What to expect on 2008 Limited trade-in?

[heger]

What should I expect for a trade-in value on a 2008 limited V8 with 69k miles? I think it's in terrific condition. I'd give it a solid B+. No rust, dings, etc. I'm about to buy a land cruiser...and wondering how much better off I'd do if I selling it myself? They haven't seen my 4runner yet but they ballparked me it at $13-17k. That seems super low. I was expecting closer to $20k. am I nuts? Welcome any advice. And if selling on my own is significantly better option...whats the best way to do it? Craigs List? Auto trader?

PS...I checked KBB for value, but a lot of folks tell me that's not a valid reference anymore.

 

[jonesmw10]

PS...I checked KBB for value, but a lot of folks tell me that's not a valid reference anymore.

Unfortunately, at least around here, that's what dealers still use. I would say $17k is what they'll offer, because they'll put it on the lot at around $20k

 

[LTDSC]

They haven't seen my 4runner yet but they ballparked me it at $13-17k. That seems super low. I was expecting closer to $20k. am I nuts?

yes.

13-17 seems right. I worked at a dealer for a number of years and everyone always gets upset. I highly recommend if they have any in your area to go to a CarMax. they will offer more than fair value for your vehicle. 80% of the time its higher than what a dealer would offer.

Always expect 5-10k lower than you "want" from a dealer, they're there to make money as well, not trying to "screw you".

 

[WI_4Runner]

You'll almost ALWAYS get more return selling private party...The benefit for trading it in is the trade-in tax exemption (may not be applicable in your state) and ease of doing it in one transaction.

A dealer can't pay the same retail price and than turn around and re-sell it - they have to be able to make a few grand on each vehicle they take in.

I would say the bottom end of your range is very low, but unfortunately, they (dealer) probably won't work beyond the higher end of their range as the poster above mentioned. I would bet you could fetch $20k+ no problem with your rig, going about selling it yourself thru craigslist. I paid $19.5 out the door on a '07 Sport Edition, clean/well maintained with all goodies, ie leather, NAV, V8 4x4, in great shape at 80k miles, Seattle region, in December 2013 for comparison's sake.

Not sure about your region, but 4Runners in my area are a prime commodity, especially those that are in good shape with clean records and upkept maint. They sell quite well at or even above KBB private party value.

 

[HokieRunner]

What should I expect for a trade-in value on a 2008 limited V8 with 69k miles? I think it's in terrific condition. I'd give it a solid B+. No rust, dings, etc. I'm about to buy a land cruiser...and wondering how much better off I'd do if I selling it myself? They haven't seen my 4runner yet but they ballparked me it at $13-17k. That seems super low. I was expecting closer to $20k. am I nuts? Welcome any advice. And if selling on my own is significantly better option...whats the best way to do it? Craigs List? Auto trader?

PS...I checked KBB for value, but a lot of folks tell me that's not a valid reference anymore.

You almost always do better selling it yourself, but that's the whole trade-off of convenience vs. money. Some folks just like to trade their old vehicle in and drive off with the new vehicle and don't want the headache of listing and trying to sell themselves. If you have the title in hand, that really simplifies the selling process as well.

If you decide to sell it yourself, I've found it's good to list it at a few places, cars.com, autotrader, craigslist, etc. Craigslist usually turns up more misses than hits and expect a lot of low ballers....but I ended up selling my last car to a craigslist buyer and about $4k higher than dealers were willing to give me. If you have a pristine vehicle, it makes it more worth it to sell it yourself. In my experience, dealers don't care too much the condition or at least won't recognize with $$$ as much as a private buyer.

 

[verman84]

Keep in mind that the dealer is going to try to flip the vehicle for a profit so they are never going to give you the full price of what your car is worth.

Yours might be worth $20-22k but the dealer is never going to give you that because they won't make any money. If you try to get top dollar for your car you might be sitting on it a while. When my wife and I were looking earlier this year, the average lot time for a 4runner was 30-40 days. They are great vehicles but they hold their value so well that it takes a specific buyer to bite the bullet on a $20k used vehicle with close to 100k miles on it.

The dealer will probably come in around $16k and try to sell it for 20. From everything I saw this summer, $20k seems like an average price for what you have. You do have the limited and the v8 so maybe it should be higher but the used car buyers looking to spend $20k+ on something with close to 100k miles isn't a very large group.

I guess the best you can do is go in and see.

 

[lunchindabox]

A lot of dealers are now turning to MMR (manheim market research)
This is better for them than KBB cause they know what they can expect to pay at auction and compare that to what they offer you. In addition, KBB puts too much emphasis on location of sale and miles. Shipping is so cheap these days that location is considered minor. And miles are unimportant these days with an increasing pull coming from international buyers who don't care about miles. As an international buyer myself, you would not believe the prices I've paid for cars, few examples:

-1996 corolla station wagon with a bad motor, 220k miles, in chicago and needed shipped to Va for export shipping- I paid $2800
-2001 LS430 with 434k miles, I paid 10k
-2002 LX470, barely running, smashed hard in front but good air bags with 278k miles, I paid 13k for.

Alot of people overseas are buying toyotas/lexus in the states for export so their value is terribly skewed on KBB. Manheim gives a better representation of what people are willing to pay.


MMR says that the last 08 4runner V8 lmtd with miles in that range went for 16.2k Presumably a dealer bought it at auction for that price to sell for more.
Or a international buyer bought it for export?

MMR says that the last 08 4runner V6 lmtd with miles in that range went for 90.6k Presumably a dealer bought it at auction for that price to sell for more.
(and here we thought v8 was better)


With your miles being low, the international aspect won't skew it very much, but thought you should know.

 

[lunchindabox]

CL is free.

back to your question, "where and how?"

Craigslist is free and instant. Snap a pic, write a description, Start high, wait for the calls. Drop the price a bit, wait for more calls.

Nothing to lose in this sense...maybe some time and sanity LOL

 

[NuclearN8]

I'd say that's about right for trade-in value.
As other have stated. it's not personal, strictly business...

carmax it if your state doesn't have the tax benefits of trade-in... it's the quickest way to get cash for your ride.

Also I've found most dealers use Nada values for trade in values as they're typical lower (same car same mileage etc).. for selling used, they use kbb values because they're generally higher... they use the tools that maximizes their profit and we can't blame them for that...

 

[hawaiian05]

All the above posts have very valid points re actual trade in value, private party vs. trade, and where to advertise. One thing I'd suggest doing, regardless if you plan to sell or trade, would be to check your local listings for comparable vehicles. This will give you an idea of what similar units are going for, or at least listed for, in your area. It should hopefully give you some arguing power, granted the prices are above KBB (which they are in my area and most others, for Toyotas).

I recently sold my Tacoma and did a great amount of research on local listings, both private party and dealer. I actually had a dealer offer me nearly full asking price ($500 short), but I chose to sell it private party bc I didn't want to see it go on a lot for a marked up price. The buyer's loaning bank even questioned my asking price, given it was above the price in their "reference guide." I stated a few facts in response: 1) Toyota's hold their value 2) Asking price was near KBB 3) I was accurate with local prices 4) I have people in line (really did) waiting to buy it if he passes up

Good luck with your sale/trade!

 

[macgyver_ga]

yes.

13-17 seems right. I worked at a dealer for a number of years and everyone always gets upset. I highly recommend if they have any in your area to go to a CarMax. they will offer more than fair value for your vehicle. 80% of the time its higher than what a dealer would offer.

Always expect 5-10k lower than you "want" from a dealer, they're there to make money as well, not trying to "screw you".

Good point on Carmax. They'll buy it from you even if you don't buy from them. At the very least, use it as a baseline. If they think they can't re-sell it, they'll basically give you what it would cost them to sell it at auction.

Also, take an average of KBB, Edmunds, and NADA and that'll give you a ballpark. Also, don't be afraid to negotiate or even walk away.

When we bought my wife's T4R a couple months ago, we bought it out of state and decided to sell her Hyundai Santa Fe here in Atlanta (should have taken the T4R dealers trade offer of 17k DOH!) thinking we could get more money. I took it to Carmax first, they offered $15k (UGH...), took it to Hyundai next, they offered $14.5k (F-U), then ultimately took it to a local Dodge dealer who advertises that they'll give you $500 more than Carmax for any car if you bring the Carmax offer. When Hyundai offered 14.5, I immediately said, "No thanks" and got up and started walking away. He said ok hold on lemme talk to my manager. He came back and offered $15k. I said, well the dodge dealer up the road will give me $500 more than carmax and carmax offered $15k so give me $15.5 and you've got a deal. He said nope can't do it. So I walked out to the car, he came running outside when I was getting in the car and said $15k. I said, "no thanks" and drove off to the dodge dealer. They honored that offer and gave us $15.5k and we were in and out of there in 30 minutes.

Moral of that story, kids is NEVER buy a Hyundai. That Santa Fe was almost $30k when it was new in '12.

 

[bpowa]

lol 13-17k... Be prepared for them to offer you 14k.. They will try to work you a deal with the LC if you dont fetch right away.

If anything let them do that.. THen switch it around. for them to gurantee the LC at the price but you want to sell the 4runner private party.

One thing though. It maybe a headache for you to get rid of the car private party. So do your research in your area..

Not many people have 17k cash laying around. Most would rather finance.

Cars around 2k sells faster than cars for 10k. :cheers:

 

[CNJ Runner]

expect to get low balled/ripped off.

 

[heger]

Thanks for all the input everybody. All super useful. I think I am going to try and sell it myself. I've taken very good care of it. On the flip side, I saw the used Land Cruiser today. Test drove it. It was great. Boy, did it feel big in comparison. But I guess thats what I want. Now I need to convince myself to pay $40k for a 6 year old used car with 45k miles. Jeez. Seems sorta crazy. But I don't like anything else out there and I love toyota.