Trading In Before 1 Year

[vancealot29]

Hey All,

 

Looking for positive/negative feedback on trading my truck in.  I've had the truck about 8 months and put about 13k miles on, 2019 LTZ with most of the option packages.  I love everything about the truck, except for my clunky 8 speed.  Two dealers have indicated that the transmission is working like it is supposed to.  The only money I have really put into it is a Tonneau and Husky Mats, which would transfer to a 2020.  I also partially regret not waiting for a 2020 simply for the adaptive cruise control, since most of my miles are highway.

 

The truck stickered at over $55k, and after rebates and TTL, I think the total was around $47k.  I put $5k down plus a $1500 trade in, and financed the balance with my interest at 2.9%.  I think I still owe about $38k, which is about what KBB shows its value is.

 

My question is,  how big of a hit would I take to trade the vehicle in now in order to hopefully get a 10 speed with ACC?  With everything that is going on, I know the dealers will be incentivized to move trucks and they are even advertising 0%.

 

In reading the forums, it seems like numerous people trade their trucks in after a very short period.  Is it possible to upgrade to a similarly loaded vehicle while keeping my payments the same, or less?  Is there anything I am missing in my math?  What is the incentive for the dealer, besides moving a unit?  It seems like it could be doable, especially in a (potentially) recessed economy.

 

Thanks in advance!

Edited March 26, 2020 by vancealot29

[Snuff]

Would not hurt to talk to your dealer but my guess is it will cost you $10K. I am lucky in that my 8 speed is fine and I do not like adaptive cruise. Too bad your 8 speed is acting up. Is it all the time or just when cold?

[vancealot29]

5 minutes ago, Snuff said:

Too bad your 8 speed is acting up. Is it all the time or just when cold?

Most of the time in low gear, pretty much below 25 MPH.  Hard shifts, some harder than others, but annoying enough to make me think about trading it in. 

[Bryant_Olson]

You'll probably take a bigger hit year over year than you would between year 2 and 3.

Sent from my SM-G965U using Tapatalk

[aseibel]

1 hour ago, vancealot29 said:

Is it possible to upgrade to a similarly loaded vehicle while keeping my payments the same, or less? 

Definitely. The dealer will be happy to take your trade-in and put you in a newer vehicle for the same monthly payment. They will just gloss over how many more months of payments you just signed up for.

 

We don't know what your finances look like. It's your money, if you have plenty and will be happier with the new truck, then go for it. But you're not going to come out ahead financially.

[bshort]

I traded in a 1 year old truck for 8K less than I paid.  I wanted it gone.  

[jlong1984]

You gotta pay to play and it isn't going to be cheap. If you want the new truck bad enough, you'll make it work. A good finance manager can play with the numbers all kinds of ways and get the payment wherever you want it. Caveat is, you're starting over with a whole new loan which will likely be longer than your previous one and will have the negative equity of your trade rolled in. 

 

Dealers aren't going to be paying top dollar for trades right now. Yes, they will deal on the new truck but they have to make it up somewhere. They've got to keep the lights on and the salesmen fed. 

 

[Carson214]

So basically you put 6500 down with your cash and trade in.Then made 8 payments at probably around 600 a month so you have at least 11000 grand into it.I would keep it if I were you.You would be going into a new one starting back at your payments of say 72 months.You won’t get blue book because nothing is selling right now.My dealer emailed me today that sales department is closed now because of the corona.Buying a truck is good if you keep it for 10 years but if you know your not you are better off leasing.I have a 2018 lt pretty much loaded and all it cost me was 500 out of pocket and the payment is 290 a month for 36 months.Ill have it for 3 years of driving and that is about what you will lose in 8 months.

[OnTheReel]

My truck would have to blow up before I’d trade it within 1-2 years. In my opinion, 3 years is the sweet spot to get max value if you buy the trucks right in the first place. Lucky for you and I, that falls inline with the 2022 refresh. Wait if you can.

[Vasa1]

What everyone here is saying is correct. Been to a couple dealers to get a trade value on my 19 slt and they are giving me faak all for it. And I’ve only had it for 3 months. 

[bmoney5813]

I had my 2019 for about 10 months. sticker was 54500 and it was bought at 41900. I got 40k (ACV) for trade and still 13k off the new one. It was a GMC SLT with 14800 miles. I’m not sure about your specific truck but if it’s something that really bothers you, it can be done. It worked out for me. You may need to be willing to travel and search online for hours to find the right deal though. 

[Carson214]

39 minutes ago, bmoney5813 said:

I had my 2019 for about 10 months. sticker was 54500 and it was bought at 41900. I got 40k (ACV) for trade and still 13k off the new one. It was a GMC SLT with 14800 miles. I’m not sure about your specific truck but if it’s something that really bothers you, it can be done. It worked out for me. You may need to be willing to travel and search online for hours to find the right deal though. 

There is no way that you got 40k for trade.Show some docs to prove it or it is false.

[Carson214]

Also the dealer would want 45 or more if they gave you 40 lmao no way it happened.You can buy a new one for 41,900 right?

[bmoney5813]

48 minutes ago, Carson214 said:

There is no way that you got 40k for trade.Show some docs to prove it or it is false.

 

[bmoney5813]

Trade value range in my area was 39-40750. Thats KBB excellent. 40 was not that big of a stretch. Also the above does not include rebates. That’s just dealer discount. 

Edited March 26, 2020 by bmoney5813