Best way to go about selling/trading in old vehicle for a used vehicle?
 

So my GF inherited a truck from her dad, it's a 95 ford ranger with about 150,000kms, black book and general value seems to be sitting around 2800-4000, hers is the XLT 4x4 with the biggest motor they came with

She's interested in trading it in or selling it privately then adding on cash towards somthing like a yaris, fit, civic, fiesta, etc

Prices for the all those vehicles with carrying KM's are between 6-10k

At that price point are you better off selling the truck privately or bringing it in to the dealer as a trade in? Also what happens with the insurance if you were to sell it privately and not have a vehicle in between? I've heard stories of new drivers etc canceling their auto plan 12 and not being able to renew after due to icbc seemingly thinking you could not keep up with the payments therefore cancelled the coverage?
Posted via RS Mobile

Its rare for the money you get from trading it in to any dealership more than selling it privately. I think your best bet is to post on craigslist/autotrader and perhaps a ford ranger enthusiast willing to offer more. However, it doesn't hurt asking around the trade in value of the truck

It's always better to try and sell your car in private for as much as possible, unless your car is worth less than what the dealer incentives might be. A dealer is going to knock off a significant amount of value from your vehicle anyway, because at the end of the day, they need to at least break even on your trade in.

End your coverage for the vehicle you're selling (when you're ready to sell it) and get storage insurance for it, issue day permits when someone wants to test drive it. You never want to let someone test drive your car with your own insurance on it, because you'll be listed as the primary operator, not the interested party that might total your ride. Go to your insurance broker with the interested party and claim him/her as the primary operator for the day permit.

If she wants the most money, sell it privately. However, it's less convenient and you have to deal with people off craigslist, which can be annoying. The money has to be worth the trouble.

In terms of insurance, she doesn't have to cancel it but she's paying for insurance on nothing, once the truck sells. If it's only a couple or 3 weeks, it's not worth the costs associated with cancelling the policy and buying new plates when she insures the new car. (cancellation cost + surrender plates)

There's no reason ICBC won't allow someone to do Auto12 again, just cause they cancelled a previous policy early (the cancellation cost factors in the amount they would lose for a shorter term). The only reason one is refused Auto12 is if they default on the payments.

Is she driving the Ranger now?

It's insured but not really driving it too much
Posted via RS Mobile

Under her name?

Even with no optional coverage, 500k 3rd party and only insured for pleasure, as a new driver, she's probably paying $140+/month and barely driving it.

If she doesn't need to drive it, transfer the policy to storage and get day permits (if needed), as yoda suggested. To transfer to storage means she's not cancelling the policy, so she's saving there, and it's still protected for 3rd party liability and comprehensive (optional).

At least it's not a Ford Bronco. :badpokerface:

Nah, you can barely fit half a couch in a Bronco.

You're looking at an ATV of between $500 and 1000 for the ranger depending on condition.

Hondaracer, where is your GF parking the truck? Street, garage, or underground parkade?
Parking it on the street means she cannot get storage insurance and the truck has to have plates and insurance. Secured underground parkade or garage will qualify for storage insurance.
If it is an open car port, then that technically doesn't suffice for storage insurance.

Trading in a car vs selling it privately all depends on each individual. If she found a car that she wants and can't sell the truck soon enough, then trading it in might be an option. Whatever tradie-in value, while lower than it is selling it privately, will lower the amount the new car is taxed at if it is bought from a dealer. Time is money. Are you going to be there with her each time she has to show the truck to a potential buyer or do you think she can do it by herself?

If she doesn't need a car right away, then take the time to sell it privately.

As for insurance, IIRC, you can't double dip. If you have storage insurance and that includes theft, collision and comprehensive, basic day insurance will come first and in the event of an incident, you will not be covered by the storage insurance.

Yea she parks in an underground parkade, and yea most likely I will have to be there for all the wheeling and dealing especially through a private sale

Is it standard practice to basically demand at least black book value from a dealer?
Posted via RS Mobile

hondaracer: is this truck solid? my old boss was looking for one awhile back but couldn't find an affordable one that didn't have (bad) stories behind it.

if it's an honest truck, please PM me info on it about everything, with pics if possible. it's a long shot but who knows?

Will do when I get home, I'd say it's pretty good her dad was second owner bought at like 20,000kms
Posted via RS Mobile

thx. no promises.

That that into consideration. Time = money.
Storage insurance on my QX4 was around $50 per month, give or take. I think there is minimum amount you have to buy, and no you cannot auto plan 12 your storage insurance.
And there is still cancelation cost on storage insurance.
Same goes for regular car insurance and plates.

This is the way I see the truck as a trade in. The dealer will NOT give you top dollar for it. They still need to sell the car and depending on the dealer, they might not sell it themselves. If the car is too old, they may just give it to another dealer to sell. You can always negotiate with them to try to get more trade in value for the car.
Another thing you can do is give the truck a good wash and vacuum and a quick polish so that trucks looks really good before bringing it in for them to assess for trade-in value.
Of course, even if you don't trade it in, doing that wash and polish will help it sell better privately too.

That seems extremely high.

Storage insurance on my Mustang for 6 months is only $50 total

Price of trade in is relative... if they get a bid of $700 from wholesaler A, that's how much they're giving you for it. If they put $2000 trade in value on paper, they're just taking $1300 off of what you could have negotiated off the vehicles asking price.

Dealers gonna ding you for every little thing too, 50% on tires? 50% on brakes? small crack in windshield, wear on seats, scrape on door etc. If the truck is mint you're still only going to get 2000-3000 less than what they(used lot) will end up listing it for.

Sell it privately, negotiate for the new car based on price only, you're saving the dealership a headache too, and keeping money in your pocket.

Edit: ^ storage insurance for my itr was ~$65 for 3 months

Only time I would lean towards trading in a car is if I was very strapped for time, or if the value of my car was over $30k and tax savings on the new car would make up for the lost $$$ of trading it in vs. selling myself

You're right. It was $150 for 6 months. Not sure why I thought 3 months.
But that is with full coverage including theft.

It's standard practice for the dealer to go in, dry.