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Discussion Starter · #1 ·
For those of you with a lot of experience buying new cars, and who will be trading their current cars in for their GR Corollas, is it generally best to trade in to the dealership or to sell privately??
I'll be trading/selling my 2020 Veloster N.
Checked my local autotrader and there are only 5 manual Veloster N's for sale in the largest population in Canada, metro Toronto 6,313,000, and only 1 other in Performance Blue.
So not many to choose from.
I just don't know if it's better to trade in or sell privately.
 

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Not sure if it's different in Canada, but here in the States, any trade-in value is taken off of the sales price of the new vehicle. So, if you're buying a $40,000 car, trade in a car worth $10,000, you're only paying taxes on the $30,000 remainder.

Because of that, and the current value of my car, I'd need someone to pay me almost $1500 over a dealer offer to be worth the cash difference, not to mention the hassle difference.
 

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For those of you with a lot of experience buying new cars, and who will be trading their current cars in for their GR Corollas, is it generally best to trade in to the dealership or to sell privately??
I'll be trading/selling my 2020 Veloster N.
Checked my local autotrader and there are only 5 manual Veloster N's for sale in the largest population in Canada, metro Toronto 6,313,000, and only 1 other in Performance Blue.
So not many to choose from.
I just don't know if it's better to trade in or sell privately.
Remember, dealers doesn't look at your perspective. They will buy your car and under value even if its that rare. Sell that privately you can get more out of it
 

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Discussion Starter · #4 ·
Not sure if it's different in Canada, but here in the States, any trade-in value is taken off of the sales price of the new vehicle. So, if you're buying a $40,000 car, trade in a car worth $10,000, you're only paying taxes on the $30,000 remainder.

Because of that, and the current value of my car, I'd need someone to pay me almost $1500 over a dealer offer to be worth the cash difference, not to mention the hassle difference.
That is the way it works in Canada, but not everywhere.
I believe in California, even if you trade in your car, you still pay sales tax on the entire purchase price of the car.

I guess when the time comes I will take the dealer trade in value of my car, and add to that the sales tax I'm saving, and see if I could get more selling privately.
 

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You'll make more money off a private sale but it's more of a hassle than just trading in
 

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Not sure if it's different in Canada, but here in the States, any trade-in value is taken off of the sales price of the new vehicle. So, if you're buying a $40,000 car, trade in a car worth $10,000, you're only paying taxes on the $30,000 remainder.

Because of that, and the current value of my car, I'd need someone to pay me almost $1500 over a dealer offer to be worth the cash difference, not to mention the hassle difference.
^ This. Best to check first what you can can sell it for on your own. If you can offset the tax credit from what a dealer will give you for it, sell it yourself.
 
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