QuestionQUESTION: Jeremy: I want to purchase a used Highlander (2003), I will be trading in a
2003
Avalon that I purchased last February. The problem that I am having is car
value, my Avalon was a certified vehicle when purchased and now has 81,800
miles on it. The Highlander is a 2003 also with a clean CarFax, 1 owner
vehicle but it has 94,500 miles on it. THe dealer has agreed for the purchase
that the 90,000 mile maintenance will be done such as Timing Belt, plugs
etc. They are giving me 11,300 for the Avalon. I use Edmunds.com as a
guide in doing deals. By the way this will be the 4th vehicle that I have
purchased from this dealership. They are asking 14,999 for the Highlander.
Sorry to stray a little, Edmunds (TMV) value calculates that my car should be
worth 12,300 on trade-in. I am trying to buy a vehicle that I will give to my
daughter in 3 years to go to College in. I am trying to decide if this is a fair
deal or not. Please help.
ANSWER: Mark,
Thanks for your question. As for whether or not you are getting a fair deal, Well that is up to you. It is all in your mind as to whether you are getting a fair deal. Let me see if I can help make up your mind a little bit though.
I don't know what State you are in, but it sounds like you are getting a great value on the Avalon. Edmunds and other websites are great to use as a benchmark, but don't ever expect to get what they say you will get for your vehicle. The bad thing about those websites is that they won't buy your car, and the dealership will.
As for the value of the highlander, it sounds like they are asking a little much for the vehicle. With 94,500 mile on it, that vehicle should be worth no more than 12,000 or so, in my opinion. I tell you in my opinion because once again, I am not buying the vehicle.
I hope this helps.
Thanks - jb
---------- FOLLOW-UP ----------
QUESTION: When you have a well maintained car but has miles on it. Is it better to sell out right instead of trading?
AnswerMark,
It depends. It depends on whether you want the hassle. It can be a hassle to sell a vehicle outright, because you have to deal with people coming to your house, you have to make sure their funds are good, you have to make sure the title is transfered correctly, you have to make sure that the buyer transfers the title and registration into their name, and that they pay the taxes on it. It can be a time consuming hassle, for maybe a thousand more dollars than the dealership would give you, or a little more.
It just depends. I always encourage people to try to sell their vehicle outright, but then in your case you might risk the vehicle you are trying to buy not being their, and not finding another one in as good as condition, or you would have two car payments.
I hope this helps.
Thanks - jb
