Used prices on cars with less than 1000 miles - and what it means
I'm currently looking at the alternatives to buying a Panamera new, but it seems like a topic with much wider implications. Some of which are surprising to me.
In particular, I've been looking at very low mileage cars, which are essentially new cars. I've seen a few advertised for sale by dealers than have 200-300 miles on them. Clearly, someone bought or leased the car, drove it for a month or so, and then sold it back, broke the lease, or defaulted on the loan. Something.
What gets me is that I'm looking very hard at one car in South Carolina that's been for sale by a dealer for a couple of months. It's been reduced from $109k to $102k to $100k. It has 264 miles on it, and while they don't list every option, they make a point of saying MSRP was $117k new. Now, whether those prices still seem astronomical to you or not, consider what it means.
If MSRP was $117k, I'm guessing the original buyer paid maybe $110k if they bargained hard, right? Yet they're offering it for $100k now, and presumably expect to make a profit at that price. Surely there's some room for negotiation in that price, dealers don't put used cars up for "take it or leave it" prices.
Doesn't that mean that they paid $90k or so to take the car back? I'm guessing, part of the reason I'm bringing this up is I'd like to know exactly how much negotiating room there is, I'm not really sure where to start. It sounds like the original owner paid $20k to drive the car 200 miles. OK, $15k considering the tax credits on an E-Hybrid, but still a lot of money. If it was a lease, it's the same situation - the lease termination fee had to be in the same ballpark.