Trading up to a SS - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

erlindasanchez · 11-22-2015, 12:09 AM

Alright, I currently own a 2015 1LT and owe about $29,000 on it right now. I found a 2015 2SS with a little over 1500 miles for $32,988 only problem is that they only wanted to offer me 18.5k on my current 1LT when Kelley Blue Book says it should go for about $21,000 for a trade in. I emailed the guy I talked to and someone else and got no response about possibly negotiating the trade-in value.

Any thoughts as to if this whole situation is worth it, whether or not I should just stick with the 18.5 I was offered?

Always need others opinions.

scandata · 11-22-2015, 04:42 AM

They're definitely under-paying for your trade in, but here's why: once they take your 1LT, they still have to pay off the 29k you owe on it, and that's a few thousand more than they can sell it for. By that trade-off, the dealership could be losing money on your car.

Also, right now, a 2015 2SS is a rare find, used or not (especially not). They know that if you don't buy it, someone else will.

This probably isn't what you want to hear; sorry to be the bearer of bad news.

07-SRT · 11-22-2015, 07:07 AM

Look for Black Friday Specials. I just picked up a 2015 2SS with Recaros for 10k off sticker. Even with good credit its not a sure thing for approval to roll 10k plus negative equity into a used vehicle ( I have been there before) JMO but i would be looking for a heavy discounted Camaro to eat some of your negative equity up

scandata · 11-22-2015, 09:08 AM

07 SRT - I've been searching hard (still am) for a new 2015 2SS while the fire sale is on. When I saw your signature line I almost clicked on it, thinking it was an ad! LOL

havelegs · 11-22-2015, 09:31 AM

You'll very rarely ever get KBB prices. Those are just a guideline. A few thousand under KBB is reasonable.

havelegs · 11-22-2015, 09:35 AM

also you'll still have a lot of negative equity. I just traded a 2012 Silverado in, they first offered 14,500 for it and I walked out. KBB pricing was 21,500 on it. They then offered 18,500 after I hardcore negotiated. The sticker price on my 1SS RS was 37,900, but the dealer marked it down to 29,990 and I got them to pull another couple grand off. Ended up paying 26,850 for the Camaro plus the additional negative equity on my truck. 34,500 out the door with all tax, neg equity, dealer fee crap.

motorhead · 11-22-2015, 09:41 AM

From someone that has made some bad car buying choices do to emotion, please think real hard before you do this. You are over 10grand upside down on your current car which is going to move that negative equity right to the new one and then some. You will probably be renewing the note back to the original term length or longer so your payments don't go up. I know you may have not been paying on it that long, but it's still money lost along with the other fees involved with buying. Say in a year or so you have to get out from under your new SS for some reason. It will be very hard to do. These cars are dropping in value exponentially. I see Z/28s with 20 grand off, ZL1s with 7 to 8 grand off, and now 10 grand off the other models. That means the value used just dropped that much too. Do what you want. It's your dime, but I just thought I would offer the realities of what you are looking at doing. Not to mention that your insurance will likely go up.

upstater · 11-22-2015, 10:30 AM

Most banks would not touch a $10,000 payoff added to the loan on the non current model year car. It is a bad deal for them and the buyer.

scandata · 11-22-2015, 11:18 AM

I agree with the others, keep paying off your 1LT and wait until next year to upgrade. Besides, you don't want to financially paint yourself into a corner and wind up having to sell your new 2SS, or worse yet, have it repo'd.

When the time comes to buy, use edmunds.com and NADA to value your trade-in. Last I heard NADA is what the dealers go by.

APPRAISAL ON YOUR TRADE-IN:
http://www.edmunds.com/appraisal/
(http://www.nadaguides.com/Cars)

For the right price on your new car, use truecar.com. It will tell you what others are paying for the same vehicle, in your region. And if you use one of the dealers they have linked, just print out the estimate and show it to the dealer, and you should get that price without having to haggle (sometimes the dealers still refuse to honor it though). Keep in mind that that's the average price, so if you're good at haggling, you might be able to get it lower.

NEW CAR PRICING:
https://www.truecar.com/#/

Here's a thread I posted when I bought my 1LT last year. It lists all the things I wish I'd done differently, that I hadn't seen posted in other "Before You Buy" guides. I think it's a worthwhile read-through before you start shopping around

http://www.camaro5.com/forums/showthread.php?t=366130

erlindasanchez · 11-22-2015, 12:56 PM

Thanks for all the feedback!
I'll probably keep paying for another year and then maybe slip into a 14 corvette.

11-22-2015, 12:09 AM	#1
erlindasanchez Drives: 1LT RS Join Date: Apr 2015 Location: San Antonio Posts: 28	Trading up to a SS Alright, I currently own a 2015 1LT and owe about $29,000 on it right now. I found a 2015 2SS with a little over 1500 miles for $32,988 only problem is that they only wanted to offer me 18.5k on my current 1LT when Kelley Blue Book says it should go for about $21,000 for a trade in. I emailed the guy I talked to and someone else and got no response about possibly negotiating the trade-in value. Any thoughts as to if this whole situation is worth it, whether or not I should just stick with the 18.5 I was offered? Always need others opinions.

11-22-2015, 04:42 AM	#2
scandata Drives: 2015 2SS/RS vert, Spring Green Edtn Join Date: Jun 2014 Location: Sarasota, FL Posts: 1,284	They're definitely under-paying for your trade in, but here's why: once they take your 1LT, they still have to pay off the 29k you owe on it, and that's a few thousand more than they can sell it for. By that trade-off, the dealership could be losing money on your car. Also, right now, a 2015 2SS is a rare find, used or not (especially not). They know that if you don't buy it, someone else will. This probably isn't what you want to hear; sorry to be the bearer of bad news. __________________ 2015 2SS/RS vert, Spring Edition Green Flash (2015 - present) 2014 1LT vert, Blue Ray Metallic (2014 - 2015)

11-22-2015, 07:07 AM	#3
07-SRT Drives: 2015 Camaro SS Join Date: Sep 2011 Location: Jacksonville, Fl Posts: 713	Look for Black Friday Specials. I just picked up a 2015 2SS with Recaros for 10k off sticker. Even with good credit its not a sure thing for approval to roll 10k plus negative equity into a used vehicle ( I have been there before) JMO but i would be looking for a heavy discounted Camaro to eat some of your negative equity up __________________ 2015 Camaro 2SS Cam/Heads/FBO 498/447 SAE

11-22-2015, 09:08 AM	#4
scandata Drives: 2015 2SS/RS vert, Spring Green Edtn Join Date: Jun 2014 Location: Sarasota, FL Posts: 1,284	07 SRT - I've been searching hard (still am) for a new 2015 2SS while the fire sale is on. When I saw your signature line I almost clicked on it, thinking it was an ad! LOL __________________ 2015 2SS/RS vert, Spring Edition Green Flash (2015 - present) 2014 1LT vert, Blue Ray Metallic (2014 - 2015)

11-22-2015, 09:31 AM	#5
havelegs Drives: '23 LT1 A10 Join Date: Oct 2015 Location: Austin Texas Posts: 988	You'll very rarely ever get KBB prices. Those are just a guideline. A few thousand under KBB is reasonable. __________________ 24 LT1 M6 Sharkskin Metallic

11-22-2015, 09:35 AM	#6
havelegs Drives: '23 LT1 A10 Join Date: Oct 2015 Location: Austin Texas Posts: 988	also you'll still have a lot of negative equity. I just traded a 2012 Silverado in, they first offered 14,500 for it and I walked out. KBB pricing was 21,500 on it. They then offered 18,500 after I hardcore negotiated. The sticker price on my 1SS RS was 37,900, but the dealer marked it down to 29,990 and I got them to pull another couple grand off. Ended up paying 26,850 for the Camaro plus the additional negative equity on my truck. 34,500 out the door with all tax, neg equity, dealer fee crap. __________________ 24 LT1 M6 Sharkskin Metallic

11-22-2015, 09:41 AM	#7
motorhead Drives: Love the one you're with Join Date: Sep 2009 Location: Downtown Charlie Brown Posts: 11,850	From someone that has made some bad car buying choices do to emotion, please think real hard before you do this. You are over 10grand upside down on your current car which is going to move that negative equity right to the new one and then some. You will probably be renewing the note back to the original term length or longer so your payments don't go up. I know you may have not been paying on it that long, but it's still money lost along with the other fees involved with buying. Say in a year or so you have to get out from under your new SS for some reason. It will be very hard to do. These cars are dropping in value exponentially. I see Z/28s with 20 grand off, ZL1s with 7 to 8 grand off, and now 10 grand off the other models. That means the value used just dropped that much too. Do what you want. It's your dime, but I just thought I would offer the realities of what you are looking at doing. Not to mention that your insurance will likely go up.

11-22-2015, 10:30 AM	#8
upstater Drives: 2015 2LT RS Conv built 5/25/15 Join Date: Feb 2013 Location: Parrish FL Posts: 50 View My Garage	Most banks would not touch a $10,000 payoff added to the loan on the non current model year car. It is a bad deal for them and the buyer.

11-22-2015, 11:18 AM	#9
scandata Drives: 2015 2SS/RS vert, Spring Green Edtn Join Date: Jun 2014 Location: Sarasota, FL Posts: 1,284	I agree with the others, keep paying off your 1LT and wait until next year to upgrade. Besides, you don't want to financially paint yourself into a corner and wind up having to sell your new 2SS, or worse yet, have it repo'd. When the time comes to buy, use edmunds.com and NADA to value your trade-in. Last I heard NADA is what the dealers go by. APPRAISAL ON YOUR TRADE-IN: http://www.edmunds.com/appraisal/ (http://www.nadaguides.com/Cars) For the right price on your *new* car, use truecar.com. It will tell you what others are paying for the same vehicle, in your region. And if you use one of the dealers they have linked, just print out the estimate and show it to the dealer, and you should get that price without having to haggle (sometimes the dealers still refuse to honor it though). Keep in mind that that's the average price, so if you're good at haggling, you might be able to get it lower. NEW CAR PRICING: https://www.truecar.com/#/ Here's a thread I posted when I bought my 1LT last year. It lists all the things I wish I'd done differently, that I hadn't seen posted in other "Before You Buy" guides. I think it's a worthwhile read-through before you start shopping around http://www.camaro5.com/forums/showthread.php?t=366130 __________________ 2015 2SS/RS vert, Spring Edition Green Flash (2015 - present) 2014 1LT vert, Blue Ray Metallic (2014 - 2015)

11-22-2015, 12:56 PM	#10
erlindasanchez Drives: 1LT RS Join Date: Apr 2015 Location: San Antonio Posts: 28	Thanks for all the feedback! I'll probably keep paying for another year and then maybe slip into a 14 corvette.