Don’t Waste Your Money: Car Trade-Ins

Don't Waste Your Money

Used car prices have been crazy all year. But have you seen what dealers are offering to buy your car? Some people are now getting more than they originally paid!

Kyle Peavey just bought a cute little BMW, with all the money he made selling his 2019 Tesla. “When I went online and got a quote for my trade-in, I was kinda shocked. I was like, they are going to pay me what I bought it for new?” Peavey said.

Kyle had driven his white Tesla for almost two years, racking up 15,000 miles. But a dealer, desperate for cars to sell right now, agreed to pay him the original selling prices. “So it was like $39,999 what I bought it for, and I sold it for $39,997,” Peavey said.

Yep, he drove a Tesla for almost two years for just two dollars. Now, this is not the case with all vehicles, it has to be something in high demand. But if you have, say. a two-year-old pickup truck, you might be amazed what dealers will offer you for it!

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“I have some friends of mine who were paid more than they purchased it for, and they made a little money for it,” Peavey said. Some one to two-year-old vehicles now cost more than the sticker price on that vehicle brand new.

According to iseecars.com, among them are the Kia Telluride SUV, $3,000 more for a used version, GMC Sierra pickup, $3,000 more used, and the Toyota Tacoma pickup, $3,000 more used. If you have one to trade in, Peavey says consider doing it now. “My grandmother always told me, when you drive it off the lot it loses half its values. That’s just not true!” Peavey said.

This upside-down car market is not expected to last, dealers now report more new cars coming in and they expect used prices to drop this fall. As always, don’t waste your money.

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