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How to take advantage of depreciation, my new ride.
Said goodbye to my Vette and hello to Mr. Hellcat.
Now how did I take advantage of depreciation? Well, it's not a long story, but one worth reading. In the Houston area we have a business called Texas Direct Auto (texasdirectauto.com) and what a lot of people do is get a new car, put a few miles on it, then trade it for another.
So one day I searched their website, but only found 3 manual transmission Hellcats (all were 2015) and found one auto Helllcat for $61,000. I headed on down there and saw a beautiful red 2016 red Hellcat, however it wasn't listed on their website. When I asked the salesman why it wasn't listed, he mentioned someone had a deposit on it, however the deposit was a week or two old. I told him to check on it, then give me a call to see whether it's available or not. Outside of peeking in the window and doing a quick walk around, I didn't know much about the car.
I did have the last 6 digits of the car's VIN number and doing a search I came up with the car on Ebay. This Ebay auction has ended, so I don't know how long this link will be good. http://www.ebay.com/itm/2016-Dodge-C...pZKYqP&vxp=mtr
They asked for $56,000 and the sold it to me for $53,500. The car only had 4,400 miles on it and looked brand spanking new. The MSRP was $70,000 and was exactly what I wanted with no moonroof, auto, and red.
So, what does this tell me about depreciation? It tells me that there are still a lot of brand new 2016 Hellcats out there, and if they sold it to me for $53,500 (which shows I got the car for $16,500 under MSRP), that means they had to offer the past owner around $50,000 which is a $20,000 hit.
In the future, if and when I decide to buy another car, I think I will visit Texas Direct Auto and see if I can run into a scenario like this one, get an almost brand new car, where the depreciation has already run it's course. I'm sure they have killer deals on C7 Corvettes if anybody is considering buying a new one.
Irony, I was driving around the neighborhood and a guy waved me over. When I told him I paid $53,500 for this car, I could see he was mildly upset. He had a 2015 that he paid a $5,000 market adjustment on, and he didn't realize that some of the Hellcats were selling for the low $50,000 range. He mentioned wanting to sell his outright for $60,000.
Congrats and happy Father's Day to you. That's a damn good looking ride and I'll bet it's a hoot to drive. Once you've had a chance to play with it a bit I'd like to hear what you think. I suspect you'll be thinking very good things.
I could be wrong, so feel free to correct me. Didn't you buy a C7 Z06 not all that long ago? If so, I'm wondering what prompted you to move away from it so soon?
I could be wrong, so feel free to correct me. Didn't you buy a C7 Z06 not all that long ago? If so, I'm wondering what prompted you to move away from it so soon?
I've been a fan of the Challenger for a few decades, but have never owned one. My last few cars (2005 GTO, 2009 G8 GXP, 2013 manual Mustang GT, 2013 auto Mustang GT, 2015 Charger SRT, 2015 Vette Z51, and 2016 Vette Z06) were all blue. Like any hot blooded male, I love the quarter mile and the Hellcat is made for the quarter mile. Bottom line, I just wanted something different and considering my past few cars, the red Hellcat is different.
Originally Posted by JJS04
Another switch to the Dark Dodge side! Congrats on the new-to-you Hellcat and great price!
I've been a fan of the Challenger for a few decades, but have never owned one. My last few cars (2005 GTO, 2009 G8 GXP, 2013 manual Mustang GT, 2013 auto Mustang GT, 2015 Charger SRT, 2015 Vette Z51, and 2016 Vette Z06) were all blue. Like any hot blooded male, I love the quarter mile and the Hellcat is made for the quarter mile. Bottom line, I just wanted something different and considering my past few cars, the red Hellcat is different.
I happen to love blue too. Almost all of my toys are blue. The wife says that whatever car we get next needs to be another color. As cool as she's been about my car sickness, I'm good with that. Good luck with the Hellcat. I'd love to run one down the strip myself.
I was about to call BS on the high $40K's part, but then did an Autotrader search, and wow.....one can get a slightly used 700hp car for under $50K. That's rediculous
I was about to call BS on the high $40K's part, but then did an Autotrader search, and wow.....one can get a slightly used 700hp car for under $50K. That's rediculous
Yep, it's true. Local Chevy dealer must of taken one in trade. It was advertised at 2,000 miles and showroom condition. They were asking $48k for it. I made the mistake and delayed going and looking at it and it was sold.
06-18-2017, 12:03 PM
How to take advantage of depreciation, my new ride.
That's a damn good looking ride and I'll bet it's a hoot to drive. 
Once you've had a chance to play with it a bit I'd like to hear what you think. I suspect you'll be thinking very good things. 
