Was I lowballed? - Page 5 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

ThatMaro · 03-08-2018, 07:49 PM

Quote:

Originally Posted by deddmoneydave

That's ok. Take it to carmax, and prepare to be surprised

Thanks for the recommendation. I just find it really funny how our 8 year old Lexus ES 350 is worth more than a car that’s 4 years newer and has less miles. Our ES has almost 100k Miles on it, I think it’s around 99,200-ish Miles. Took that’s car to get appraised the same day we took the Camaro just took the ES to the Lexus dealer we bought it from. (intrested in just getting a 2012 ES since wife and I don’t really care for the 2013’s and up) Anyways the Lexus dealer offered me 12k for it.

I guess since the Lexus is a “luxury brand” and the Camaro is just a “Chevy”.

deddmoneydave · 03-08-2018, 08:12 PM

Quote:

Originally Posted by ThatMaro

Thanks for the recommendation. I just find it really funny how our 8 year old Lexus ES 350 is worth more than a car that’s 4 years newer and has less miles. Our ES has almost 100k Miles on it, I think it’s around 99,200-ish Miles. Took that’s car to get appraised the same day we took the Camaro just took the ES to the Lexus dealer we bought it from. (intrested in just getting a 2012 ES since wife and I don’t really care for the 2013’s and up) Anyways the Lexus dealer offered me 12k for it.

I guess since the Lexus is a “luxury brand” and the Camaro is just a “Chevy”.

The market dictates trade value, most specifically real time regional auction data. Deserved or not Hondas and Toyotas hold their value far better in relative terms as the mileage gets up there than either American cars, or European luxury cars. So it's not because it's just a chevy per se, as a Mercedes or BMW would have suffered just as much relative depreciation as the Chevy. But Carmax will give you a very fair offer, likely a good bit above what a Chevy dealer would ACV it at. I'm in internet sales at a mercedes dealership and know for a fact we wouldnt be able to match Carmax on a car like this. They have a large and efficient dealer network, fewer internal costs incurred after they purchase it (we would have to run it through our overpriced shop, so if we took it in for 10k we would end up owning it for 11.5-12k), and they have their own financing so they can sell it to people that would get turned down by every bank our F&I department would submit the deal to.

tstodii · 03-09-2018, 08:29 AM

Quote:

Originally Posted by ThatMaro

Maybe I’ll consider your offer if no one gives me the amount I’m looking for! If I did accept your offer... what would you do to beloved Camaro might I ask?

Honestly, I'd get it in my name, call Carvana, have them give me $11,300 for it and use that profit to start ordering a few things for mine. I'd love to keep it since it's so clean sounding but I need more garage space first :(

lbls1 · 03-09-2018, 08:49 AM

It does sound very low. It depends on how many miles, accidents, condition etc. If the car had excessive miles (75,000 and up) and you have had at least one accident, then I can see the dealer giving you that offer. Dealers base their numbers on the profit they will want to get on your car. You should figure that the dealer will want to double the money they offer you to buy it. So go figure if they gave you 9k, then they'll probably sell it at 18-20k depending on whether they think they can generate traffic on it. Dealers rarely lose out on sales; Remember they are in this business full time, so they will know what they can offer and what they can get away with.

The benefit to you is that you rid yourself of a car without the labor of selling it yourself, along with the expense of maintaining it while you look for a buyer, and of course the aggravation of having an extra car. You have to do a little homework before trading in, and analyze what the car is worth and what is the lowest you would accept for it. It would be folly to trade a $25,000 car for $8k or 9k, so analyze the situation. I would at least shop around and see if you can get a better offer, and if you can't get a better trade in deal then consider either selling the car yourself or keeping it longer.

ThatMaro · 03-09-2018, 12:29 PM

Quote:

Originally Posted by tstodii

Honestly, I'd get it in my name, call Carvana, have them give me $11,300 for it and use that profit to start ordering a few things for mine. I'd love to keep it since it's so clean sounding but I need more garage space first :(

Wow. If that’s the case I’d be selling to caravna today. 11k. That sounds nice.

ThatMaro · 03-09-2018, 12:33 PM

Quote:

Originally Posted by lbls1

It does sound very low. It depends on how many miles, accidents, condition etc. If the car had excessive miles (75,000 and up) and you have had at least one accident, then I can see the dealer giving you that offer. Dealers base their numbers on the profit they will want to get on your car. You should figure that the dealer will want to double the money they offer you to buy it. So go figure if they gave you 9k, then they'll probably sell it at 18-20k depending on whether they think they can generate traffic on it. Dealers rarely lose out on sales; Remember they are in this business full time, so they will know what they can offer and what they can get away with.

The benefit to you is that you rid yourself of a car without the labor of selling it yourself, along with the expense of maintaining it while you look for a buyer, and of course the aggravation of having an extra car. You have to do a little homework before trading in, and analyze what the car is worth and what is the lowest you would accept for it. It would be folly to trade a $25,000 car for $8k or 9k, so analyze the situation. I would at least shop around and see if you can get a better offer, and if you can't get a better trade in deal then consider either selling the car yourself or keeping it longer.

If I can’t get an offer that I’m comfortable with then I’ll just keep it. If I do keep it I’m planning to do the following things: Wrap it, Get Wheels Satin Black, Paint Calipers Red and Tint the windows darker then they are.

alexlj92 · 03-09-2018, 12:53 PM

You probably got low-balled. I totaled my '04 RX8 and used the insurance payment to put down on my '14 SS/RS that I bought at the end of '15.

Insurance gave me $5,500 for my RX8 and (I assume the value was in the engine), but it had 120K miles on it and it was crashed. I cant imagine selling a car 10 years newer with a more reliable engine and 55K less miles for only $500 more.

ThatMaro · 03-09-2018, 04:57 PM

Quote:

Originally Posted by alexlj92

You probably got low-balled. I totaled my '04 RX8 and used the insurance payment to put down on my '14 SS/RS that I bought at the end of '15.

Insurance gave me $5,500 for my RX8 and (I assume the value was in the engine), but it had 120K miles on it and it was crashed. I cant imagine selling a car 10 years newer with a more reliable engine and 55K less miles for only $500 more.

Wow! It actually shocks me as to how much they tried to lowball me. I honestly wasn’t about to give them my car if they would have gave me a higher offer..And if the lease payment was a tad bit lower.

tstodii · 03-09-2018, 05:00 PM

Quote:

Originally Posted by ThatMaro

Wow. If that’s the case I’d be selling to caravna today. 11k. That sounds nice.

That's the case. I went on there used your year and model info but didn't add any options you might have. They offered me 11,344 as soon as tomorrow.

I'm sure they will offer you more if you go on the site and type your VIN and all options in that I didn't include.

My 7k offer is serious if you're a short flight from SC

Silver14 · 03-09-2018, 05:38 PM

Quote:

Originally Posted by Royal Tiger

So they came down $6k and were going to give you $6k for yours? That doesn’t sound to bad. Playing with the numbers they could stick to the MSRP and show they are giving you $12k for yours.

According to kbb, a fair purchase price on this car with a 42k msrp is just under 40k. 35k price - 6k trade = 29k. If the fair purchase price is really 40k, your effectively getting 11k for your current car.

Look at the whole deal, not just the trade #! I'm sure they'd be thrilled to give you 13k for your trade and sell you the car at msrp.

ThatMaro · 03-09-2018, 09:29 PM

Quote:

Originally Posted by tstodii

That's the case. I went on there used your year and model info but didn't add any options you might have. They offered me 11,344 as soon as tomorrow.

I'm sure they will offer you more if you go on the site and type your VIN and all options in that I didn't include.

My 7k offer is serious if you're a short flight from SC

I’m seriously going to try carvana now...I’ll also let you know if I will accept your offer after I sleep on it

05Goat · 03-12-2018, 11:14 PM

Do yourself a favor and sell it yourself. A dealer only uses the KBB for reference. The thing people that aren't in the car industry don't understand is they get bombarded like an apple commercial with the Kelly Blue Book. Trust me it doesn't mean crap! They also have a black book they used to go by, not sure if they still do. That one really low balls you.

In the real world, most dealers will look up a car just like yours on craigslist with similar mileage. Probably look at the yellow book, NADA. They won't go by trade in value, they will go by loan value. So they look at craigslist to see what they can get, because KBB doesn't mean crap. But they use the NADA loan value to screw you.

Moral of the story, be patient, sell your car yourself, then look for a car. You will be happy you did. It doesn't make sense to leave thousands of dollars on the table you could use towards the new car..

wyatt 390 · 03-15-2018, 04:24 PM

I know our local chev dealer is always $3000to$5000 lower then sales price because they GM certify all there used cars.

03-09-2018, 08:49 AM	#60
lbls1 Drives: 2002 Camaro SS SOM; 2015 Malibu LTZ Join Date: Dec 2010 Location: Queens, NY Posts: 4,022	It does sound very low. It depends on how many miles, accidents, condition etc. If the car had excessive miles (75,000 and up) and you have had at least one accident, then I can see the dealer giving you that offer. Dealers base their numbers on the profit they will want to get on your car. You should figure that the dealer will want to double the money they offer you to buy it. So go figure if they gave you 9k, then they'll probably sell it at 18-20k depending on whether they think they can generate traffic on it. Dealers rarely lose out on sales; Remember they are in this business full time, so they will know what they can offer and what they can get away with. The benefit to you is that you rid yourself of a car without the labor of selling it yourself, along with the expense of maintaining it while you look for a buyer, and of course the aggravation of having an extra car. You have to do a little homework before trading in, and analyze what the car is worth and what is the lowest you would accept for it. It would be folly to trade a $25,000 car for $8k or 9k, so analyze the situation. I would at least shop around and see if you can get a better offer, and if you can't get a better trade in deal then consider either selling the car yourself or keeping it longer. __________________ '02 CAMARO SS SOM; 5.7L LS1/FLS6B '08 TBSS AWD Black Granite Metallic '15 Malibu LTZ 2LZ Turbo *'14 CAMARO ZL1 Blue Ray Metallic*

03-09-2018, 12:53 PM	#63
alexlj92 Drives: 2014 Black 2SS Join Date: Oct 2015 Location: Atlanta Posts: 31	You probably got low-balled. I totaled my '04 RX8 and used the insurance payment to put down on my '14 SS/RS that I bought at the end of '15. Insurance gave me $5,500 for my RX8 and (I assume the value was in the engine), but it had 120K miles on it and it was crashed. I cant imagine selling a car 10 years newer with a more reliable engine and 55K less miles for only $500 more.

03-12-2018, 11:14 PM	#68
05Goat Drives: 2005 Pontiac GTO Join Date: Mar 2018 Location: Minnesota Posts: 151	Do yourself a favor and sell it yourself. A dealer only uses the KBB for reference. The thing people that aren't in the car industry don't understand is they get bombarded like an apple commercial with the Kelly Blue Book. Trust me it doesn't mean crap! They also have a black book they used to go by, not sure if they still do. That one really low balls you. In the real world, most dealers will look up a car just like yours on craigslist with similar mileage. Probably look at the yellow book, NADA. They won't go by trade in value, they will go by loan value. So they look at craigslist to see what they can get, because KBB doesn't mean crap. But they use the NADA loan value to screw you. Moral of the story, be patient, sell your car yourself, then look for a car. You will be happy you did. It doesn't make sense to leave thousands of dollars on the table you could use towards the new car..

03-15-2018, 04:24 PM	#69
wyatt 390 Drives: 2018 SS Join Date: Jul 2017 Location: minnesota Posts: 168	I know our local chev dealer is always $3000to$5000 lower then sales price because they GM certify all there used cars.