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Real-World Trade-In Values

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Comments

  • im_brentwoodim_brentwood Posts: 4,883
    Youre very welcome.. glad to help!
  • blackcurrantblackcurrant Posts: 152
    Thanks for checking. It's black, (i can't believe i forget to give you the color!). I did go to auctions but it's been about 6 months or so and i'm rusty. The miles are original. It was an off-lease return from newburgh auto auction in NY. I've had it 1 1/2 years and put maybe 7k miles on it. It does need tires. I have a deal of 10k even on it now. (DP on raw land) Anyway, you firmed up what i thought. I'm selling it too cheap. Thanks Bill.
  • pat455pat455 Posts: 603
    On the TL stuff, that is.

    Looks like you've set yourself up here to be a busy man! ;->

    Pat
    Community Leader/Maintenance & Repair Conference
  • im_brentwoodim_brentwood Posts: 4,883
    Anytime!

    Newburgh? I used to go there for the Ford Factory sales (When I worked in Montclair, NJ)

    Bill
  • im_brentwoodim_brentwood Posts: 4,883
    Anytime,

    Yeah.. I may have created a monster here.... :)

    Bill
  • I figure it needed about $2500 worth of work, so I got a good deal. Their initial offer was $1200!
  • blackcurrantblackcurrant Posts: 152
    Yeah, it's a pretty large auction, bigger than the one here in albuquerque, nm. Manheim is buying this one also, BTW. It appears they're taking over :) Their ford sale was pretty good for an open sale.

    What do you think of the auction certified cars? I think for the guys with only a few hundred in them it's a service we don't need to pay for. There selling more of them that way, aren't they?

    The Z was a ford! credit car! I marvel at how those dealers were spooked by that car. I got it about 1000 less than i thought. It only cost me 900 to R&R the bumper cover and refinish the hood. There was no frame damage and it ran out like a 20,000 mile car. Oh well, that's why they call it an auction!

    How long will the market be good for it in your neck of the woods?
  • isellhondasisellhondas Issaquah WashingtonPosts: 17,627
    Wow! Did you ever open a can of worms...

    It's always frustrating when the trade in becomes the problem.

    Even more so when the customer is coy and conceals the fact they have a trade in.

    Any professional can usually detect this and will do their best to shake the trade out of the bushes before wasting their time.

    Some of the "expert" internet sites even suggest this.

    And, when the buyer is unrealistic, we will do our very best to "kick" the trade...we simply don't want it!

    That Kia that the "book" says is worth 4000.00 is an unwanted car...by everyone!

    After making several phone calls, the highest bid we can get is 1800.00.

    " Please...sell it yourself!"
  • im_brentwoodim_brentwood Posts: 4,883
    If I recall.. it's been a Manheim sale for some time now..

    Certainly was in 97-99. I only really went there for the Ford closed sales.. I could always do a lot better at Skyline in NJ on the Ford Credit sales.. Some stuff there would go for just stupid money!

    Apparently, the Jaguar sale is going to shoe wup there pretty soon.. WHich is smart as I'd rather (Well, if I still worked/lived in North NJ) go 45 mins to Newburgh than all the way to Manheim!

    Bill
  • im_brentwoodim_brentwood Posts: 4,883
    Well,

    In that light you really did do well then! :)

    Bill
  • im_brentwoodim_brentwood Posts: 4,883
    Yeah,

    Well maybe I'll save some poor salesman out there the greif when someone comes in with a 70K Mile 97 Sedan DeVille and is waving the $16K valuation in his hands :)

    Bill
  • trifictrific Posts: 3
    '96 Blue Honda Civic LX, 14,500 miles, automatic, air conditioning. Clean. Seattle market.
  • '94 Honda DX, metallic dark blue, 78,000 miles, a/c, auto, am/fm tape deck, no other options, couple of dings, Central NJ area.

    Thinking of selling it and buying a Miata...

    Thanks,
    Dave
  • im_brentwoodim_brentwood Posts: 4,883
    Cars that have very low mileage can be tough...

    I havent seen anything with mileage even close to yours out there, but from what I've seen.. and If I were appraising the car, $9,000 seems to hit me in the head. Maybe a little more..

    Hope this helps!

    Bill
  • im_brentwoodim_brentwood Posts: 4,883
    Dave,

    From what you're telling me.. I'd peg that car right around the $5,000-5,500 mark or thereabouts.

    Assuming it's clean, of course.

    Hope this helps!

    Bill
  • gcintendergcintender Posts: 36
    ...how about this? I'll be ordering a 2001 Dodge Grand Caravan, and will be trading in my 1987 GC. Automatic, non-working air-conditioning, dire need of paint, oil leak. I'm in Eastern Pennsylvania. Wot's the Right Price?
  • gcintendergcintender Posts: 36
    ...the mileage, of about 88,000.
  • im_brentwoodim_brentwood Posts: 4,883
    Well,

    Truthfully, the best way to dispose of that Van is to Donate it to a charity. You'll not only get its' current book retail value as a write-off, you'll be helping a worthy cause.

    Truthfully, you need to look at your van as I would as an appraiser:

    It's 13 years old, leaks oil, has no AC in July, and looks terrible (I'm assuming typical Chrysler paint peel and possible surface rust). It's only worth a couple of hundred dollars on trade.

    Say you're in something like the 30% or so tax bracket. Say you get a $2500 deduction.

    That's $750 in your pocket, and more than you'll likely get on trade. Anything over a few hundred dollars is likely to be an overallowance I'm afraid.

    So Donate it, a Vehicle like that can also be very hard to sell on your own and you'll be helping a good cause.

    Bill
  • blackcurrantblackcurrant Posts: 152
    Donate it to the cancer society who will auction it off absolute and some sleazebag 'notelot' operator will buy it for a grand, earl shive the paint and sell it to some hardluck teenage, pregnant single mother for 3000 at 28% interest.....


    Sometimes ya just can't win. :)
  • blackcurrantblackcurrant Posts: 152
    Sorry, i couldn't resist. You gave the fella sound advice, it's just, well, the 'real world', isn't it?
  • im_brentwoodim_brentwood Posts: 4,883
    Yeah.. prolly so...

    But imagine the charachters youd get selling that yourself!

    Bill
  • blackcurrantblackcurrant Posts: 152
    We agree that trading it in isn't the best idea. Maybe he should sell it himself. THis way he can sell it to someone who needs it. If he doesn't trust it or he knows that it'll end up dying then he might as well donate it as he can get all the value out of it.

    Of course, if his income is as measly as mine, it won't make any difference to his bottom line as he won't have enough income to write it off from. :)
  • gcintendergcintender Posts: 36
    ...that's just the kind of straight-shootin' advice I've come to expect from you! I did get the '87 appraised at several Dodge dealers when I was thinking of buying a 2000, and the figures ranged from $500.00 to $1500.00 (the latter against a demo with 7500 miles). Needless to say, the dealers were less than entralled to see me pull up!
  • iscottsiscotts Posts: 28
    I'm not a dealer, nor a tax consultant, but blackcurrant got it right: the donation to charity is a mixed blessing. First, the charity will see a fraction of what you deduct, and secondly, the IRS will examine your deduction very carefully - you are only allowed to deduct what you would realistically be able to sell the car for (not nec. to a dealer). Be careful with the "charity" route, do your research on the charity, and document the value as well as you can.
  • gcintendergcintender Posts: 36
    ...right on with your post. I'm very leery of going the charity route for just the reasons you state. It's always a good idea to stay as far away from the IRS as practical! And blackcurrant, you must be clairvoyant about the income situation - I doubt if the deduction will do me a world of good. I strongly believe I'll go the trade-in route, without expecting the moon and the stars, of course.

    Thanks to everybody for your time and attention!
  • im_brentwoodim_brentwood Posts: 4,883
    Yeah,... $500 sounds about right to me..

    It's tough to put a hard number on that car..

    The donation route was an idea... who knows, right? :)

    Good luck, and may I make a suggestion...

    WHy not try and find a used 2000 or wait for a used 2001 Grand Caravan? That's one of the vehicles where you can save thousands buy buying a 6-mo old one...

    Just my 2c...

    :) Bill
  • blackcurrantblackcurrant Posts: 152
    LOL Yeah, i used to recommend it too until i got myself into a situation where i had to budget my family's income month-to-month. (i'm not proud of it) Anyway, it wasn't long ago that i would've thought the same way as Bill. It can be a good deal if you have hi-income.

    Bill, right on about the used GC. When i was shopping for a minivan i tried to get a chrysler dealer to buy me a year old town and country for around 18.5 plus 1000. They're close to 30k new!

    Bill, what do you think about that clown who offered me 10.5 for my 95 Z28 and then backed out. Have you seen that happen in any of the stores you've worked at?
  • im_brentwoodim_brentwood Posts: 4,883
    Well,

    Yeah, the only way to buy one of those is to go used. They lose close to 40% Their first year!

    Remember, unless there's promotional financing going on, almost all banks give 1-yr old used the same rates as new cars.

    So.. maybe for peace of mine ya have to spend $900 or whatever on an ext warranty (Im prolly high there) you should still be at least $5,000 ahead of the game!

    That's like a Free Rolex!

    As far as the Camaro goes.. Who knows? I've never run into that myself, but it's very possible that what happened was that the UC Manager or GSM/GM decided that he didnt really want it that bad!

    What I'd do is to find a store that deals in cars like that... it shouldnt be too hard to sell!

    Personally, I have nobody local to you who could use it, (Or anyone I deal with for that matter) but I'd try using eBay to sell it. do it at $11,500 No Reserve no nothing.. but then you do have to deal with retail buyers... Selling wholesale is just sooo much easier!

    Bill
  • blackcurrantblackcurrant Posts: 152
    and that's where i'm spoiled. I miss the easy deals, where the guy (dealer) knows what he wants and we usually agree on what wholesale is for that car for this week ;). and the bickering is over a few hundred and he cuts the check. No wife or parent to come in the last minute to squash the deal. Then waiting for the bank to come thru. OOOh, what about the insurance? Wholesale is so much easier.

    This guy just didn't have a clue. He was paying all the money (nada tradein) and his boss ripped him. That's just mickey mouse business. We had a deal! I don't think it's stupid money on a low mile Z this time of year, but, it's the SW man! They love their trucks! I hate that about this place. It's tough to peddle sportscars here. I keep thinking i ought to get it out to the east coast! ebay is an option but since it's been painted i'm hedging. It seems they don't pay good money unless the vehicle is flawless to feed the frenzy :)

    Great advice on the GC again. I sure hope people are paying attention here. WHat you said is what i discovered last year when i was shopping for them. BTW, i decided against the DC vans due to the rampant tranny woes.

    Thanks for your help. Good luck with the new job!
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