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GT500 trade in values


JeffInDFW
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Guys here have been talking about multiple dealers offering 2010 GT500 owners $32,000 trade in for low miles, great condition. I -really- don't get that. When I check Autotrader and look nationwide, the LOWEST 2010 GT500s I find are a few at $38,000, and mostly a bottom price of $40,000. Thats bottom. Prices rise from there. So.....the dealers feel they can give you $32,000 and then put it up for sale for $42,000? They are already making multiple thousands on selling you the 2013 GT500, and then they want to also make $10,000+ selling your trade in?

 

I ask all that because as I already posted, I had exactly this happen to me recently. I had a Sky Redline that KBB and NADA said should have a trade in of near $23,000, but all the dealers in Dallas kept quoting they could get my car at auction for $17,000 and that was all they would pay. They had them on their lots for $25,000 used, and I would point that out to them and was told it didn't matter. $17,000. I gave up after 4 months, traded it in and it is now sitting on the lot 4 miles from my house for $24,900. Was not in a position to sell it myself, so got mauled. It looks like Ford dealers are doing the same to you guys.

 

I've been trading cars since I was 16 (now 45), and have never seen this. I've always been able to give the dealer $1,500 to $2,000 profit on the car I'm buying, and give him a $2,500 pad on the car I'm trading in so if he has to come down he still ends up with another $1,000 profit on the trade in. Making $2,500 to $5,000 PROFIT on ONE CUSTOMER used to be enough to make dealers happy. Clearly that has changed. My recent dealings meant the dealer made $3,000 on the new car they sold me and made $8,000 on the car I traded in! $11,000 PROFIT on ONE CUSTOMER. I got destroyed on my latest car deal because I just didn't have any more time to fool with it. Kills me to see you guys get screwed like I did.

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The subject of used/trade in values of these cars can really sprout some amazing misconceptions. W often see '07 owners quoting their KBB values in the high 30s, fantasy land stuff. The same guys just can't understand why their local dealers are offering them mid 20s on a trade and the private party offers are lucky to touch 30. Keep in mind that the 1st generation GT500s stickered in the 40s. Mid 20s to low 30s is a great value hold when you consider the fact that many of these cars are 5 or 6 model years old.

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Well my dealer gave me $40k for my 2011 with SVTPP back in November 2011. They had it listed at $46k on their site and sold to a guy in Mass for $42k. Carmax at the time wanted to give me $39k for it.

Edited by bpmurr
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I see the op's point though.... I needed to trade in my mint, lo-mile '06 GTO in order to pick-up a GT500 a year ago. "Multiple" local dealers offered me between $15.5-17.5k for my car, stating that was "all it was worth". I figured it should retail for around $24k-25k, so I kept looking for a more "reasonable" dealer. Finally traded it in on a '09 GT500, getting $20k for the goat(and didnt over-pay for the GT500 either). The dealer sold my car a few weeks later for around $24k. I guess the other dealers wanted to make $6-8k just on the trade, let alone the profit on the new car!! Bottom line, some dealers are just GREEDY!!

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Interesting stuff.....So where are the dealers getting their trade in numbers then? They all keep coming back with the same numbers for each car, so they are not pulling them out of their arse. That is what the NADA guide is -supposed- to be for (National Automotive Dealers Association), but clearly isn't any longer. If I had known I could get an 11 with SVTPP for $40k, I would have bought that instead of a MINI for my darling wife!

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hi op, at the end of the day its basically a game to them on how much they can extract from a customer. if they detect any vulnerability or have the upper hand, or have you cornered, u know they got u. unfortunately its the nature of the beast.

 

to get a good deal, us customers have to play the same game. however catching dealers at those positions are not often, but do exist tho.

 

i've seen a guy bought a new kr for $120k cash and a week later the same dealer sold their last kr to another for only $75k. back them $75k was heck of a deal. who know what they were pumping to the guy with the $120k and he got suckered in. he later met the $75k dude at a car show and found out the price. he went back to the dealer and complaint but guess what, the dealers had nothing to say beside laughing behind his back all the way to the bank.

 

at the end of the day, they were able to extract that $120k from him and can sleep very well. that's just how it is. the 120k dude doesn't go on forums, not very knowledgeable, no homework done, not very savvy and no research. and it played to the dealers hand perfectly.

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Interesting stuff.....So where are the dealers getting their trade in numbers then? They all keep coming back with the same numbers for each car, so they are not pulling them out of their arse. That is what the NADA guide is -supposed- to be for (National Automotive Dealers Association), but clearly isn't any longer. If I had known I could get an 11 with SVTPP for $40k, I would have bought that instead of a MINI for my darling wife!

 

 

I think that all the dealers seem to be ignoring whatever book guide they would previously use, and now just check recent auction values online instead. I looked at trading my 2010 in August last year at a Porsche dealer, and the salesman wouldn't give me a price until his boss had checked the latest auction values online. I think they seem to look at trade-ins as if they'd bough it fom auction themseves - they either want to ensure they can make money on both ends of the deal, or want to make sure they're covered if they end up just throwing your trade-in into the auction.......

 

At the time this pi&$ed me off as they offered me less than any guide listed for the roughest trade-in, and came across to me as pure greed on their part, but upon reflection I think it's probably just the new business reality that they have to operate in these days...

 

M

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"Have to operate in" , I don't think so. We let them. How bout this, NOBODY step into a dealership for one month-30 days don't call, NOTHING. Let these Greedy Ass Mother Fu**ers go to work every day and just sit there, especially on the 12 hour one's twice a week and not bring home a dime of Your or my hard earned dollars at the end of the month.Let's see who REALLY has the upper hand then. Pipe dream ?? Unfortunately yes, especially in this country where most people walk around/live with their Head's up their asses living in the 3 dimentional world of materialism only.Jaded, can you tell, you bet ya. sick of the all out Greed to make money at any cost in this country. I'm out.....

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I think that all the dealers seem to be ignoring whatever book guide they would previously use, and now just check recent auction values online instead. I looked at trading my 2010 in August last year at a Porsche dealer, and the salesman wouldn't give me a price until his boss had checked the latest auction values online. I think they seem to look at trade-ins as if they'd bough it fom auction themseves - they either want to ensure they can make money on both ends of the deal, or want to make sure they're covered if they end up just throwing your trade-in into the auction.......

 

At the time this pi&$ed me off as they offered me less than any guide listed for the roughest trade-in, and came across to me as pure greed on their part, but upon reflection I think it's probably just the new business reality that they have to operate in these days...

 

M

 

 

Bingo, this is exactly what happens now. They run your trade against the auction prices and then offer you break even value if they're an honest dealer.

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