Selling my Bronco so I can buy a Bronco

[Dude1967]

I had a similar situation and ended up trading mine in. I was surprised to learn I would get credit for sales tax on the trade-in. Something to look into or consider in the equation.

Perfect, and no fender trading in the driveway..

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[Broncowski22]

Yep -- no free lunch, after all.

But that will be an important context for understanding their offer, which I did not realize before. I'm going to take it in and see what they offer.

Thanks guys.

I also tried to get them to quote me a trade in offer once I got my delivery date notice so I could be prepared. No dice. They want you in the hot seat. Maybe your dealer will be cooler than mine.

 

[new to bronco]

Market seems to be cooling off so check prices/offer it around

 

[Brian’sBronco]

I know some may cringe at this but check Carmax, none of our local dealers have been close to their offers, it at least gives you a starting point.

 

[BroncoBoy22]

Hope you get a great deal OP!

 

[JohnnyBronco]

Ok ... so this is good information. Thanks guys.

That means I'm talking about $4,000 in Sales Tax on the purchase of the Wildtrak ($64k sticker, approx, @ 6.25% sales tax).

I'm assuming my trade-in will be in the ballpark of $50k, so we're talking about a difference of $14k that gets taxed ($875 tax).

So if I sell privately, I'd need to pick up that ~$3,125 to "break even."

Am I thinking about this correctly? Missing anything?


Thanks

One thing you are missing is you cannot legally sell to a private party with lien still in place. So purchaser had to give you all their money or at least 28k and wait maybe 2 weeks before taking delivery as you would be a fool to hand over keys without signing over free and clear title at same time.

Another thing is do you think you can actually get 50k on trade? Did they offer that much? That should have been sticker on a 2.3 OBX. My 2.7 was only around 56 and would only expect to get 60 on trade if what I was buying was north of 100.

 

[RHeinz]

Well I'll be damned. That's exactly how it works in TX.

https://comptroller.texas.gov/taxes/publications/96-254/trade-ins.php

Yup!

You will save sales tax on the new vehicle, but the dealer knows that too and may lowball you on the value of the trade in.

CarMax will give you a purchase quote for your vehicle that you can use negotiating with the dealer.

EDIT: CarMax will provide you with a written quote that is good for 7 days.

 

[Jtbob3]

I’m in the same boat. I gave up waiting on the order book opening and bought a “used” Bronco with 600 miles on it. Seven days later my order finally went in. The one I ordered was just built and is awaiting shipping.

I’ve been debating the private sale vs trade. Here in Georgia we get the sales tax benefit, but as has been said, dealers know that. I’ll get a Carmax quote to help negotiate the trade in value.

 

[ScottyC]

New York is like that too...pay tax on the traded difference.

 

[RHeinz]

This is EXACTLY what happened to me, but I was so tired of dealing with them I just let it go for the 750 dollar or whatever difference from selling outright and trading it in.

I fully understand! The dealer knows that too!!!!!

 

[Owl]

I will concur on northern California. We get screwed coming and going in regard to taxes. You don't get to deduct previous vehicle on a trade, if you make money on a vehicle because you sold it for more you paid its called income and you get to pay taxes on it, and I think the taxes in my county (Yolo) are 8.25 %

We love taxes here. Its what we do... along with high has prices.

 

[5PC24]

I also tried to get them to quote me a trade in offer once I got my delivery date notice so I could be prepared. No dice. They want you in the hot seat. Maybe your dealer will be cooler than mine.

My dealer wasn't willing to commit to value for my Badlands trade in until we were within 2 weeks of my Raptor showing up. Then they did agree to a minimum trade in value based on pics and VIN being provided to them, since I was out of state. I listed my Badlands during that two weeks trying to get private party sale at least at value after factoring in sales tax savings but I didn't have any interest so just went with trade in.

 

[sjjohnny]

The other thing to check into is Carmigo - which is a nation-wide dealer auction. All done online, one day auction, you set your reserve. I sold a '22 Maverick w/ 6k miles and got about 3k over what Carmax was offering. They also take care of all the lien stuff, very convenient, sellers fee is something like $350.

 

[IfIHMadeA2021Scout]

I know some may cringe at this but check Carmax, none of our local dealers have been close to their offers, it at least gives you a starting point.

I don't know why people would cringe, but yes, do this. Check Carmax, Carvana, Vroom, and everyone else you can think of and find on-line. Even drive it down to a few dealerships and ask what they'll give you for it.

California does not have tax credits like some are describing here so that was out for me. I got several on line quotes on my F-250 in May that were all still good when I went down to pick up my new order. I got a trade in offer from the dealer, dropped the highest written quote on the table, and they matched it. If they hadn't I would have bought the new truck without a trade and had Vroom come pick it up the old one that afternoon rather than trade it in.

 

[TCC]

Interesting thread. Ordered a WT back in 3/2022 and finally got a blend date of 6/6, so went to the dealer to see if I could get a trade-in value on my OBX, no problem. Better than I would have imagined but that was a month ago. I finally got a “shipped” notification this past Friday so should be here in a few weeks. Now comes the fun part seeing if they hold that trade-in offer or not.

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