Traded in my 2015 3.8 Sig for a Tidy Profit Yesterday

[LantanaTXGenesis]

When I posted back in February about the deal I scored on my brand-new 2015 Genesis 3.8 Sig (41 miles, bought from AutoNation Hyundai in Fort Worth) I knew I wouldn't keep it long.

I flip cars as a hobby, and I'm now on my 40th car since 2004.

I paid $29.6k for the Genesis back on Feb 26th, and sold/traded to a local dealer yesterday for $35k.....that is not a typo!

I say "sold/traded" because the offer was good whether I bought a vehicle at this dealer or not. I had 4k miles at trade-in.

Traded in for a 2014 Audi S5 Convertible with 20k miles.

Love the Genesis, and I'll likely scoop up a 2016 later this year when the prices fall prior to the changeover. Great car, even better flip!

Be back soon!

 

[greekgeek]

Nice work! Doubtful the deal would have closed for cash though.

 

[balfor]

You must live in a state where they give you sales tax credit on a trade in. If you were in CA, it wouldn't work out so well paying full boat tax and registration with no discounts or considerations on a trade in.

 

[LantanaTXGenesis]

Nice work! Doubtful the deal would have closed for cash though.

Actually it would have. I had a guaranteed buy bid before I even looked on their lot. Several dealers in the DFW area source their pre-owned inventory from the public vs. auction. The cars at the auction tend to be the lease returns that have been passed over by the original turn-in dealer, or trade-ins that the dealer doesn't want his lot for various reasons.

The used car market has been tight since cars for clunkers back in 2009. A new wave of preowned mega dealers has emerged, and there business model is quite different from the new car setup that most are accustomed to.

You can believe what you want, but I promise you that you're wrong in this instance.

 

[LantanaTXGenesis]

You must live in a state where they give you sales tax credit on a trade in. If you were in CA, it wouldn't work out so well paying full boat tax and registration with no discounts or considerations on a trade in.

You are correct, my 40 transactions since 2004 have all taken place in AZ, MN, and TX. All states give you a shelter for the value of the trade-in.

 

[srobak]

I knew I wouldn't keep it long.

I flip cars as a hobby, and I'm now on my 40th car since 2004.

They make a pill for this, I believe.

 

[greekgeek]

Actually it would have. I had a guaranteed buy bid before I even looked on their lot. Several dealers in the DFW area source their pre-owned inventory from the public vs. auction. The cars at the auction tend to be the lease returns that have been passed over by the original turn-in dealer, or trade-ins that the dealer doesn't want his lot for various reasons.

The used car market has been tight since cars for clunkers back in 2009. A new wave of preowned mega dealers has emerged, and there business model is quite different from the new car setup that most are accustomed to.

You can believe what you want, but I promise you that you're wrong in this instance.

So the guarunteed cash price was before they even looked at your car? Even further from closing. I understand your rationalizing it but any dealer who would pay $35k cash for that car is a charity not a business.

 

[LantanaTXGenesis]

So the guarunteed cash price was before they even looked at your car? Even further from closing. I understand your rationalizing it but any dealer who would pay $35k cash for that car is a charity not a business.

Correct, sight unseen. They will by a car sight unseen from across the country and pick it up from your driveway for free and cut you a check on the spot.

You can doubt all you want, it is what it is. The same car will be on their lot for $38k, which is nuts. Had to do a lot of homework searching their inventory for the right buy. I don't buy a car unless Incan buy it for less than KBB trade-in. Only reason I bought from them was the tax shelter. They are also one of the biggest nationwide sellers on EBay.

 

[LantanaTXGenesis]

They make a pill for this, I believe.

They sure do. At an average of break even to $5k profit per vehicle I need some happy pills. Typically 10-12k miles on each car within 6 months, and then flip.

 

[GenesisAWD]

Nice work! Never really heard of anyone flipping cars as a hobby. I can't imagine the research and legwork that has to go into each decision to make sure you aren't getting a bad deal or a lemon. Sounds exhausting to me but if you like it and it doesn't bother you then more power to ya!

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[greekgeek]

Correct, sight unseen. They will by a car sight unseen from across the country and pick it up from your driveway for free and cut you a check on the spot.

You can doubt all you want, it is what it is. The same car will be on their lot for $38k, which is nuts. Had to do a lot of homework searching their inventory for the right buy. I don't buy a car unless Incan buy it for less than KBB trade-in. Only reason I bought from them was the tax shelter. They are also one of the biggest nationwide sellers on EBay.

Sounds like a sweet deal, I am (was) a skeptic but as an online dealer it makes more sense. All about quickly turning that inventory, low overhead etc. You definately got the better end of the deal from the sound of it