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Well, since the 100k warranty only applies to the original buyer, it probably doesn't make a difference.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
That is like saying that it is better to be dying of heart disease rather than cancer.
The real soluntionis to keep the car until said time that there is not a $5000 problem.
If I got a 5 year old Forester or Outback today, a 2002, I could get 6-8,000 on trade in. If I got the Hyundai Santa Fe with the same mileage I could get 5200 trade in--from Edmunds, and also using 2002 as the year.
Doesn't it make more sense then to go with the Subaru now, or am I figuring this wrong?
Won't the Subaru last longer than the Hyundai and cost less for repairs?
Thanks for helping me figure this out!!
A Subabru's resale value will be higher.
However, when you put a ton of miles on a car,it almost doesn't matter.
Since you are going to have the car for a while,get the one you like the best.
In your case, I'd suggest run your Huindai another 1 year, try to pay it off or at least reduce the balance, then sell it when it hits 90- 95K miles.
I am, too, putting a lot of miles on my cars (25-27K/year), and I also run into situations when I'm selling a fairly young car but with a lot of miles on it.
My impression is that for cars like Subaru, Toyota, Honda - if you bought them new - the best time to sell is when car has about 90K miles on it. This way, you've really used a good portion of car's overall potential, and at the same time overall mileage is not big enough to scare off potential buyers.
I've held onto my Subaru way too long - but there was a family situation to justify that. My next Subaru I plan to sell at 90-95K miles, with transferable extended warranty on it.
My crystal ball broke yesterday.
I went through the motions with an Aerio "wagon" -- more of a hatch -- since that is the closest match. It prices out to $11685 "good" condition, trade-in.
Multiply by 0.8 and you get $9,350.
Thes puppies go through the auction at near $12, and with gas at $3.50 in the midwest, I don't see any problem getting close to that number.
I've had good luck offering cars outright to the larger new/used-car operations... the more it's a three-ring circus, the more they have a real need for nice, clean vehicles. And they pay realistic wholesale prices, too, since they usually don't have time to play Mickey Mouse on the wholesales side.
(here are the numbers again so y'all don't have to scroll)
04/13/07 NEVADA Lease $11,900 270 Avg SYLVER 4G Yes
05/23/07 DENVER Lease $11,500 2,717 Avg WHITE 4G 5 Yes
05/01/07 BALTWASH Lease $11,800 2,917 Avg BLUE 4G 5 Yes
05/16/07 MILWAUKE Lease $12,600 5,950 Avg SILVER 4G A Yes
04/18/07 NADE Regular $12,000 6,728 Avg SILVER 4G Yes
05/17/07 LAFAYTTE Lease $10,400 29,284 Below BLUE 4G A No
I've been disagreeing with most of what joe131 has had to say, but kept it to myself after the 'depreciation' discussion.
However, when people come here for serious advice and there are members around who can give it, it really ruins the discussion when one user, writing with apparent authority, provides advice and numbers that have nothing to do with reality.
How is groverc going to be able to differentiate between the advice he gets from volvomax and jlawrence01, versus advice he gets from someone who, in my amateur opinion, does not really know the market very well.
This is a moderated discussion, and certain rules of conduct apply. But we have to have some civil way of labeling nonsense as nonsense, whether it be done by the hosts, or by the members.
Cheers -Mathias
The dealer would offer you more for a similar 2007 than he would for a 2006.
Why are you confused?
No insult intended, but...Are you a Dealer Sales manager (or Finance Manager?) I find they sometimes talk that way and confuse unwary customers into accepting a deal that they (customer) think is good, but realy isn't.
I was not aware that the SX4 was a new model for 2007, so the 2006 value guess for a different model would likely be way off.
I should have guessed a dealer might offer 80% of Kelley Blue Book trade-in value for a customer's car, the same year as in the book not a year apart, although if a used car is too new to be in the book as a used car, and the prior year is the same car, the prior year value may not be far off.
If the SX4 is a more expensive or more desireable car than the Aerio expect prices higher than the Aerio.
Are those auction prices for 2007 SX4s? Or 2006 Aerios? Or what?
Terry, (or anyone who might have personal contact with Terry, please relay the message) You are missed here.
If those auction prices were for 2007 SX4 models, then it appears the 2007s are going for about the KBB trade-in value for a 2006 Aerio model with similar equipment and mileage and condition as the poster's 2007 SX4. Presumably, if SX4 had been available in 2006, it would have a trade in value a bit higher than a 2006 Aerio, maybe even 1.2x an Aerio price. If the auction prices are for 2007s, then they are selling for quite a bit less than what Kelley might say a 2007 like that is worth as a trade-in, but since it is a 2007, we'll probably have to wait for the June Kelley book or later to see the 2007 listed as a used car.
Remember too, that Kelley recommends adding an appropriate value for remaining factory warranty on used cars. That would tend to make my 80% of KBB trade-in prediction at a dealer even more accurate.
I still think you'll see trade-in offers from dealers around 80% of what Kelley says trade-in value is. The reason I said use a good value, rather than excellent, is because almost all sellers of cars who say their car is excellent, are exaggerating to the upside. Most cars being sold as excellent are really only good if you carefully read Kelley's criteria. And a lot of cars being sold as good are actually only fair.
You won't really know what your car is worth to a dealer until you get binding written bids from them as offers to buy your used car from you. Go to a dealer, ask them to put a buy bid in writing on your car. No trade, just outright buy. That is your true trade-in value.
Maybe on average a Suzuki is less likely to be excellent when compared to Bentleys, but for any one individual car, the condition is unrelated to brand name.
Did you mean on average a Suzuki is not likely to be in excellent condition as a used car?
Compared to what? If you are comparing MSRPs and resale prices of Subarus and Hyundais, then maybe you are correct.
But if you compare resale prices to actual new car transaction prices, you may find that Hyundais keep their resale better.
When was the last time you heard of anyone buying a brand new current year model Subaru for under 57% of MSRP?
Terry's been gone for almost a year dawg... time to dry up those tears and move on.
Besides, big steine and several others are doing a great job. Let's show some appreciation for those who have stuck around.
Are they all 2007 Suzukis? Or 2006 models? Not really much help unless you can be more specific.
Now if you are listing 2007 SX4 models only, that's great. But I could not really tell from your post.
And another thing, are you guessing that auction prices will be the same amounts that a dealer would pay a private seller (trade-in value) of similar cars?
Let me be very blunt. Driving 30k/yr in ANY car destroys the value of ANY vehicle very quickly. (I have several fleet drivers who drive 45k miles a year and I have to change the terms of my open-ended leases to account for this.)
I think that buying a new car - even a Honda or a Toyota - for someone driving that much, is a financial disaster. I truly hope that you employer compensates you for some of the mileage and that this is not simply a daily commute. If it is the latter, I would suggest moving closer to work.
My advise for people driving as many miles as you do is to buy a CHEAP USED midsized sedan with low mileage (think Taurus or Impala)and drive the car forever (or at least to 150k which will be every three years. If (and only if) you take care of the car, your repair costs should be less than the huge depreciation hits that you are currently taking.
Personally, I am tired of people on one hand complaining about repairing a vehicle when generally doing so is a lot cheaper than making large monthly payments (and taking an even larger depreciation hit).
If you sense some emotion here, it is because of a situation where my wife was driving 25k miles per year for work (and being compensated $300 for a car allowance) - WHICH WAS TAXED. At that level of compensation, I kept her in 100k+ mile beaters (often keeping an extra car for the purpose).
Until she wised up and got a real job.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
I asked here and was told I would get 3-4000 on a trade, but I intended to do private sale all along, and was trying to get a low reference point.
KBB's grossly inflated value was 6500, so I put it on the market for 5500 here at my bulletin board at work (about 8000 employees).
I'm happy to say I sold it for full price in the first week. I got 3 calls and the first person to test drive it, bought it.
My advice - sell it on the AWD. I advertised it as "perfect vehicle for a college student in snow country" and got calls from people looking for wheels for their kids that study in the NE.
Details of the deal: '98 Forester L, 94k miles, paid $19,200 for it in August 1998, sold for $5,500 in May 2007. I had all records for maintenance, and the vehicle was clean, but it had lots of door dings, a scratched front bumper, and a dime-sized dent in the rear 1/4 panel.
I did the condition quiz on KBB and they still consider the condition "Good" for a 9 year old car.
A few people suggested a CR-V way back then, but 120hp just didn't cut it. I picked the Forester and had 9 good years with no major repairs, and then got good resale for it.
If you want AWD, go for the Legacy. Lots of folks here have kids in college up north and that's a good demographic to sell to when the time comes.
Was the $6500 a Kelley private party price that you think was way too high?
If you do buy new, I'd say to buy the most basic model of whichever car--expensive options won't be worth much once huge miles are on the car. And gas MPG must be a huge deal for you--would something like a really basic cheap Corolla or Civic work for you?
Personally, if you're itching for a new Subie, & got a basic model in the very low $20K's, & a fair trade for the Hyundai, I don't see how that's a crazy idea. (Buying a $30K loaded Outback probably would be crazy given your high miles).
And yes, depreciation will start immediately on the Subie too. But you might still get a few thousand $$ for it even after 150K.
I'd say, judge it by what kind of deal you get on the new Subie, & your trade, & maybe ask here when you have actual $$ numbers before you do it. (But If you rush into a lousy deal, BAD idea). And yes, there are arguments for keeping the Hyundai, or buying a used Taurus, etc. I'm just positing that buying a new basic Subie in the low $20's & mileing it up is not a crazy idea, even if people who are real experienced in buying & selling cheap used cars could get to 150K miles by spending less & buying beaters......you might not be adept at that.....(?)
Originally I was hoping for $4-5k. People here told me to lower my expecations. KBB was sky high.
It actually sold quicker than I was prepared for, as I was without a car for about a week. So maybe you're right, perhaps I could have gotten a tad more for it.
Point was, I had no trouble selling a Subaru in the DC area, and quickly, too.
I guess I should have put my question more simply: how well does a subaru legacy hold its value compared to a honda accord?
Juice, what did you end up buying to replace your forester?
Thanks, all!
I did not observe an appreciable difference from the Forester to the CR-V. The CR-V cost a tad more new, and resale was a tad higher used. It was a wash.
I doubt you'll see a significant difference, so buy the one that brings the bigger smile to your face.
Keep up the good info here.
Thanks,
Jim
We hope to buy something soon.
Location: San Mateo/CA
Year:2002
Body Style:Sedan
Mileage: 64K
Color: Black
Minor scratches
tires 60%worn
Brakes :80% left
done 60K maintenance
2002 Rendezvous, CX, San Diego County
74,300 miles(700 left of extended transferable gmpp warranty)
6 cyl, suv fwd automatic
Silver, alloy wheels
3rd row seats, tow package(never used), traction control
Leather/cloth seats, driver side electronic
Excellent inside and out, one very small ding on pass. side quarter panel.
Brand new tires(under 300 miles)
Brakes approx 1 year.
Never in an accident.
No sunroof or roofrack(this can be added I would guess),
What should I be asking for on the street and where is the best place to list this car?
Car might have brought $5500 as a trade.
Prob $2k more as a private party sale.
Auto Trader online is a good place to list a car
My Mom may trade her car in and I am curious as to what trade in and retail values may be. The car is located in the Joliet area of Illinois (which is about 50 miles southwest of Chicago.
1998 Toyota Camry LE
4 cylinder
44,000 miles
light tan inside and out
standard LE equipment (auto trans)
major options of interest are alloy wheels and side airbags
clean vehicle. Paint chips here and there.
brakes are fine. Tires are original -- tread looks ok but the tires are ten years old
all maintenance done at Toyota dealership, including timing belt 2 years ago
no body work ever done.
Thanks!
Thanks!
Depends on how nice it cleans up.
Retail prob $6-8000.
Heck, it's a 4 cyl, & it's even got side airbags! Clean it up, good ad(s), receipts, this thing could sell in a weekend, at your asking price....
Location: Plymouth, MA - South of Boston
Year/Make/Model: 2004 Santa Fe LX
Body Style: 4DR
Engine: 3.5L V6
Driveline: AWD
Mileage: 86,600
Color: Gold
Major Options: Power Sun Roof
Condition: Excellent
Tires - new
Brakes - good (rear done twice, front once)
Maintenance - Current
Other: None
So, KBB and Edmunds (who, inexplicably I'm reading here are high) are both saying $10,900 for good, $11,800 for excellent, which, IMO this vehicle with highway miles, is.
Black Book online at this mileage gives a range of $9,983 - $12,350, though I'm not sure what conditions would bound each end of the range.
But Galves lists a trade value of $7,450. In reading this forum I see Hyundais depreciate rapidly and resale is low, though having driven a number of different vehicles including Ford, Honda, Toyota, and Nissan, the quality of the Santa Fe is excellent. I haven't had any mechanical complaint and nothing beyond routine maintenance.
So what should I expect ? There is a Carmax in Hartford, CT, and I may make a trip there on Friday. I'm curious what they would offer since they direct you to KBB.com on their "We buy cars" page.
The discrepancy that seems most out of line would be between Galves and Black Book. Both claim to be representative of the auction prices, but their numbers are wildly different. Granted, the Galves "market ready" number is slightly better at $8,500, but still. There are comparable vehicles listed locally in the $14K-$15K range, and though those prices may be inflated, if you could buy that at auction for $8500, let alone $7,500, why would you even bother with new vehicles where the margin is so low ?
Thanks in advance.
Not sure my Mom or I am up for doing the do it yourself route. It's a shame to sell it. The car runs very well but that generation Camry sits a bit too low to the ground for my Mom's ailing back.
$8k is probably the number in your neck of the woods. If Carmax will even come CLOSE to the KBB number, take the money and run as fast as you can!
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
I think 8,000 sounds about right though.
The INITIAL trade offer after negotiating a price with the dealer for a new Honda Odyssey was $8800. I know there is still some wiggle room in the price and I know they aren't foolish, so the real answer is somewhere greater than $8800.
The difference between Galves and Black Book makes no sense, and furthermore, the Galves mileage adjustment is out of line with every other valuation out there. The retail asking price difference based on mileage is in line with KBB, edmunds, and Black Book, and the asking price should reflect the reality of the market.
Also, as far as "neck of the woods", Carmax will sell you any vehicle in their inventory plus a shipping fee. From CT to IL that fee is just $250. So in essence, Carmax ties the entire national market together (as do auctions, ironically enough).
If $8000 is a legit trade value for that vehicle, there is a crapload of profit being made on used cars. CRAP LOAD. Even if you assume a 10-15% markdown off the retail asking price, my Santa Fe at 80K miles is still fetching $12000 retail. Not asking, but getting. To me that's insane. If I'm a dealer, I'm perfectly happy to go up to $9000 on that vehicle at auction if I can turn it around for $12000.
Maybe that's just me
And, yes, you're right, dealers make tons of money on used cars. Here's the thing - let's say I've got an '05 Honda Accord that I want to trade and retail is 18K, private party value is 16K, and trade is 14K (or whatever - only the spread is important). In my state, one gets a full sales tax credit on a trade. So, 14K plus 6% ($840) equals $14,840. THAT figure compared to the hassle (and expense) of trying to sell privately for 16K (assuming one can actually make a sale) is why so many cars get traded.
A dealer will only pay what he can buy (or sell) a car like yours at auction. Period.
Tires, brakes, comsmetic repairs can add a 1,000 dollars very quickly.