Used car values > New car?? Trade in rediculously high? I thought cars LOST value?

[Arachnyd]

OK, so we have a 2011 camaro LS. We went to see what we could get for it if we trade it in. It has only 8000 miles on it.

Well guess what? they will give us more than we paid for it new (no joke??)

So I looked up KBBs value charts. An excellent 2011 camaro LS with 8k miles is worth $23,492.

Now if you were to buy a 2011 camaro today, it has $1000 bonus cash off a $22,805 starting price, or in otherwords, its $21,805 new... WITHOUT talking the dealer down a penny.

now wait what about tax... Yes tax brings it to 23,222.

So in other words, a well driven 8000 mile camaro is worth more than a brand new one, no bargaining, plus tax?

I could go buy a new one, drive it to california, drive it back to ohio, and take it to carmax, and make a profit... so why doesn't the dealer at chevy literally take his new car and sell it straight to carmax?

What just doesnt seem right about this???

Anyway, 99% decided to trade it in just because its worth so much... and if we decide to buy another one in a week, we'll just make a few hundred bucks doing it

[nkogneato]

I'm going to get straight to the question that will bug me if I don't ask. You don't realy believe that do you? I mean do you believe you can make money on trading in your car? Trade in value is trade in value. It's like fairy dust and unicorns. Btw, there are 200 plus 2010/2011 v6 camaro's within 200 miles of my house for sale on autotrader alone.

I'm always the devil's advocate on these forums, but most our country is in debt up to their eyeballs due to fuzzy math. So the quick, short, cold answer is no, no, no, and no.

[GatorUSMC]

Originally Posted by nkogneato

I'm always the devil's advocate on these forums, but most our country is in debt up to their eyeballs due to fuzzy math. So the quick, short, cold answer is no, no, no, and no.

Don't doubt the power of fuzzy set theory.

[Sir Nuke]

Its a fact. in last few years the USED CAR market has EXPLODED as many people can't afford a NEW car, but want something fairly new.....and when the dealers can't get GOOD QUALITY used cars.....they start paying more for trade-ins to fill their lots. I have have gotten numerous calls from my Caddy dealer looking for the model I have and want to buy it from me at a VERY good price. it ALMOST had me go in and trade it in....

[upflying]

The recent lack of good used cars was directly related to Cash for Clunkers.
Keep in mind high trade in offers also means high purchase cost for the new vehicle.
Keep trade in and vehicle purchase transactions separate.

[Quackersacker]

I had a 95 Tahoe and made money when I traded that in. Ok I will agree it is fuzzy math in the fact that the money made went towards the new Suburban but hey it made me feel good.

[nighttowl]

The cars are popular. when i was looking to buy, the cheapest SS (that wasnt crashed at some point) within 175 miles of me on the net was 30 grand, and that was private party.

[WheelmanSS]

Model/Year

Demand/Season

Finance Rates

Comparable Market

Availability

All these things play a factor on the value of a used car.
I have been flipping cars as a side business for years. With the right timing, research, and a little negotiating savy, you can definitely hit the upper echelon of used car, trade-in or resale value. This can maximize your sale price if you sell it outright, or, can give you a very high trade in value towards your next car.

Take the 5th gen Camaro for example: I would rate it as highly-desired. Sales have been high, popularity is high, car value per list price I would rate as high as well.

Now, we have two model years of the car under our belt. Since the 5th gen Camaro was built on a new platform, and there is minimal continuity with the previous gen Camaro, it serves almost as a "new model" car.

Since the time on the market is limited in scope, REGARDLESS if a Camaro is new or used, there is still only a limited amount of cars in the market. As more model years come and go, and more units are produced, obviously this ratio changes.

However, imo and experience, now is the "sweet spot" range of availability. People are trying to buy a specialty car in a non-specialty car market - and sales are very strong. This makes for a very strong and competitive used car market for the 5th gen Camaro.

[XQIZT]

Trade-in?...i.e.: You gotta buy something else at the dealership? If that's the case, then be prepared for them to not do much wheeling and dealing on whatever else you buy. They could offer you 5x the amount that the car is worth, but then just realize that the price of the new car is going to be 5x as high. I'd be interested ho hear the follow up on this story. GOOD LUCK!

[BowtieBelle]

Resale value and trade-in value on the Camaro is in the top ten of cars that hold their value.

[Miraclewhip]

face palm

[puertoricanfont]

please tell me how you did this. My LS is two years old and only 23k miles and the dealership would only give me 18k.

[blackswan]

KBB listings are NOT what the dealer will use.

[SSBlack]

Call me skeptical, but don't Used Car dealers get a lot of their inventory from auctions, where they get them dirt cheap?

They aren't paying "top dollar" just to have a Camaro on their lot. Profit drives everything they do and they won't stay in busines long, otherwise.