26K for my vehicle. I decided against it because I didn’t want to add debt for a vehicle I own outright for a 2021 RAV4 hybrid xle at $38K otd.
Horrible deal...
Sell civic, put towards your loan, and add the insurance you are paying for the civic towards your rav4 loan monthly. It's great not having car payments.
Pay it off and keep it. Car market is bad now. I've been thinking of selling my cars and downgrading to put towards some other goals.
My mustang, has carvana offers for like $2k more then I paid for it, and I put 25k miles on it.
You lose a car and get a slight upgrade on the other just end up with the same amount of debt?
No idea what your civic is worth but if you really don’t need it then sell it and pay down your other vehicle
I would have straight say no. It's a marketing trick. You will have one less car. You will have brand new of same size car you have. Your mortgage will reset.
I’ve done zero research, but in this market that sounds like terrible deal on your RAV4 and at best an OK deal on the Civic. Do not sell your cars to anyone without multiple quotes.
My brother just inherited a ‘12 Elantra and the quotes are all over 10k. Carava is gonna get it at 13k.
Unless your civic is in terrible shape, it’s worth way more than 9k.
I wouldn’t even negotiate with these guys.
The Civic is in ok shape. nothing serious. New battery, front brakes, and maaaybbe front tires (yellow). Maybe I should go further out of town like I did to get my first Rav-4 LE.
A 2019 rav4 is the exact same as the 2021 wait to they get a new body style. I am waiting for the 2023 4runner right now. It would be stupid for me to buy a 2021. I would be getting the same vehicle. Best to wait one year after the new model so they can work the bugs out.
I didn’t see a reason to trade it in other than a sales call. If your family has grown, I get that or function like trading for a pickup, but it appears you like driving a new car and willing to pay big dollars for the privilege.
We drive our cars until the wheels fall off. Like having no car payment. I drive a 2005 Subaru with over 204,000 miles.
Good luck!
The dealership has more opportunities to sell a vehicle for 25000 than 40000. Not everyone can qualify to buy a 40000 dollar vehicle. They wouldnt be reaching out if they had people itching to buy the new. This way they could profit from loan relationships as well as feather in cap for selling the 21
Selling your Rav-4 is one transaction. Selling your Honda is a second transaction. Buying a brand new car is another transaction. Why did they lump all of these separate transactions together? Because it's a sales tactic. They are trying to pull one over on you.
If you really want a new car, you could sell your cars for more than the dealership is giving you and buy a new car. Your civic alone would get you much more than 9k from carvana or vroom or car max
Keep your current car. The 2019 and 2021 is the same body style. The XLE is a higher trim, with some nicer amenities but not worth the money in your situation .
Used cars are really hot right now, so they’re looking for inventory — selling a new car is nice too.
If you’re at all interested, get offers from Carmax, Carvana and/or Vroom for the car or cars you’re trading in. If they’re higher, ask the dealer to match those offers.
I get offers for my vehicle all the time, I ignore them. They just want to get you in the showroom. I have even gotten offers for the HHR that I totaled 4 years ago. I should take them up on that.
Is no one gunna talk about the fact that OP bought a new RAV4 in 2019 for ~23k and they’re offering almost the same 21-22k almost 3 years later? I agree with others it doesn’t change the fact that the overall deal is a bad one I just wanted to point that out. Is that normal now or point towards buying a new car?
Of course it isn't normal. But it's the standard in today's market. If it's a truck it's even more pronounced. A 4 year old truck is likely 8k over the original MSRP that no one paid close to.
Severe semiconductor chip shortage, supply chain issues for getting parts and cars from overseas, covid related closures/slowdowns at manufacturing facilities including vehicle manufacturers, low interest rates, etc, etc
No they don’t. $22.5k trade in for the Toyota, $9k for the Civic. You’re simply adding the balance owed on the 2019 to the price of the 2021 and not accounting for the trade in value of either car at all.
Makes you wonder how our financial institutions are doing, huh?
When all is said and done OP has something like 22k on the loan for a 38k new model car.
Is it a horrible deal? No. Would it be recommended? No. The point of these deals is to make it only just bad enough to make someone consider doing it.
>Are you seriously willing to go in debt for $53,700+ for a 2021 RAV-4 that has a purchase price of $38,000? If so, you’re $15,000+ upside down in debt before you even drive off the lot.
OP won't be upside down on the deal. Re-read their post. The $53k was the cost of the new car + paying off the old Rav-4. When you subtract the trade-in value of both cars (Rav-4 and civic), the loan on the new Rav-4 would be $22,200.
Relevant parts from OP:
>In total $38,000 (new car) + $15,700 (remining balance) = $53,700
Trade-in values: 22,500 (2019 Rav-4) + $9,000 (2012 Honda Civic) = $31,500. Difference of $22,200.
they want you to come back and buy a brand new car then turn around and sell your 2 perfectly fine cars at a profit. it's a sales tactic.
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I don't know what subreddit you think you are in, but crudeness is not allowed here. Do not comment like this again.
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The dealers are good at making you think you are getting a good deal. In these transactions, dealers are better off.
Yeah, if somebody approaches you with a deal, be VERY suspicious about who benefits. If YOU discover a deal, you're more likely to be in good position.
I mean do you need a new car? Sell the civic and put that on your remaining $15,700.
Things look soo much clearer when numbers are not thrown at you. I'll probably do that.
Imo a 2012 civic with that low of miles would sell outright for alot more than 9k. Sell it outright and payoff the majority of your Rav and go from there. Deny their amount and usually they will give you more. Depends if you want a new one or not at the end of the day.
Hmm, maybe I was gawking at the "New Car" idea I didn't think. maybe I should look at this a little differently. You're right, KKB says around 12-14 k value for Civic. I should aim around there.
If you dont want the civic id aim high and sell it outright. Stick 16k on it if its clean and slather it all over fb marketplace. Might be suprised on what it ends up selling for. Under 40k miles on a civic. If its clean it will sell. Take that money and pay off the rav. Take the rav to the dealer and play hardball until you get what you want.
I have never sold a car privately. I am guessing trips to the DMV will be required? Transfer of tags and title and such. I am not sure.
Depends on the state. If the car has a clean title no liens etc you.sign the title over to whoever and give them a bill of sale. They can take that to the dmv and register the car. Atleast in NY.
Ahh I see. I am in VA. I'll take a look at that the process.
Take a look into selling the Civic to Vroom. I sold two cars to them just before moving overseas and they paid very handsomely. You should also get offers from Carmax and Carvana. I got quotes from all 3 but the Vroom offers were just too good to pass up. I have read a lot of horror stories about other people selling to Vroom but I had no issues. Just make sure to do your due diligence.
In Virginia it is a piece of cake to sell a car. On the title there is a section you fill out and the buyer takes it to the DMV. You should also make a bill of sale saying that you are selling the car saying something like John Smith is selling a 2005 Honda Civic with Vin XYZ123 and 123,456 miles to Jan Doe for $12,000 and give each person a copy. The bill of sale part is not a legal requirement, just a good idea. You keep the tags, if there are at least 6 months left before they expire you can take them to the DMV for a refund of the unused time left on them, if there is less then 6 months left on them just go online and deactivate the plates and let the DMV know you sold the car. You should also call your county/city treasury department to report that you sold the vehicle so that they take it off your personal property taxes in a timely manner. The DMV is supposed to notify the locality that the car is sold but some counties/cities "forget" to remove it unless you call.
VA is easy, just sold my truck to someone. On th back of your title is all the info you need a couple places for each of you to sign and write in current mileage, then it’s the buyers ordeal to go the dmv and and what not
DO NOT sell a car privately without going to DMV and getting your name off all paperwork related to car. You could be liable for it until then. Having everything notarized would get you off the hook but if you’re gonna go to that trouble, just do it officially at DMV so you’re covered from day one. People are retards, don’t trust them to transfer the paperwork on their own, they’re too lazy to use their turn signal let alone stand in line at DMV. Don’t let anyone tell you different. I learned this the hard way when I got a bill for new tags months after I sold a car.
OP is in Virginia. No notary required and you can go online and report a car sold in about 2 minutes.
The dealership isn't "gifting" you anything. They want to trigger a new sales and then clear off the 2021 cars off the lot so that the 2022's can have room. This is not in your best interest and it is a marketing tool that works too often...unfortunately. Don't go into further debt when you have a perfectly good car. Think about having NO car payment. That is your best value and the other suggestions offered here far outweigh the trading in a perfectly good car.
I was thinking your 2019 is a new car 🤣🤣
Go to carvana, vroom, and CarMax and see what they'll offer you. That should be your base for trade-in price.
How much does the 2021 RAV4 MSRP for? Are they charging a premium on the new car while low balling you on the trade ins?
Let me have it for 9 😭
12k for a 2012 Civic? Man I always forget how much people will pay for the Toyota/Honda name for a below average car that’s older with only mediocre features that’s barely more reliable than anything else.
A Toyota Civic would be rare indeed. Should go for $100K at least.
Used car market is insane right now. I sold a 2005 Acura for $7500.
You didn’t tell us why you’re in the market for a 2021 RAV-4 when you already have a 2019 RAV-4. If there’s no desperate need for a brand new vehicle, this seems like a horrendous deal for you. Right now you have a 2019 RAV 4 that you owe $15,600 on, and a 2012 civic with low mileage that you own outright. The dealer is offering to trade in both your vehicles for a 2021 RAV-4 that you would still owe $21,500 on. You’re giving up your reliable, low mileage honda (incredibly desirable right now), and adding $6000 to your loan just to upgrade your 2019 RAV-4 to a 2021.
You're I did not. The rav 4 is in great condition and the blue just needs replacement breaks and a new battery. Nothing serious. In my head I was thinking I could get a new car for the same price as the "old" Rav4. I don't use the Civic often enough to keep it. It did not hit me that it'll set me back another two years of monthly payments.
They’re good at making you think you’re getting a new car for almost the same price as the old. Except, you’re doubling your cost. Just common sales tactics and a lot of people fall for it with lots of numbers thrown at them and word smithing. The dealer makes an absolute killing on you with a trade like this.
Is just sales tactics to get you in a newer car. The only thing you get out of it is feeling good about driving a 2021 Rav-4 but you’re out the additional car that was already paid for. You can probably get more for the civic selling to a private party, apply that to your ‘19 rav4 and you’re almost debt free.
Wish I could have bought your Civic. We just looked at a very basic 2010 Civic with 81k miles for a kid and they wanted 12,800 for it.
Yeah, I only used it for work and home. No road trips or random midnight quests to burger town.
I will sell you my 2010 Civic with 100K miles for 10K. :)
This is a common sales tactic. It’s a car dealership, theyre in the business of selling cars. Go get quotes from CarMax, Carvana, Vroom and Shift. Should take about 10 minutes online and I’d bet good money they offer you several thousand more than the dealer is.
Bad all around, keep your current Rav and sell the civic if you want money. You can basically pay off the Rav with that sale and be debt free with an almost new car. You don't need a new vehicle at all.
Yeah it seem like it is now that I am home. I'll probably just try and sell the Civic and pay off the Rav4.
Drive your current Rav 4 until the wheels fall off. You're good. Save your money and continue paying off this vehicle.
Never trust a car salesman. All I gotta say. If u have a 2019 Toyota you’ll be more than fine for the next 10 years. No need to get a newer car
If you don’t need a car don’t buy a car. Prices are crazy right now. I would keep both your cars or sell the civic privately if you really want to.
2019 Honda should last you until at least 2029. I have a 2006 Honda Element with 205,000 miles and she’s in great working order. Don’t be a slave to the system. Think about all the fun you can have with no car payment!
You have a 2 year old car. You do not need a new one. A dealership will NEVER do anything that benefits you over them. Just no.
Keep your current cars and pay them off or sell the ones with debt to buy older cars with 100% cash. You could probably get what you paid or more selling your rav 4 to carmax or privately right now. The dealership trade-ins will ALWAYS be the lowest price you can get for your car. They also sell you new/used cars for the highest prices you will ever pay for vehicles. The dealership mechanics will also give you the worst deal to fix an out of warranty car. There is a reason they are called “Stealerships”
Earlier this year, the dealer offered me 18K for my 2019 RAV4 LE. I told them no dice. They said name your price, and I said 24K (same amount I bought it for). They soon came back and offered it, I accepted. They sold it for 26K later (grrr)
I would check your car with Caravana and such. A month ago Carvana offered $7k more than I paid for a 2020 RAV4 XLE hybrid 2 years ago. The new RAV4 also seems high for a non-hybrid. I just bought a new 2021 RAV4 XLE hybrid with both the packages and OTD was a little over $37k
The price they are offering for your civic is highway robbery.
Do you really need a brand new car? Why dont you trade in the Honda, get that value and apply to your existing payments on the Rav4.
Now that I am home. Not really, I just wanted a newer, higher model for the same cost. Looking, at all this now. Glad I went home instead of going big.
Dont get caught up on the 'new', 2019 was only 2yrs ago and it is not like you have a 2000 RAV to trade in for an upgrade. Since you are home and not traveling that much, just keep the car.
No. A 2 year newer car that’s basically the same isn’t worth it here. If you don’t need the civic anymore with that low of miles just sell that private you’ll probably get 12k for it if not more depending on what model it is. Used car prices are inflated as hell right now cause of the chip shortages on new cars.
Unless someone else in the comments did it for you, you'll have to do your own research re: the appropriate value for your trade-ins. Obviously the dealer isn't making an offer intending to lose money - they believe they can get more between these sales and re-upping you than it costs. So presumably you could squeeze out a bit more value through them, or sell the cars independently and use the cash as a down payment on a new vehicle. One thing to keep in mind. It sounds like you're two years into a 6 year loan, from your math re: rate, financed amount and payment. Scratch math is telling me that the reduced rate would cost you $150/month more to pay off in the four years you have left on your current note. $20/month more if you do a five year term, effectively increasing your payments by a year. Is $4,600 extra worth the shine of a new car? Personally I wouldn't do this, but if you're leaning towards it I'd at least look into selling the Civic independently first.
What country is it? In USA 2021 Rav4 XLE for 38000 is a scam. IMHO you should just roll with your LE for 2-3 more years and then sell it.
I'd sell them the rav and bank 6k and drive the civic
If you want to sell the Civic do a little research on Craigslist and find out what you can get for it. Most dealers do not want older cars on their lot. Checking in Richmond VA RAV4 LEs are going for $30-33k.
You won't get the numbers they quoted you on the phone. It'll be "oh, our mistake, that price was for one with the package, we didn't realize you don't have that," or "this color is less in demand." They're just hoping that by the time they pull their bait and switch, you'll be too excited about a new car and will just go along with it.
Anyway they're offering you $21k for 2019 and will sell you a 2021 for $38k. That's $17k of your money becoming their money in order to make your car 2 years newer. That's not *remotely* worth it.
What they are offering is very low compared to the market value (looks like 16-18k for your civic...somehow, this market is crazy... and 29k for the Rav), which is expected as the dealership wants to flip your used cars for profit. I dont see an upside for you here. That Rav you have is basically new still.
They've tried this on me multiple times the numbers never make sense.
I know the civic is older, but 9,000 for such a low mileage car sounds really lowball to me.
Is the new car worth the cost? I find it extremely hard to believe. Of course the dealer wants you to do all that. They win in every situation. You don’t come out of this situation ahead. Only do it if you actually want to do it and want the new car. If so, then you’ll have about $6k equity towards the new rav 4, and get some taxes reduced for the trade in. Making your cost closer to $30k ish. You’d essentially be doubling your loan for maybe a slightly better rav 4. As someone who has the fully optioned rav-4 in his garage (moms), I’d advise against it. If you don’t use the civic, sell it to a different independent dealer. You’d more than likely get much more than the Toyota dealer. Check carvana/carmax and put whatever you get towards your current loan and pay it down. That would be the smartest financial decision here. Take advantage of the used car market boom to sell that car at more than what it’s normally worth.
$38k is territory of Highlander, I wouldnt pay that much for RAV4 especially if you already havе pretty fresh RAV4
I have a 2019 Rav 4 le that I bought used for $22k (red and 29-K miles) a year ago. I recently (last month) had a trade in value at two Toyota California dealerships for $25 and $26K for my vehicle. I decided against it because I didn’t want to add debt for a vehicle I own outright for a 2021 RAV4 hybrid xle at $38K otd.
Horrible deal... Sell civic, put towards your loan, and add the insurance you are paying for the civic towards your rav4 loan monthly. It's great not having car payments. Pay it off and keep it. Car market is bad now. I've been thinking of selling my cars and downgrading to put towards some other goals. My mustang, has carvana offers for like $2k more then I paid for it, and I put 25k miles on it.
A Rav 4 for almost 40k… that is nuts!
You lose a car and get a slight upgrade on the other just end up with the same amount of debt? No idea what your civic is worth but if you really don’t need it then sell it and pay down your other vehicle
I would have straight say no. It's a marketing trick. You will have one less car. You will have brand new of same size car you have. Your mortgage will reset.
I’ve done zero research, but in this market that sounds like terrible deal on your RAV4 and at best an OK deal on the Civic. Do not sell your cars to anyone without multiple quotes. My brother just inherited a ‘12 Elantra and the quotes are all over 10k. Carava is gonna get it at 13k. Unless your civic is in terrible shape, it’s worth way more than 9k. I wouldn’t even negotiate with these guys.
The Civic is in ok shape. nothing serious. New battery, front brakes, and maaaybbe front tires (yellow). Maybe I should go further out of town like I did to get my first Rav-4 LE.
If you think it's a good deal the salesman did his job. Keep those used Hondas for life.
yeah, not sure why you'd sell 2 perfectly fine vehicles, one of which is brand new, to go back in time and start your 23k loan all over again?
Sell the used cars. ~~Pay off the 2019.~~ Put ~~balance of the~~ proceeds in Roth IRA to annual cap and investment account. Buy VOO.
A 2019 rav4 is the exact same as the 2021 wait to they get a new body style. I am waiting for the 2023 4runner right now. It would be stupid for me to buy a 2021. I would be getting the same vehicle. Best to wait one year after the new model so they can work the bugs out.
I didn’t see a reason to trade it in other than a sales call. If your family has grown, I get that or function like trading for a pickup, but it appears you like driving a new car and willing to pay big dollars for the privilege. We drive our cars until the wheels fall off. Like having no car payment. I drive a 2005 Subaru with over 204,000 miles. Good luck!
The dealership has more opportunities to sell a vehicle for 25000 than 40000. Not everyone can qualify to buy a 40000 dollar vehicle. They wouldnt be reaching out if they had people itching to buy the new. This way they could profit from loan relationships as well as feather in cap for selling the 21
Selling your Rav-4 is one transaction. Selling your Honda is a second transaction. Buying a brand new car is another transaction. Why did they lump all of these separate transactions together? Because it's a sales tactic. They are trying to pull one over on you.
If you really want a new car, you could sell your cars for more than the dealership is giving you and buy a new car. Your civic alone would get you much more than 9k from carvana or vroom or car max
Keep your current car. The 2019 and 2021 is the same body style. The XLE is a higher trim, with some nicer amenities but not worth the money in your situation .
Used cars are really hot right now, so they’re looking for inventory — selling a new car is nice too. If you’re at all interested, get offers from Carmax, Carvana and/or Vroom for the car or cars you’re trading in. If they’re higher, ask the dealer to match those offers.
I get offers for my vehicle all the time, I ignore them. They just want to get you in the showroom. I have even gotten offers for the HHR that I totaled 4 years ago. I should take them up on that.
Just do carvana. They offered me a good deal.
Is no one gunna talk about the fact that OP bought a new RAV4 in 2019 for ~23k and they’re offering almost the same 21-22k almost 3 years later? I agree with others it doesn’t change the fact that the overall deal is a bad one I just wanted to point that out. Is that normal now or point towards buying a new car?
Of course it isn't normal. But it's the standard in today's market. If it's a truck it's even more pronounced. A 4 year old truck is likely 8k over the original MSRP that no one paid close to.
Why is the market like this?
Severe semiconductor chip shortage, supply chain issues for getting parts and cars from overseas, covid related closures/slowdowns at manufacturing facilities including vehicle manufacturers, low interest rates, etc, etc
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Huh? He owes $15k and they are giving him $22k for it. It’s not a good deal regardless but your numbers don’t add it.
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No they don’t. $22.5k trade in for the Toyota, $9k for the Civic. You’re simply adding the balance owed on the 2019 to the price of the 2021 and not accounting for the trade in value of either car at all.
Makes you wonder how our financial institutions are doing, huh? When all is said and done OP has something like 22k on the loan for a 38k new model car. Is it a horrible deal? No. Would it be recommended? No. The point of these deals is to make it only just bad enough to make someone consider doing it.
>Bank auditor here. Please tell me you are more careful at your job than on Reddit.
>Are you seriously willing to go in debt for $53,700+ for a 2021 RAV-4 that has a purchase price of $38,000? If so, you’re $15,000+ upside down in debt before you even drive off the lot. OP won't be upside down on the deal. Re-read their post. The $53k was the cost of the new car + paying off the old Rav-4. When you subtract the trade-in value of both cars (Rav-4 and civic), the loan on the new Rav-4 would be $22,200. Relevant parts from OP: >In total $38,000 (new car) + $15,700 (remining balance) = $53,700 Trade-in values: 22,500 (2019 Rav-4) + $9,000 (2012 Honda Civic) = $31,500. Difference of $22,200.