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Trade value of a JLUR?

Swanny297

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Yeah series of Bad choices. Looking to focus more on school/possibly go only to college and quit my job so trying to see where I can save a few bucks. I was looking into getting into a 4x4 Tacoma TRD. Haven’t done anything yet...still 3000 miles away from home. But one of the other dealerships in Phoenix have me an online appraisal of 36200 to 39,500 before tax rebate/return. If I can max it out here and only be upside down no more than 2 grand, while getting into a 11 grand cheaper truck, that would cut payments by 200+ a month which will help
If your looking to save money why are you looking at a Tacoma TRD or new vehicle for that matter? Manual 4x4 starts at $35k - see if you can owner sell, and find a nice used Tacoma, MSRP doesn’t mean anything when trading a vehicle in, dealerships don’t pay MSRP.
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jpb

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Well so far just as an online quote they are offering me 3500 under msrp at 34k for a fully optioned TRD 4x4 off road. I think in person I can haggle them down even more. All the used Tacomas I saw are around the same price
 

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Yeah series of Bad choices. Looking to focus more on school/possibly go only to college and quit my job so trying to see where I can save a few bucks. I was looking into getting into a 4x4 Tacoma TRD. Haven’t done anything yet...still 3000 miles away from home. But one of the other dealerships in Phoenix have me an online appraisal of 36200 to 39,500 before tax rebate/return. If I can max it out here and only be upside down no more than 2 grand, while getting into a 11 grand cheaper truck, that would cut payments by 200+ a month which will help
I don't like to give people financial advice unless they ask so i won't. I have an opinion on this.
 

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What about going to the dealership you purchased from and work out a deal to get you in a sport with a few options? I'd bet they would rather cut you a deal that can get you in another jeep. Or are you not wanting a jeep at all because you need a truck? Hopefully things work out by the way!
 
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Ruby Jack

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So I had a Toyota dealership quote it and they quoted it at $36,100. MSRP is almost 45 grand. Seems a bit on the low side for only 2 months later and 1800 miles
That sounds a bit low. I thought my WRX's trade in value was low when they offered $25k for it even though I paid $34k for it when I bought it 2 years ago.
 

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I know you didn't ask for this advice, but as someone who has made this same mistake more than once:

You are not doing yourself any favors financially by trading in a few month old $40-45k jeep for another new vehicle, especially one that is not much cheaper than your current loan.

By the time you roll $5-10k in negative equity onto a $34k Tacoma, you are basically exactly where you are now. Remember every time you drive a new car off the lot, you are usually burning thousands of dollars off the value immediately. So you are taking $5-10k in negative equity from the jeep and adding probably $3-5k more from the tacoma right off the bat.


If you REALLY need to get rid of the Jeep payment because it's too much for you right now, you are way better off getting something that is significantly less expensive, and hopefully lightly used. Otherwise you are going to be burning a lot of money to get a marginally lower payment.
 
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jpb

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No no worries. I appreciate the help and don’t mind any opinions. Well I owe 41,500 on the rubi and the second dealership gave me an online appraisal between 36,300 to 39,500. I figure if I can try to get the high side of the appraisal, that will leave me 2-3 grand negative equity. I can put 3 grand down, so hopefully that will cancel the beg equity out.

Then they offered me an online price of 34 grand for a 4x4 taco TRD off road. Idk how much more I can knock it down in person, but if I can roll everything into a 35,500 max loan with my 3 grand down, I’d be saving like almost 170 bucks a month in payments (idk how much can I bring the price down farther?)

I’m a Jeep guy all the way, but I figure I’ll get a truck until I can get back on my feet in 3 years and possibly look at the scrambler or a 2 door 2021 Wrangler. Trust me, I love my manual Jeep

Edit: the Colorado is about 4 grand cheaper than a taco, but I figure resale value on the taco will help me in the long run
 

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No no worries. I appreciate the help and don’t mind any opinions. Well I owe 41,500 on the rubi and the second dealership gave me an online appraisal between 36,300 to 39,500. I figure if I can try to get the high side of the appraisal, that will leave me 2-3 grand negative equity. I can put 3 grand down, so hopefully that will cancel the beg equity out.

Then they offered me an online price of 34 grand for a 4x4 taco TRD off road. Idk how much more I can knock it down in person, but if I can roll everything into a 35,500 max loan with my 3 grand down, I’d be saving like almost 170 bucks a month in payments (idk how much can I bring the price down farther?)

I’m a Jeep guy all the way, but I figure I’ll get a truck until I can get back on my feet in 3 years and possibly look at the scrambler or a 2 door 2021 Wrangler. Trust me, I love my manual Jeep

Edit: the Colorado is about 4 grand cheaper than a taco, but I figure resale value on the taco will help me in the long run
Honestly you are looking at just a couple thousand difference, really not that much difference in monthly payment and if you are going to be throwing $3k down it doesn't make a whole lot of sense in my mind.
If you are really having financial difficulty then I would try to sell your Rubicon yourself for what you owe and then buy a $3000 reliabircar with cash. Not a truck that is about $5k difference over 5 years.
 

VictorChampion

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I can't help but chime in here as well and please know I mean it constructively. I have been in the situation you are looking at many times and so has a friend of mine. We are both Bankers which means nothing other than to say that I will tell you the same thing I tell him when he starts wanting to trade, sometimes within 45 days of buying. All of that said, one standing rule is you can't borrow yourself into a better situation. Many of the posts above are correct in that selling, taking the hit and buying a low cost beater is the smart option. Trading $42,000 debt for $35,000 - $36,000 with negative equity stacked on top of that is not accomplishing much short term or long term. To truly make a wise move would be to drop down into the $10,000 - $15,000 total debt range and give yourself plenty of room to do what you need to do. Lowering payment by $200 for 60-72 months is negated by sales tax in less than a year and is also soaked with negative equity at a $35,000 debt range. Again, just friendly advice and best of luck on your endeavors.
 

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No no worries. I appreciate the help and don’t mind any opinions. Well I owe 41,500 on the rubi and the second dealership gave me an online appraisal between 36,300 to 39,500. I figure if I can try to get the high side of the appraisal, that will leave me 2-3 grand negative equity. I can put 3 grand down, so hopefully that will cancel the beg equity out.

Then they offered me an online price of 34 grand for a 4x4 taco TRD off road. Idk how much more I can knock it down in person, but if I can roll everything into a 35,500 max loan with my 3 grand down, I’d be saving like almost 170 bucks a month in payments (idk how much can I bring the price down farther?)

I’m a Jeep guy all the way, but I figure I’ll get a truck until I can get back on my feet in 3 years and possibly look at the scrambler or a 2 door 2021 Wrangler. Trust me, I love my manual Jeep

Edit: the Colorado is about 4 grand cheaper than a taco, but I figure resale value on the taco will help me in the long run
Sounds like you’re in a bit of a tough spot. At the end of the day though, you’d be a LOT better off of you either delivered pizzas one night a week to make up the $170, or just sell the Jeep on CL and skip making car payments altogether.

I know it’s not as much fun to drive a hoopty while you’re banking for your sweet ride, but it pays off pretty quickly... not having a car payment is the first step to being a free man, and a free man can do anything he #}*]+ well pleases, as long as his Jeep can get him home.
 

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Brian

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Hey all,

Does anyone know how much you could potentially get for selling private party or trading in your JLUR? It’s got 1800 miles, rubi, premium sound, hard too, garage opener, led lights, white, manual.

I don’t see anything listed on kbb or anywhere else yet. May have hit a financial snag recently and have to settle for a beater until things look up again. Thanks
 

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I can't help but chime in here as well and please know I mean it constructively. I have been in the situation you are looking at many times and so has a friend of mine. We are both Bankers which means nothing other than to say that I will tell you the same thing I tell him when he starts wanting to trade, sometimes within 45 days of buying. All of that said, one standing rule is you can't borrow yourself into a better situation. Many of the posts above are correct in that selling, taking the hit and buying a low cost beater is the smart option. Trading $42,000 debt for $35,000 - $36,000 with negative equity stacked on top of that is not accomplishing much short term or long term. To truly make a wise move would be to drop down into the $10,000 - $15,000 total debt range and give yourself plenty of room to do what you need to do. Lowering payment by $200 for 60-72 months is negated by sales tax in less than a year and is also soaked with negative equity at a $35,000 debt range. Again, just friendly advice and best of luck on your endeavors.
This pretty much says it. First, I would start paying whatever additional you can on your payments right now. I would sell the Jeep privately. Not everyone reads these boards. I can hear someone telling their buddies they got a JLUR with just a couple thousand miles on it for the price of a Sport because someone bought one and couldn't afford the payments. I would list it around $41k.

Then you should be setting your sights much lower on the replacement. I just bought my daughter a 2005 Liberty with 80,000 miles on it for under $6,000. Or this may be a scenario where leasing makes sense if you are trying to reduce your cashflow for a few years while you invest in your education and increase your earning power. You should be looking at lease/car payments under $250/month. You can probably even lease a JKU Sport for that much. Or look at vehicles positioned to be leased like a Compass. It will be under warranty and have very low maintenance costs. Not as cool as a Tacoma or a Wrangler, but that's life.
 

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This pretty much says it. First, I would start paying whatever additional you can on your payments right now. I would sell the Jeep privately. Not everyone reads these boards. I can hear someone telling their buddies they got a JLUR with just a couple thousand miles on it for the price of a Sport because someone bought one and couldn't afford the payments. I would list it around $41k.

Then you should be setting your sights much lower on the replacement. I just bought my daughter a 2005 Liberty with 80,000 miles on it for under $6,000. Or this may be a scenario where leasing makes sense if you are trying to reduce your cashflow for a few years while you invest in your education and increase your earning power. You should be looking at lease/car payments under $250/month. You can probably even lease a JKU Sport for that much. Or look at vehicles positioned to be leased like a Compass. It will be under warranty and have very low maintenance costs. Not as cool as a Tacoma or a Wrangler, but that's life.
This is great advice. Please do not take this as something we are saying you are doing wrong. But quite frankly if you can't afford a $45k car and need to dump it after a couple months then you really can't afford a $36k car carrying $3k in negative equity. Ideally you should be buying your cars cash. The only reason I didn't not this time was because I got 1.99% from my CU and the CU is paying 1.5% right now but that should be over 2 by next year. Then I just keep the money in the bank and the interest literally pays my car payment.
 

phatjoe

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I've bought/sold about 100+ cars/trucks/motorcycles (it's my one vice ;)), and I've seen MANY different financial scenarios. The smart approach has been mentioned a few times...it doesn't make sense to trade in that jeep for a tacoma. The lower payment, to me, doesn't cover the cost of the depreciation...blah blah blah

But, if you do trade it in my advice would be to shop around different dealerships. Tacomas are a dime a dozen, there must be a couple of dealerships that are willing to deal. I had a ram pickup truck and was offered anywhere from 36k to 39k for it...crazy

We just don't know how savvy you are with the negotiation process. Trade-ins can be a bit more complicated. Secure the price of the Tacoma, and then mention you want top dollar for your jeep (let the games begin).

I can write a book about this crap, but I won't bore you anymore....
 

BlackRook

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Definitely take a few days and try to sell it private party, unless your finances are at "food or Jeep" levels. You're throwing away a lot of money.

I second the idea of leasing a pretty base sport, it'll be cheap, and give you time to build your finances. I also don't see the problem going used in this scenario; if you don't have the money for the new car you want, drive a beater for a few years. I just checked Phoenix, AZ Craigslist and found dozens of Tacomas. Yes, high miles, but a a FRACTION of the cost. And those trucks will last literally forever in the desert (you guys don't get rust like we do).

I get that you want the cool trim level, etc, but at some point you need to step back, recognize the realities of your finances, and own the mistake you made.
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