Trade in process?

[MileHigh]

With carmax, dealer trade-in, you're always going to get the lowest blue book value. If you can stomach it, you'll get more private sale. There was a story in the WSJ back in 2000, when dealers couldn't get enough used cars, a dealer bought some grandmas's VW for about $4k, and re-sold it for $8k within a week, without doing anything to it.

Car max is OK to set a minimum value, but even before COVID I had to sell a relatives car for them, and CARMAX should be called CarMIN. Had a very low mileage Caddy sedan and they offered thousands less than the dealer I went to also.

 

[DaveB]

If your dealer has a used car lot you will probably get a higher trade in than if they are just going to wholesale it out to another lot

 

[DCPU]

Just sold my Defender (X-Tech 90 2011 plate) for 3 grand more than I paid for it.

Where did you sell it through?

 

[Logsplitter]

Where did you sell it through?

I sold my defender as a fully kitted out expedition vehicle via an overlanding Facebook group. interest straight away and very quick sale

 

[Tomdoc]

Where did you sell it through?

I sold it privately - by word of mouth and eventually my barber bought it!

 

[Eric]

I sold it privately - by word of mouth and eventually my barber bought it!

Hmmm..they say never sell a used car to a friend. Not sure were you stand selling to your barber.....just check your hair in a mirror afterwards would be my advice..

 

[Tomdoc]

Hmmm..they say never sell a used car to a friend. Not sure were you stand selling to your barber.....just check your hair in a mirror afterwards would be my advice..

Well you may be right - he has started charging by the inch now. He's a mate and is selling it on I think - in the meantime I will remain long of locks.

 

[zvakanaka]

If you are in the USA, Ineos will be going through a dealer network. I assume the dealer would take your car in as a trade.

This is a question that also needs answers here in the USA. Most of us will need to trade in our present vehicle and wholesaling it out to a Carmax, Carvana etc. or even selling privately, results in you having to pay sales tax on the full purchase price of your IG. Without the benefit of your trade, sales tax on the IG could be as high as $5-6000 additional cost or even higher (dependent of your State tax rates) based on the cost of an $80,000 IG. This then leads to the next question, what if no local dealer is yet set up in your area and Ineos delivers the car to you factory direct, as some have suggested? Once again you're left with having to pay the higher sales taxes if trade-in is not an option. Ineos has hopefully thought this through and could potentially accept trade ins and wholesale them out initially for first USA deliveries and if no local dealer is involved.

 

[STACHES]

This is a question that also needs answers here in the USA. Most of us will need to trade in our present vehicle and wholesaling it out to a Carmax, Carvana etc. or even selling privately, results in you having to pay sales tax on the full purchase price of your IG. Without the benefit of your trade, sales tax on the IG could be as high as $5-6000 additional cost or even higher (dependent of your State tax rates) based on the cost of an $80,000 IG. This then leads to the next question, what if no local dealer is yet set up in your area and Ineos delivers the car to you factory direct, as some have suggested? Once again you're left with having to pay the higher sales taxes if trade-in is not an option. Ineos has hopefully thought this through and could potentially accept trade ins and wholesale them out initially for first USA deliveries and if no local dealer is involved.

I have never seen a trade in offer that was good enough to offset the taxes. Usually you get more than 8% extra by doing a private sale, and most states are less than that on tax, a handful don't tax car sales at all.

 

[Krabby]

This is a question that also needs answers here in the USA. Most of us will need to trade in our present vehicle and wholesaling it out to a Carmax, Carvana etc. or even selling privately, results in you having to pay sales tax on the full purchase price of your IG. Without the benefit of your trade, sales tax on the IG could be as high as $5-6000 additional cost or even higher (dependent of your State tax rates) based on the cost of an $80,000 IG. This then leads to the next question, what if no local dealer is yet set up in your area and Ineos delivers the car to you factory direct, as some have suggested? Once again you're left with having to pay the higher sales taxes if trade-in is not an option. Ineos has hopefully thought this through and could potentially accept trade ins and wholesale them out initially for first USA deliveries and if no local dealer is involved.

In the US you will need to buy your truck through a dealer so IA cannot provide you the car "factory direct." So whichever dealer you chose to work with will be the one responsible for handling your trade-in vehicle should that be the way you choose to move your current vehicle on.

 

[zvakanaka]

In the US you will need to buy your truck through a dealer so IA cannot provide you the car "factory direct." So whichever dealer you chose to work with will be the one responsible for handling your trade-in vehicle should that be the way you choose to move your current vehicle on.

Kind of what I expect Krabby, thanks for that.
As to Staches comment, it's not always typical or a foregone conclusion that you'll get 7- 8% more by selling privately, never mind all the hassles that comes with that. Banks will mostly only finance at black book value and the potential buyer may therefore not have enough cash to complete the private sale, especially on more expensive vehicles, it's happened to me more than once, Typically if you know the value of your vehicle (many web based ways to do that) you can often get a reasonable deal from a dealer which makes more sense financially then giving your money to the state. Exceptions to everything of course and in the case of IG, with early registration customers supposedly enjoying guaranteed MSRP pricing, there's much less incentive for the dealer to give you a great trade in price.
Let's see how it all shakes out, wasn't today supposed to be the day pricing for the USA and Canada was released?

 

[STACHES]

Let's see how it all shakes out, wasn't today supposed to be the day pricing for the USA and Canada was released?

Tomorrow, the 17th is when they release pricing. And it sounds like the US gets no MSRP protection, it will be up to you and your dealer to work that out

 

[DCPU]

And it sounds like the US gets no MSRP protection, it will be up to you and your dealer to work that out

There's plenty of mood music to suggest the exact opposite, including words out of the mouth of the head bod in the US himself.

What sounds are you listening too?

 

[Bruce]

Tomorrow, the 17th is when they release pricing. And it sounds like the US gets no MSRP protection, it will be up to you and your dealer to work that out

It sounded like there would be price protection from the Ineos rep at the off road event last week in Seattle. He did say "if they want to charge you 2k for nitrogen in your tires that's between you and them" though. There is also the ability to switch to another dealer if you choose to do so, I believe he said up until your VIN is generated.

 

[STACHES]

There's plenty of mood music to suggest the exact opposite, including words out of the mouth of the head bod in the US himself.

What sounds are you listening too?

Is there a video or article of them saying Ineos will enforce MSRP through the US dealers? Everything I have heard on this forum, and from Ineos reps, is that they will be fairly hands off with the dealerships, and we will need to find one that won't "charge you 2k for nitrogen in your tires" as the rep told @Bruce in Seattle.

Ford can't even enforce MSRP with their dealers, and they have a lot more leverage than Ineos.

 

[REOhio]

Dealers will be announced in the USA in August and September in Canada. There will be no direct sales. We must work with a dealer.
INEOS cannot legally enforce MSRP but they are “strongly encouraging” dealers to honor MSRP for reservation holders. This is part of the negotiating that is taking place with those who wish to be dealers in USCNMX market.
Those who order without an early reservation will receive no protection from INEOS on the price.
Trade ins and financing are to be available through all dealers.

 

[MileHigh]

There is the law, and then there is what will actually happen.

Also, it’s interesting that people are worried about MSRP versus price, if you were doing a trade-in, you are at the mercy of what they’ll give you for your car, considering you have very little negotiation latitude. All these dealers could sell at MSRP and totally choke you on the trade-in.

ETA
How does the signing of the contract with IG work if we are really buying it from the dealer? You can’t have a contract where they say that you will buy it with out knowing what the final price would be. Maybe a three way contract? Doesn’t fix the trade-in value issue.

I can see something like fixed pricing for the pre-orders based on a three-way agreement. Obviously, for stock sales the dealers will have more freedom.