I have seen a few SRT-10 convertibles that have caught my eye lately, especially the back and red ones. I am on my 2nd GTS, a 96 B/W. I am looking to possibly trade it for the above. Any thoughts?
When you say trade, do you mean trading your car in at the dealership for a new SRT-10? If you go that route, you will not get near as much value for your '96 as the trade value will be significantly less than market value. You basically have two other options:
1. Sell you car outright. You will be able to get more value for your car but you will lose the sales tax credit from the trade. When you trade in a car at a dearlership, you only pay sales tax on the difference (new car selling price minus trade value). You'll have factor in the amount lost from not being able to take advantage of the sales tax credit on the selling price of you car and the sales price of the new SRT-10.
2. Trade-in your car. The is reverse of option #1 as it depends on the gap between the trade value + sales tax credit and your selling price.
3. Do what's called an In-and-Out. Some dealerships will do what's called an In-and-Out by which you find a buyer for your trade and establish a selling price. The actual agreed upon selling price between you and the buyer is used as the trade value and you still get the sales tax credit when you purchase the new vehicle because you are still in fact, trading your old car in. The buyer of your trade now actually buys your used car from the dealership (a big advantage for the buyer because now there's a little more security and comfort from buying from a dealership as opposed to a private owner). You now get more value for your trade plus the sales tax credit and the dealership is able to sell their new car to you. All of the paperwork is handled by the dealership, although the dealership may charge a fee for this. Advantages are:
- You get to save more $$$ plus puts you in a more equitable position when you purchase a new car
- the purchaser of your used car has the comfort and security of purchasing from a dealership, no trip to DMV (all paperwork is done at the dealership), and has contact with the seller (soon to be previous owner) for questions regarding condition, etc.
- the dealership get to sell their vehicle
I personally have done this three times.
