Tom McParland’s FP post yesterday included many silly and a couple of interesting comments. RustyBolts started a comment with, “Anyone who trades their car in at the dealership is a sucker.” As I am currently working on doing that as is my usual process, I thought I’d read responses to that and maybe reconsider.
I did take the trade to CarMax and was offered $10,000. Dealers were offering me $10,500, which seemed far closer to the CarMax offer than I’d previous encountered with other trade-ins.
I don’t care to sell it myself. Despite pouring a lot of time into this new purchase, selling the old car myself is not an attractive prospect primarily due to available time.
So, when Derek Smalls’ Courgette wrote, “Check out carvana/shift/etc too - I’ve heard people have gotten better prices there vs carmax” it reminded me of other options, and I checked out Carvana.
Carvana is prepared to pay me just a few bucks shy of $12,000 for the trade. Given that the tax advantage of trading at the dealer is $315 on the $10,500 value, this means that a sale to Carvana gains me more than $1,100.
Guess what? I’m just waiting on Carvana to do the paperwork now.