Thinking of trading Lariat for XLT
06-07-2017, 02:15 AM
#21
senior64, I'm not wanting to trade up, I'm wanting to trade down.
undercover brother, features aside, I just bought too much truck and want to trade down to a truck with less features, and thus a cheaper vehicle. Just wanted to get some input from some of you who have experience with swapping vehicles. I get that I'll take a hit on dumping it so soon, just not really excited with the purchase at the end of the day and feel like trading down would ease my mind. Just trying to weigh my options!
Does anyone know the answer to the trading down tax question?
undercover brother, features aside, I just bought too much truck and want to trade down to a truck with less features, and thus a cheaper vehicle. Just wanted to get some input from some of you who have experience with swapping vehicles. I get that I'll take a hit on dumping it so soon, just not really excited with the purchase at the end of the day and feel like trading down would ease my mind. Just trying to weigh my options!
Does anyone know the answer to the trading down tax question?
Using random numbers;
dealer give you a trade in value of $40k
the new truck is $30k plus tax and license. In California that's usually about 10%.
You will get the truck and a check for $7k.
Not it sure how t would other wise work. But like others I'm guessing you will probably get less for your Lariat than you might hope.
06-07-2017, 11:36 AM
#22
I wish I had the luxury of some of these posters who have never made mistakes in life. Sometimes we make mistakes--it may be financial, personal, career, etc. As I have gotten older, I tend to try and help people as opposed to degrading or trying to make them feel bad.
To the OP, it may be difficult to not end up losing some (or a lot of) money. Depreciation usually hits you hard initially and for the first few years of most loans, you end up paying more of the interest. You will also lose the taxes and fees that you have just paid.
Your best bet may be a new XLT that has set on the lot for awhile. You may also need to wait until there are better incentives (which should be coming up soon when the new models come out).
It may depend upon your state, but if your truck is worth more than the new vehicle, you shouldn't have to pay taxes on the difference.
To the OP, it may be difficult to not end up losing some (or a lot of) money. Depreciation usually hits you hard initially and for the first few years of most loans, you end up paying more of the interest. You will also lose the taxes and fees that you have just paid.
Your best bet may be a new XLT that has set on the lot for awhile. You may also need to wait until there are better incentives (which should be coming up soon when the new models come out).
It may depend upon your state, but if your truck is worth more than the new vehicle, you shouldn't have to pay taxes on the difference.
06-07-2017, 11:58 AM
#23
Senior Member
Keep your Lariat and enjoy it. I started out looking for a 2 year old low milage truck. I wanted a black one, 4x4, and after seeing the floorshift ones, well, had to have that too. Ended up leaving with a new Lariat. A lot more money than I planned on spending, but with the incentives, employee discount from work, great trade for my nice 06 trade..., well...... lol. Lovin it!
06-07-2017, 12:57 PM
#24
I'm just smart enough to not put myself in a position that's going to bite me in the a** later on down the road.
06-07-2017, 01:30 PM
#25
Senior Member
This one has me scratching my head... you can't possibly be serious. If you're worried about the "fancy features" breaking down the road sometime (which seems ridiculous in itself, but obviously to each their own) then why don't you just put aside the money you're most certainly about to donate to trade down and just fix the stuff if it ever breaks? In the meantime, enjoy a nice truck and go home and peel the little protective stickers off of all the plastic dials/faces/etc you most certainly left on things over the years for fear of them not looking perfect 15 years later!
For what it's worth, you can have my 07 XLT in exchange for your Lariat, even stevens!
For what it's worth, you can have my 07 XLT in exchange for your Lariat, even stevens!
The OP's
post is one of the dumbest I have ever read in an automotive forum.
06-07-2017, 01:43 PM
#26
Member
Thread Starter
I appreciate the positive responses guys. I'll talk to a few dealers and see what their numbers are, if they don't make sense then I'll keep the truck for the long haul 
06-07-2017, 01:46 PM
#27
06-07-2017, 02:00 PM
#28
Senior Member
I got $25K for ya?
Lol. You'll end up keeping it.
I
Lol. You'll end up keeping it.
I
