Trade In or buy outright.

[rikker]

Hello all.
I ordered a Lariat Powerboost and put down a deposit back on September 24th and my salesman just told me I had a build date of 2/15. I had agreed to trade in my very low mileage 2015 XLT and pay cash when the truck comes in. Now I am thinking of giving my 2015 to my nephew- so no trade in. Am I obligated to trade in? What would happen to the agreed upon buy figure? Thanks.
Rick

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[Agashi25]

Talk to your dealer. Nothing we can say or do to help you here.

In my personal experience trading in or not trading the dealer doesn’t care especially on a new car. But again, call your salesman.

 

[mrtrav]

The agreement I had with my dealer when putting down a deposit was on the purchase price of the car. I told him I was undecided on if I was going to trade in or sell my current vehicle myself. They told me that either option was fine, that when the vehicle was delivered to the dealership that we would treat it like any other car buying transaction, except that we already have the price of the F-150 agreed upon beforehand.

 

[05RubiconLJ]

You agreed to buy the truck at $XX,XXX, that is the number they will stick with. The trade is just another line item on the purchase sheet. Example: Truck is $56,650 and trade is $18,500. You agreed to pay $38,150 with the trade or $56,650 without.

 

[Trashman]

Hello all.
I ordered a Lariat Powerboost and put down a deposit back on September 24th and my salesman just told me I had a build date of 2/15. I had agreed to trade in my very low mileage 2015 XLT and pay cash when the truck comes in. Now I am thinking of giving my 2015 to my nephew- so no trade in. Am I obligated to trade in? What would happen to the agreed upon buy figure? Thanks.
Rick

I had the same thing happen and I had thought a hand shake is a hand shake and didn't want to go back on our agreement and approached or dealership about it and he said " oh my lands no you do what ever you want with your truck, we don't care, just want your business"

 

[daemonic3]

That is one lucky nephew! I think it was already mentioned that it is just part of the purchase agreement BUT with one difference - tax liability.

I am in one of the UNLUCKY six states where it does not matter, but all the other states, the trade-in reduces the taxable purchase price of the new vehicle. So $56k+tax out the door is different than ($56k-trade)+tax because the tax is less when you trade.

 

[daemonic3]

I had the same thing happen and I had thought a hand shake is a hand shake and didn't want to go back on our agreement and approached or dealership about it and he said " oh my lands no you do what ever you want with your truck, we don't care, just want your business"

That's surprising because if they take your trade it will be for far less than what they sell it for, so they make money off you TWICE instead of once.

I went in to my dealer and straight up asked if they would likely only give me the low end of the KBB trade range or do they ever stretch to the upper range, because I said if you can give me the upper range I'll trade it rather than sell private party. He said the most they do is mid range so I said nevermind then. But he REALLY wanted my truck. Like NOW. Even though my order won't be there until mid February. Then he even called me next day to see if I reconsidered! Anyway, point is our local dealers are pretty desperate since inventory is so low, I'm gonna keep em hanging to see if they can meet me at my needs.

 

[Cmfrasher]

Hello all.
I ordered a Lariat Powerboost and put down a deposit back on September 24th and my salesman just told me I had a build date of 2/15. I had agreed to trade in my very low mileage 2015 XLT and pay cash when the truck comes in. Now I am thinking of giving my 2015 to my nephew- so no trade in. Am I obligated to trade in? What would happen to the agreed upon buy figure? Thanks.
Rick

Rick, The only other consideration is that of Sales Tax.
If you trade in a vehicle your sales tax will be based on the 38K and with no trade in your sales tax is based on the 56K amount. As posted by another member all the dealers want is to move vehicles. With no trade in they do not have to worry about detailing a truck ready for resale. Just my 2 cents.

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