Real-World Trade-In Values

lhess · March 2005

looking for a real world trade for my spyder:
2001 Mitsubishi Eclipse Spyder GT V-6
2 dr convertible FWD
Mileage: 36,500
Red exterior, black interior, black top
Auto with tiptronic
4 disc changer with cassette
Cloth interior
Although it's a GT I think there was a GT premium that had power seats and some extras...not mine
condition is very good, i have had no maintenance probs, regular oil changes and other things rec by my dealer, new top replacement about 15 months back, tires have been replaced with goodyears that came on it and have about 6K miles on them they have been rotated regularly good tread left
added the aluminum fuel door, altezza tail lamps
trading in (possibly) Charleston, WV second market would probably be Charlotte or Winston-Salem NC

cadillacmike · March 2005

"..... **Edmunds TMV has between 11,000 and 15,000 for the factory coupes. The convertible conversion costs $16,000.00 additional** ...
That's nice .. have Edmunds cut ya a check for one .... "

I wouldn't ask for that, but I'll sure as heall be happy writing out two $15,000 checks for 2 more 2000 Eldorado convertibles at the prices you mentioned!

wookiemofo · March 2005

Any help on this issue is greatly greatly appreciated. I'm heading to the dealership this Saturday (in minneapolis) to look at the follow.

2003 Infinity G35 Sedan
15,000 miles, Dark Green, tan leather interior.
pretty much loaded in options, or so I'm told.
$26,495 asking price

Now here's where it gets tricky, for me anyway.
The dealership is Toyota. Here's my trade-in.

2002 Toyota Celica GT
18,000 miles, carbon blue, clothe seats
Semi loaded, power windows, doors, new stereo, spoiler... NO SUNROOF.

KBB has trade-in value at $12k, I can more then likely sell it for $15k privately. So do i stand a chance at this?

Asking the dealer for $14k for my celica, and asking him to drop the G35 down to around 24,495? The celica's are out of production in May!

Edmunds has the TMV (sp?) for the G35 around 23k.

Again, any help is greatly appreciated.

peachtree103 · March 2005

lhess,

Now that I talked to you into coming over here, Terry's on vacation for a few days. There are a few others that might be able to get you a value in the mean time, since I think you're wanting to do this trade tomorrow. Good luck, and happy birthday.

cstowe · March 2005

Thanks manamal!

I don't suppose you have access to the auction databases like Terry does so I can find out the auction price?

Manamal, do you or anyone else out there have any thoughts on price?

stickguy · March 2005

I don't think you are going to get that deal done at a trafe difference of 11K, but if they agree to it, jump on t.

gooddeal2 · March 2005

****KBB has trade-in value at $12k...Asking the dealer for $14k ...***

I traded in 6 cars in the past couple years and I never got more money than the KBB trade in value. Usually I got lower than KBB and occasionally at KBB price.

wookiemofo · March 2005

Would it be smarter to sell privately for close to 15K, then just work on getting the sticker price down below 25k?

woodyww · March 2005

Are you really going to do that? Or if you still want to sell yours, & Terry's figures are truly "off", as you say, why don't you just advertise your car at your asking price?

It will take at least one other person (a real buyer for your car) to validate what you think it's worth.......& it's not going to become more valuable as the miles get past 80K miles. But, maybe I'm just another person who doesn't realize what a gem it is.

*I wouldn't ask for that, but I'll sure as heall be happy writing out two $15,000 checks for 2 more 2000 Eldorado convertibles at the prices you mentioned!*

racer63 · March 2005

Since us amateurs are minding the store while the guru Terry is having tropical drinks with little paper umbrellas in Central America, I can offer my opinion on the '02 Celica.

No info whether its an auto or a 5 speed. It does have teeny miles, but as an '02, in Terry years its going on 5 years old. IMHO, $14k large as a trade is hugely ambitious. These are selling brand new with the same options in the 18's. They aren't going out of production, they're just not going to be sold in North America anymore, and the reason is nobody's buying them. You're probably looking at a dealer giving #'s in the lower $12's at best. In the Northeast, this would probably be Certified, and advertised between $15k-16k. Back out the $1200 for the Cert., add a typical $2500 min. mark-up between wholesale and retail, and there's that 12k.

All in all, I think the best you are going to do is a $13k difference with this and the Infiniti. Keep us posted. We all like to live vicariously here.......

lemmer · March 2005

The problem with cars like that is finding your market. Some people who would buy an Eldorado wouldn't buy a chopped one at any price. I would have guessed that it would be worth less than a comparable coupe.

Me personally - if I had an Eldorado coupe and wanted a convertible, I would use the $16K to buy a Miata, or sell them both and buy a Boxster, or about a hundred other things I can think of.

Anyway, there might be someone out there willing to pay $20K or more for a car like that, but that doesn't make that the market value. If you are supremely confident in its value, you could just put it on eBay with no reserve and watch the bidding skyrocket.

driftracer · March 2005

anything makes it a white elephant in the market - sure, there's a niche market, but you have to find it, and this car, or a high-top conversion van, isn't a main line vehicle at a normal dealership looking to move vehicles in and out within 30 days max time.

This is one where you bought it, you like it, but you have to understand that just like a purple car with a pink interior, there's certainly 3-4 people who would love it, the masses would pass on it.

Either find those 3-4 people, or check your ego at the door. The good news is that 20 years ago, you never would have found those 3-4 people - now, you have Ebay!

qbrozen · March 2005

yet another good post. and yet another one that also needs to be marked for future reference.

cadillacmike · March 2005

"The problem with cars like that is finding your market. Some people who would buy an Eldorado wouldn't buy a chopped one at any price. I would have guessed that it would be worth less than a comparable coupe.

Me personally - if I had an Eldorado coupe and wanted a convertible, I would use the $16K to buy a Miata, or sell them both and buy a Boxster, or about a hundred other things I can think of.

Anyway, there might be someone out there willing to pay $20K or more for a car like that, but that doesn't make that the market value. If you are supremely confident in its value, you could just put it on eBay with no reserve and watch the bidding skyrocket. "

I'm not selling a car on ebay- I wouldn'y buy one through it either.

We had a Miata, we traded it for the Eldorado because the seats aren't comfortable on long trips and it's a rwal chore to drive on 1,000 mile trips. We also didn't want a 2 seater any more.

Thses cars don't last more than 2-3 weeks around here. I called on one and it was gone within 2 weeks (don't know for how much, but they were asking an astronomical $44,000.00 for it). I had been looking for one for 2 years, but now with 4 caqrs, the little lady wants one of them to go away.

I'm happy with keeping it tho'.

mark156 · March 2005

Cadillacmike, there is a dealership here in the desert (where I have a second home) selling four door Deville's that have been chopped. They do have a roll bar at the B pillar.

It's just me, but I wouldn't buy a chopped anything. If it was made at the factory, then I would buy it.

I have a good friend that has bought a new Rolls Phantom and is having it chopped. The conversion alone is $125,000. But, at this point, it is the ONLY Phantom in the world that is a four door convertible. He also has two Corniches (2000 and 1984). The Phantom conversion should be ready soon, can't wait to see it.

M.

fletch4 · March 2005

Hi. I am confused about all of the trade in value numbers on this truck. The dealer in Raleigh, NC says he will give me $2000 above whatever the NADA Loan value on the truck is. I can only find a price for the trade-in value. Thats $28,700. Any help for a Loan value from NADA? Truck Particulars:
2003 Chevrolet Silverado 1500HD
4x4, LT, Spray in bedliner,
every option but the rear entertainment center.
Onstar, 32,000 miles
Truck is perfect- like new.
What is the loan value on this truck???

kyfdx · March 2005

Stop at your local bank.. Every loan officer has the current NADA book (the yellow one), and can look it up for you...

I don't think NADA.com has that info on-line..

regards,
kyfdx

dkuhajda · March 2005

Nada loan value comes in near $23,000 with a trade value near $25,500. The only options that can be included are the 4x4 and the spray in bedlinder. Pretty much everything else listed on NADA is standard on the 1500HD LT trim, unless you have options that you did not post that are not standard on the 1500HD LT trim model. Are you sure you were not looking at the average retail value online? Try reposting in the correct format that you will see right above the post area.

FYI NADA loan value typically on a domestic is 80% of Nada retail. This can vary as different makes and models can have slightly different LTV depending on how the bank views the loan risk.

You can always call your bank. Make sure they give you NADA loan value, not the banks own loan value which sometimes can be as high as 125% of retail.

cadillacmike · March 2005

"Cadillacmike, there is a dealership here in the desert (where I have a second home) selling four door Deville's that have been chopped. They do have a roll bar at the B pillar. "

It's the same company that does the Eldorado, Coach Builders Ltd. They had one, a 2004 with approx 10,000 miles, "in stock" - don't know what that meant - for about $45,000.00. You lose some trunk space, but have a 4 door convertible Cadillac. Nice.

wookiemofo · March 2005

Interesting.

So if I can only get low 12's trade-in, then I can only afford about a 9,000 difference (based on 400/month my max budget) (I have 11,100 left on my loan), should I sell privately for high 14's, giving me about ~4,000 profit?

Local dealers are selling my same car, with 50,000 miles, for 15,500+, granted thats sticker price.

I did find a G35 for private sell, with only 13K miles for 24,999. I could use my ~4,000 profit to knock the price down to 20,000 (assuming i haggle it down to 24,000). Add in my 6.5 sales tax, and Im at 21000, giving me about 400/month (am i right?)

So basically, I can afford a car thats no more then 25K ???

dbauer · March 2005

there is a big IF...IF you get $15k. i would sell privately and grab the first $13.5k-$14k that comes along.

there is one rule that i live by...

if i cant afford the car on a 5 year loan or a 3 year lease, i dont get it.

your situation is a perfect example of how people get too deep in debt. keep making your payments, and put away a couple thousand for a downpayment before you even think of getting another car.

this is just advice. use it for what you want, but people in your situation also are the folks that end up with >$5000 negative equity, because you trade so often.

the "gotta-have-it-now" mentality is what ruins people financially.

wookiemofo · March 2005

See my situation is just a bit different, sort of. Im getting married, and the wife (fiance) has a jetta thats paid for, so we are condilidating down to a car that is more practical (4 door), and sharing it as our primary (using hers for backup). Otherwise id be keeping my celica, i love it!

If it came down to it, I could put 3,000 down addition plus what I make out of my car sale. So when I say I can handle 400 a month (60 mths), thats if my wife didnt have anything to contribute once we merge accounts, which won't be the case. So Im thinking instead of both of us having 300 a month payments on 2 new cars, a single 400 a month payment should be fine. But Im new to this (one bank account, and new cars) so maybe Im looking at it wrong?

Would it be smarter for equity pursposes, to sell mine and have her finance the new one? I was talking to a dealership, and since we are getting married within 6 months, we can finance jointly, if that matters.

Also, this will be my first trade, since the celica is my first car.

I do agree I need to slow down...mostly so I dont get over excited and buy something at a price that I could have lowered.

qbrozen · March 2005

well, if you love the celica, and the jetta is paid for, why not use the jetta as primary and the celica as backup. i mean, it IS just the 2 of you for now, so no real need for a 4-door just yet.

woodyww · March 2005

Ditto, to what dbauer said.

Starting off a marriage with $400 in extra car payments, when you already have 2 perfectly OK cars, makes no sense IMO. Do you have a house, savings, IRA's, etc? You'd be much better off putting the $400 a month towards something that will appreciate.

If the celica totally doesn't work for your situation, you can get a pretty nice used Camry or Volvo, etc. for what your celica would bring........

kyfdx · March 2005

Yeah.. I don't get this.. Seems like a way for your wife to drive a new car..

The same thing happened to me.. My wife and I both had older paid for cars.. Plus, I had another "weekend" car, which was worth more than the other two put together..

Near our first anniversary, our son was born.. A couple of weeks passed.. I started acting paternal, and wondering what it would cost for an engine rebuild on that third car, and decided to sell it.. (I was making payments, also).

It only took a week... cleared $10K over what I owed on it... I was pretty happy, but sad to see it go... as I had known that car longer than my wife..

Literally, the very next day... My wife says, "Now that we have the baby, I think I need a 4-door... It is just too hard getting the car seat out of the back seat".

So, just one week after I said goodbye to my "baby", I was at the Acura dealer, leasing my wife a new car.

Point? Got one somewhere.... Oh, yeah.. If you like the Celica, keep what you have.. Why go farther in debt, if you are happy with what you have now?

Methinks it is your wife that wants a new car..

regards,
kyfdx

050298 · March 2005

43,000 miles in good condition. KBB says $15, Edmunds says anywhere from $11-$18.

What should we ask for?

steine13 · March 2005

"What should we ask for?"

A better description.
Let the form at the bottom of the page be your guide.
-Mathias

ttaylor1 · March 2005

We are going to be trading my wife's 1999 GTP in on a TSX. White, leather, Bose, moonroof, tires in very good shape. Approximately 83,400 miles. Non-smoker, live in the Cincinnati area. Edmunds has this trade value at somewhere between $4400 and $5300. My first offer from an out of town dealer was $2000 - $2500. Which range is more accurate? Help!!! And thanks!

graphicguy · March 2005

dbauer....so true.

I'm not rich by any stretch of the imagination, yet I live in a nice neighborhood filled with professionals. I live in a nice house (at least, in my estimation). It took my 15 years, but my house is paid for. My credit card bill, more often than not, has a zero balance. Maybe it was the way I was brought up, but I always thought that if you can't afford something, you do without.

Point being, when I talk to my neighbors, they always seem to be living "on the edge" financially. They always seem to be one week ahead of "losing" what they've worked hard for. These are people with very good jobs making very good money.

I'm always surprised when my neighbors, upon seeing the guy next door buying a $40K car, have to buy a $50K car. Then, they bemoan the fact that they can't afford their children's tuition. Or, their furnace conks out, yet they can't afford to buy another or fix the one they have.

I always chuckle when they ask me what my car payment is and I tell them that I don't have one.

It's not that I work harder than they do. Nor, am I smarter than they are. It's just that I've seen people who pay more in interest on that car/boat/house/jacuzzi, etc than what they pay in priciple for their belongings. Maybe I'm better at sticking to my "budget"? All I know is that I sleep soundly at night.

It usually can be traced to either playing "one upmanship" with their car purchase. They get into the never ending circle of having negative equity in the car they just have to trade in for the latest "keep up with the Joneses" car that their neighbor just bought. In a very short period of time, before they know it, they owe $10K more for their car than it's worth.

kyfdx · March 2005

"if you can't afford something, you do without."

Uh.. can you call my wife and have a little discussion with her?

And, can I come over to your house for dinner? I'm tapped out... lol

graphicguy · March 2005

LOL!

kyfdx....although I'm not married anymore, I remember all too well trying to "curb" my former spouse's appetite for running up the credit card bill for that must have $150 pair of shoes that went with the other 30 pair in her closset that needed company.

Maybe that's why I'm no longer married?

All I know is I have a lot more "disposable" income since I've been single.

That said, the GF has the same penchant for spending money on "stuff" I just don't understand. Difference is, it's not financed out of my pocket.

Gotta love women, though. Without them, all us "unworthy" males would resort back to our "caveman" ancestor's ways.

dbauer · March 2005

"Without them, all us "unworthy" males would resort back to our "caveman" ancestor's ways."

maybe you...i would buy a vette...lol.

;-)

kyfdx · March 2005

When I was single, I worked part-time, owned my own home in a nice suburban neighborhood, had two cars (one Porsche)...

I don't know what happened... One day, I just woke up here... ;-)

jlawrence01 · March 2005

or you marry a farm girl from Ohio who asks you why you have to spend $7k on a four year old car when her father buys 15 year old Mopars for $1500 ...

kyfdx · March 2005

Actually.. I married a farm girl from Indiana..

Unfortunately, she had seen the big city... lol

tins · March 2005

Sadly, I am having to part with my 2001 Land Cruiser (my 2nd one in 9 years). Was wondering if I could solicit the Forum's input in helping me set a reasonable sales price for it.

Details :

1. 2001 Land Cruiser, full time 4WD 4DR / 8 cyl / auto trans / 56,800 miles (purchased 7/01).

2. Exterior : River rock green mica; Interior : Tan Leather

3. Equipment : Loaded - including auto sunroof, 6 disc CD, 3rd row seating, NAV system, trailer hitch rig, etc.

4. Condition : Between Edmunds class Clean and Outstanding (no mechanical problems ever, no exterior or interior damage; documented maintenance; new tires; "usual" 56k mi wear and tear things.

5. Sale reason : moved to SoCal (South Orange County) from Pacific Northwest (Bellevue, WA.) recently and need to downsize + time to help 17 year old son buy his first car.

I have done all the third party assessments (Edmunds, etc.) plus a ridiculous dealer trade-in figure (just for reference).

Recently, A Volvo forum was of immense assistance to my wife in suggesting to her sale price opinions. This helped her set a "reasonable" price for her 99 Volvo V70R -- and she got full price from 1st person looking at it !

Thanks everyone, in advance, for your help.

Tins

woodyww · March 2005

It's a real drag when the bills come in every month from Bloomie's, Saks, whatever.......& then suddenly it's "your fault" when they don't have the $$ to pay for it.

Also, I agree, marrying a small town girl from the Mid-West doesn't mean this won't happen. Maybe, it will be worse.......or maybe, at best, they will be going to Wal-Mart every day instead of Saks.

Not to be sexist! I've had (male) friends who spent money like drunken sailors..........just to throw in a car reference here, wouldn't it be better to spend the $$ on a vintage Corvette, or BMW? At least, you can get most of your $$ back, if you "buy it right".

woodyww · March 2005

The car price guru is not here for a few days, so you might want to "repost" at some point.

But, what are the prices that edmund's gives? You can always throw a couple of ads in the local paper(s) or on auto trader, etc. & see what happens. This should be a very desirable vehicle; I wouldn't hesitate to "ask" the Edmunds Retail price for it if selling it privately. Land Crushers are always worth $$ & have great resale.

BTW, what was the *ridiculous dealer trade-in figure*? Give some price ranges you're thinking & there are probably people here who can help you while the Guru is gone.

timberdoodle · March 2005

Replacing a 94 prizm with a new scion xb. Since the price of the scion is not negotiable (paying cash) is it worthwhile to shop dealers for the best trade-in value?

explorerx4 · March 2005

terry is going get back and this place is going to look like the kids had beer parties the whole time he was gone.
timber, you are probably better off selling it yourself. it still would be a good idea to see what more than one dealer would give you for your prizm. it won't be much.

ghulet · March 2005

...you still around? I've heard good things about the new Subes (particularly with the sweet GT engine), though almost $30k kinda gives me the willies. I know they've come a long way, but I still remember when they were cheap cars.

I'm also glad you didn't end up trading a 17k '02 Camry AND $2k for an '01 42k SAAB, that sounded like a recipe for disaster all the way around! Camrys are boring and all, but SAABs can be a bit too exciting at repair time...plus, those second-gen 900s and early 9-3s have lousy rearward vision and tiny exterior mirrors, they're a bit scary to drive, IMO.

tins · March 2005

I'm new to the Forum . . . didn't know there was a car pricing guru. I will looking forward to meeting him !!

2001 Land Cruiser (see post above)

1. Toyota dealer purchase price quoted at range of $19,500 to $20,000 subject to final inspection (was not a serious negotiation and was not a trade-in).

2. Edmunds TMV appraisal / "Clean"

a. Trade-in = $25,600
b. Private party = $30,500
c. Dealer retail = $33,500

3. Kelley Blue Book appraisal / "Good" :

a. Trade-In = $ 28,230
b. Private Party = $30,700
c. Dealer Retail = $37,900

4. Auto Trader (within 300 miles) / mileage +/- 5,000 :

a. Private party (only 3 shown) =
price range of $29,200 - $31,700
(none have NAV; 2 had 3rd row
seats).

b. Dealer listings = price range
of $31,800 - $39,100

When I post for sale I will run local ads in 2 newspapers and Auto Trader ad (written + online w/ photos).

What I am looking for is what the Forum opinion is of current "supply / demand" for a 2001 LC in the private party sale market.

Thanks all !

Tins

manamal · March 2005

I am still here. I put down a deposit on the Subie Legacy GT wagon with auto. OTD cost is 27K (I am adding a few accessories: the subwoofer and arm rest extension).

the thing is my wife onjected to the saab on reasonable grounds: the cost of maint. and repairs. I looked it up on edmunds, and was horrified to realize it is about 150/month. My 220 car payment + 150/month = the payment on the Subie. And the subie is a nicer drive.

I am not getting the limited which adds the sunroof and leather for 3K because, well, I would rather not spend the 3K!

When I drove the GT, I really felt alive.

corvette · March 2005

The GT is one fast, fun machine. Enjoy!

graphicguy · March 2005

LOL!!!!!!!

You guys are killing me.

Lo those many years ago, I had a cherry '67 GTO convertible that I had lovingly restored over a long period of time. Soon after the nuptials were finished and really before I could take a breath, it was sold and replaced by a Honda Accord at the suggestion (more like insistence) of both my (then) wife and my father-in-law (who considered the GTO as, at best, a frivolous excuse for a mode of transportation).

The wife, father-in-law and Accord are long gone. No tears shed for any of them. I curse the day I let that GTO go, though.

imidazol97 · March 2005

>wife, father-in-law and Accord

That's cold!!! LOL. Surely you can find a GTO to replace it?

wookiemofo · March 2005

So after a few days to really access things, a heart to heart with my elders...I've decided that I don't need to pay $400 a month for a nice luxury car.

We're still going to look into getting a new car...but I've curved it down a bit. Either a 3 year lease, or a 2005 Ford Escape/Toyota RAV4

lhess · March 2005

left a message earlier about a trade value on an 01 Mitsu Eclipse Spyder GT with low miles (36,500) which no one responded to, but that's ok. Doing the estimate your payments thing here at edmunds on a trade for a mazda rx8, they estimated a trade value on my car of $9200 and some change. however, at the mazda dealership on Friday, i was offered $11,000 for it (kbb of $11,075) and a good slice off the msrp of the RX8. I didn't do the deal, but only because they didn't have the car i wanted. very pleased with the offer on my trade and the price of the new one. the best way to find out the price on your trade is to go direcly to the dealer. NADA deducts money for the color of my car, but the dealer was complimentary on the color and said the red/black sells well for them. Who knows?

graphicguy · March 2005

Yeah, I could find another '67 GTO convertible, but in today's money, it would be much more expensive.

Plus, I had a lot of time, money, energy invested into the one I owned that made it a car and labor of love that can't be replaced.

As they say, that's all water under the bridge at this point.

lhess · March 2005

Even though i'm of the opposite gender, i can understand the pain of losing the GTO. I too have traded off cars or not bought cars (at the urging of my ex-CPA-husband) that, to this day still, I regret, but i don't miss my ex-husband at all. I've traded about 5 or 6 times in the 7 yrs since we parted and each trade puts a bigger smile on my face! Each morning i wake up without him REALLY puts a smile on my face!!!!!!!!!!

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