Trade-In Value
12-30-2008, 09:55 AM
#1
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Trade-In Value What have people been offered or given for trade-in's lately? I'm way upside down on my car (05 stock 44k miles).
A dealership near me said they give 150% of what's listed as the "bank offered" value on NADA. Does that seem like a good deal -- or what's the catch?
A dealership near me said they give 150% of what's listed as the "bank offered" value on NADA. Does that seem like a good deal -- or what's the catch?
12-30-2008, 01:16 PM
#4
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if your car is worth 10k, they will give you 15k, but you will roll 5k more into the vehicle you are buying from them. You cant just go there with a 10k car and get 15k cash for it. You still will be paying that 5k of negative equity, just added to the cost of the new car. If it doesn't make sense they way they are describing it, then they are hiding the money in your new purchase. They would go out of buisness(especially in this market) if they gave 150% for values. They typically give 60% of what nada is, which typically equals wholesale. It's a sales gimmick to trap suckers!!!
12-30-2008, 04:59 PM
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I'm upside-down in mine to! A year ago my car was "worth" what I paid for it at that time...since then - the values have absolutely TANKED! These cars are worth nothing now. I don't have any good advice for you, but I will agree with needa - the dealer is gonna get theirs so they will just hide it in the purchase price. They can't afford to reduce cash flow right now...so careful what you do...
12-31-2008, 12:12 PM
#7
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I've been watching prices, there are 2 '05's with 30k miles near me, both for sale by owner for $22,500. Two other '05's and and '06 for sale by dealers for about $25k. Is that about what you're looking at? On cars like these, there is a niche market of buyers. I'd make every effort to sell it yourself before trading it in.
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12-31-2008, 12:38 PM
#8
Staging Lane
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I'm way behind. I still owe $29 on it. I have GAP insurance -- and wasnt sure if i wanted to make a big payment on it to "catch up" or what to do..
I called them on the phone and they said they'd give me $20k for it, possibly more juding on the looks of it.
Has anyone went to carmax lately to see what they'd offer? Last time I went there with a car they actually offered me the most of everybody.
Yah selling private would be nice, but it'd take 6 months to do it.
Our 100k certified warranty transfer to the next owner right?
I called them on the phone and they said they'd give me $20k for it, possibly more juding on the looks of it.
Has anyone went to carmax lately to see what they'd offer? Last time I went there with a car they actually offered me the most of everybody.
Yah selling private would be nice, but it'd take 6 months to do it.
Our 100k certified warranty transfer to the next owner right?
have GAP INSURANCE.
Jakes Dad
12-31-2008, 02:36 PM
#10
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got the gap!
a little more than a year ago I went to Carmax to get a quote on my vette. NADA and KBB had the value at $34k/$36-38k trade-in value/Private Party. Carmax offered me $28k. I laughed and left.
a little more than a year ago I went to Carmax to get a quote on my vette. NADA and KBB had the value at $34k/$36-38k trade-in value/Private Party. Carmax offered me $28k. I laughed and left.
12-31-2008, 05:13 PM
#11
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Carmax wouldn't even make me an offer on mine. I'm not really sure what's up with that. Anyhow, your gap insurance only kicks in in the event the car is a total loss. Also, the Cadillac Certified 100K warranty does transfer.
01-05-2009, 10:05 AM
#12
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This place's deal was they'll give you up to 140% trade-in value for your car, then jack up the price of theirs by 140% to hide the negative equity. Sounded like a horrible deal to me.
Anyways, after an hour or so of haggling I got him up to 18.5k for my car. (05 44k miles). He probably woulda gave me 20 if i was ready to pull the trigger on one of his overpriced vehicles.
Looks like I'm keeping the V. I love the car, just way upside down.
Anyways, after an hour or so of haggling I got him up to 18.5k for my car. (05 44k miles). He probably woulda gave me 20 if i was ready to pull the trigger on one of his overpriced vehicles.
Looks like I'm keeping the V. I love the car, just way upside down.
01-06-2009, 10:30 AM
#13
Dont kill me for saying but I would never be able to get a V if it would have not lost 40 to 60% of its value! I feel bad for you guys that got it new and would hate to be stuck with a bad deal like that! not that it has anything to do with the cars! I think that it just has to do with economy...
Last edited by adanieljohnson1; 01-06-2009 at 10:38 AM.
01-06-2009, 11:31 AM
#14
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Dont kill me for saying but I would never be able to get a V if it would have not lost 40 to 60% of its value! I feel bad for you guys that got it new and would hate to be stuck with a bad deal like that! not that it has anything to do with the cars! I think that it just has to do with economy...
01-06-2009, 01:36 PM
#15
any cadillac is gonna drop value like its going out of style... I paid about $31-32k for mine in oct 06 and it was a fair price compared to what everyone on here was paying. Then I wrecked it and kept it until I traded it in in feb 08, I got 18k iirc. and I live in a very strong economy, it is still kicking hard right now, but the values of cars are ****
01-07-2009, 06:18 PM
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i was lookiong at a V here in so cal. it was listed for 25,000 but got them down to 18,000. too bad i wasnt shopping but i might be considering the buy since it is a nice car. at one point in time, i wanted to trade in my Z06 for Trailbalzer SS but declined the deal since i was really head or heels in my car. i never regret not giving up my Z06 but in some cases it just aint worth unless u absolutely have too. U are filling your debt hole just to go the opposite way and dig another deeper hole. u can always find someone u trust to take over payments. just a thought good luck...
