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Went to a local dealer to trade my 71k '11 Sonata GLS with leather for a '13.

They offered only $8k for the trade in! Do they really drop in value that much?!
 

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The retail value of your vehicle is roughly 13k which is what they'll ask for it on their lot. They low balled you a bit on trade in but that's just part of negotiations. This attachment is from kelly blue book
1387750209004.jpg

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Went to a local dealer to trade my 71k '11 Sonata GLS with leather for a '13.

They offered only $8k for the trade in! Do they really drop in value that much?!
The $8K offer isn't totally out of line. I have traded a lot of cars over the years and have found that dealers usually offer KBB "Good" trade-in value minus $1,000. Sometimes I have been able to get them to come up, sometimes not. I have a 2011 Sonata GLS with 50,000 miles. I would expect a trade-in offer of about $8,500 for my car...at that point I might counter and ask for $9K but wouldn't be upset with $8,500.

Since GLS's weren't available with leather from the factory, that is considered an after market add-on. Unfortunately, aftermarket add-ons rarely return the same amount they originally cost to install...sometimes they add nothing to the value of the vehicle.

Try countering your dealer's $8K offer with $10K, and see if they come back with $8.5-$9K. Never hurts to try. If they want to move that 2013 they may just make the deal.
 

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I did not know GLS was sold with leather seats but $8-9K for gls with 71K miles sounds about right, 2.4 SE with such mileage should probably be closer to $11K.
 

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No need to be shocked. Trade in is the lowest possible value you can get. They don't buy your vehicle to keep or because they like it; they only look to resell it for a profit. The lower the offer, the more they can make on selling it. Also, it's a GLS, the lowest level Sonata, with higher that usual miles. All factory warranty would then be gone for the resale and they would have to certify in order to get any more warranty out of it. With such high miles, it would en up at a wholesaler versus staying at the dealership. Sounds about right, as far as price. Better off to keep it or eat the value.
 

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If you want the most money out of your car just sell it yourself. A little bit of a hassle but you should be able to pick up at least a couple more thousand or more depending on the condition. Personally trade in would be my last resort.

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If you want the most money out of your car just sell it yourself. A little bit of a hassle but you should be able to pick up at least a couple more thousand or more depending on the condition. Personally trade in would be my last resort.

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So much hassle to sell privately though. Just don't know who is coming etc. remember on a trade, you pay sales tax only on the differential between the purchase price and trade in value. Something to consider. BTW, dealer trade ins are ALWAYS lower than the KBB stated trade in value.
 

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So much hassle to sell privately though. Just don't know who is coming etc. remember on a trade, you pay sales tax only on the differential between the purchase price and trade in value. Something to consider. BTW, dealer trade ins are ALWAYS lower than the KBB stated trade in value.
In Va you pay tax on the entire cost before trade in, rebates, etc. so your statement is incorrect for Va and maybe a lot of other states. I also got high trade in on our 2010 Elantra ($11,500) in Feb of this year.

Larry
 

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In Va you pay tax on the entire cost before trade in, rebates, etc. so your statement is incorrect for Va and maybe a lot of other states. I also got high trade in on our 2010 Elantra ($11,500) in Feb of this year.

Larry
Then the dealer likely made up the difference on your purchase price. They're in business for profit one way or another. Apologies on the tax issue but that's the way it is in NJ. Double taxation otherwise - what a rip.
 

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You'll always walk away with more money selling on your own. Yes it's a bit of a hassle but well worth the money. I even sold my last house on my own and pocketed an extra $8k instead of giving it to a real estate agent. Used the extra money towards down payment on the new house.

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It has above average mileage. Average is considered 15k miles per year. So if you say its 3yrs old it should still only have 45k miles.
 

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You'll always walk away with more money selling on your own. Yes it's a bit of a hassle but well worth the money. I even sold my last house on my own and pocketed an extra $8k instead of giving it to a real estate agent. Used the extra money towards down payment on the new house.

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This is true. But the hassle isn't worth the extra money to me. Nor is the risk of having strangers coming to my home. I swore the last used car I sold on my own was indeed the last. It was a ten year old car in relatively decent shape. There was an unidentified rattle coming from under the car which I told the buyer about up front. He took it for a test drive and bought the car. Then the phone calls started. "Do you know where that rattle is coming from"
 

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It has above average mileage. Average is considered 15k miles per year. So if you say its 3yrs old it should still only have 45k miles.
When i checked the trade in value of his vehicle i included that it had 71k miles on it and KBB came up with the trade in value i posted. I also looked at the retail value (which i didn't post) and that was about 13k. I didn't think the retail value would be that much for a GLS with that many miles but...

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Too many times, a customer will get flipped over to a "gently used" vehicle. The customer has zero idea how to figure what the dealer has in it, unlike a new car where they can simply look up the invoice on the internet sitting in the closing booth. Sure, there's the KBB used value factor, but he may have stole that trade from the former owner doing exactly what is described, above. There's no secret that the used car market pays better to the dealer and the salesman. Just another way to get you "upside down."

I once heard a "good deal" defined as: "If you think you got a good deal, then you got a good deal." It's all in the head of the buyer. I've seen people get a "good deal," and they couldn't dig themselves out from under that car with two back hoe's and platoon of shovel-wielding street workers.
 

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Then the dealer likely made up the difference on your purchase price. They're in business for profit one way or another. Apologies on the tax issue but that's the way it is in NJ. Double taxation otherwise - what a rip.
NOPE ... has nothing to do with price, etc., it's THE LAW in Va. and I bet a lot of other states are the same. The dealer makes no more or less from the tax which goes directly to the state. The Va sales contract for cars has your trade-in and rebates listed as credits against the bottom line $$$ due to dealer with the sales/titling/registration tax plus dealer prep add to the sales price and that is what is taxed.

Larry
 

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interjecting some information - in Missouri, the sales tax is determined on the NET sales price of the car, rebates not included. Same thing in Kansas i believe.

example:
new car (used or new) - $20,000
trade in: $10,000
new car rebate: $1,000

amount for sales tax: $11,000

also, here, if the new car purchase price was less than the trade in, no sales tax is paid - no refund given either.

on to regular programming.....
 

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interjecting some information - in Missouri, the sales tax is determined on the NET sales price of the car, rebates not included.
Exactly. And it does not matter it's trade in or private sell. Seller have 30 days to buy new car and claim tax from sold car.
 

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The retail value of your vehicle is roughly 13k which is what they'll ask for it on their lot. They low balled you a bit on trade in but that's just part of negotiations. This attachment is from kelly blue book
View attachment 97641

Sent from my SCH-I535
Value is spot on with what I would expect for TRADE IN. Also note that this is based on very good condition, which very few dealers actually use. Fair/Rough is a better estimate, especially if the dealer has any type of trade in promotion going (lease pull-ahead, "we need your car" types of events).

Reasons are many---but mainly because our car is no longer the "it" sedan and is due to have the next generation debut very shortly. Also lots of rental fleets are releasing GLS models back into the used market, not helping resale value of Sonatas at all.

I almost did this same thing but back in the summer with identical miles to the OP (maybe 600 or so more) and dealer was offering me 12K but I had to leave all of my mods on. There was a 2011 on that lot (Limited w regular sunroof) selling for 17.5K with 55K on the odo collecting dust. I am sure dealer was going to make up the diff in the new car price (looked at Limited Turbo base). Decided to keep and pay off, then pursue either Gen Coupe or Azera.
 

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Value is spot on with what I would expect for TRADE IN. Also note that this is based on very good condition, which very few dealers actually use. Fair/Rough is a better estimate, especially if the dealer has any type of trade in promotion going (lease pull-ahead, "we need your car" types of events).

Reasons are many---but mainly because our car is no longer the "it" sedan and is due to have the next generation debut very shortly. Also lots of rental fleets are releasing GLS models back into the used market, not helping resale value of Sonatas at all.

I almost did this same thing but back in the summer with identical miles to the OP (maybe 600 or so more) and dealer was offering me 12K but I had to leave all of my mods on. There was a 2011 on that lot (Limited w regular sunroof) selling for 17.5K with 55K on the odo collecting dust. I am sure dealer was going to make up the diff in the new car price (looked at Limited Turbo base). Decided to keep and pay off, then pursue either Gen Coupe or Azera.
Yep supply and demand make a big difference on prices.

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