Trade in value!?

Has anyone traded in there 22-23 tundra recently? I’ve had a few issues and just don’t love the truck. Strange noises, ride issues, and a few others. Saw a good deal on a f-150 which is what I’ve always driven. Did a value my trade, it was auto generated but it came back with $39,000! 2023 trd sport premium with 4,000 miles. Sticker was $57,xxx Surely my truck hasn’t lost $19,000 in 5 months has it??

 

Wholesale, probably not far off. Probably could be bought new for $52ish now. The good news is that F150 can be bought at substantial discounts that weren't there 5 months or so ago.

 

I traded vehicles in Early 2022 just after the peak in used values passed. I paid sticker for an F150 but got 50% of what I paid new for my 09 Tundra 13 years prior and only lost 5k from what I paid for my Challenger RT 6 years prior. Probably would have done better on both acting about 3 months sooner but this was when I came across the right F150. Now used values are sinking but new inventory is up and deals are back.


Everybody would love to make out like a bandit on both ends but it's hard. Part of me wished I could have banked all that cash, bought a beater and just waited a year before buying new.

 

Traded my 22 Platinum for a 23 raptor in October. Sticker (paid) was 63, they gave me 54 (19k miles). It's still on their used car lot asking 57k.

 

Market has changed a lot and is changing more as we speak , big 3 are getting back to huge money off I see more and more

 

I recently received an email from the dealership’s sales manager saying I’d have $20,000 in equity towards a new truck on trade! I only owe $10,800. They are offering me about $31,000 for my ‘22 SR5 TRD odd road with 15,000 miles. Paid sticker at $54,400 1.5 years ago. Ahhhh, no thanks….
I emailed her back asking if she was serious. No reply.

 

My dealer auto generated $42k trade in for my 2022 SR5 premium trd sport about 6 weeks ago at 10k service. KBB was slightly higher. I checked other trim and they were getting killed on KBB as well. The trade in market has correctly sharply in past few months

 

I wonder why they are coming up low on KBB. I just did my 2020 and it came back at $28-31k. Paid $39k OTD. Are 1st/2nd year new productions valued less?

 

when did you get that is the key, resale was drastically over inflated for a while , times are changing

 

I currently have a 2023 Limited Hybrid with 18k. Dealer offered me 52k, no thanks. I was looking at a Platinum hybrid do to it having a few more features. Sticker was $74, had them down to $68. I’ll probably hold out for MY25, Toyota still has some things to improve upon…

 

I will definitely be keeping it and learning to live with or hopefully get the few issues fixed. Crazy market, I’m not sure how this ever gets corrected. There’s going to be a large population going to trade vehicles in couple years $30,000 in the hole. Between long finance terms and high rates principal is not going down fast. It will be interesting to see

 

Ford dealer in the next town has a lot near my home they keep extra inventory in. They haven’t used it since before COVID. I was coming home tonight and there were about a dozen F150’s lined up.

 

There are two choices here. Sell and eat the costs or keep it and wait.

Tundra went through this back in 09-10 back with the accelerator pedal fiasco. Toyota products resale tanked those years combined with high gas prices made my 07 Tundra value dip for a few years.

I think this will pass assuming Tundra reliability holds true. If that doesn't hold true...then our values will look like the domestics.

 

Good point, very good. I’ll be keeping the truck I have and enjoying it, which I really do. As long as I don’t let the trolls on the forum get to me! The negativity is amazing sometimes.

 

I checked with my dealer on last service a couple weeks ago and they said value on trucks will go back up mid summer. Of course considering that economy doesn't go belly up. I owe 5000 on mine. Got 18900 miles on it. He said it should be around 55000 mid summer.

 

One trick is to find a private party buyer to give you a good price, then do a in-and-out at a dealership, you sell the truck to the dealership, they sell it to your buyer. You get a tax credit on on the amount you sold the truck for…then buy your new truck from the dealer and you won’t have to pay much of any tax….do it at a large dealership like autonation and you can have any vehicle in the autonation network sent to the dealership…heeeyoooo!

 

And traditionally the depreciation curve is steepest in the first couple of years.
The end of this supply constricted cycle has been nuts. People rushing to overpay on purchase prices and then finance on rates that will come down. Not a good cocktail unless you have to have it now or don't care.

 

I trade frequently and have done well over the last 3-4 yrs with semi rare Toyotas bought at MSRP or less (20' Supra, 21' Land Cruiser HE, 21' TRD Pro Tundra, 21' RAV4 Prime, 22' GR86, 23' GR Corolla) and either made a few bucks or broke even with selling/trading to Carmax, Carvanna or back to dealer.

It seems the bubble has finally popped and higher finance rates are really killing new sales.

I am first on the list for 24' Land Cruiser at MSRP so I have been watching used values. My wife has decided she is keeping her 23' TRD Pro 4R "forever" so my 23' TRD Pro Tundra is on the block for consideration in trade. I checked CarMax on the 23' TRD Pro Tundra and got initial value of $56k on Nov 22nd and just got an email yesterday that they have increased their offer to $60,078 as of 12/22/23. I am in South Carolina (low values) and the 23' TRD Pro Tundra has about 17k miles and is black (typically lower value as well). Original MSRP was $71,805 and nearly a year ago I was happy to pay MSRP for what was a hard truck to find but don't think I could part with it for a $10k loss.

Over the last several years my dealer couldn't touch the inflated values CarMax and Carvana were offering. For example Carvana gave me $37k for my GR86 that I paid $33k for and drove for 8 months and dealer couldn't get anywhere near that. Talking to my local sales manager it seems the tides have changed and he said they can now typically beat the now much lower offers from CarMax/Carvana.

It pays to shop around. I sold my GRC private party for what I paid and got lucky to get an easy deal to a good friend rather than selling for the same price to a dealer. I have got pretty wildly different offers from local dealers to buy outright (Chevy, Honda, etc) as well as the CarMax/Carvana avenue and I have used both and they are super easy. I have not had good luck with the other online buying/selling stores and often find trading at the dealer from which I am buying is easy but they got you in a corner and often use that to keep trade in low and new car prices high to prey on your impatience/laziness of which I have both in spades.

I also live in a rural area and it really pays to go to Atlanta or Charlotte so sell and then buy local but again my impatience/laziness often keeps me from doing that for what might be $1-2k difference.

 

Smart post.
And high interest debt loaded assets at that.
I'm looking at a couple of toy cars and hoping to catch a deal on one somebody has to get out of over the next year or so.
Lot's of stuff financed on margin too. It doesn't show up as a car loan but it's still financed and that interest rate expense has tripled. Those chickens will come back home to roost too.

 

It's interesting to put a search in on cars.com for high end stuff. Price reductions come almost everyday.

 

Carnax has offered me great prices on 2 different cars I've sold them. I'd guess being able to price them for resale at no haggle prices without having to use any of that to support a new car business allows them to be more generous with me

 

Yeah friend of mine wanted a reliable vehicle for her daughter for at or under 5k and I told her it was gonna be tough. Used to be not long ago that would get you into a very drive-able older Corolla or Civic that might just only need a cheap set of tires or brakes. But now you find wrung out beaters and salvage titles in that price range. You really need to be at or over 10 for something you'd feel comfortable letting an 18 year old girl make a long drive to school in.

 

In September with 41500 on Odometer on 22’ Plat dealer did 54,350 with money off on eventual purchase. I was able to get that written offer without having to buy a vehicle from them.
Paid sticker for the Tundra with no fees besides my own state tax.

 

Not my experience with trucks. My past couple the first two years I could have sold it for what I paid. The drop off post COVID will be steep.

 

Quick punch into KBB in my local area for a 4WD Platinum in very good condition with miles you quote is $47.7. The model year change drop off this year is stiff for 22s with the market correct

 

Bubble burst on Carvana quotes post bankruptcy. The pay sky sell it fur $2k more model did not cover costs.

 

So you’re saying depreciation is steep for ‘22’s?

 

No. You typically will see a KBB drop off on model year change every year. This years appears steeper because of larger wholesale market correction.

Some older vehicles are even worse. The KBB on my wife's 2015 has gone from $17k to $13k in 4 months. The days of selling any old jalopy for high dollars are gone.

 

Also until the end of 2022 supply was incredibly tight. This wasn't a normal year and that affected the value curve big time. Toyota introduced a new model in a year of unusually scarce supply across the board. It was a long wait and very difficult to get your hands on one through most of the year before things began to gradually open up. Until probably Oct/Nov/Dev of 2022 around here the first chance you'd even get to test drive a Tundra would be when the one you ordered was delivered.

If you snagged a truck late 2021 early 2022 and then sold it quickly before things opened up that's very different from trying to trade deep into 2023.

 

The dealer lots in my area are loaded to overflowing with new trucks & SUVs and they aren't moving off the lots. Seems like the insanity that had people that didn't need them paying out the nose to get one has passed and supply and demand has flip-flopped yet again. It reminds me a bit of the housing market crash.