Possibly selling trading my 2018 BRM Z06, advice
10-20-2018, 08:34 AM
#1
Possibly selling trading my 2018 BRM Z06, advice
what would be the best way? It’s winter and yes I love the car but it just haven’t brought me all the excitement I thought it would. I want to save more money for family stuff. And I have a pretty highly car payment. I owe about 80 on it. It has 1100 miles. 2lz. Perfect OCD condition. I bought this in March 2018. I was thinking private sale but that would prob be long and hard. Or downgrading for a used 2016-2017 tahoe or Escalade for the winter.
10-20-2018, 09:05 AM
#2
Le Mans Master
I
look at kelly blue book and edmunds ratings for the car you have and it’s value for trade, private party and retail. Look at the car you want the same way. Get the dollar value for those 2 items.
Then figure out what equity you have in your car if any.
Then do the arithmetic and ——-
Then try to negotiate a deal as close to private party or trade as the delta difference between the 2 that is financed. As the amount you are financing now is less.
You’ll have a tough time selling your car outright. Your best bet is to go to a chevy dealer that has an suv like you want and trade.
just guessing. I would assume your 2018 stickered at 94k being a 2lz. You put down got 10 percent off sticker and put down 4K and the balance of the loan is 80k. Trade in for your car might be 68k to 72k.
The 2016 chevy suv probAbly stickered At 62k new. Trade in is 35k. They’ll ask 47k
This time of year the suv is in market your vett is not. The dealer will use that against you big time.
With the trade deal you’ll lower your payment by 18 to 22 percent. And work to get to 28 to 32 percent lower on your payment. Or sell the car outright take your lumps and go buy a less expensive suv and drive that a couple years till you get caught back up.
what would be the best way? It’s winter and yes I love the car but it just haven’t brought me all the excitement I thought it would. I want to save more money for family stuff. And I have a pretty highly car payment. I owe about 80 on it. It has 1100 miles. 2lz. Perfect OCD condition. I bought this in March 2018. I was thinking private sale but that would prob be long and hard. Or downgrading for a used 2016-2017 tahoe or Escalade for the winter.
Then figure out what equity you have in your car if any.
Then do the arithmetic and ——-
Then try to negotiate a deal as close to private party or trade as the delta difference between the 2 that is financed. As the amount you are financing now is less.
You’ll have a tough time selling your car outright. Your best bet is to go to a chevy dealer that has an suv like you want and trade.
just guessing. I would assume your 2018 stickered at 94k being a 2lz. You put down got 10 percent off sticker and put down 4K and the balance of the loan is 80k. Trade in for your car might be 68k to 72k.
The 2016 chevy suv probAbly stickered At 62k new. Trade in is 35k. They’ll ask 47k
This time of year the suv is in market your vett is not. The dealer will use that against you big time.
With the trade deal you’ll lower your payment by 18 to 22 percent. And work to get to 28 to 32 percent lower on your payment. Or sell the car outright take your lumps and go buy a less expensive suv and drive that a couple years till you get caught back up.
Last edited by Mr. Gizmo; 10-20-2018 at 09:21 AM.
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ZR1Bob (10-20-2018)
10-20-2018, 09:25 AM
#4
I
look at kelly blue book and edmunds ratings for the car you have and it’s value for trade, private party and retail. Look at the car you want the same way. Get the dollar value for those 2 items.
Then figure out what equity you have in your car if any.
Then do the arithmetic and ——-
Then try to negotiate a deal as close to private party or trade as the delta difference between the 2 that is financed. As the amount you are financing now is less.
You’ll have a tough time selling your car outright. Your best bet is to go to a chevy dealer that has an suv like you want and trade.
just guessing. I would assume your 2018 stickered at 94k being a 2lz. You put down got 10 percent off sticker and put down 4K and the balance of the loan is 80k. Trade in for your car might be 68k to 72k.
The 2016 chevy suv probAbly stickered At 62k new. Trade in is 35k. They’ll ask 47k
This time of year the suv is in market your vett is not. The dealer will use that against you big time.
With the trade deal you’ll lower your payment by 18 to 22 percent. And work to get to 28 to 32 percent lower on your payment. Or sell the car outright take your lumps and go buy a less expensive suv and drive that a couple years till you get caught back up.
look at kelly blue book and edmunds ratings for the car you have and it’s value for trade, private party and retail. Look at the car you want the same way. Get the dollar value for those 2 items.
Then figure out what equity you have in your car if any.
Then do the arithmetic and ——-
Then try to negotiate a deal as close to private party or trade as the delta difference between the 2 that is financed. As the amount you are financing now is less.
You’ll have a tough time selling your car outright. Your best bet is to go to a chevy dealer that has an suv like you want and trade.
just guessing. I would assume your 2018 stickered at 94k being a 2lz. You put down got 10 percent off sticker and put down 4K and the balance of the loan is 80k. Trade in for your car might be 68k to 72k.
The 2016 chevy suv probAbly stickered At 62k new. Trade in is 35k. They’ll ask 47k
This time of year the suv is in market your vett is not. The dealer will use that against you big time.
With the trade deal you’ll lower your payment by 18 to 22 percent. And work to get to 28 to 32 percent lower on your payment. Or sell the car outright take your lumps and go buy a less expensive suv and drive that a couple years till you get caught back up.
10-20-2018, 10:58 AM
#5
I have firsthand experience with this. Like you I was bigly upside down on my A8 2016 ZO7 and grew tired of cutting that check every month for the little drive time I was enjoying. I went to the local Chevy dealer and traded it in for a 2017 Silverado- got a good value on the Vette, but the negative equity had to be rolled into the note on the truck. In a nutshell, monthly payment went down, but I'm now paying an obscene monthly note on a base model truck...dealership always wins��
About a year later I was jonesing for another sports car- went out and bought a 2017 M7 ZO7... Is there a AA equivalent for folks with sports car addiction?
About a year later I was jonesing for another sports car- went out and bought a 2017 M7 ZO7... Is there a AA equivalent for folks with sports car addiction?
10-20-2018, 11:52 AM
#6
Team Owner
I
look at kelly blue book and edmunds ratings for the car you have and it’s value for trade, private party and retail. Look at the car you want the same way. Get the dollar value for those 2 items.
Then figure out what equity you have in your car if any.
Then do the arithmetic and ——-
Then try to negotiate a deal as close to private party or trade as the delta difference between the 2 that is financed. As the amount you are financing now is less.
You’ll have a tough time selling your car outright. Your best bet is to go to a chevy dealer that has an suv like you want and trade.
just guessing. I would assume your 2018 stickered at 94k being a 2lz. You put down got 10 percent off sticker and put down 4K and the balance of the loan is 80k. Trade in for your car might be 68k to 72k.
The 2016 chevy suv probAbly stickered At 62k new. Trade in is 35k. They’ll ask 47k
This time of year the suv is in market your vett is not. The dealer will use that against you big time.
With the trade deal you’ll lower your payment by 18 to 22 percent. And work to get to 28 to 32 percent lower on your payment. Or sell the car outright take your lumps and go buy a less expensive suv and drive that a couple years till you get caught back up.
look at kelly blue book and edmunds ratings for the car you have and it’s value for trade, private party and retail. Look at the car you want the same way. Get the dollar value for those 2 items.
Then figure out what equity you have in your car if any.
Then do the arithmetic and ——-
Then try to negotiate a deal as close to private party or trade as the delta difference between the 2 that is financed. As the amount you are financing now is less.
You’ll have a tough time selling your car outright. Your best bet is to go to a chevy dealer that has an suv like you want and trade.
just guessing. I would assume your 2018 stickered at 94k being a 2lz. You put down got 10 percent off sticker and put down 4K and the balance of the loan is 80k. Trade in for your car might be 68k to 72k.
The 2016 chevy suv probAbly stickered At 62k new. Trade in is 35k. They’ll ask 47k
This time of year the suv is in market your vett is not. The dealer will use that against you big time.
With the trade deal you’ll lower your payment by 18 to 22 percent. And work to get to 28 to 32 percent lower on your payment. Or sell the car outright take your lumps and go buy a less expensive suv and drive that a couple years till you get caught back up.
Ouch if you still owe 80 k on it??
10-20-2018, 11:53 AM
#7
Le Mans Master
the sports car addiction is nuts, -- when I see something I like I get all googly eyed like a 7 year old waiting for xmas morning.
10-20-2018, 11:59 AM
#8
Team Owner
I have firsthand experience with this. Like you I was bigly upside down on my A8 2016 ZO7 and grew tired of cutting that check every month for the little drive time I was enjoying. I went to the local Chevy dealer and traded it in for a 2017 Silverado- got a good value on the Vette, but the negative equity had to be rolled into the note on the truck. In a nutshell, monthly payment went down, but I'm now paying an obscene monthly note on a base model truck...dealership always wins��
About a year later I was jonesing for another sports car- went out and bought a 2017 M7 ZO7... Is there a AA equivalent for folks with sports car addiction?
About a year later I was jonesing for another sports car- went out and bought a 2017 M7 ZO7... Is there a AA equivalent for folks with sports car addiction?
But buy a 100k car for 88k even with some down you will be upside down because value of the options tanks. The car drops to little more than a 1lz.
10-20-2018, 12:04 PM
#9
Drifting
I worked for a BMW dealer for about 6 years. What Mr. Gizmo and Carvin said make sense. A good way to get a real wholesale value is to go to CarMax or have a Chevy dealer appraise it. Carmax value is real because they give you a piece of paper that says they will pay cash for the car for 7 days. Depending on where you live (i.e., Florida or Minnesota) a Chevy dealer may or may not want to buy the car now, as we are heading into winter. There is really no magic solution to being underwater on a loan other than to wait it out and keep paying down the loan until your equity is positive. (Or as suggested, you can always write a check for the balance--CarMax and dealers can help on this). Car depreciation is fairly well known.First year is the highest, probably around 25%-30%; by the end of the third year the car's value would be about 50%-55% of original MSRP. If you have a five year loan and borrowed $85k in March of 2018, you would owe about $80k now. March of next year balance would be about $69k, end of second year would be about $52k, and end of third year balance would be about $33k. So the curves would cross somewhere in the third year I would think.If your loan is a longer term, like 6 or 7 years, the balances would be higher at each point but they can be calculated. I am not a big fan of rolling negative equity into a new loan;you just keep digging yourself deeper. As the song goes, "....another day older and deeper in debt..." Good luck with your issue. --Bob
Last edited by ZR1Bob; 10-20-2018 at 12:05 PM.
10-20-2018, 12:14 PM
#10
I worked for a BMW dealer for about 6 years. What Mr. Gizmo and Carvin said make sense. A good way to get a real wholesale value is to go to CarMax or have a Chevy dealer appraise it. Carmax value is real because they give you a piece of paper that says they will pay cash for the car for 7 days. Depending on where you live (i.e., Florida or Minnesota) a Chevy dealer may or may not want to buy the car now, as we are heading into winter. There is really no magic solution to being underwater on a loan other than to wait it out and keep paying down the loan until your equity is positive. (Or as suggested, you can always write a check for the balance--CarMax and dealers can help on this). Car depreciation is fairly well known.First year is the highest, probably around 25%-30%; by the end of the third year the car's value would be about 50%-55% of original MSRP. If you have a five year loan and borrowed $85k in March of 2018, you would owe about $80k now. March of next year balance would be about $69k, end of second year would be about $52k, and end of third year balance would be about $33k. So the curves would cross somewhere in the third year I would think.If your loan is a longer term, like 6 or 7 years, the balances would be higher at each point but they can be calculated. I am not a big fan of rolling negative equity into a new loan;you just keep digging yourself deeper. As the song goes, "....another day older and deeper in debt..." Good luck with your issue. --Bob
10-20-2018, 01:02 PM
#11
Another reason for buying 1lz at discount. They don't lose a lot of value. You bought an 84k car discounted for 72k. A little down and you are never upside down.
But buy a 100k car for 88k even with some down you will be upside down because value of the options tanks. The car drops to little more than a 1lz.
But buy a 100k car for 88k even with some down you will be upside down because value of the options tanks. The car drops to little more than a 1lz.
Last edited by Cercone; 10-20-2018 at 01:03 PM.
10-20-2018, 09:45 PM
#12
Tech Contributor
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what would be the best way? It’s winter and yes I love the car but it just haven’t brought me all the excitement I thought it would. I want to save more money for family stuff. And I have a pretty highly car payment. I owe about 80 on it. It has 1100 miles. 2lz. Perfect OCD condition. I bought this in March 2018. I was thinking private sale but that would prob be long and hard. Or downgrading for a used 2016-2017 tahoe or Escalade for the winter.
Bill
10-21-2018, 12:39 AM
#13
Team Owner
In rare instances your right; like if you sell it in the first year or so. I have never Once seen someone wanting to buy a High End car ask / want Less options...unless it’s a Pure race car. Your argument makes sense on Common cars the average joe has, that’s about it. Or like heated/cooled seats depending on where you live. Look at any auction if you don’t believe me.
10-21-2018, 06:07 AM
#14
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St. Jude Donor '15
"In honor of jpee"
What area of the country do you live in? If you live in the North where people put their cars away for the winter you are looking at the worst possible time to sell. Dealers aren't going to want your car as it will sit on their lot for several months before Customers even think of looking for a Corvette or they will wholesale it. Either way you won't get a good price no matter what the books say it is worth.
Bill
Bill
As to no options, 1LZ, (or 1LT), most people can't predict the future. While the "1" package is a very good people like the more costly options. That said, and not trying to be funny, it's the price one has to pay when the car is sold earlier than a few years after purchase when depreciating price-drops start to level off. But Bill above is right: it depends where you live and time of year to some extent, too. Wishing OP good luck!
10-21-2018, 07:23 AM
#15
Le Mans Master
If you owe 80k and that includes the extended 10 year b2b warranty that’s not too bad. If you can get out of the warranty that’s got to be a 3 to 4K refund. So your down to 76k. And you can get a cheapskate on the forum to buy it , get yourself a family hauler used 2017 equinox for 18k and save up some dough for 3 years and buy yourself another c7 z06 for 45k and pay cash for it.
And run the equinox into the ground for 10 or 12 years and you can save yourself up some serious money by not having a car payment for an everyday driver. Doing something like that ain’t so bad. My everyday is an 8 year old Kia Sorento. It spends most of its time hauling crap around when I do yard work or we shop for groceries or parked at the airport when I travel on biz 2 or 3 days a week. No need for a fancy new Escalade or pain in the *** Range Rover like the in-laws have that always seems to be in the shop to do that.
Last edited by Mr. Gizmo; 10-21-2018 at 07:34 AM.
10-21-2018, 09:23 AM
#16
Team Owner
