[bullfrog23414]

Could you not trade it in and save on taxes?

This varies by state - in Missouri you can sell private party within +/- 180 days of purchase and get a credit on the sales tax.

It's not all rainbows and unicorns though. In Missouri, the dealers don't collect the sales taxes, you have to write a check to the DMV within 30 days of purchase, so there's no way to finance the sales taxes as there is in [most?] other states.

 

[oskibear]

it makes me chuckle. seeing these types of posts on several forums.... Same thing on reddit with PC GRAPHIC CARDS. Everybody paid an overprice of something they did not want and now that the thing they want is available they want to recoup their original investment and then some....

Not bashing on OP but what I would suggest is either take the loss (you are not going to get what you invested) or just drive the van till the wheels fall off.

As others mentioned, instead of trying to get a buyer on the internet, or a private buyer go to carvana/carmax/dealer, because guess what? Not only are you getting the van you wanted from the dealer.... EVERYBODY IS!

I got a call from my local dealership telling me that I could take delivery of a 23 sienna by Feb. 15. NO MARKUP (just the stupid 500-dollar mandatory tint they always do)
I decided to get my van in Mexico, YES IT WAS A PAIN, YES, I WISH I HAD A VAN WITH TEXAS PLATES, but I did what I did when I did it because it was either that or not get a new van, and Im sticking with my choice. Well see in the near future what I'll do with my 22 XLE, but for now is to drive it till it falls apart.
Thats supply and demand for you
The bitcoin bubble bursted
the Graphic Card bubble bursted
now the new/used car bubble is bursting.
It was a matter of "when" not "if"

I've already acknowledged that I get the car market has imploded in many ways. The main purpose of my post is to gauge what the micro-market is for the Sienna (especially for the SF bay area). I appreciate your additional perspective, although I think the bay area is still more inflated than most other markets (at the peak, bay area dealers had markups between $5k-20k).

 

[oskibear]

Seriously who are these kids that would sit there and watch movies on a little 1080p screen they have to share in this day and age? My son would think he was being punished lol.. my kids are glued to their individual Ipads where they can watch whatever they want and jam out to some roblox and other games on the go.

That's what I would've thought as well. A couple of friends who swore by it talked about the main pros as 1) parents have more control over what's being watched and how long, 2) minimize the risks of tablets getting dropped and needing to reach over to pick it back up for them, 3) not having tablets too close to the face if the kids are holding them. I have a couple of toddlers, so the pros make sense to me.

 

[oskibear]

This varies by state - in Missouri you can sell private party within +/- 180 days of purchase and get a credit on the sales tax.
View attachment 60684

It's not all rainbows and unicorns though. In Missouri, the dealers don't collect the sales taxes, you have to write a check to the DMV within 30 days of purchase, so there's no way to finance the sales taxes as there is in [most?] other states.

Just did some research and the trade-in sale tax incentive doesn't apply for California.

 

[Holdme]

That's what I would've thought as well. A couple of friends who swore by it talked about the main pros as 1) parents have more control over what's being watched and how long, 2) minimize the risks of tablets getting dropped and needing to reach over to pick it back up for them, 3) not having tablets too close to the face if the kids are holding them. I have a couple of toddlers, so the pros make sense to me.

My kids in the back are 2 and 6, I can appreciate wanting to look out for them but in my case at least -

1.) My kids are already using youtube for kids app and their streaming accounts like netfix are all child accounts setup for content and parental controls so no problems there.
2.) Half the reason we wanted the van is so the wife can hop around and ride in the back with the kids when needed so no issues with dropping and if Im alone with them and you drop it and I cant reach it looks like youre waiting till dads next stop. This never really happens though since I bought the 2 year old a new mini with a grippy 3 handle case.
3. This concern I would say is legit. It's just one of those things you have to watch and govern as you see fit but if you find it easier to default to the idea of a "entertainment solution" in the back as opposed to them holding their own tablets this would lead to my next point.

When I saw the ridiculous cost of what Toyota wanted for that entertainment package and how crummy most of the reviews I saw on it were I just priced out my own. Now I don't know if you're looking at going through all this hassle of trading in just for mainly this one entertainment add-on but if so for the cost of what Toyota wants for that thing you can put together a solution on your own that is far, far nicer than what you get with the van.

Couple of dudes like this Van Screens. Bigger, better quality, more features and the kids don't have to share. For less than the cost of what Toyota wants I can get something like that and still have plenty left over for nice accessories to make it all clean and look awesome. Oh and these don't block my frigging rear view when I'm trying to drive. Hell, if you want to get really cool with it.. for that same add-on cost I could buy a new Ipad Pro 12.9 inch and toss it on one of these telescopic mounts. That just blows away the factory setup and you even came out of it with a new Ipad Pro you can detach when not driving.

Good luck with whatever you decide.

 

[pamhar]

How would I save on taxes via trade-in?

Perhaps different in your area however for our trade ins the amount is taken off the purchase price and you pay tax on the net.

Compare what your trade in [or selling van] is going for used and also see what carmax [and other similar] are offering to give you a baseline.

As an example:

Say new vehicle is 50k and trade in is 35k or can get 38k if sell privately or to carmax.

In our area the cost for new vehicle would be [50k-35k] X tax rate versus 50k X tax rate - 38k.

 

[oskibear]

Perhaps different in your area however for our trade ins the amount is taken off the purchase price and you pay tax on the net.

Compare what your trade in [or selling van] is going for used and also see what carmax [and other similar] are offering to give you a baseline.

As an example:

Say new vehicle is 50k and trade in is 35k or can get 38k if sell privately or to carmax.

In our area the cost for new vehicle would be [50k-35k] X tax rate versus 50k X tax rate - 38k.

Yeah... unfortunately, there are a handful of states (CA included) where sales tax will always be based on the price of the car, regardless of trade-in. California is great in many ways, but often sucks when it's anything tax-related (e.g., income tax rate, higher sales tax, trade-in credit).

Appreciate all the comments here, especially about the RES not being worth it. Given the market and the minimal upgrades on the 25th AE (1. RES, 2. ventilated front seats, and 3. driver seat memory) v. my current XSE, I'm planning to keep my current XSE.

I really do hate Toyota for cheaping out on basic things like driver seat memory - which is standard for so many cars at lower price ranges. But it is what it is.

 

[Sienna9816]

Deleted.

 

[cougarhound]

Yeah... unfortunately, there are a handful of states (CA included) where sales tax will always be based on the price of the car, regardless of trade-in. California is great in many ways, but often sucks when it's anything tax-related (e.g., income tax rate, higher sales tax, trade-in credit).

Appreciate all the comments here, especially about the RES not being worth it. Given the market and the minimal upgrades on the 25th AE (1. RES, 2. ventilated front seats, and 3. driver seat memory) v. my current XSE, I'm planning to keep my current XSE.

I really do hate Toyota for cheaping out on basic things like driver seat memory - which is standard for so many cars at lower price ranges. But it is what it is.

My 2012 Prius still have drum brakes. Even my 1990 Nissan Maxima had 4 wheel disc brakes...Meh they know what they are doing I guess. Lol.

 

[jareza]

My 2012 Prius still have drum brakes. Even my 1990 Nissan Maxima had 4 wheel disc brakes...Meh they know what they are doing I guess. Lol.

I dont see why people look down on drum brakes...... I have never ever had a drum brake fail on me but the sliding pins on disc brakes have seized at least once in my lifetime.

 

[cougarhound]

I dont see why people look down on drum brakes...... I have never ever had a drum brake fail on me but the sliding pins on disc brakes have seized at least once in my lifetime.

I just really hate taking the springs apart to replace the shoes and also adjusting them. Lol. Yea the sliding pins in those disc brakes are a pain too I guess.

 

[dunner53]

How would I save on taxes via trade-in?

Well - Trade in Taxes for Dummies: lets say u trade in ur current Sienna and they give you $40k and the new Sienna is $50k. So you only pay taxes on the $10k difference which in a state with 7% sales tax is $700. Now if u sell your Sienna outright whether to a dealer or an individual (which supposedly you’re supposed to claim on your state taxes in some states) and then you go buy a Tesla for $50k then your sales tax would be $3500!!! So $3500- $700= $2800 dollars more that it cost you to not just trade it in. But always remember at a dealer the motto us” You give them Yours and buy Theirs!” so if you can sell yours outright for a considerable amount more than they are giving you for trading it in then do the math again.

 

[catfish93]

Hey community - I purchased a fwd 2022 Sienna XSE in white in November 2022 and am interested in selling it (a dealer I've had a deposit for months called and said there's a 25th anniversary in silver with entertainment package - which is what my wife wanted). Car has 1850 miles on it in after 3 months and in perfect condition.

I paid a small markup when I bought the 2022 XSE. It cost about $54k after everything (bay area 10.75% taxes/ TTL + $1300 markup)

How's the Sienna market these days and how easy is it to get above MSRP for the car? Hoping to sell it by breaking even (or maybe even a little profit). I'm in the bay area (east bay) if that helps.

Thanks for the advice!

Put in an inquiry to cargurus, carmax, vroom, carvana, etc. All of them you can find, and take the best offer. Back in October, I got curious and went to vroom and was offered $45,500 for my 2022 XLE with (at the time) 35,000 miles. I paid $44,000 for it new...

 

[HardRightEdge]

...and then you go buy a Tesla for $50k...

This is the third thread I've seen, and I'd guess there are more, where a Tesla is mentioned in comparison to Sienna?

What kind of psychedelics do you take to compare a compact sedan or crossover, EV or otherwise, to a minivan, hybrid or otherwise? They service entirely different needs and wants. When your doctor says you need a heart bypass do you opt for a knee replacement instead? Oh, but the knee has titanium!

 

[okie engineer]

Well - Trade in Taxes for Dummies: lets say u trade in ur current Sienna and they give you $40k and the new Sienna is $50k. So you only pay taxes on the $10k difference which in a state with 7% sales tax is $700. Now if u sell your Sienna outright whether to a dealer or an individual (which supposedly you’re supposed to claim on your state taxes in some states) and then you go buy a Tesla for $50k then your sales tax would be $3500!!! So $3500- $700= $2800 dollars more that it cost you to not just trade it in. But always remember at a dealer the motto us” You give them Yours and buy Theirs!” so if you can sell yours outright for a considerable amount more than they are giving you for trading it in then do the math again.

Tax must vary by state. In my state, the tax you pay is based on the negotiated price of the vehicle before trade-in.

 

[HardRightEdge]

Tax must vary by state. In my state, the tax you pay is based on the negotiated price of the vehicle before trade-in.

If you're talking about Oklahoma, I believe you are incorrect.

Sales tax on cars and vehicles in Oklahoma

www.salestaxhandbook.com

.

I've never heard of any state that doesn't allow a trade-in reduction of sales tax. If not OK, which one?

 

[schen72]

This is the third thread I've seen, and I'd guess there are more, where a Tesla is mentioned in comparison to Sienna?

What kind of psychedelics do you take to compare a compact sedan or crossover, EV or otherwise, to a minivan, hybrid or otherwise? They service entirely different needs and wants. When your doctor says you need a heart bypass do you opt for a knee replacement instead? Oh, but the knee has titanium!

Apparently a lot of families have both a Sienna and a Tesla, including mine. They are vastly different cars and serve different purposes. They are also (now) not too far off from each other in terms of price.

 

[wscan]

I've never heard of any state that doesn't allow a trade-in reduction of sales tax. If not OK, which one?

California for one does not credit for trade-ins.

 

[krispykreme]

Hey community - I purchased a fwd 2022 Sienna XSE in white in November 2022 and am interested in selling it (a dealer I've had a deposit for months called and said there's a 25th anniversary in silver with entertainment package - which is what my wife wanted). Car has 1850 miles on it in after 3 months and in perfect condition.

I paid a small markup when I bought the 2022 XSE. It cost about $54k after everything (bay area 10.75% taxes/ TTL + $1300 markup)

How's the Sienna market these days and how easy is it to get above MSRP for the car? Hoping to sell it by breaking even (or maybe even a little profit). I'm in the bay area (east bay) if that helps.

Thanks for the advice!

You will easily get over what you paid for. If you can get the AE at MSRP- definitely go for it.

btw- in CA we don’t get tax break from trade in.

As far as I know supply is getting better. But only a couple dealer willing to let van go at MSRP that have cars.

I think Gilroy is only dealer now that is selling at MSRP for in stock new inventory.

They have a AWD XSE and a platinum as of last week I think.

sienna is still in short supply in Bay Area.

 

[honda coaster]

Here's your competition... Brand new at toyota dealers advertising 2023 new model. $49,188 msrp.. XSE 7 passenger FWD

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