Beware: If you are trading in your old car?

[The_Stache]

Hrm... you bought a car 3 months ago... and are complaining that you cant get within 10% of what you paid...

You are whats wrong with today's economy...

If you think making a major purchase (yes a car is a major purchase) and then changing your mind within the term of the loan is financially responsible.. then you deserve everything you get.

[The_Blur]

Originally Posted by diarmadhi

Hrm... you bought a car 3 months ago... and are complaining that you cant get within 10% of what you paid...

You are whats wrong with today's economy...

If you think making a major purchase (yes a car is a major purchase) and then changing your mind within the term of the loan is financially responsible.. then you deserve everything you get.

While it's harsh, I can't disagree. I have to save every dime for my Camaro because I believe in paying as much in full as possible. I can't imagine why a responsible person would want to trade a car that is under 3 years old. I even take issue with those who decide to trade in a car up to 5 years later. The second largest investment an American makes is in their modes of transportation. Part of the reason it is so expensive is that the buyers refuse to use their heads when doing so. They buy a new car and another one later. Some of us plan to keep the car we love running for decades to show our appreciation. Many of us will trade the car into a dealer for a newer vehicle. The Camaro has been well-known since the Transformers movie. It is reckless to buy next year's Mazda 6 if you liked a car that is coming out only months later.

[USAFJeeper]

Well, I currently own a 2004 Jeep (title and all) I paid about 18K for it and it is listed at trade-in on blue book etc at 10K. It has 31 inch tires, rims, safari rack, 2 different safari tops and so on. I also live in a hunting and fishing area in Georgia and may try selling it on my own to make more cash off of it.

My problem is this... I am lazy as shit. I don't want to have to go through the pain of selling ha ha!! I do plan to walk in pre-approved for a loan and a hefty down payment. I should be able to carry 5 vehicles on the insurance a while before it gets painful. (Wife, 2 kids, my Jeep and the new Camaro)

[dayvedayve]

Originally Posted by shadowed_Stranger

A local kia place is offering $8,000 minimum trade-in on any vehicle, "even if it is towed in on a wrecker".

They are also offering to give you a second car once you buy the first one and tires for life...







...And I still wont buy one.

Maybe if the second car wasnt a K..K..K..KIA

[SGOS252382]

Originally Posted by Joker57676

Not all car values are down. I have a 2007 Civic Si that cost about 24k new. I was offered 20k for it last month with 18k miles. I know people love to talk bad about foreign cars, but damn do they hold their value.

My neighbor was offered MSRP for his Toyota Prius. Yes, he was offfered MSRP (what he paid for the car when it was brand new) if he traded it in. Right now they are in high demand, even though the price of gas has gone down.

So your right. It really depends on the type of car your trading in.

But the thread starter is also right. Over all, the value of used cars has dropped significantly over the last 12 months or so.

[wildpaws]

I have not traded in a vehicle in a great many years, I've never thought that trade in was a worthwhile option. Oh, they can make it look good on paper "we'll give you $xxx for your 2005 POS", when in reality they are giving you some paltry sum inflated by how much they are willing to sell under MSRP. I had deals on new vehicles figured both with and without trade in, my net cost is always lower when I don't trade in and sell the vehicle myself.
Clyde

[EllwynX]

Originally Posted by zebra

to Barry, Merlin, and Ellwyn: your cars are practically brand new! why do you feel it's time to get a newer car? (other than the fact that it's a Camaro) my truck's a 99. it's paid off, has 144k miles & still runs great. i'd still be driving my 91 explorer (215k mi at the time) if this truck hadn't have come along at the right time for the right price.

I rarely keep a vehicle longer than 3 years. It just get's very boring (I'm hoping the new Camaro will be the first vehicle I don't feel that way about).

My parents were the same way when they were my age (well , my dad still is). My mom now keeps her cars about 10 years. My father trades his erratically, but he can afford 2 vehicles so trades more often.

Longest I ever owned a car was just over 5 years. ONLY car I ever paid off. One month after paying it off I traded it for a new one. I've never had a car (that was my main vehicle) with over 100,000 miles.

The boring is especially true with the Aveo. I've never had a car I was so 'blah' about driving. Even my 1995 Cavalier (the paid off vehicle) was better looking and more fun.

Even now 3+ years later people still tell me it's 'not me'. Because most of them remember me driving an Extended Cab 2000 S10 Xtreme and a 2002 Camaro. Sporty vehicles that looked fast (even if they were V6's).

I've mentioned in the past that the Camaro was traded for the Aveo out of necessity. To do the 'mature' thing since I now had a mortgage. I say screw being 'mature' and 'responsible' from here on out! LOL

[Barry626]

Originally Posted by kylepo

try doan

Will do!

[Barry626]

Originally Posted by bourney20

Where in Rochester Ny did you order your car from. I'm from Rochester as well. I talked with Hoselton chevrolet in Fairport and they said they will honor MSRP on all camaros.

Working with them as we speak!
Yes they will sell MSRP but again not looking good far as trade-in?

Whoever I end up buying from? I will post all details for others to benefit from!

[camaro5]

Originally Posted by TomServo

Go visit the Corvette Forum and read all the horror posts re this issue. Corvette's that sold new for $55K a year ago can't fetch $40K now. BTW there are still 160 BRAND NEW 07 and over 2100 08's Corvette's sitting on dealer lot's right now. Camaro's and Corvette's aren't vehicles folks NEED in a recession.

BTW, here's CF member that gather's data from GMBUYPOWER to track the number of new Corvette's still sitting on dealer lots. To see 160 Brand New 07's out there is an eye opener and should ground each of us, if GM can't sell Corvette's I fear the Camaro may face a similar fate.
http://www.jeffhardy.com/lookupvette.php

Or check out this CF dealer - http://forums.corvetteforum.com/c6-d...corvettes.html
$2000 below GMS and 75 to choose from

Good luck but be prepared to take a beating if you have a trade.

Hello fellow CF'er!

Yes, a great source of new and used market info.

[Barry626]

Originally Posted by The_Blur

Why wouldn't a dealer want to make retail on a Camaro?

I expect them too with no problem.
But to rip me off on a 09 for $14000-$20000 is not Cool!

[stovt001]

I'm not trading in my car and buying a new one at least until I have my current car fully paid off. Man i thought selling an 06 in 2012 was selling pretty quick. I couldn't imagine trading an 08 or 09 in for a 2010 model. Yikes.

[stovt001]

Originally Posted by Barry626

I expect them too with no problem.
But to rip me off on a 09 for $14000-$20000 is not Cool!

If I may ask, if you're trying to buy a 2010 Camaro why would you buy a 2009 Mazda 6 just to trade it in months later?!?!

[Barry626]

Originally Posted by bobscogin

I have been a diehard Chevy fanatic for 45 years, but the plethora of cheap low mileage cars out there are causing me to stray. I'll probably get run off the forum for this, but I'm considering a used Mustang GT convertible. Not because that's what I'd rather have, but 2006-2007 models with sub 20K miles are selling in the $18K-$20K. Since I want a convertible now, and GM won't sell me one, I've got few options if I want a pony car ragtop. I could live with a Mustang until the Camaro convertible gets here --- if it ever does.

Bob

Bob

So funny!
I decided almost same thing in last few days.
I thought I would check into the 2010 loaded GT.
Again, highest offer they came to is $22000 on my $34000 car.
Plus nerve: want almost full $39000 MSRP for their car. 2SS for sure

All I have to say to GM + Ford is if you think u need a bail out now?
Keep this up wiith your customers & you'll all be out of biz by next year!

I did my part to try to help GM by buying a GM car instead of my usual imports.
But they have made if so hard for me to buy again that my Mazda looks to stay?