Ungodly decrease in value

[anotherreject]

Originally Posted by 2Fast4Mu

I must've had a very unusual experience a couple of months back when I traded in my three year old Jeep (with some scratches and dents) for 2000 over KBB and got my SS for thousands under MSRP. I think they really wanted my business. I was very happy with the transaction, but honestly couldn't figure why they'd do it that way.

Jeeps and wranglers to be specific are the exception to the used car value market, those damn things sell like hotcakes, new or used. In my area its common to see a used wrangler, a few years old selling for only a few thousand below a brand new one. I had a 2000 grand cherokee with average miles, i listed it on craigslist for $200 over kbb, my phone started blowing up and i sold it the next day for my asking price.
With the 6th gen making its way to the sales floor soon, im on the opposite end of the conversation, i dont have a 5th gen but im hoping the market will be flooded with 5th gens that were traded in and i can get a deal on one.

[Want Convertible]

Dealer friend told me people would be surprised how many cars are wholesaled out or sent to Auctions immediately.

[c5z28]

Very few new cars have good resale value.... toyotas seem to keep their resale value the best..but you shouldnt be looking at it that way

[GONIF]

Look at a real KBB ( not that free BS on line ) and use the Auction very good value for your region ,add or subtract for miles add all your cars options and that is what a dealer will allow on a trade in the end . If you have a dickhead dealer trying to steal your trade sell it to CarMax ,and don't buy the new one from that dickhead dealer .
Note condition is important so be honest ,tires need to be at least 60% tread ,paint needs to be good /no dents, interior needs to be good and clean . Anyone who trades any new car in the first 3 years takes a big hit . A high end car ,MB, BMW, Porsche ,ect will be even worse . NOW ON A MODIFYED CAR WITH NO WARRANTEE , you will need to sell it privately to get and decent money .

[jd10013]

Originally Posted by Want Convertible

Dealer friend told me people would be surprised how many cars are wholesaled out or sent to Auctions immediately.

I've heard about 80%.

[pickwithaustin]

Originally Posted by RedjewledRS

Has anyone had a issue when trading their Camaro in for something and it not be worth half of what you paid for it? Recently I visited Gillman chevrolet in Harlingen Tx where they explained to me that a 2013 1ss 1LE was worth in trade $21000. After a short laugh by me the raised their offer by $3000. 14 months ago I paid with TT&L $36000 for it. .

I thought I read this post in another thread...
At any rate, why would you be trading in a new car 14 months after buying it? Surely that is a recipe for OUCH. At any rate, look up the book value for dealer trade in and base your value off of that.

[Fraxum]

I was offered $24K for my six month old loaded 2SS 1LE with 5,000 miles and a MSRP of $44,075. This was on a trade for a new Stingray. After driving it I was disappointed with the C7 and happy to keep my 1LE. Lucky for me I did not fall in love. But even if I did I would have walked on this deal looked for a better one in the dead of winter.

[Neuf Cruz]

Originally Posted by SteelCamaro

There are cars that hold their value better than others. The Camaro doesn't hold it's value so well. There are some cars on the other end of that spectrum, like an STi. An '04 with over 100k miles still goes for $20k+

I bought my LS for $21K
39 months later I Traded it in for $15K
Buy out was $13K
made $2k

It was a lease!

I say it holds its value pretty well! The BB was $16K-$17K for a 3+ year old car that I paid $21K.
Could have gotten more if I sold privately.

[Fraxum]

Here is the used car bible:

http://www.galves.com/

[jd10013]

Originally Posted by Neuf Cruz

I bought my LS for $21K
39 months later I Traded it in for $15K
Buy out was $13K
made $2k

It was a lease!

I say it holds its value pretty well! The BB was $16K-$17K for a 3+ year old car that I paid $21K.
Could have gotten more if I sold privately.

it lost about 25% of it's value in 3 yrs. the buyout is kind of irrelevant because you have to put several thousand down when leasing.

[95birdible]

Priced my 2012 1SS CRT Vert out for a trade and it was $25,500 with a private party of $26,500. Being that it is paid off, and I paid $35,600 for it, drove it 3 summers and have 20,000 miles, not to shabby of price.

[Majic]

Originally Posted by Norm Peterson

It's not that people don't understand that cars depreciate. The problem comes when it seems like the sales person only has to put in an hour or two of his time on a couple of deals to be able to bank what took the customer a whole month to earn . . . basically getting a month's pay for little more than being there on the right day of the week, every 4th week. Yes, I realize that commissions are considerably less than the difference between trade and the subsequent selling price.

With there being two or more drivers in the house, it's always made more sense for me to keep the about-to-be-the-old car through at least one more buying cycle than buy somebody else's old car or live under the burden of two new-car payments. Choosing cars with "fun to drive" as a high priority has extended the buy cycle time and basically made the resale value point moot.

But for the purposes of this thread, I keep getting unsolicited letters offering to buy my '08 Mustang. The latest one was offering something like $10k on a 6 year old ~$30k car, from a dealership that doesn't carry anything I'm at all interested in.


Norm

Really???......how much do you think a salesman makes off a typical Camaro sale?

[pickwithaustin]

Originally Posted by Norm Peterson

It's not that people don't understand that cars depreciate. The problem comes when it seems like the sales person only has to put in an hour or two of his time on a couple of deals to be able to bank what took the customer a whole month to earn . . . basically getting a month's pay for little more than being there on the right day of the week, every 4th week.

But what about the hours the salesman puts in that result in nothing? I don't think you really understand the concept.

[Norm Peterson]

Originally Posted by pickwithaustin

But what about the hours the salesman puts in that result in nothing? I don't think you really understand the concept.

Sure, if they ALL resulted in nothing. But either they don't all result in nothing, or the smart salesperson moves on. Or the dealership lets him go for underperforming (saw this happen once when I was driving shuttle/parts pickup for a local Chevy dealer).

I'd like to think that the salesman who sells a used car gets a quarter of the difference between trade given and price sold. For what might have been an $8000 swing for OP's car had he bitten at the amount first offered, that's ~$2k. Of course, they won't all be that good, but that'd be a good start.


Norm