What do you think an honest trade in value would be?
06-10-2017, 03:11 PM
#1
What do you think an honest trade in value would be?
Hi, Im in south florida and I am thinking about trading in my 16 LT1 for a different car. I see used trade in prices all over the map. Before I go to the dealer what do you guys think a fair trade in price would be. Im a 2nd owner clean carfax, 9800 miles alpine white manual, Corsa valve back exhaust, z06 type wheels. I understand fully aftermarket is a loss. Thanks for the advice.
06-10-2017, 04:23 PM
#2
Le Mans Master
You didn't mention if it was a Z51 or not. I'll assume it's not. Corsa exhaust and repro wheels don't help your value and may even lower it.
Factory new, 2017 zero-mile full warranty 1LT's are discounted to about $47k, so I'd guess Actual Cash Value (ACV -- the amount the dealer will pay in cash), not goofy "trade in" value for a used 2016 w/10,000 miles, 1LT 7spd? $37,000.
Goofy "trade-in" value with an unknown amount of pack in the new car price and the "tax savings" factored in? $50k. Magic, isn't it?
Do yourself a favor, and go to CarMax or other dealer and get a "cash buy" bid for your car before you try to work a trade. Even if you don't plan to buy there, it gives you a true value to work from. If someone isn't willing to write you a check, then the "value" they put on your car is meaningless.
Factory new, 2017 zero-mile full warranty 1LT's are discounted to about $47k, so I'd guess Actual Cash Value (ACV -- the amount the dealer will pay in cash), not goofy "trade in" value for a used 2016 w/10,000 miles, 1LT 7spd? $37,000.
Goofy "trade-in" value with an unknown amount of pack in the new car price and the "tax savings" factored in? $50k. Magic, isn't it?
Do yourself a favor, and go to CarMax or other dealer and get a "cash buy" bid for your car before you try to work a trade. Even if you don't plan to buy there, it gives you a true value to work from. If someone isn't willing to write you a check, then the "value" they put on your car is meaningless.
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Rebel Yell (06-10-2017)
06-11-2017, 12:39 PM
#3
You are very correct and thank you for your reply. They offered me 38k for my car. We both know that if I would have asked for that in large bills there would have been silence.
However I am very happy with my dealer. I left with a 2017 Cadillac ST5 luxury.
Very different from the Corvette and I have to admit as I drove off I looked at my vette and said, "damn that is a nice car." My situation was that it was my only driver. If I could have afforded to keep it for sunny days I so would have.
This crossover will work for me much better on many fronts but don't regret my Corvette days.
Thanks all
However I am very happy with my dealer. I left with a 2017 Cadillac ST5 luxury.
Very different from the Corvette and I have to admit as I drove off I looked at my vette and said, "damn that is a nice car." My situation was that it was my only driver. If I could have afforded to keep it for sunny days I so would have.
This crossover will work for me much better on many fronts but don't regret my Corvette days.
Thanks all
You didn't mention if it was a Z51 or not. I'll assume it's not. Corsa exhaust and repro wheels don't help your value and may even lower it.
Factory new, 2017 zero-mile full warranty 1LT's are discounted to about $47k, so I'd guess Actual Cash Value (ACV -- the amount the dealer will pay in cash), not goofy "trade in" value for a used 2016 w/10,000 miles, 1LT 7spd? $37,000.
Goofy "trade-in" value with an unknown amount of pack in the new car price and the "tax savings" factored in? $50k. Magic, isn't it?
Do yourself a favor, and go to CarMax or other dealer and get a "cash buy" bid for your car before you try to work a trade. Even if you don't plan to buy there, it gives you a true value to work from. If someone isn't willing to write you a check, then the "value" they put on your car is meaningless.
Factory new, 2017 zero-mile full warranty 1LT's are discounted to about $47k, so I'd guess Actual Cash Value (ACV -- the amount the dealer will pay in cash), not goofy "trade in" value for a used 2016 w/10,000 miles, 1LT 7spd? $37,000.
Goofy "trade-in" value with an unknown amount of pack in the new car price and the "tax savings" factored in? $50k. Magic, isn't it?
Do yourself a favor, and go to CarMax or other dealer and get a "cash buy" bid for your car before you try to work a trade. Even if you don't plan to buy there, it gives you a true value to work from. If someone isn't willing to write you a check, then the "value" they put on your car is meaningless.
06-11-2017, 02:33 PM
#4
Le Mans Master
Op sorry but you should've done much better. I don't mean to make you feel bad about it but you should have gotten at least $44k for your car. I just trade in my 14' 2lt 14,000 mile stingray for $44k, and i was the 3rd owner.
Mmr on my corvette was $43,900 and I wasn't taking a penny less while many dealers tried I never accepted. My lowest offer was 40k. As for my new car I only paid 2k over mmr so it's not like I overpaid there either.
Was this the only offer you had? Did you shop around? I thought my stingray was going to be worth a lot less until I was able to see the mmr Mannheim auction prices.
Mmr on my corvette was $43,900 and I wasn't taking a penny less while many dealers tried I never accepted. My lowest offer was 40k. As for my new car I only paid 2k over mmr so it's not like I overpaid there either.
Was this the only offer you had? Did you shop around? I thought my stingray was going to be worth a lot less until I was able to see the mmr Mannheim auction prices.
Last edited by brooklync5; 06-11-2017 at 02:36 PM.
06-11-2017, 05:17 PM
#5
Le Mans Master
Op sorry but you should've done much better. I don't mean to make you feel bad about it but you should have gotten at least $44k for your car. I just trade in my 14' 2lt 14,000 mile stingray for $44k, and i was the 3rd owner.
Mmr on my corvette was $43,900 and I wasn't taking a penny less while many dealers tried I never accepted. My lowest offer was 40k. As for my new car I only paid 2k over mmr so it's not like I overpaid there either.
Mmr on my corvette was $43,900 and I wasn't taking a penny less while many dealers tried I never accepted. My lowest offer was 40k. As for my new car I only paid 2k over mmr so it's not like I overpaid there either.
06-11-2017, 05:37 PM
#6
Le Mans Master
Mmr on my car was $43,900... again the lowest offer I received from any dealer was $40k... and we're talking about 6 different dealers all with different cars none of which were overpriced. Difference between knowing what your car is worth and not can cost you thousands as it did with the OP. Op should have gotten a lot more money. and was taken for a very expensive ride. The dealer can go ahead and send that car to auction and make a hefty $6500-7000 profit without even servicing it or putting it on his showroom floor.