OUCH! I was offered 34.5K on my 06 a6 1LT with 7000 miles a few months ago. Maybe used prices have dropped alot since last winter or you could shop around for a better trade deal.

 

A few months ago 06 coupes in this area were retailing for 36K to 37K, now it's around 33K to 34K.

Also, was your offer for trade value or for outright sale?

 

It does sound about right. I rcvd $33K for my '07 1LT Z51 w/3400 miles on trade. Keep in mind that when you trade, you get the tax benefit (at least in IL) on the new car.

 

Because 3000 is not 3000 when you consider the extra tax savings people in some states realize by trading.That and the relative convenience of trading make it a worthwhile alternative.

That was a few months ago!Different ball game now I bet!!0% ON 08's,09's at GMS...you'd be hard pressed to get 31 for that car about now!

 

Outright sale.

 

I don't disagree; there is the huge convenience factor with regard to trading in a vehicle and not having to place an ad and entertain tire kickers, dreamers etc, etc.

And I have certainly traded in as many vehicles as I have sold privately with a simple rule of thumb that if the private selling price is only going to net me $2k or less; I give it to the dealer and call it a day as my time as well is worth something like everyone else's.

In Maryland; we also have a general state sales tax on vehicle purchases whether new or used and it is 6% of the selling price.

However in Maryland; your trade value doesn't reduce the taxable sale price.

For example; if a car with an MSRP of $70,000 is sold to me for $60,000, that $60,000 sales price is subject to a 6% sales tax of $3600.00 plus $180.00 for 2 years of tag registration fee.

If I was trading in a paid off vehicle and the dealer gives me $30,000 for my trade; the taxable amount is still $60,000.00 with the additional 6% or $3600 in sales tax fee going to the state of Maryland.

I was a bit confused when you said your trade was really worth $39,590.00 and not $37,000.00

Unless things are completely different in Georgia than other states that have a general state sales tax; that additional 7% or $2590.00 is not additional profit to either you or the dealer that accepted your trade; nor does it reduce the amount of the taxable sale of the new vehicle; or does it?

If Georgia is anything like Maryland; the state sales tax of 7% should be the General State Sales Tax collected by the licensed auto dealer on the sale of any new or used car and then remitted to the State of Georgia by the car dealer

When someone purchases a used vehicle from a private party; it is customary practice that the general state sales tax on that private party used car transaction is paid by the purchaser directly to the Georgia Department of Motor Vehicles when that purchaser appears at the states DMV to transfer title to the used vehicle; is it not?

I feel sorry for those folks that live in states that have an annual private property tax assessment on private property including the value of their automobiles.

This is a reaccurring annual tax assessment.

In Maryland; we have a General State Sales Tax of 6% on all purchases of goods; both real and personal property. It is however a one time tax paid at the time of purchase.

With regard to automobiles; we have a 2 year tag registration fee that is approximately $180.00 per vehicle every 2 years.

Maryland also has an annual tax on real estate holdings; real property that varies by county jurisdiction within the state based on the value of your home.

For most people, this is an annual tax on the value of their home and this tax can vary based upon location of the home.

But to give you an idea; a $500,000 home in Maryland would be subject to an annual property tax of $5000.00; so 1% of the value of the real estate is a fair average.

 

Yes they do.. In fact it's one of the best out there.. Over 50% value after 5 years...
These are difficult times to sell a car... they drop fast in value initially, then slow down and hold their value well... Many articles on the subject...

 

The 2008 Corvette was listed at number 8 on the Top 10 List of Car Residual Values after 5 years of ownership with 60k miles.

The 2008 C6 came in at number 8 retaining a forecasted 47.1% of it's original value. Number 1 was the Mini Cooper Clubman at 56.4%.

In fact; the 08 C6 was the only domestic brand model on the Top 10 List.

 

pretty close to the money actually.

 

Around 35 to 38 thousand I think thats what my buddy and were offered before 0% came out.
z51vett

 

I had Corvette Conti giving me prices on a 2009 couple and all was going well until I mentioned I had a perfect condition 2008 3LT to trade in. After that he NEVER responced.
Then Dave at Kerbeck give me a real good price on a 2009 he had instock but once I started talked trade in all of a sudden he was very hard to reach I'd call and he'd email me back he really was not interested.

I only one that would give me the time of day was Tommyjr at MacMulkin Chevy. Hats off to Tommy. He told me $38,000 a 2008 Black coupe with 3LY, Nav, chrome wheels, NPP, etc. with only 4000 miles on it in perfect condition.

You would think they were selling new cars like hot cakes.

 

Very interesting, Lou....

 

Couple things. First, you're right; you're not understanding it correctly re trade in on a new car purchase. They DO, in fact, deduct the value of the trade from the purchase price of the new car, and figure tax on the difference. And Georgia isn't the only state to do that. So, it is a savings to trade a vehicle in, depending on the total numbers to the seller.

Second, while Maryland has no personal property income, in some instances its overall tax rate is higher, possibly on real estate and other things. For instance, while you quote a 6% sales tax, just a year ago it was 5%. Plus, many states don't have a 6% sales tax; they have less. So it can be that the overall, complete tax paid on a comparo basis is less, depending on what state you live in even with personal property taxes.

It really does depend on factors beyond what seems obvious such as the personal property tax.

 

Ok you've confirmed what I was thinking. Resale/trade values are being killed by the economy right now

 

I got 35k for my 07 base coupe and my vert at supplier. I also save 2k in taxes by trading in.

 

Absolutely

 

Maryland is a trade difference state now. So you would get credit for your trade value.

 

Well that is good to know.

 

That or they just have little interest in used Vettes.

Especially if its from off this forum.

They know that its very likely to have been modded, and if the mods are off of it, its been beat and then de modded. And thats IF the customer took the time to de mod it.

If they take it in trade and then resell it, they know that the new buyer is liable to be right back on their doorstep with a laundry list of problems. They don't have time for that.

So why not just stick to selling new cars over the internet, without accepting trades, unless of course they can "steal" someone's car??

These internet dealers don't want your or my used Vette. Too much hassle. Too much fuss. They have to get it ready to go onto their lot, or take it to auction. They'd reather not be bothered with that.

They want to sell you and I new ones. No muss, no fuss. They are in and out. They don't want to look out on their lot and see a reminder of you. They want to see a brand new Corvette that someone will buy.

Ask yourself, how many of those cars over in the tech section of this forum would you buy?

Bingo. How many of those cars do you think these forum dealers want to accept in trade?

 

How would a dealer know someone is a forum member unless they are told by that person? It seems to me that most OP's here don't mod their cars engine wise. Yes quite a few add some bling, etc but I'd guess the majority don't do any engine mods.

Now having said that I do believe the dealers mentioned aren't interested in trades on new vettes! Well not unless they can absolutely take the OP to the cleaners. Someone wants to take a serous beating and begs to trade... they will trade! They have tons of inventory and desperately need to move it. Taking in a bunch of used vettes isn't the way to clean house that's for sure.

If someone needs to sell they are going to be way ahead with a private sale assuming they can wait for the right buyer. If they can't wait then by all means take it to a dealer and get drilled because that's exactly what will happen. Bottom line is the market is extremely soft and whatever you think your car is worth it's probably worth significantly less. That's they way it's going to remain IMO for a very long time.... Lots of lending institutions have realized they've made a lot of very questionable loans for items like homes, boats and cars. The repo folks are very busy right now.......