Hello everyone I am planning on buying a 2010 Prius IV by the end of the year to take advantage of the tax break. The problem is my current car, which I plan to use for trade-in, is in the bodyshop for a minor rear-end damage and it won't be ready until late 12/30 for pickup. This means I only have the last day of the year to get the car ready for trade-in, visit multiple Toyota dealers and complete the transaction. Do you think this is possible? I have done all the research online but I'm worried about having enough time on Thursday. Any suggestions or tips? Last time I bought my car, it took me 5+ hours of haggling...
Did you consider selling your existing car yourself? Have you tried on-line with like Costco (assuming your a member)? Those tend to be no-haggle prices. BTW, which tax break are you referring?
I did consider selling it myself but the car is not in top shape so I don't think it will make a big difference in this case. I was able to get a much better trade-in value last time for my old car when I used it as a bargaining chip during the negotiations for a new car. I did check Amex car purchase program and am planning on contacting Costco dealer in a day or two. The Amex has the best price I've found (1,638 below MSRP - Prius IV, blizzard white, nav, mats) so my goal is to get another 100 or so off at the dealer. As far as tax break, I was referring to Obama's stimulus allowing you to deduct sales tax on new car purchase from your taxes.
The one benefit from trading in your car is paying less in sales tax. I only paid the difference of the sales price minus the trade-in price.
AAA also has a car buying porgram if you are a member. I don't know how it compares to Costco. My dealer gave me the Costco price outside of the program and it was $400 over dealer invoice.
Is there any reason why you can't be visiting multiple Toyota dealers and starting preliminary negotiations right now? Start making contacts with salescritters, screening them to figure out who is worth trying to deal with, and finding who has the right inventory to even make the deal before the deadline. Possible? I don't know, as I never do a fast turn-around-time deal nor include a tradein.
I don't think waiting until Dec 31st is a good idea unless you are super flexible about colors, taking whatever is in the lot or letting the deal rollover to January and possibly losing the sales tax deduction if it isn't extended. You won't even have time for them to do a dealer trade and see the car if you wait until the last minute.
I had good luck getting my trade in shopped via email. I had a dealer send me an email with about 20 questions about the trade in, then I just copied and pasted into email request for a trade in quote. The 2 dealers that saw the car, both said they would honor the unseen estimate. Just give them an honest assesment of the car and you should be able to get a very accurate trade in value. Here is a copy of the questionair, my answers are in bold, so replace them with your answers and email away: In who's name is it registered: Tom ****** Current Address: 3223 W. ******** Make: Honda Model: Fit Year: 2008 Trim Level: Sport VIN: (17 numbers/letters): JHMGD3867******** Color: Tidewater Blue Body Type (coupe, van, P/U, etc) 4 door hatchback 4x2 or 4x4: front wheel drive Engine (4 cyl, 6 cyl, 8 cyl, diesel, rotary):4 cyl Transmission (auto, manual, cvt): automatic Current Vehicle Mileage: 38,250 Has the speedometer ever been replaced?: no Are you the original owner? yes How often has the oil been changed: when ever the Honda 'maintenance minder' prompted How many miles are on the current tires: 38,250 Have you completed all Manufacturer's suggested services? yes Have you altered any of the original mechanical specifications? no Has your vehicle been damaged by flood or hail? no if so, explain: Has your vehicle ever been in an accident, had paint work or body damage? no if so, explain, including cost of repair: Is there a spare tire and jack in the vehicle? yes Have you removed or altered any equipment or accessories?: no What repairs have you had done? none Any repairs still needed? none Is there a payoff on your vehicle? no If so, how much: Payment: Lienholder: Do you have an extended service contract? no Does this vehicle have a salvage or branded title? no (note: list features only if they work properly): Air Conditioning (front, dual, none) yes Power Window? yes Power Mirrors? yes Power Door Locks? yes Keyless entry? yes Tilt Steering? yes Cruise Control? yes Stereo: (cass, CD, multi CD): yes Sunroof (power, manual or none): not offered Alloy or steel wheels? alloy Custom Wheels (list size): no ABS Brakes? yes Power seats (driver, dual, none): not offered Seats cloth or leather? cloth Rear DVD or video system: not offered Tow package? not offered Side Airbags? yes Side Curtain Airbags? yes Spoiler? yes Lifted or Lowered suspension? no Navigation? no List all other options: rear bumper applique, window tint, wheel locks, factory floor mats. Is there anything else we should know about the vehicle to make an accurate assessment of the vehicle (e.g., smokers car, pet/allergens,) Non smoker, no pets.
Make sure you know in advance what sort of $$$ you're looking at as a return on your 2009 taxes for the tax deduction - sometimes its better to wait on a lower deal after New Years than take the automatic deduction from your taxes. It wouldn't surprise me if dealers use the tax incentive against last-minute buyers and hold fast on their prices. If a dealer doesn't want to play ball, walk away and go somewhere else. This is another reason to start shopping around now so you know who has what, for how much, and you can better play one dealer against another. That's a hard thing to do in 1 day. It is hardly a given at this time, but it wouldn't surprise me if 2010 gets a similar sales tax deduction for your income tax return. However, it may not kick in until February (like this year) or even March, so you may lose any advantage of the tax deduction via the $400 higher invoice cost starting in Feb.
By "dealer trade" I meant if the dealer doesn't have the car with the color and options you want, they can trade one of their cars with another dealer. If you show up on Dec 31st, they may not have time to make a swap for you before the end of the year.
Just a few suggestions: 1. Define what your've looking for. 2. Review dealers inventory to see if they have what you're looking for. 3. Negoitiate a good price with the dealer. Some dealers don't want to deal and other do. Do your homework. Good luck.
