Went to dealer yesterday to order a new vette. Dealer wants my car now and will deduct the amount of trade from purchase price on the order.

In other words he gets my car now (to sell) and I wait untill my new one goes through the build process and delivery time.

Does this seem like a normal process?
Anyone ever done this and if so what happened?

 

I did this back in early December and now the dealer cannot get my order in. I placed my order Nov. 20th and they have no clue when or if they will get my car ordered. I would get something in writing stating that if they do not get the car accepted by a certain date they will refund to you the value of the tax credit.
Eric

 

No--no car no trade.

Does he have an ALLOCATION? Probably not is my guess. Did you ask?

 

Risky proposition unless they have a real allocation for the car you want.
Essentially what he is asking for is an interest and principal free loan on a car that he will put into inventory. It's absolutely no risk for the dealer and a HUGE risk for you.

Unless you can get an iron-clad agreement that is tied to timely delivery of the car you want, with a deadline WITH an irrevocable option for you to cancel and get a full refund if the foregoing conditions are not met, I would not do this. Just my two cents worth.

 

Really a bad deal. He gets your Corvette in time for Spring and you get nothing. I sold my Corvette privately in September of 2012. I got a lot more money before the C7 was released but I was screwed all summer. Did not get my car until October. For a few thousand I was stupid...

 

How do I find out if he has an ALLOCATION? If he says yes What do I need to see?

 

I put my order in 3 January, and have had my car. I was able to keep my car until I go for pick up at the Museum 14 March.

 

Ask how many allocation he's received for the past 4 weeks...that will be a good indication. Honestly, chances are if they are not a large Corvette dealer--they will NOT have any 2014 allocations left.

You are best to call a large forum dealer that HAS guaranteed allocations. Call TommyJR at MacMulkin (or another large dealer) and you're safe

 

My dealer has 5 allocations but has no idea when he gets them and what he can get on the cars. Maybe all 5 are non Z51? Took me 3 months to figure out that they have no clue. Manager said to me that GM owes them 5 cars, but no time frame. Tell them to get your order in and accepted and to status 3000 and then you will give them your car.
Or like others said do not do it.
Eric

 

No car, no trade. You could try selling it yourself and getting a little extra cash while you're waiting on the new one.

The only way I'd consider giving it to the dealer now is if it's an extra car for you that you don't mind being without and he is is willing to buy your current vehicle as a totally separate transaction from ordering the new one. Don't do it unless you're walking away with the cash in your pocket today and are happy with the price.

I'm currently waiting on my C7 to be built and my C5 is sitting covered in the garage- and will not move until I take it to trade in on the new one.

 

Lawyers earn a good living when deals like this go south.

 

I agree. I'd give up the car if the dealer was willing to give you a satisfactory amount of cash today for your car as a trade. Then if he isn't able to get you a car in an agreed upon timeframe, you would be free to seek out a car elsewhere.

 

It seems a bit risky to me. Does the dealer take title to your car? If a potential customer takes your car out for a drive, and has an accident, does the dealer assume all responsibility?I wouldn't do it, but if you do, ask a lot of questions and get things in writing.

 

What if it takes six months or the order has to be canceled for some reason? I know people that have given up the trade before getting the new car. I would not do it. The dealer wants your car now because he knows what it is worth now. He might just wholesale it and get paid quickly. If the dealer waits until the new car gets delivered, the trade might have gone down in value. This type of move is all in favor of the dealer.

 

Only give him your car when your new car is sitting there; never before.

 

wait til the dealer gets your order in

 

No, and No.

Order from a high-volume Corvette dealer.

 

I gave up my Grand Sport in November on a car that was just produced and shipped. Not a big deal to me, actually... I insisted on it.

I went to a forum dealer so I knew the car would be built, but with the constraints I knew it would be awhile since he had a backlog of people wanting the constraint items. My C6 was not my daily driver, so I wanted to trade it away as soon as possible to minimize any more depreciation. I think I did the right thing as prices in the last 2 months seem to have come down.

As for the comment above, about the interest free loan: I had them cut me a check for my C6, so I've still got the money until my car shows up at the dealership (waiting on a train). Now, I live in California where there is no tax incentive on trades, we pay full sales tax on new cars no matter what so if you live in a state where you get a break that may change your situation.

In any case, as others suggested you should verify they have allocations. Actually, I would talk to the sales manager and make sure they have an allocation that fits your order NOW, and not that they are betting they have one in the future. Allocations are distributed on Thursdays and need to be submitted by end of business Monday. If you get one, on that Tuesday your order will be at 2000 and moving along, otherwise you sit at 1100 at the mercy of the dealership.

Good luck and keep us updated.

 

I did the pre delivery trade. First I was sorry however the value of the C6 fell $4,000 in the mean time and now I'm ahead. The transaction is now a direct sale to the dealer (got the money immediately). The dealer couldn't get the order picked up after four months, so I canceled and walked. I did lose the sales tax credit on the trade but ahead $2,500.
First not all Chevrolet dealers are Corvette dealers. A Corvette dealer should be able to show you the Final Allocation By Week Report, which lists his allocations. Find out how many orders are ahead of yours and if they have constraints. Remember your purchasing an allocation at this point the car is secondary. After receiving all the information that is available you will be able to decide if the dealer can actually acquire your ordered car. Then if all is good make your deal. I didn't understand the allocation process and my initial dealer selection couldn't get an allocation, seems to be very common just search the Forum.

 

Only agree to do this when your order reaches status 3000.