To trade in my 2013 6-6 or sell privately? - Page 2 - Drive Accord Honda Forums | radio-pro.ru
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post #16 of 38 Old 07-30-2016, 06:14 AM
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If I may, with all due respect, I think you're going about it bass-ackward. You've fallen in love with the new car, and it's available. If it were me, I'd take the time to sell your car privately. Rent a car for a few days, then fall in love with the new one. Believe me (former car sales guy), whatever inconvenience it takes to sell your car privately is nothing compared to the b.s. you get at a dealer with a trade-in.

This is good advice, but just remember that the time between when you sell your current car and when you can actually local the new car you want and do the deal, may be weeks or even a month or more if you are dead set on a particular color or trim. You could be looking at renting a car for far longer than you might anticipate and really eat into the cost savings vs trading it in. Convenience is worth something, right? Now, if you just want a slightly used Lexus GS and are willing to accept a few different colors, selling privately might work out great.

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post #17 of 38 Old 07-30-2016, 06:14 AM
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I think slimm's suggestion makes a lot of sense, especially when looking to change cars because of back, leg or other health issues.

If it's a matter of seats and ride harshness, then you really need an extensive test drive (say several days of regular driving). The worst case scenario is you sell or trade your current car, finance a new one, and find out 6 months later your back problems are just as bad or even worse in the new one.


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post #18 of 38 Old 07-30-2016, 06:41 AM
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Yeah I don't mean to "mother" anyone here or to get off topic- but other than likes on the Facebook, your health is the most important thing. You don't want to get in another car and find your back/leg pain following you.

If the therapist told you to do stretches and get a different chair at work, walk more, lose weight, etc....do it.

I apologize for getting in your business- but I sold my 6 speed Stealth Twin Turbo to get my automatic Accord because of left knee issues (wrestling/motorcycle injuries). One week later, I felt much better, but not perfect. My cousin is close friends with one of the finest orthopedic surgeons in Chicago- so he asked me to stop in.

In less than an hour, I was told because of my flat arches, I needed to change shoes or get arch supports because everything was thrown out of whack. I am fine now. No knee issues.
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post #19 of 38 Old 07-30-2016, 07:05 AM
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Originally Posted by RickBlaine View Post
Yeah I don't mean to "mother" anyone here or to get off topic- but other than likes on the Facebook, your health is the most important thing. You don't want to get in another car and find your back/leg pain following you.

If the therapist told you to do stretches and get a different chair at work, walk more, lose weight, etc....do it.

I apologize for getting in your business- but I sold my 6 speed Stealth Twin Turbo to get my automatic Accord because of left knee issues (wrestling/motorcycle injuries). One week later, I felt much better, but not perfect. My cousin is close friends with one of the finest orthopedic surgeons in Chicago- so he asked me to stop in.

In less than an hour, I was told because of my flat arches, I needed to change shoes or get arch supports because everything was thrown out of whack. I am fine now. No knee issues.
+1

Find out what is wrong with your back. Changing the car may or may not do it for you.

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post #20 of 38 Old 07-30-2016, 08:22 AM
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white3actual, More power?

Specs indicate 306hp and 277 lb ft torque which is respectable for a 3.5L NA engine. Interesting to note the very high compression, 11.8:1. Even mpg is decent 19/28/22. Not too thrilled about the front grill, but that's a personal preference. Around here no one has a rwd only model, just awd. Also missing is the third pedal

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post #21 of 38 Old 07-30-2016, 08:28 AM
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according to edmunds, Arizona does have trade-in tax credit :



see note 2

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post #22 of 38 Old 07-30-2016, 08:51 AM
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white3actual, More power?

Specs indicate 306hp and 277 lb ft torque which is respectable for a 3.5L NA engine. Interesting to note the very high compression, 11.8:1. Even mpg is decent 19/28/22. Not too thrilled about the front grill, but that's a personal preference. Around here no one has a rwd only model, just awd. Also missing is the third pedal
According to C&D, the IS350 F Sport has a slower 5-60 time and is one mph slower in the quarter mile than the 6-6. Even if the two cars were equal in straight line acceleration, considering the F Sport costs about 50% more I understand White’s “more power for the price point” comment.

Not knowing anything about the cause of Latin’s back issue, the GS Lexus is a VERY comfortable car.

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post #23 of 38 Old 07-30-2016, 09:03 AM
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One aspect no one mentioned is theft. Some prospective buyer takes you and the car for a test drive and then pulls out a pistol and steals your car. Or, worse shots you and then steals your car. Your car is a valuable asset and giving a stranger the keys for a test drive even with you in the car. Is the difference between a retail private sale and a trade worth the chance of bring injured or killed? Of course there is the hassle of advertising, showing and the paperwork involved in selling the car.

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post #24 of 38 Old 07-30-2016, 09:10 AM
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Originally Posted by Baldeagle View Post
According to C&D, the IS350 F Sport has a slower 5-60 time and is one mph slower in the quarter mile than the 6-6. Even if the two cars were equal in straight line acceleration, considering the F Sport costs about 50% more I understand White’s “more power for the price point” comment.

Not knowing anything about the cause of Latin’s back issue, the GS Lexus is a VERY comfortable car.
I can't argue this much further as I've yet to drive the lexus product. On paper at least it looks very presentable. Will I be as impressed when driving it, who knows. I will say this, i test drove a 2016 camaro 2ss at/6mt back to back. While both are the same cars with the only difference being the trans, the 6mt left a more favorable impression. The at suffered from a throttle lag of sorts.

0-60 and 1/4 mi times are one thing, but how the car behaves in non straight line driving is even more important. The lexus does have rwd going for it over the accord

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post #25 of 38 Old 07-30-2016, 09:19 AM
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Originally Posted by Flyboy View Post
One aspect no one mentioned is theft. Some prospective buyer takes you and the car for a test drive and then pulls out a pistol and steals your car. Or, worse shots you and then steals your car. Your car is a valuable asset and giving a stranger the keys for a test drive even with you in the car. Is the difference between a retail private sale and a trade worth the chance of bring injured or killed? Of course there is the hassle of advertising, showing and the paperwork involved in selling the car.
I take it that you are a big fan of Chicken Little.

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post #26 of 38 Old 07-30-2016, 09:35 AM
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Originally Posted by Flyboy View Post
One aspect no one mentioned is theft. Some prospective buyer takes you and the car for a test drive and then pulls out a pistol and steals your car. Or, worse shots you and then steals your car. Your car is a valuable asset and giving a stranger the keys for a test drive even with you in the car. Is the difference between a retail private sale and a trade worth the chance of bring injured or killed? Of course there is the hassle of advertising, showing and the paperwork involved in selling the car.
He's in AZ so he wouldn't even need a permit to carry so I wouldn't be afraid of interacting with strangers.

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post #27 of 38 Old 07-30-2016, 10:00 AM Thread Starter
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Qualifying for a loan is great, but not my point. As a very simple example, let’s say the Lexus cost $30,000. A $30,000 loan at 3% for four years would have a $664/month payment. If the dealership gave you $20,000 for your trade and you applied that toward your loan, you would only need a $10,000 loan. At 3% interest for 4 years, a $10,000 loan would have a $221/month payment. If your goal is to manage cash flow, you might not want a $664/month payment. Trading-in the car at the time of sale will reduce the loan amount. You really can't do that if you sell your car privately after you buy the Lexus.

Without turning this into too much of a financial discussion, would you rather have a high monthly payment and that $20,000 in the bank? Maybe you do. What’s the 4-year opportunity cost on that money? Do you think you can average MORE THAN the interest rate you must pay on that used-car loan over the next four years? And that needs to be after tax growth for a fair comparison. And how would you risk adjust that return because there is NO place to get 3%-4% guaranteed right now for four years? Of course if you had that $20,000 in the bank right now, you could withdraw it and reduce the Lexus' loan amount. When you eventually sell your 6-6, you could refill that bank account. There are many ways you can approach this, but this is the line of questioning I had hoped to raise.

If you don't have an extra $20,000 in cash right now (or someone willing to loan it to you) and you don't want a $600+ monthly payment, you may have no choice but to trade in your 6-6 to the dealership. And by the way, I'm pretty sure Arizona applies a trade-in tax credit based on your state's sales tax (6.5%) plus any additional local taxes based on where your dealership is located.
Thanks for all your advise man.

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Originally Posted by white3actual View Post
I sold my 2014 EX-L 6-6 several months ago to a private buyer because the seats were giving me lower back pain. Like above i met the buyer at his local bank, signed some paperwork (i still had a lien), the bank cut me a check for the difference, and the paid off my loan. That same day I went into a Lexus dealership and bought my 2016 IS 350 F Sport. Lexus like many other manufacturers are offering pretty good interest rates on new cars.

I miss driving the six speed manual accord, but I sure love my Lexus. My only complaint is I wish it had more power for the price point.
Yeah i saw when you posted about the Lexus. It looks pretty sweet! I might have to copy you haha.

Quote:
Originally Posted by slimm1469 View Post
If I may, with all due respect, I think you're going about it bass-ackward. You've fallen in love with the new car, and it's available. If it were me, I'd take the time to sell your car privately. Rent a car for a few days, then fall in love with the new one. Believe me (former car sales guy), whatever inconvenience it takes to sell your car privately is nothing compared to the b.s. you get at a dealer with a trade-in.
Thanks for you advise! I think I will most definitely sell it privately.

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Originally Posted by TN9thSi View Post
This is good advice, but just remember that the time between when you sell your current car and when you can actually local the new car you want and do the deal, may be weeks or even a month or more if you are dead set on a particular color or trim. You could be looking at renting a car for far longer than you might anticipate and really eat into the cost savings vs trading it in. Convenience is worth something, right? Now, if you just want a slightly used Lexus GS and are willing to accept a few different colors, selling privately might work out great.
I'm just set on white or lighter colors haha.

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Originally Posted by RickBlaine View Post
Yeah I don't mean to "mother" anyone here or to get off topic- but other than likes on the Facebook, your health is the most important thing. You don't want to get in another car and find your back/leg pain following you.

If the therapist told you to do stretches and get a different chair at work, walk more, lose weight, etc....do it.

I apologize for getting in your business- but I sold my 6 speed Stealth Twin Turbo to get my automatic Accord because of left knee issues (wrestling/motorcycle injuries). One week later, I felt much better, but not perfect. My cousin is close friends with one of the finest orthopedic surgeons in Chicago- so he asked me to stop in.

In less than an hour, I was told because of my flat arches, I needed to change shoes or get arch supports because everything was thrown out of whack. I am fine now. No knee issues.
Oh yeah I'm keeping up with what the PT suggested.
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Originally Posted by Kamdog View Post
+1

Find out what is wrong with your back. Changing the car may or may not do it for you.
This is true. I did a search and found out that Lexus's have good seats for people with lower back issues.
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Originally Posted by bomber1640 View Post
according to edmunds, Arizona does have trade-in tax credit :



see note 2
Awesome!
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Originally Posted by Baldeagle View Post
According to C&D, the IS350 F Sport has a slower 5-60 time and is one mph slower in the quarter mile than the 6-6. Even if the two cars were equal in straight line acceleration, considering the F Sport costs about 50% more I understand White’s “more power for the price point” comment.

Not knowing anything about the cause of Latin’s back issue, the GS Lexus is a VERY comfortable car.
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Originally Posted by GreenandGold831 View Post
He's in AZ so he wouldn't even need a permit to carry so I wouldn't be afraid of interacting with strangers.

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post #28 of 38 Old 07-30-2016, 10:28 AM
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Originally Posted by Baldeagle View Post
Qualifying for a loan is great, but not my point. As a very simple example, let’s say the Lexus cost $30,000. A $30,000 loan at 3% for four years would have a $664/month payment. If the dealership gave you $20,000 for your trade and you applied that toward your loan, you would only need a $10,000 loan. At 3% interest for 4 years, a $10,000 loan would have a $221/month payment. If your goal is to manage cash flow, you might not want a $664/month payment. Trading-in the car at the time of sale will reduce the loan amount. You really can't do that if you sell your car privately after you buy the Lexus.
I don't understand your point at all. If you sell the car privately you can apply any amount you want as a downpayment and finance the rest. It doesn't matter if the downpayment is money from your bank account or value of a trade in. Some finance offers have a minimum loan amount but the form of downpayment is irrelevant. The only difference between trade in and private sale is a potential sales tax reduction in states that allow it, which on a 4 year old 6-6 coupe is probably worth less than $1000, far less than the value loss of private vs trade in.

Oh just saw that you wrote sell the car AFTER buying the new one. Well that assumes he has no savings to briefly borrow from. No access to temporary transport to allow for sale first etc.
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post #29 of 38 Old 07-30-2016, 11:10 AM
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I don't understand your point at all. If you sell the car privately you can apply any amount you want as a downpayment and finance the rest. It doesn't matter if the downpayment is money from your bank account or value of a trade in. Some finance offers have a minimum loan amount but the form of downpayment is irrelevant. The only difference between trade in and private sale is a potential sales tax reduction in states that allow it, which on a 4 year old 6-6 coupe is probably worth less than $1000, far less than the value loss of private vs trade in.

Oh just saw that you wrote sell the car AFTER buying the new one. Well that assumes he has no savings to briefly borrow from. No access to temporary transport to allow for sale first etc.
Yup. That was my point.

Although Latin did write “sell the Accord privately and then drop that money on the loan to pay it down that much faster.” While that is certainly an option it will reduce the timeframe of the loan but not reduce the payment. In my example if he dropped an extra $20,000 down in month #4 he must still live with that $600+ monthly payment for another year. That may or may not be an issue but worth considering before hand.

According to Edmunds dealer trade-in is about $17,200 and private sale is about $19,200. If he trades to a dealer for $17,200 and sales tax is 6.5%, the tax credit will be $1,118. That is the equivalent of selling his car privately for $18,318. If he can his car for $19,200 he will net an extra $882 ($19,200 -$18,318).

But something to remember when selling a used car is that it still depreciates about 1.2% per month. That means next month his $19,400 car will be worth $19,167. And the next month $18,937. In three months the car will be worth $18,709. Now the extra in his pocket is about $400. If insurance costs $75/month, that would been an added expense of $225. Now his gain is $175. Just more food for thought.

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post #30 of 38 Old 07-30-2016, 11:36 AM Thread Starter
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Yup. That was my point.

Although Latin did write “sell the Accord privately and then drop that money on the loan to pay it down that much faster.” While that is certainly an option it will reduce the timeframe of the loan but not reduce the payment. In my example if he dropped an extra $20,000 down in month #4 he must still live with that $600+ monthly payment for another year. That may or may not be an issue but worth considering before hand.

According to Edmunds dealer trade-in is about $17,200 and private sale is about $19,400. If he trades to a dealer for $17,200 and sales tax is 6.5%, the tax credit will be $1,118. That is the equivalent of selling his car privately for $18,318. If he can his car for $19,400 he will net an extra $1,082 ($19,400 -$18,318).

But something to remember when selling a used car is that it still depreciates about 1.2% per month. That means next month his $19,400 car will be worth $19,167. And the next month $18,937. In three months the car will be worth $18,709. Now the extra in his pocket is about $400. If insurance costs $75/month, that would been an added expense of $225. Now his gain is $175. Just more food for thought.
I really appreciate your input
Yeah I don't want to live with a high monthly payment for a year after shortening the time frame of the loan.


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