Sponsored

Traded my GT350 to dealer, wait is on for R

96cobra

Well-Known Member
Joined
Aug 27, 2016
Threads
47
Messages
932
Reaction score
660
Location
USA
Vehicle(s)
GT350R
So I've had an R order in for about 7-8 months now, and my R order is scheduled to start production next week, so I have been trying to decide whether I needed to sell my GT350 outright or whether it would be worthwhile to trade my GT350.. of course, this would depend on the value of my GT350 at the time my R arrived. Being that I will be getting this car after a 10 month wait (or so), I felt that the dealership had a lot of power in what they could offer me in trade... after all, the car I have been desperately waiting for is finally going to be there and they know I will be wanting to make the deal happen at all costs. While I could keep the GT350 and buy the R with the plans on selling the GT350, I preferred not to keep both on my insurance and carry 2 payments (although my GT350 payment isn't bad as I put a good chunk down). I didn't want to face a low-ball trade offer or have to carry both cars. If I needed to sell the car now, I wanted to know.

So I reached out to the sales manager at the dealership I have my R order with to discuss my situation, and he suggested that I bring the car in now and they could make me an offer and take the car right now. The trade value would then move forward when my car arrives for a smooth transition. He also advised that now would be the time to do this for a good valuation, they don't have any GT350's on the lot AND the fact that Flat Rock will start shipping cars out within weeks to all the dealers, cars will start being available while currently it's (relatively) slim pickings. He also mentioned that a car in my condition would be something they want on their lot. Sounded great, so I took Friday off with my wife and we took the trip to the dealership.

Met up with my dealer and let them inspect the car... they were very complimentary of my car (It's babied with exactly 2000 miles and meticulously detailed by myself as an obsession) and like they said, they wanted the car. They returned with a very fair trade in offer, and along with the tax credit I would get on the trade we came to an agreement and the car was theirs. Couldn't be happier to have the weight of selling the car off my shoulders while at the same time it was sad to not be bringing the car home.

This weekend was weird, it's amazing how many times I think of driving the car somewhere and had to stop myself because my garage space is empty. :( It's not a daily driver so on the weekends and at times I can take it somwhere I feel it will be safe, it got driven.

It's going to be a LONG 6-8 weeks! UGH. But it will make taking delivery of my R even more special.

Also, I want to apologize in advance for now being even more crazy about checking the status of the production and delivery of my R as the withdrawls right now are worse than I expected they would be. ;)
Sponsored

 

BoostinFD

Well-Known Member
Joined
Jan 25, 2018
Threads
10
Messages
193
Reaction score
66
Location
Clayton
Vehicle(s)
2018 Raptor
What was the trade-in offer?
 

PP0001

Well-Known Member
Joined
Jun 9, 2015
Threads
53
Messages
4,810
Reaction score
5,619
Location
Both Sides of the Border
Vehicle(s)
2021 CTR LE (126 & 581)
It looks as though everything went accordingly to plan which included eliminating a car payment along with cancelling your insurance policy for the GT350 along with establishing an upcoming tax credit for the R therefore you must be very happy with the outcome.

Had you procrastinated with respect to selling your car later this year who knows where the value may have ended up.

Very good decision in my opinion and trust me the upcoming short wait will be well worth it!

:thumbsup::thumbsup:
 
OP
OP
96cobra

96cobra

Well-Known Member
Joined
Aug 27, 2016
Threads
47
Messages
932
Reaction score
660
Location
USA
Vehicle(s)
GT350R
It looks as though everything went accordingly to plan which included eliminating a car payment along with cancelling your insurance policy for the GT350 along with establishing an upcoming tax credit for the R therefore you must be very happy with the outcome.

Had you procrastinated with respect to selling your car later this year who knows where the value may have ended up.

Very good decision in my opinion and trust me the upcoming short wait will be well worth it!

:thumbsup::thumbsup:
Hit the nail on the head on everything. :) No insurance or car payment for 2 months (or so) and getting a stronger # because right now dealers have less inventory then they will in 2 months.

As far as trade value, I have a good relationship with my dealership and they are charging me an small ADM on my R, so that may have helped with getting a fair offer. I'm not going to say publicly what they gave me, but if you look on KBB or NADA and look for the "exceptional condition" trade in values for a 2017 with low miles, you'll get an idea.

In Florida, when you trade you don't have to pay the tax on the traded value on the purchase price of the car you are buying, so that makes it easy to want to trade if the #'s work. These are not my #'s, but to explain- if I traded and they gave me $50K for my car, and the car I was buying was $70K, I only pay taxes on the $20K difference. So essentially, you can add 6% to their trade offer to really see how much you are getting on the trade. So it would be like them giving me $53K. If I sold my car privately, I'd pay the 6% tax on the full $70K (and end up paying the $3K I would have saved by trading it)

Plus, the few times I've had to sell a high end sports car privately have been nothing short of frustrating and annoying. Multiple people swearing they want the car to the point of agreeing to buy only to back out for no reason (and you find out they were still looking after they agreed to buy), I've been on a few crazy test drives with potential buyers that pissed me off (I realized they were feeding me full of crap and wasting my time and really weren't as serious about buying), etc. So going to a dealer, handing them my keys, and forgetting about it is well worth a couple of grand to me also. :D

And you want to hear something funny? I agreed to sell my car to someone here on the forum late last year FOR LESS than what my overall trade value ended up being.. so I'm very glad they backed out. :headbang:
 

Sponsored

OP
OP
96cobra

96cobra

Well-Known Member
Joined
Aug 27, 2016
Threads
47
Messages
932
Reaction score
660
Location
USA
Vehicle(s)
GT350R
Great deal. What color will your R be ?
It's no secret here on the forums that I'm in love with Lightning Blue, so I'm going with the same color scheme.. LB with white stripes. Being that I've had about 7 months+ to wonder if I should change my color to something else and still have no doubts about LB tells me I'm on the right track to be happy for the long haul.
 

Muligan

ARRR!
Joined
Dec 16, 2016
Threads
85
Messages
1,254
Reaction score
1,811
Location
North Central Illinois
Vehicle(s)
G0059 / Former Track Attack #14 "The Rented Mule"
I'm with you on trading in. I'll be swapping H2614 for my new R sometime in the next 6 - 8 weeks, too. Like you, the deal just made sense, as the tax savings on the deal puts me well in the range of where I would have been if I'd done really good selling it on my own, only now without any of the issues of having to deal with buyers. Just load it in the trailer, deliver it to the dealer, load up the new R, and come home.
 

Tomster

Beware of idiots
Joined
Feb 20, 2016
Threads
278
Messages
15,510
Reaction score
15,584
Location
FL
First Name
Tom
Vehicle(s)
'20 RR GT500R(CFTP), 18 OW GT350R Base, '17 AG GT350R Electronics Pack, '97 PG Cobra Convertible
Well played sir!
 

BoostinFD

Well-Known Member
Joined
Jan 25, 2018
Threads
10
Messages
193
Reaction score
66
Location
Clayton
Vehicle(s)
2018 Raptor
In Florida, when you trade you don't have to pay the tax on the traded value on the purchase price of the car you are buying, so that makes it easy to want to trade if the #'s work. These are not my #'s, but to explain- if I traded and they gave me $50K for my car, and the car I was buying was $70K, I only pay taxes on the $20K difference. So essentially, you can add 6% to their trade offer to really see how much you are getting on the trade. So it would be like them giving me $53K. If I sold my car privately, I'd pay the 6% tax on the full $70K (and end up paying the $3K I would have saved by trading it)
Missouri is the same way. Sounds like you got a great deal. Congrats!
 

Kurac

Well-Known Member
Joined
Apr 9, 2016
Threads
17
Messages
788
Reaction score
432
Location
NE Ohio
Vehicle(s)
2017 GT350 R
In Florida, when you trade you don't have to pay the tax on the traded value on the purchase price of the car you are buying, so that makes it easy to want to trade if the #'s work. These are not my #'s, but to explain- if I traded and they gave me $50K for my car, and the car I was buying was $70K, I only pay taxes on the $20K difference. So essentially, you can add 6% to their trade offer to really see how much you are getting on the trade. So it would be like them giving me $53K. If I sold my car privately, I'd pay the 6% tax on the full $70K (and end up paying the $3K I would have saved by trading it)
Are you saying in Florida that you don’t pay tax on the trade in value OR the EQUITY you have on your trade in?
 

Sponsored

Tomster

Beware of idiots
Joined
Feb 20, 2016
Threads
278
Messages
15,510
Reaction score
15,584
Location
FL
First Name
Tom
Vehicle(s)
'20 RR GT500R(CFTP), 18 OW GT350R Base, '17 AG GT350R Electronics Pack, '97 PG Cobra Convertible
It is an offset. If the car was traded in at x value, x value is subtracted from the new car purchase price
 

Kurac

Well-Known Member
Joined
Apr 9, 2016
Threads
17
Messages
788
Reaction score
432
Location
NE Ohio
Vehicle(s)
2017 GT350 R
So trade in value is $50K, for example, and say you owe $49K, the taxable amount on a new $70K purchase is only $20K?
 

BoostinFD

Well-Known Member
Joined
Jan 25, 2018
Threads
10
Messages
193
Reaction score
66
Location
Clayton
Vehicle(s)
2018 Raptor
So trade in value is $50K, for example, and say you owe $49K, the taxable amount on a new $70K purchase is only $20K?
How much you owe is irrelevant. The way it works is... 70k purchase, 50k trade-in, you pay tax on 20k.
 

Kurac

Well-Known Member
Joined
Apr 9, 2016
Threads
17
Messages
788
Reaction score
432
Location
NE Ohio
Vehicle(s)
2017 GT350 R
A bit different up in Ohio. Thanks for the clarification.

OP, congrats on the R.
 

Wriggly

Well-Known Member
Joined
Jul 17, 2016
Threads
26
Messages
517
Reaction score
225
Location
Illinois
First Name
Mike
Vehicle(s)
2018 Porsche 718 GTS
As far as trade value, I have a good relationship with my dealership and they are charging me an small ADM on my R, so that may have helped with getting a fair offer. I'm not going to say publicly what they gave me, but if you look on KBB or NADA and look for the "exceptional condition" trade in values for a 2017 with low miles, you'll get an idea :
$48,000? I just did a KBB offer on my 17 last week with 2400 miles and that's what they offered me.
Sponsored

 
 




Top