Value of GMEPP at Private Resale?
10-21-2018, 07:23 PM
#1
Le Mans Master
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St. Jude Donor '15-'16,'18
Value of GMEPP at Private Resale?
I plan to put my '16 Stingray coupe up for sale soon. I have a 7 year/75K mile GMEPP Platinum $0 deductible plan on my car. Car is just over 3 years old with less than 18,500 miles so lots of warranty left. How much do you think this adds to the value of the car? Thanks.
Added: It is transferrable for a small fee.
Added: It is transferrable for a small fee.
Last edited by rmorin1249; 10-21-2018 at 07:25 PM.
10-21-2018, 07:32 PM
#2
Le Mans Master
I also have a GMEPP warranty on my 2016 Z06 and when it comes time to sell, depending on how much time/ miles are left on the warranty, I wouldn’t expect to get any more in the selling price, but I would expect it would enhance the buyer’s desire to buy mine over another car without it. Basically just make it somewhat easier to sell.
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10-21-2018, 07:46 PM
#3
It often makes a difference for the right buyer. You can give them the option to either take it for your asking price, or cash the remainder of the policy in and discount it a bit. Many buyers like to have that choice.
When I sold my 06 C6 Z06, the buyer was only interested in the car because I advertised I had that coverage. It paid off big time for him because about a year after the sale the LS7 destroyed itself, and he received a brand new engine free of charge.
When I sold my 06 C6 Z06, the buyer was only interested in the car because I advertised I had that coverage. It paid off big time for him because about a year after the sale the LS7 destroyed itself, and he received a brand new engine free of charge.
10-21-2018, 07:53 PM
#4
Le Mans Master
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St. Jude Donor '15-'16,'18
Thanks. Using KBB a CPO car is valued a little bit higher so seems reasonable that the GMEPP would make a car with the GMEPP more desirable to the buyer.
10-22-2018, 09:54 AM
#6
Le Mans Master
Actual cash value perhaps.
Cost/ term = monthly.
Monthly x remining term less transfer fee.
= Actual cash value that could be returned to seller if canceled.
Also depends on priced paid versus best price that could have been paid.
Then it depends if of value to buyer.
I think there is some value, just not sure of amount.
To many variables to give firm number in regards to OP question.
Good luck.
Cost/ term = monthly.
Monthly x remining term less transfer fee.
= Actual cash value that could be returned to seller if canceled.
Also depends on priced paid versus best price that could have been paid.
Then it depends if of value to buyer.
I think there is some value, just not sure of amount.
To many variables to give firm number in regards to OP question.
Good luck.
10-22-2018, 10:26 AM
#7
As I implied above, I think the main value is that it expands the pool of potential buyers. Many will not consider a used car without some sort of warranty protection. More potential buyers means a higher probability of quicker sale and more likely at a higher price.
We're talking averages here, and it won't be true in every individual case.
We're talking averages here, and it won't be true in every individual case.
10-22-2018, 11:27 AM
#8
Le Mans Master
It would make a difference to me if I were in the market looking at similar cars and only one having the extended warranty.
It's a good selling point.
I recently bought my '16 pictured below which was purchased by the first owner in Feb. of this year, so when I bought it,
it still had 29 months left on factory warranty. That made a difference to me.
It's a good selling point.
I recently bought my '16 pictured below which was purchased by the first owner in Feb. of this year, so when I bought it,
it still had 29 months left on factory warranty. That made a difference to me.
10-22-2018, 12:59 PM
#9
Racer
You can also cancel it and get a pro-rated refund!
10-22-2018, 03:25 PM
#10
Melting Slicks
I can say that I was barely in the market for a C7 when I found the one I bought. When I heard it had 3 years and 60k miles left on the Warranty - I made an offer for the car on the spot. Bottom line - the warranty sold me. It cost me $50 to transfer it into my name and now Im covered for more years and miles than I plan to own the car...and Ill sell it with the remaining warranty as well. I only buy used cars and there are two rules I follow when buying a car:
1) It has to have super low miles
OR
2) It has to have a full warranty with substantial time/miles remaining
1) It has to have super low miles
OR
2) It has to have a full warranty with substantial time/miles remaining
10-22-2018, 06:24 PM
#11
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When I was selling my C5Z none of the people who looked at the car were interested in the GMPP plan. Their comments were I don't need that I can fix it myself. So I when a person showed up that wanted to purchase the car I didn't mention I had the warranty and we made the deal without it and I turned it in for the pro rated refund.
On my 15Z the B2B runs out at the end of November. I purchased the $0 deductible/84 month/56K additional miles Chevy plan at the end of June so I will have 6.5 years of B2B coverage up to something like 66K miles total. Will never get close to that many miles over that time frame. Hopefully, a purchaser may realize it is a great deal instead of poo pooing the warranty. All of those people who think they can repair the cars themselves never seem to think the parts they might have to replace cost more the the extended warranty cost. That was true of both my 97, my 03Z, my 08Z and I think it will be true on the C7. Just 3 minor repairs on the 08Z had parts costs (2 Nav Radios and one Seat Track) that came in close to $3K and I only paid $2.5K for the plan.
Bill
On my 15Z the B2B runs out at the end of November. I purchased the $0 deductible/84 month/56K additional miles Chevy plan at the end of June so I will have 6.5 years of B2B coverage up to something like 66K miles total. Will never get close to that many miles over that time frame. Hopefully, a purchaser may realize it is a great deal instead of poo pooing the warranty. All of those people who think they can repair the cars themselves never seem to think the parts they might have to replace cost more the the extended warranty cost. That was true of both my 97, my 03Z, my 08Z and I think it will be true on the C7. Just 3 minor repairs on the 08Z had parts costs (2 Nav Radios and one Seat Track) that came in close to $3K and I only paid $2.5K for the plan.
Bill
10-23-2018, 12:00 PM
#12
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St. Jude Donor '13
We always get the GM extended warranty on our Corvettes and always have some "unused" coverage when we go to sell/trade the car.
It's a very individual thing whether a potential buy will want to pick up your warranty.
We've traded in two of them (2001 and 2009), and sold one (2006) to a private party. Nobody was interested in "buying" the unused portion of our warranty, so we turned it in for the pro rated refund.
It's a very individual thing whether a potential buy will want to pick up your warranty.
We've traded in two of them (2001 and 2009), and sold one (2006) to a private party. Nobody was interested in "buying" the unused portion of our warranty, so we turned it in for the pro rated refund.