Ok, I bought my 2001 last week, and I knew before I bought the 2001 that I would want to trade it in for a 2002, so I only got the basic warranty (3 year.) So my question is, how much do you guys think I will get for the trade-in? I'm expecting within the next 5 months I will have aprox. 3-4,000 miles. I bought the truck cash up front, so I'm guessing that will help with dealership trade-in. give me some feedback guys!! Think I'll be paying more then $1-2k for the 2002 after the trade-in? Or would I be better off just selling it in the classifieds?!

 

Can't answer that question but I can tell you what it cost me to trade up from a 99 L to my current 01 L $4800.00

 

wow, that's a lot

 

StrikesTwice-

I recently traded in my 2000 L for a 2001 L. The dealer gave me $25k for the 2000 and I got the 2001 for $32,640 (MSRP) + sales tax, etc.... That is not the worst of it, I had about $5k in upgrades on the 2000. The bottom line...... it ended up costing me about $15k. You would be better off selling it in the classifieds -and- try to get the x-plan for the 2001.

Dave

 

Whether you owe anything on it won't make any difference in trade.

And I too agree, sell it yourself.

 

DO NOT trade it in with the dealership, sell it to someone who actually wants a Lightning and not your life savings. Youll never get the value in a dealership that you can get by selling it yourself.

 

even better advise leave it in the steets of new york insurance pays 100% for the first year... thought that would help take that from me the insurance rep... happy sailing opps did i say that

 

I traded my 2000L with 21,700+ miles and my dealer gave me $25,000. He said he could use it cause there aren't that many used Lightnings on dealer used car lots.

He then turned around and sold me my 2001L for $30,000 minus my $400.00 college rebate. I don't know about other States but in Florida you ONLY pay tax on the trade in difference. So I only paid 6% on $5,000.

I think I came out OK. I did leave the Muffler and HiFlow cats on my 2000L. But I got to keep my Pro-M and my Chips.


2001 Silver Lightning
1994 Indy Pace Car COBRA
1993 Teal COBRA

 

Ouch $4800. Gear swap, '01 intake, 90mm, chip, even a new convertor, pulley, and other goodies are far less than $4800. I think a lot of 99-00 owners took a financial beating for trading up for a truck with 20 more hp stock. Hey it's you're money.

 

trading in a 27K vehicle will save you allot of Tax money!

probably about 2grand and more.

I would trade it in, but make sure you go into another dealership and get a good price first, then tell them you got a trad in.

either way a dealership is going to rape you if they want to. thats if you want the truck bad enough. My dad has owned allot of dealerships so I'm used to the games and I love it! he's funny to go buy a car with. the one time I went with my mother to go buy a new sebring JXI, car was perfect and loaded. sticker was like 29K on it and the guy sayd we can sell it for 28K and thats it. My Mom just looked at this guy and basically told him where to get off. Her favorite line is "my ex husband owned allot of car dealership buddy I know how this works, so don't make me go to another dealer with your price an get the car cheaper.

HAHAHA the guy just looks at her, HAHAHA

thats what we always do, just pick out 3 dealers and go back and forth all day getting cheaper prices on the back of that buisness card. Remember to alwasy snag a few cards so you can write down a different number to play with also. you know that guys got room to play, so juct cut a little more out and get to the end of the chase faster!

 

Yeah well.......shocks, aluminum driveshaft, headlight, taillight grille upgrades. Plus Labor!

Not to mention..........the NASTY amount of oil found in my OIL Filter????

That's a good reason to spend the $4k+


2001 Silver Lightning
1994 Indy Pace Car COBRA
1993 Teal COBRA

 

Not saying not to trade, but if you don't have a dud you're gonna lose money, period. I've done it myself...

 

Find a dealer that will do an in and out if you sell it your self, You sell it for a higher dollar amount to someone who really wants a Lightning and get tax credit on the trade amount. Thus paying taxes only on the trade difference. The best of both worlds.
God Bless America
Jon

 

So can anyone explain how the tax situation works with a trade in? I live in California and traded in my 98 F150 XLT when I bought my 01 L. Should I have only paid sales tax on the price of the Lightning minus the value they gave me for my old truck?

 

As far as I know, you should only pay the taxes on the difference between your vehicle's trade in value and the selling price of the new vehicle.