Trading in Your 2014

Isriam · May 16, 2015

This thread is a perfect example of not buying what you really want then remorse sets in.

No matter where you trade, you're going to lose money. You will not get what you paid for the truck, common knowledge.

What's with all the trading a 2014 for 2015 lately? Seems like a bonehead move IMO. Don't buy a truck until you find exactly what you want, or order, that's the best way to do it. That way there is no buyers remorse and you won't lose thousands on trading a truck that you just bought.

Not trying to bash anyone but it's just not financially responsible to trade a brand new truck for another.

Only way it makes sense is if you have unfixable issues and GM refuses a buy back.

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I don't think people are financially responsible until either they change their lifestyle, or are in a position they must. Like buying a 40-50k truck and realizing 2-3 years into the lease/purchase they don't want to pay for it any more.

nadrojcote · May 16, 2015

i can post a snapshot if you want. i got 45k on trade and bought a 2001 tahoe for 8300. got 900 back from dealer after payoff. paid 52k for 2014 denali supplier discount and financed 45k.

i almost traded in on a 2008 bmw x5 but the ford dealer could only give me 43k on my denali. honestly at this point im so disappointed in the 2014s i realized i'd rather drive a paid off car with no features than a 45k debt bucket that i wasn't happy with completely.

2014 black denali with sunroof, 6.2L, 22 SEY rims, bedrug, bakflip vp.

This makes sense, Forgot about denali's and how much they cost.

Habs · May 17, 2015

I was in a 2014 car and loved it for the first 6 months. Then winter came, and the damn thing couldn't get out of its own way. Mind you, it was the worst winter we've ever had, but I promised myself to never buy a car again, unless it's a summer car I store during winter. I also missed being able to drive over curbs/bumps/potholes without damaging anything, the big V8 rumble, and being able to drive off-road. Trucks are just so incredibly more practical for daily life. I was upside down on the car by 10 grand, the dealer wanted the sale so they gave me much more for the car than it was worth, and they're only selling it for a thousand more (sitting on the lot right now) than what they gave me on the trade in. Mind you, I also bought a $60,000 truck so they were probably willing to do just about anything for the sale.

I had a large amount of cash sitting in my bank account so I put a decent down payment on, which reduced my lien.

Yes, of course I got bent over on the deal. ANYONE who trades in a year old vehicle that says they didn't lose money is lying and trying to justify it to themselves. But hey, I learned a valuable lesson and will never impulse buy again... Absolutely no regrets with my 2015 Silverado and am loving it.

But yeah... from someone who's gone through it, make sure you're getting what you want. Even if it's something so minor as the truck not having the factory spray in liner... if you want it, DON'T settle or you'll be kicking yourself in the arse.

crafferty · May 17, 2015

i can post a snapshot if you want. i got 45k on trade and bought a 2001 tahoe for 8300. got 900 back from dealer after payoff. paid 52k for 2014 denali supplier discount and financed 45k.

i almost traded in on a 2008 bmw x5 but the ford dealer could only give me 43k on my denali. honestly at this point im so disappointed in the 2014s i realized i'd rather drive a paid off car with no features than a 45k debt bucket that i wasn't happy with completely.

2014 black denali with sunroof, 6.2L, 22 SEY rims, bedrug, bakflip vp.

I'm guessing your dealer hooked you up since your a supplier. I say that because even at 52k the depreciation alone from driving off the lot puts it at $41.6k. All I can say is props to you great deal on your end.

Isriam · May 18, 2015

Thank you. If you don't walk out at least once, or the salesman doesn't eventually say sorry there is nothing I can do, then you haven't tried hard enough. They always want a firm number to shoot for, and i go WAY low. Usually like 50% of the first offer.

It was odd to me that they couldn't wiggle on the purchase price of a used vehicle, but I could manipulate the trade in all day long. I got a little better than kbb excellent private party for my truck. I always shoot for kbb private party average when doing a trade in.

I calculated 17k i put into the truck since march 2014. i got 10k back. I guess that isn't too bad, but in the end its still a dumb financial mistake and I won't be purchasing new ever again. It does hurt the ego though, but I realize I'm a bigger man now because of it.

Mickey_D · May 18, 2015

I traded in my 2014 SLE CC Z71 4x4 at the end of last October after having it for 5 months (needed a bigger truck). The truck looked like new and was nicely optioned and I got 32,500 on the trade (paid 35,100 for it) and 11,200 off of the new truck sticker. If the dealer has had a down month, they will get a little more aggressive at the end to make quota. I feel I did OK but I did not make out like a bandit, but the new truck handles the overgrown travel trailer much better but it does drive a lot more like a truck.

arkenzo · May 19, 2015

Big down payment on a vehicle purchase is such fail. Just my opinion. Pay the tax/title/registration out of pocket and not a penny more...

nadrojcote · May 19, 2015

If you have the money to put down why not? It reduces the amount of interest you pay.

Rik2014SilveradoZ71 · May 19, 2015

If you can manage, try to sell it privately, then take that cash and use it as a down payment for 2015. Dealership wanted to give me $4,000 for my 08 Silverado. Sold it privately for $12,000 and went back to the dealership and used that as my DP for my 14.

Down payments are a waste of money. Only about 16 dollars off your monthy payment for every 1000 dollars you put down. Would rather save the money on upgrading the truck.

arkenzo · May 19, 2015

If you have the money to put down why not? It reduces the amount of interest you pay.

as soon as you drive your car out the lot, you're money is gone.

put down payment on investment property(s), a car is not an investment. just my opinion.

if monthly payments are a concern, maybe lease?

Silverado Steve · May 19, 2015

Financing a $50K vehicle is a pretty steep monthly payment, also you are automatically upside down the minute you drive off the lot; meaning if you have a total loss on your vehicle with no Gap insurance you are up the creek. At least with a down payment, you can be right side up on value of the vehicle. I agree though a vehicle purchase is not an "investment" and will always amount to money lost regardless. Dave Ramsey always says buy a car in cash and avoid payments if at all possible and avoid spending 20% of your monthly income on a car note.

nadrojcote · May 19, 2015

Financing a $50K vehicle is a pretty steep monthly payment, also you are automatically upside down the minute you drive off the lot; meaning if you have a total loss on your vehicle with no Gap insurance you are up the creek. At least with a down payment, you can be right side up on value of the vehicle. I agree though a vehicle purchase is not an "investment" and will always amount to money lost regardless. Dave Ramsey always says buy a car in cash and avoid payments if at all possible and avoid spending 20% of your monthly income on a car note.

Exactly, in my case putting almost 50% down at the time helped me, as I don't normally have that kind of money to throw around I figured I would use it to save me the huge payments in the long run. Almost thought of it as if I took my money and told someone to give me a certain portion of it every month so I don't spend it.

Isriam · May 20, 2015

The thing you have to realize, is taking that 50% and putting it into an index investment over 10 years should gain about 6% interest net. your truck costs you 2-3%, and depreciates over 10 years. I think its what like 35% value after 10 years? So you're essentially paying to lose money.

Silverado Steve · May 20, 2015

The thing you have to realize, is taking that 50% and putting it into an index investment over 10 years should gain about 6% interest net. your truck costs you 2-3%, and depreciates over 10 years. I think its what like 35% value after 10 years? So you're essentially paying to lose money.

Im sure as he already stated that 50% down made his monthly payments more manageable. Lets say he didn't put that 50% down and instead put the $25K into an investments, say stocks (higher yield) or sonething safe say a savings bond or CD which won't yield anything close to 6%, i bet with the extra monthly payment he is now making he would have to dip into that savings regularly to either make ends meet or if something unexpected came up say hike in gas prices, rent goes up, house repairs or new tires were needed, that would hurt quite a bit. The investment part makes sense if you have the cash tp pay off the vehicle for the most part and interest rates stay low. But of course if interest rates are low, your safe investments won't be paying out either. On the other hand if say the stock plummets and you lose income, now you can't make your payments, you've lost equity in the vehicle and you have lost your ability to liquidate the investment to pay for the vehicle should this situation arise...wiping out the point of the investment. A lot of people had this happen in 2008, financing homes with no down payment while their monies were tied up in retirement funds that evaporated when the Dow plummeted, jobs lost and savings were wiped out but debt remained.

nadrojcote · May 20, 2015

Yes exactly, I put the money down to have a lower payment. Otherwise I wouldn't have bought the truck. Ill invest money like that when I have extra money, but right now I don't. So for me putting money down on a vehicle was a smart move. Also if I ever have a total loss on the truck I owe much less than its worth.