TSXDude

I'll be picking up my 04 six speed today when i get off work, but something came up.....

My gf's brother was shocked (or too ignorant to research) that my 99 prelude trade-in value was around 10000 CAD. Now (with me signing the deal and agreeing the price), he wants me to asked to salesman whether he can just cut a check for the trade-in value and take away the prelude, while i still get my deal on the TSX.

What i told him is this:

-You can't compare the trade-in value to actual purchase value of the car... so the salesman is not going to give you the car at trade-in value (unless the salesman doesn't want to make any money)

-Also, the ownership of the prelude is no longer mine...is up to the dealer to decide whether he'll let you have it for that price..

He told me just talk to the salesman and see what is the best price i can get for him...... i'm thinking..you are the one who wants to buy the car...why don't you go talk to the salesman....

I will call the salesman about this, but i want to know if any of you guys know whether he can just write a check at trade-in and take the car away from the dealer.

Thank you

Dan

dom

So he wants to buy the Prelude at $10K from the dealer? I seriously doubt the dealer will sell it to him at that price. They'll probly try and get a few k more.

ricecake

Your trade in value is always lower than the retail price at which the dealer sells it, because dealers have their own costs to deal with that are built into the retail price. The best thing to do, imho, is find out what the retail price is for a 99 Lude first and the Kelly Blue Book price. You're probably going to find a lot of margin between the 10k trade in value and both the retail price and KBB price. Then you can sell it directly to your gf's brother in law for something in-between. That way, you get a little bit more value for your sale and your gf's brother gets it at a price lower than what he can expect to pay a dealer.

joerockt

I think I see what this guy is talking about. His gf's brother wants to see if they can cancel the trade-in by just cutting the check for the trade-in value. Not actually buy the car from the dealer.

There not going to do it now. You already signed the deal...

BUT, who knows? If you go to them and say, look, I made a mistake and I dont want to trade-in the Prelude, but I will give you a check for 10K, they would probably do it. Im sure they would rather take the cash then hold on to a car that they will have to sell or auction.

dom

But then TSXDude doesn't get to save on the taxes. Now he'd be paying taxes on the full amount and not the difference which could be 1 to 2 k depending.

joerockt

Guess it depends on how much he loves his gf

o3jeff

I ended up selling the truck I was going to trade in after we agreed on a deal, the dealer just told me that I would have to pay the tax on the the trade in value and was happy that he didn't have to deal with the trade in.

ianS

Ah... $10000 to trade in 99 lude! you better sell it privately! I traded in my 99 lude for $14700 and I end up sell the car privately so I just ask the dealer to revised the contract for no trade in and they just say yes, ok why not. I got my tsx from Acura 2000, hope this help.

leftride

iTrader: (1)

i actually took back my trade in, but it was before I signed the deal and it was also a $2k trade in not $10k, either way the dealer didnt care at all.

TSXDude

so yea, it turns out that the salesman doesn't care for the car, but for the cash... so he says he can take away the car at trade-in plus tax....o well... it doesn't matter for me, coz i am going to get the same deal anyway... BUT.. i have to wait for him to get the money, so i won't be picking up my TSX for another week....................

leftride

iTrader: (1)

charge your gf's brother interest for making you wait!