Manheim Auction Prices
Racer
Joined: Feb 2014
Posts: 374
Likes: 92
No they don't use auction prices for ANY trade...Why would they not? Because you DON'T have to trade. Really its true, you don't have to take their offer. Isn't than an amazing fact. I've purchased at least 45 cars and I know damn well they don't "always" use auction for ANY trade.
Dealers recognize that some buyers are stuck on a trade value for their car. They may meet that value but if over auction value you could have had it as a discount in another area.
Team Owner
Joined: Apr 2008
Posts: 22,572
Likes: 1,696
From: South Carolina
You're right. You don't have to trade for auction price and they don't care. If they want a car of your type to sell on the lot they can buy it at auction. If they give you more then auction value then they are making it up on the car or dealer options! Financing ect.. That means you could have had the difference between the auction value and offered value as a discount with no trade. In the end the dealer cares only about his total profit on the deal. That has several components including new car price, trade price, financing kickbacks, dealer options, trunk money, holdback ect.. You trade is valued at auction price in that matrix. To value it any other way makes no sense.
Dealers recognize that some buyers are stuck on a trade value for their car. They may meet that value but if over auction value you could have had it as a discount in another area.
Dealers recognize that some buyers are stuck on a trade value for their car. They may meet that value but if over auction value you could have had it as a discount in another area.
Sorry Charlie...You are not correct. There are occasions when auctions are higher than traditional markers so you know damn well they wouldn't use them then. There is also regional prices as well that vary. Also often times the range at an auction is more than 6k so they are not using the high number either, but that is your wiggle. Also trading, if you do it right, is TWO deals not one. I am friends with at least two dealers and one of them has who've been in business for 90 years and they do NOT simply use auction prices. They do use them often on cars they will wholesale though. Also these dealers never upcharge from MSRP simply on principle.
You will loose your butt letting them use auction prices exclusively...
Instructor
Joined: Aug 2013
Posts: 155
Likes: 0
From: Southern Connecticut
Melting Slicks
Joined: Jul 2004
Posts: 2,574
Likes: 615
From: Springfield TN
So much good information here. This respected forum dealer outright lied to me. After driving 4 hrs one way he told me the car was trading for $17k at the auction. As we have seen from the above posts, the range is $25 to $30. Now mind you this car is in excellent condition so I am thinking $27k should have done it. But sitting in the dealers chair, 4 hrs from Home with no internet connection and no account at Manheim to check it out, I took his word for it. Shame on me for that. A very expensive life lesson. I M wondering if this lie qualifies for a call to my attorney?
The answer, as you now know, is to do your homework first and know what your car is worth before you are sitting in the finance manager's office getting worked over and being asked if you want to buy credit life insurance, or some other nonsense.
In the end, though, it just means you paid more for your Corvette (car salesmen look at a deal as a whole--new car price, financing price (if applicable), trade in price, add-on pricing. They have a certain return they need to hit to trade. They can increase what they pay for your trade and make up for it by increasing your finance cost, or reduce the new car price and pay for it by reducing what they pay for your trade, etc.) You still got a great car for a pretty solid price and next time you will do your homework or sell your car first before buying your new one.
Burning Brakes
Joined: Dec 2003
Posts: 974
Likes: 0
From: Boca Raton Florida
That's why I just took a Carmax deal on my car , 2011 2LT coupe 29k miles and I received $31k in October of last year . That was 1k less than I was willing to take on a private sale . I dealt with the general public for a few weeks and said f**k it and just took the Carmax money . It was fast and easy . I took my equity to Criswell and I still feel good about the deal .
On another note , I can't believe you didn't have a ballpark for your car before you drove all the way there . I just don't get it . Don't look back and enjoy your new car , this is the best way to look at things , believe be I have learned the hard way myself ..... Good luck and enjoy the ride . I still love my car 5 months later . This car feels and looks beautiful . This is gonna be a hard car to beat .....
On another note , I can't believe you didn't have a ballpark for your car before you drove all the way there . I just don't get it . Don't look back and enjoy your new car , this is the best way to look at things , believe be I have learned the hard way myself ..... Good luck and enjoy the ride . I still love my car 5 months later . This car feels and looks beautiful . This is gonna be a hard car to beat .....
Drifting
Joined: Nov 2013
Posts: 1,329
Likes: 1
Guys, if you were a dealer, would you pay more for a trade than you can buy the same car at wholesale auction? Why would you? You can replace the car all day at auction. And if you can get the trade at lower than auction, then you can make money reselling it at retail or reselling it at wholesale auction.
I just do not understand the hatred for making money I sometimes see here. I am not a dealer, but if I were, I would want to make the most money I could. I would be honest, but if someone comes to my office and agrees to trade his car at X to get his new Corvette, then I will trade, even if the car is worth X2. If the customer doesn't want to trade, then maybe I change the deal if I want to move the Corvette. No one made the OP deal at the price offered on his trade. He chose to go forward rather than drive home, or better yet, refuse to show up until a trade price was agreed in writing.
When we all go Tesla, we can just order our cars at MSRP over Amazon or Tesla direct and they will be delivered to our door. No dealers. This has sure happened in lots of other businesses over the years....and then we'll have to figure out how to support the hundreds of thousands of people who used to work for car dealers....
I just do not understand the hatred for making money I sometimes see here. I am not a dealer, but if I were, I would want to make the most money I could. I would be honest, but if someone comes to my office and agrees to trade his car at X to get his new Corvette, then I will trade, even if the car is worth X2. If the customer doesn't want to trade, then maybe I change the deal if I want to move the Corvette. No one made the OP deal at the price offered on his trade. He chose to go forward rather than drive home, or better yet, refuse to show up until a trade price was agreed in writing.
When we all go Tesla, we can just order our cars at MSRP over Amazon or Tesla direct and they will be delivered to our door. No dealers. This has sure happened in lots of other businesses over the years....and then we'll have to figure out how to support the hundreds of thousands of people who used to work for car dealers....
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Team Owner
Joined: Sep 2010
Posts: 32,144
Likes: 4,619
That's why I just took a Carmax deal on my car , 2011 2LT coupe 29k miles and I received $31k in October of last year . That was 1k less than I was willing to take on a private sale . I dealt with the general public for a few weeks and said f**k it and just took the Carmax money . It was fast and easy . I took my equity to Criswell and I still feel good about the deal .
On another note , I can't believe you didn't have a ballpark for your car before you drove all the way there . I just don't get it . Don't look back and enjoy your new car , this is the best way to look at things , believe be I have learned the hard way myself ..... Good luck and enjoy the ride . I still love my car 5 months later . This car feels and looks beautiful . This is gonna be a hard car to beat .....
On another note , I can't believe you didn't have a ballpark for your car before you drove all the way there . I just don't get it . Don't look back and enjoy your new car , this is the best way to look at things , believe be I have learned the hard way myself ..... Good luck and enjoy the ride . I still love my car 5 months later . This car feels and looks beautiful . This is gonna be a hard car to beat .....
I agree on selling it on your own or to a Carmax as always the best way, if you don't like the trade-in bid.
If there is another Chevrolet dealer willing to give the OP in the high $20sK range as he claims it's worth, then it will be a case of the forum Corvette dealer; low-balling the poor guy's Audi.
Racer
Joined: Feb 2014
Posts: 374
Likes: 92
The OP's posting (without looking up any pricing) struck me as the forum dealer flat didn't want his Audi - for whatever reason(s). Can't say as I blame them there from what I know about 'em.
I agree on selling it on your own or to a Carmax as always the best way, if you don't like the trade-in bid.
If there is another Chevrolet dealer willing to give the OP in the high $20sK range as he claims it's worth, then it will be a case of the forum Corvette dealer; low-balling the poor guy's Audi.
I agree on selling it on your own or to a Carmax as always the best way, if you don't like the trade-in bid.
If there is another Chevrolet dealer willing to give the OP in the high $20sK range as he claims it's worth, then it will be a case of the forum Corvette dealer; low-balling the poor guy's Audi.
One last point. For gods sake never ever buy the protection package!!!
Le Mans Master
Joined: Dec 2006
Posts: 5,139
Likes: 482
From: H-Town Texas
Every number on a car deal is negotiable. The price of the new car, the trade in of the old car, the interest rate on a dealer financed loan, warranty options, everything but the price of a can of coke at the dealership out of the machine.
Have to do some research before going in. The dealership will always, always low ball you on trade in. Just know your number going in, once they give you the low ball, return with a high number and hopefully meet somewhere near your acceptable number. It's just how the game is played.
Ben Franklin said, " A penny saved is a penny earned." and nowhere is that more true than a car dealership.
Have to do some research before going in. The dealership will always, always low ball you on trade in. Just know your number going in, once they give you the low ball, return with a high number and hopefully meet somewhere near your acceptable number. It's just how the game is played.
Ben Franklin said, " A penny saved is a penny earned." and nowhere is that more true than a car dealership.
Thread Starter
Instructor
Joined: Nov 2004
Posts: 110
Likes: 2
I am the OP. The bottom,bottom line here is that I should have walked away from the deal when the dealer said my Audi was worth $17K at auction and I had no way to check it out sitting in his chair 4 hours away from home after waiting 5 months at my local dealer only to find out that he has no allocation and then switching to the forum dealer who got me the car exactly the way i wanted it in only 5 weeks and now it is sitting right outside his office just screaming to drive it home and I have to decide if I want to unwind the deal and start from scratch or take his word for it that maybe…just maybe my car is actually trading at $17K at auction. Well needless to say, I made the trade, got home, posted this thread and learned that my Audi is trading at $27K at auction…called the dealer and they agreed to split it….I am getting a $5K check back…so yes, things worked out.
Pro
Joined: Feb 2008
Posts: 579
Likes: 2
From: Concord NH
I am the OP. The bottom,bottom line here is that I should have walked away from the deal when the dealer said my Audi was worth $17K at auction and I had no way to check it out sitting in his chair 4 hours away from home after waiting 5 months at my local dealer only to find out that he has no allocation and then switching to the forum dealer who got me the car exactly the way i wanted it in only 5 weeks and now it is sitting right outside his office just screaming to drive it home and I have to decide if I want to unwind the deal and start from scratch or take his word for it that maybe…just maybe my car is actually trading at $17K at auction. Well needless to say, I made the trade, got home, posted this thread and learned that my Audi is trading at $27K at auction…called the dealer and they agreed to split it….I am getting a $5K check back…so yes, things worked out.
Just out of curiosity, did the dealer wholesale your car or did they place it on their used car lot for sale?
Last edited by GreginNH; Mar 28, 2014 at 11:23 AM.
Drifting
Joined: May 2011
Posts: 1,300
Likes: 39
From: White Oak NC
I am the OP. The bottom,bottom line here is that I should have walked away from the deal when the dealer said my Audi was worth $17K at auction and I had no way to check it out sitting in his chair 4 hours away from home after waiting 5 months at my local dealer only to find out that he has no allocation and then switching to the forum dealer who got me the car exactly the way i wanted it in only 5 weeks and now it is sitting right outside his office just screaming to drive it home and I have to decide if I want to unwind the deal and start from scratch or take his word for it that maybe…just maybe my car is actually trading at $17K at auction. Well needless to say, I made the trade, got home, posted this thread and learned that my Audi is trading at $27K at auction…called the dealer and they agreed to split it….I am getting a $5K check back…so yes, things worked out.
Instructor
Joined: Aug 2013
Posts: 155
Likes: 0
From: Southern Connecticut
I am the OP. The bottom,bottom line here is that I should have walked away from the deal when the dealer said my Audi was worth $17K at auction and I had no way to check it out sitting in his chair 4 hours away from home after waiting 5 months at my local dealer only to find out that he has no allocation and then switching to the forum dealer who got me the car exactly the way i wanted it in only 5 weeks and now it is sitting right outside his office just screaming to drive it home and I have to decide if I want to unwind the deal and start from scratch or take his word for it that maybe…just maybe my car is actually trading at $17K at auction. Well needless to say, I made the trade, got home, posted this thread and learned that my Audi is trading at $27K at auction…called the dealer and they agreed to split it….I am getting a $5K check back…so yes, things worked out.
Pro
Joined: Feb 2008
Posts: 579
Likes: 2
From: Concord NH
Thread Starter
Instructor
Joined: Nov 2004
Posts: 110
Likes: 2
cborgrx - that is great news! I am glad things worked out for you. I suspect that the dealer evaluated the potential liability associated with the gross misrepresentations they made regarding your trade. Despite what some others have posted, there was a "reasonable expectation" on your part that the dealer was providing you with accurate data upon which you collectively agreed to proceed with a business deal.
Just out of curiosity, did the dealer wholesale your car or did they place it on their used car lot for sale?
Just out of curiosity, did the dealer wholesale your car or did they place it on their used car lot for sale?
Melting Slicks
Joined: Jul 2004
Posts: 2,574
Likes: 615
From: Springfield TN
I am the OP. The bottom,bottom line here is that I should have walked away from the deal when the dealer said my Audi was worth $17K at auction and I had no way to check it out sitting in his chair 4 hours away from home after waiting 5 months at my local dealer only to find out that he has no allocation and then switching to the forum dealer who got me the car exactly the way i wanted it in only 5 weeks and now it is sitting right outside his office just screaming to drive it home and I have to decide if I want to unwind the deal and start from scratch or take his word for it that maybe…just maybe my car is actually trading at $17K at auction. Well needless to say, I made the trade, got home, posted this thread and learned that my Audi is trading at $27K at auction…called the dealer and they agreed to split it….I am getting a $5K check back…so yes, things worked out.
Team Owner
Joined: Sep 2010
Posts: 32,144
Likes: 4,619
I am the OP. The bottom,bottom line here is that I should have walked away from the deal when the dealer said my Audi was worth $17K at auction and I had no way to check it out sitting in his chair 4 hours away from home after waiting 5 months at my local dealer only to find out that he has no allocation and then switching to the forum dealer who got me the car exactly the way i wanted it in only 5 weeks and now it is sitting right outside his office just screaming to drive it home and I have to decide if I want to unwind the deal and start from scratch or take his word for it that maybe…just maybe my car is actually trading at $17K at auction. Well needless to say, I made the trade, got home, posted this thread and learned that my Audi is trading at $27K at auction…called the dealer and they agreed to split it….I am getting a $5K check back…so yes, things worked out.