Used vs New WTF

[mginster]

So a KBB on a 2010 1LT with C&C, RS, Auto is $28059 and a new 2011 with the same packages is $28700 as priced on Chevy's site.....and that is without any incentives.

Why the hell are 2010's reselling higher and what is the point in even thinking about used?

[kiteman]

i've seen the same thing in that used are selling for near the same price as new. i did a search on autotrader the other day for all of the US and there were only a handful under 30k and they were close to that 30k mark too. i don't really get it, but i guess it's good that they can maintain their value after 2 years.

[fielderLS3]

I've noticed that too lately. Used car prices are almost in a bubble (just like all other prices) right now. Still, I think KBB has had a screw loose lately. According to them, the trade-in (not retail, but the trade-in value) of my Mustang is more than what I paid for it last fall. I'm not sure where they are getting those numbers, because that is clearly not possible.

[montreal2010yellow]

Think you should get a quote from the dealer. I beleive that web site prices are never right!

[stingrayj]

As someone who is truly in the market, I'll throw in my $0.02. I have spent the last 2.5 months hunting a 2010 2SS RS in yellow with black stripes, a manual, and a sunroof. There are a few more option details to consider but let's just say that the car I want is very specific. What I found truly caught me off guard.

Let's start with the car to buy...
As it is probably well known by now, the 5th gens are holding their value well based on what the dealers a advertising them for sale. All attempts to negotiate the price down did not yield much improvement. My best effort yielded a 2010 as described above for a little over $33k with more miles on it than I really wanted. Not bad, but not enough for me.

Getting a bit more desperate after repeatedly striking out on the used market, I finally visited my local Chevy dealer. Why did I wait this long to go there? I've had a number of bad experiences there that I won't get into here. I met the salesman who was a salesman to the core. He informed me that they had the exact car I was looking for. I test drove the car and knew that this was it. We ran the numbers and realized that this was NOT it. My issue was the trade in value. More on that in a minute.

We continued to talk numbers, however I was doing more of the talking now since the salesman lost interest in the sale. What I found was that due to the incentives I could get a leftover 2010 cheaper than a used 2010 with 10k miles. But the numbers were still too high for me.

The problem that I ran into was on the trade in value. For years the standard has been KBB and NADA. However, the dealers apparently did not like that the general public could easily access this info and are going by Manheim Auto Auction pricing for the trade in value. That value, for my car came in at $3k below KBB. That was Aldenal breaker for me since it nearly put me upside down on my current car.

I continued to search, call, and negotiate. Ultimately I was able to find a 2010 for $31,835 (msrp was almost $38k). This is still available to me but the trade in value is killing the deal. I could make it happen but it will stretch my budget to the limit.

So after much debating I decided to buy a 2001 SS and reduce my monthly costs instead.

Lessons learned from all of this:
1) I can buy a brand new left over 2010 model (they are still out there) for less than a used one.
2) Dealers are not, by any means, giving these cars away. The days of dealers throwing cash on the hood are gone.
3) KBB and NADA are now obsolete. They serve their purpose in the private sale market but otherwise they are useless.
4) I've heard recently that used car values are up. From what I can tell this only applies to ones being sold, not the ones being traded in.
5) With all of the talk in the media about the impending demise of the modern muscle in the near future, I forsee the 5th gens holding their value well into the future. Even the V8 4th gen appear to be selling well these days, although finding a low mileage one is getting challenging.

[mike25]

im a believer that used prices are up...my dealer offered me like 19kish for my car last year this time and i just sold mine to carmax last week for 22k. just two below dealer value, and 4 below resale.

[95birdible]

Sold my 95 Firebird Convertible with 101K on it this year for 5K in 1 day I had it on the market. Last year I had it for sale from May thru August and had it dropped to 4K and had no takers. Car was mint in every way. Guess it is a sellers market out there.

[Fuel Fire Desire]

The used market is way up.

Example:

I traded my 08 wrangler in on my current camaro. I bought it for $18,500 brand new (the sticker was $20,500). It sat on the dealers lot and sold within a week or two.....with a sticker of $21,200 on it. At 3 years old, 50,000 miles, and a fair amount of rock rash.

[jagowar]

I was looking at a lexus IS350 before moving my focus to the camaro and the prices on used 350's were the same (used prices were the same or tiny bit less than the brand new cars).... If used prices had depreciated normally I probably would go with the lexus but if I am going new (which I have decided to) the camaro is the car I have wanted from day 1.

I think the economy has alot to do with the price of used prices being high right now..... Because the used options are even a little cheaper than new the people pinching pennies are choosing that option now even if it means more $ down the line.

[hollywood21639]

That's why I bought new. Used 2010 SS was running around $33k. Got my '11 SS with all options I wanted for $35k. Easy choice.

[M-SS]

luck you bro our dealer here in the middle east they sell the 2011 camaro ss all options for around $49K and the used 2010 here is around $35K :(

[ClutchKargo]

Originally Posted by jagowar

I was looking at a lexus IS350 before moving my focus to the camaro and the prices on used 350's were the same (used prices were the same or tiny bit less than the brand new cars).... If used prices had depreciated normally I probably would go with the lexus but if I am going new (which I have decided to) the camaro is the car I have wanted from day 1.

I think the economy has alot to do with the price of used prices being high right now..... Because the used options are even a little cheaper than new the people pinching pennies are choosing that option now even if it means more $ down the line.

FYI - I had a loaded IS350 and loved the car before the wife and I decided to get a 2SS. I was a little apprehensive about getting rid of the Lexus with only 36,000 miles because it had been a great car and was a blast to drive.

Jump forward two years: I never once miss the Lexus now, nor did I as soon as we drove our brand new 2SS off the lot. I absolutely love our Camaro and never look back.

As a side note I had to take the IS in three times in two years for engine work that was covered. The biggest issue being an intake valve issue that required a whole top end breakdown. The car on start up sounded like someone was dragging a towwing chain through the engine compartment for about 2 seconds. The sound would not happen all the time and it finally happened at the dealer and the tech heard it. They could not do the work until they heard the noise, even though there was a Lexus TSB on it. Then a friend of mine at work had bought a used 2008 IS350 and the same thing happened to his car and his had to be broken down and fixed too!!

Camaro - 20,000 in two years, never an issue. I changed the oil after it's first 500 miles after a very hard break in per Darin Morgan's thread in the maintenance section:

http://www.camaro5.com/forums/showthread.php?t=39955

I could not be happier with my car.

Go Camaro you won't be sorry!!

Clutch

[quee.raj]

They're called ex's for a reason. Keep it that way and take your shot w/ the new girl.

[CaptianSam]

Originally Posted by hollywood21639

That's why I bought new. Used 2010 SS was running around $33k. Got my '11 SS with all options I wanted for $35k. Easy choice.

im also here.
2012 was CHEAPER than a 2011 used OR NEW...
more incentives, student discounts. etc... the finance rate is 3.0 for me on a new car... and 6.99 on a used or last years model... no brainer...saved about 3000 long term