ss holding its value
03-07-2006, 12:31 PM
#1
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ss holding its value looking at a 02 thats really low miles, and the loan value for the car is close to what he wants for it. Now, my question is, do you think a low mile ss (02 with 8k) is worth 23500-25k? I know its going to depreciate, just dont want to give so much for a car that isnt going to be worth 1/4 of it when its paid off
thanks in advance
thanks in advance
03-07-2006, 12:57 PM
#2
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I think that most cars in the end loose their value. As for your ? I think the depreiciation of the car depends on you. If you go out and put 100K miles lots of bolt on's and a few accidents, yeah the car will be worth very little in the end.
Now if you buy it drive it every now and then keep it in the garage keep it clean and have detailed service records, i think your car will keep most of it's value.
Now if you buy it drive it every now and then keep it in the garage keep it clean and have detailed service records, i think your car will keep most of it's value.
03-07-2006, 01:15 PM
#3
In 5 years that car will be worth $14k if you're lucky. So you figure $23,500-$25,000 plus TTL is $28k+, then you add on the interest. If you finanace the whole enchilada at 5.5 percent interest (on the low side) you're in the $33,000+ range. In 5 years you will have lost over $18k on the car alone. That doesn't take insurance into consideration either. I would urge you to pass on that deal.
03-07-2006, 01:22 PM
#5
Black book retail on a loaded SS with 8k miles is:
Average: $17,025
Clean: $18,975
Extra Clean: $19,250
Black book trade in is:
Average: $15,060
Clean $16,375
Loan value is: $15,365
Average: $17,025
Clean: $18,975
Extra Clean: $19,250
Black book trade in is:
Average: $15,060
Clean $16,375
Loan value is: $15,365
03-07-2006, 01:42 PM
#6
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Originally Posted by svtwhat?
looking at a 02 thats really low miles, and the loan value for the car is close to what he wants for it. Now, my question is, do you think a low mile ss (02 with 8k) is worth 23500-25k? I know its going to depreciate, just dont want to give so much for a car that isnt going to be worth 1/4 of it when its paid off
thanks in advance
thanks in advance
Anything over 20,000 is too IMO. Unless it had some serious mods.
03-07-2006, 01:56 PM
#7
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Originally Posted by Zoltan
Black book retail on a loaded SS with 8k miles is:
Average: $17,025
Clean: $18,975
Extra Clean: $19,250
Black book trade in is:
Average: $15,060
Clean $16,375
Loan value is: $15,365
Average: $17,025
Clean: $18,975
Extra Clean: $19,250
Black book trade in is:
Average: $15,060
Clean $16,375
Loan value is: $15,365
why does kbb come up with 23600 for that car fully loaded 35th anniversary edition and that mileage. the car is pristine. bank will loan that money for tha too... as for ttl, im paying out of pocket for that.
so ive got 23500 times 6.75 which is the rate im getting. dont think its that close to 33k.
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03-07-2006, 02:15 PM
#11
Originally Posted by svtwhat?
why does kbb come up with 23600 for that car fully loaded 35th anniversary edition and that mileage. the car is pristine. bank will loan that money for tha too... as for ttl, im paying out of pocket for that.
so ive got 23500 times 6.75 which is the rate im getting. dont think its that close to 33k.
so ive got 23500 times 6.75 which is the rate im getting. dont think its that close to 33k.
If you noticed I used the dealer's BLACK book, not the piece of **** kelly blue book, which also includes LOAN VALUE (this is the absolute maximum a bank or credit union will give you for that particular car). Tack on $2,900 if it is an acutal anniversary edition. Even if you are paying the TTL out of your pocket, you still have to pay that money, and you never get it back. Yeah you might save a few hundred in the long run by paying out of pocket, but my point still stands that it's money you are putting into the car that you will never see again. Either way you look at it, it's still not that good of a deal.
Figure $23,500 for the car @ 6.75 with you paying $2,000 for TTL out of your pocket. That's 27753 + the 2k. So you're at ~$29,700 if you ONLY pay $23,500 for the car. In your original post you listed the price at $23,500-$25,000. If you figure it at $25,000 for the car @ 6.75 apr you are at 29525 + the $2k you paid out of pocket for the TTL so yeah $31,500.
Last edited by Zoltan; 03-07-2006 at 02:31 PM.
03-07-2006, 02:45 PM
#14
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Originally Posted by Zoltan
If you noticed I used the dealer's BLACK book, not the piece of **** kelly blue book, which also includes LOAN VALUE (this is the absolute maximum a bank or credit union will give you for that particular car). Tack on $2,900 if it is an acutal anniversary edition. Even if you are paying the TTL out of your pocket, you still have to pay that money, and you never get it back. Yeah you might save a few hundred in the long run by paying out of pocket, but my point still stands that it's money you are putting into the car that you will never see again. Either way you look at it, it's still not that good of a deal.
Figure $23,500 for the car @ 6.75 with you paying $2,000 for TTL out of your pocket. That's 27753 + the 2k. So you're at ~$29,700 if you ONLY pay $23,500 for the car. In your original post you listed the price at $23,500-$25,000. If you figure it at $25,000 for the car @ 6.75 apr you are at 29525 + the $2k you paid out of pocket for the TTL so yeah $31,500.
03-07-2006, 02:51 PM
#15
Just some information for you to evaluate. When I was looking for a Firehawk (Firebird equivalent of the SS), last year, I had the opportunity to buy a mint 02, Trans Am-based Firehawk for $25500. It had almost every SLP option, and only 905 miles. Firehawks generally demand a higher price than comparably equipped SS’s. This was probably the best deal I came across for a collector-mileage Hawk, though.
03-07-2006, 02:59 PM
#17
Originally Posted by svtwhat?
i guess im confused as to why the bank wont hesitate to loan me the total on this car then.... wierd, you would think they use the same black book?
Last edited by Zoltan; 03-07-2006 at 03:41 PM.
03-07-2006, 03:38 PM
#18
Here ya go, use this information in whatever way you see fit. This is for a 35th anniversary edition SS with 8k miles. If it were me I would split the difference between retail and trade in on a clean vehicle, and that would be my maximum offer.
03-07-2006, 06:01 PM
#19
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Man, if you're worried about depreciation buy one with 50,000 miles! I suspect you're going to drive the heck out of it anyway even if you don't know it yet. That way you lose less depreciation because the seller is gonna eat it. Then you can putt it around town without worrying about what every mile is costing you and you should have a lotta dough left to mod.
03-07-2006, 06:16 PM
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If its modded you've lost the collectiblity of the car in 10 years... buy it if you have the money and want it... Who gives a **** about 10 years from now? Yesterday was history, tomorrow may never happened, and today is a gift, that's why they call it the present.