How will trade-in work?

[JL3]

Just got Q2 delivery window—super excited to be part of this community. One question though: how is the trade-in going to work? I have a 2019 Honda Ridgeline with low mileage that I want to get rid of first. I just can’t stand driving a gas car any more after driving my wife’s 2023 Chevy Bolt EUV (our 4th EV) few times. Carvana offered $24k for my truck already. Should I sell it to them first? Or, would it be better to wait for the trade-in offer if they are the ones delivering Slate next year? Any advice?

 

[1yeliab_sufur1]

hmm that's tough because in a year it could be worth less money even if you don't put miles on i think every 7 days they reevaluate a car any added miles would negatively impact that higher price you just got. and the used market right now is hot so id say right now would be the best time to sell not so much buy

 

[ChickenNugs]

Always a good idea to see what they will offer on trade-in. Not sure how CA works but some states you only pay sales tax on the price difference after trade-in.

Lately, it seems like Carvana offers so much more than places are offering for trade-in that it makes more sense to just pay the tax.

 

[ScooterAsheville]

It never hurts to drive down to your local Honda dealer with your Carvana quote in your back pocket. Don't show it to them. Explain you want to sell it. 15 minutes of your time, right? Maybe they need used Ridgelines really bad. Maybe they don't.

 

[EV Trek]

Always a good idea to see what they will offer on trade-in. Not sure how CA works but some states you only pay sales tax on the price difference after trade-in.

Lately, it seems like Carvana offers so much more than places are offering for trade-in that it makes more sense to just pay the tax.

4 years ago when I decided I wanted an EV with more range than My Spark EV I asked Carvana for a Quote, they offered me $10,500 for it. I had only paid $6,500 for it.. after I read it 3 times I quickly hit the accept offer button. The person who bought it contacted me later and told me he had to pay $14,500 for it. I had already bought me a 2017 Bolt used for $15,750. Boy did Carvana stick it to him.

 

[LevelHeaded]

Not sure how CA works but some states you only pay sales tax on the price difference after trade-in.

Exactly, so factor in an extra 10% of value (depending on your sales tax rate) coming from the trade-in vs separate sale

 

[JL3]

Thanks for all the info, guys.

 

[Johnny-Longtorso]

Honda is doing 0% for 7 years on all new models (at least here in FL) - dealers may want a Ridgeline on the lot.