A wakeup call on trade-in value

[Gshenderson]

For you guys familiar with these online used car buying sites, I’ve got a question. I’ve got a 2019 4Runner that I’ve done quite a bit of modification to (steel bumper with winch, skid plate, front lift, rock crawlers, rear ladder, aftermarket head unit with 9” touch screen, replaced all lights with LEDs and probably several other things I’m forgetting). Given there’s no where to enter all of that information on their stock forms, I’m assume they ascribe $0 value to it? I’m thinking the private resale market would think differently, so am I stuck going that route to get true value for it vs. trade-in or the online buying sites? We’re probably talking $6k in mods.

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[Gshenderson]

Right... unless the bank discovers fraud has been involved (i.e. someone sending the funds from a hacked bank account).

Someone hacks a bank account then buys a vehicle via wire transfer. A week later paying Bank discovers the paying account was hacked. They will have the funds reversed back into the hacked account. No way will they let you keep the funds from a hack account. You are out the $$$ and your car. I'm sure it's happened, scammers scam... that's what they do.

This is not true. The bank may choose to eat the loss and make the hacked account holder whole, but once funds are wired to you there is no way for them to claw it back.

 

[CommodoreAmiga]

For you guys familiar with these online used car buying sites, I’ve got a question. I’ve got a 2019 4Runner that I’ve done quite a bit of modification to (steel bumper with winch, skid plate, front lift, rock crawlers, rear ladder, aftermarket head unit with 9” touch screen, replaced all lights with LEDs and probably several other things I’m forgetting). Given there’s no where to enter all of that information on their stock forms, I’m assume they ascribe $0 value to it? I’m thinking the private resale market would think differently, so am I stuck going that route to get true value for it vs. trade-in or the online buying sites? We’re probably talking $6k in mods.

$0 value, afaik.

if the mods are easily removed, I’d remove and sell separately. Otherwise, go private party and find someone who wants what you have.

it’s a polarizing issue. A lot of people actually de-value mods…. They aren’t just worth nothing, but actually hurt the value! But to the right person they are worth “more”.

 

[NY_Rob]

yeah I filled out a vroom appraisal the other day out of curiosity and then saw the - "we Mail you a check" and laughed. What a racket.

What "racket"? They do exactly as they describe.
Once you agree on the price, they email you a FedEx overnight label for your title, once they get the title in Ft Worth they FedEx (priority overnight with a tracking #) a check to you immediately. 100% legit.
When I was selling my 2017 Bolt in Sept 2020, Vroom was $3.5K+ higher than anyone else. So instead of Carvana handing me a check for $16K on the spot... I waited and got a check via Fedex for $19.5K six days later.

 

[NY_Rob]

This is not true. The bank may choose to eat the loss and make the hacked account holder whole, but once funds are wired to you there is no way for them to claw it back.

Well, I guess there is a way to effect the perfect crime... hack a bank account then wire transfer the $$$ to an accomplice's account. If there's no way to get the stolen $$ out of the receiving account then the thief wins.

 

[Wefty]

Thanks for the overall discussion. I have never sold a car that was worth more than a few thousand bucks. I've been curious on how people sell vehicles that are in the tens of thousands.

 

[moosehead]

For you guys familiar with these online used car buying sites, I’ve got a question. I’ve got a 2019 4Runner that I’ve done quite a bit of modification to (steel bumper with winch, skid plate, front lift, rock crawlers, rear ladder, aftermarket head unit with 9” touch screen, replaced all lights with LEDs and probably several other things I’m forgetting). Given there’s no where to enter all of that information on their stock forms, I’m assume they ascribe $0 value to it? I’m thinking the private resale market would think differently, so am I stuck going that route to get true value for it vs. trade-in or the online buying sites? We’re probably talking $6k in mods.

As @CommodoreAmiga suggests, removing and selling the aftermarket items may work best, but given you are in the mountain west, many will find the kitted 4Runner appealing and perhaps apply a premium. I would.

Bring A Trailer is great for this type of rig now. While there is a subset of enthusiasts there that are hard core stock OEM guys, again this is a modern kitted OR rig that some folks would jump at. If not, throw it up locally on Craigslist, Cars.com, Autotrader with good photos and descriptions and you'll likely get her sold nicely. The other benefit of the online services is you don't have to give the pitch to every looker, if your listing is solid much of the work is done. Then it is transactional.

 

[zipzag]

For you guys familiar with these online used car buying sites, I’ve got a question. I’ve got a 2019 4Runner that I’ve done quite a bit of modification to (steel bumper with winch, skid plate, front lift, rock crawlers, rear ladder, aftermarket head unit with 9” touch screen, replaced all lights with LEDs and probably several other things I’m forgetting). Given there’s no where to enter all of that information on their stock forms, I’m assume they ascribe $0 value to it? I’m thinking the private resale market would think differently, so am I stuck going that route to get true value for it vs. trade-in or the online buying sites? We’re probably talking $6k in mods.

You may want to sell direct to recoup some of the mod value, especially considering where you live. You might also check local dealers who sell used modded trucks. They will likely give you some value of the mods.

Where do people in Park City look for a late model used 4x4?

 

[NY_Rob]

I was told years ago by a car dealer that anything that didn't come with the car from the factory has $0.00 trade in value. Even a full set of 4 winter tires on factory rims make no difference on trade in value. Now, before trading in, I remove anything that is non-damaging and keep it or sell it on ebay or a forum.

 

[raschnei]

When my turn came to go through the purchase process, RIVIAN offered me $46k for my 2020 Jeep Gladiator Launch Edition (All options ..). At the time KBB listed the Trade-in value at $55-58k. So naturally I assumed RIVIAN was lowballing me and declined their offer.
Today, only a few days later, I went to Carmax to try and get an offer. Well they only offered me $43K. And KBB's own "Cash now offer" came in at only $44K. So RIVIAN was actually being very generous with their offer.
Keep that in mind when your turn comes. Go to Carmax and see what they'll actually give you. KBB numbers are total BS.

I've decided to keep both trucks for now and see if I like the EV life as much as I think I will. In 3 months I'll see what I feel like doing.

To Recap:

RIVIAN offer: $46500
Carmax: $43000
KBB offer: $44000
Carvana: $42899
Vroom: $43201
KBB Trade-in value: $58K

When I had the option to trade-in, I bypassed it because I figured it would delay my delivery.
I got my best offer for a sale through Car Offer/Car Gurus. They beat everybody I tried by $1300.00, and they came to my house. A very easy transaction. You might want to give them a try.

 

[Inkedsphynx]

Many locales have dealers that specialize in modified/kitted vehicles, especially trucks and offroaders. For example, one in my area is NWMSrocks.com - they buy modified Tacos and 4Runners constantly, and sell in the entire NW area. From others who have dealt with them they usually give good prices that factor in the upgrades/modifications.

I'd look for some place like that if you've got a vehicle you want to trade in that has significant after-market work done to it.

 

[Trekkie]

This might depend on the state you're in but keep in mind if you trade in on purchase, it lowers your taxable price, least it does in NC. So if you trade in $45k on the $75k card, you're taxed on $30k.

Maybe it's unique to NC, but trading in is subsidised by the state somewhat.

 

[davidaugust]

I don't mind the extra hassle (and virtually 0 risk) of selling at retail for a larger amount if it's worth enough. In my location we also pay 8.8% sales tax on the net purchase price, so a trade in with Rivian is automatically worth that much more than any competitors. The hard part is deciding what the "lazy" factor is worth in $ for Trade vs. Hassle

 

[jfchenger]

Does Rivian do price-match? When I got my Tesla in 2019, they matched my Carmax offer later on when their initial online trade-in calculator came in lower. The Carmax offer needed to be within 7-days of my transaction. Add in the tax saving, it was a no-brainer for me at the time for the overall hassle it saved me.

 

[CommodoreAmiga]

Does Rivian do price-match? When I got my Tesla in 2019, they matched my Carmax offer later on when their initial online trade-in calculator came in lower. The Carmax offer needed to be within 7-days of my transaction. Add in the tax saving, it was a no-brainer for me at the time for the overall hassle it saved me.

AFAIK, the Rivian offer is "take it or leave it". Tesla doesn't price match, anymore, either.

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