Thinking of trading up to a 2015 1LE... some advice needed

[EastWood-SS]

Thinking of trading my 2013 SS in for a 2015 1LE.

The MSRP for the 1LE is actually less than what I paid for mine, no options besides dual mode exhaust and the 1LE package. Price comes out to less than my SS with the RS package, sunroof, shifter, stripes and dual mode exhaust. Heh.

My SS is still mint with only 10,500 miles. How bad do y'all think I'll get screwed? I've actually never traded in a car before and am new to this.

Really want the 1LE package as it's more suited to my hobby (Track) so I'd be willing to take a hit... not a large one though. What do you guys think? any experienced wheelers and dealers here?

also have a 1,500$ GM coupon and won't have to buy new tires if all goes well haha

[hrpiii]

You will take a hit, depends on what all the numbers come out to be. But in the end, if you want the 1LE, and will be using it on the track, then by all means make yourself happy and get it. It's money, but it's not happiness. 1LE hawlin ass around the track, now how the heck can you put a price on that.

[Whoomba]

If I'm in a 13 now, I'd wait on the 16s

[benji276289]

You can figure this out very easily. Go to Kelley Blue Book and see what your car is worth now, as a trade in. Then compare the current value to the price of the 2015 1LE. If your car is worth more, that will take something off the price of the 1LE. If it is less, the amount will be added to the price. Very simple.

[benji276289]

We have similar cars so I plugged in the details for my car and, in excellent shape, my car is worth about $29,000. A fully loaded 2015 1LE is about $40,000. In this case I would be paying $51,000 for the new car after trade in.

[VOLmanTN]

You'll take a hit now and again next year when the new body comes out. Not worth it IMO.

[dklowrider]

Originally Posted by benji276289

We have similar cars so I plugged in the details for my car and, in excellent shape, my car is worth about $29,000. A fully loaded 2015 1LE is about $40,000. In this case I would be paying $51,000 for the new car after trade in.

Umm, you're not paying $51k for the new car. You're paying $11k plus your car. If it's worth $29k
then you're paying $29k plus $11k=$40k.
If yours is paid for you owe $11k. If it's not, you will have to borrow $11k plus whatever you still owe on yours.

[ytown87]

why not just add the 1LE suspension package to your car and save the money?

[ST1LE]

In all probability the 2016 will be revealed in January.

I can't see why someone would buy or trade for a 2015 when the new model is months away, unless you have decided you wouldn't buy a first year model anyway due to bugs etc.

I agree with ytown87, why not throw the money you would lose on a trade in to your 2013 and make it even better than a 2015 1LE?

Lets assume the above example is correct and the difference is $11K. You can add the 1LE package, 3.91's, and factory repros and tires for that money with some left over even.

If you just have a h-on for the new look then do it as you wont be happy until you do, but sounds like a serious waste of $ to me.

[87GNX]

Wait till the 6th gen arrives, firesale for the 15's will be on.

[benji276289]

Originally Posted by dklowrider

Umm, you're not paying $51k for the new car. You're paying $11k plus your car. If it's worth $29k
then you're paying $29k plus $11k=$40k.
If yours is paid for you owe $11k. If it's not, you will have to borrow $11k plus whatever you still owe on yours.

I stand corrected. You would be paying $51,000 minus whatever equity you have on your current car.

[JCunningham]

wait a year. you will love the car but regret the price

[EastWood-SS]

11k. Yikes!

[PalmerGA]

Originally Posted by benji276289

We have similar cars so I plugged in the details for my car and, in excellent shape, my car is worth about $29,000. A fully loaded 2015 1LE is about $40,000. In this case I would be paying $51,000 for the new car after trade in.

Mmmmmm, I don't quite follow your over-simplified logic. I have been fortunate enough to position myself financially to where all deals are cash deals; whether it's cars, home improvements, vacations, etc. Of course this requires some discipline on my part and the realization that I cannot have everything I want, when I want it. I buy what I can afford, but I always pay cash (unless there is a benefit to me for making a short-term financing deal). For example, when I bought my Ram pickup the dealer knocked an extra $1,500 off the final price for me to finance the balance at 3.7%, so I did. All I had to do was make 3 payments and then I paid it all off. Those 3 months cost me less than $100 in interest, so I save $1,400 by doing it.

If you have to finance the 1LE... ouch! That's where many buyers get burned, though it isn't the dealers fault. It's the buyer's fault for making a deal they really can't afford. The dealer will work with you (if your credit is good) to put your ass in the 1LE. They aren't concerned with how much it sets you back. If you want it, they'll do everything they can to get you in it.

This usually ends up with the buyer financing the balance owed on their trade-in along with the cost of the new car. Let's say they allow you $29K for your trade in, but you still owe $15K on it. Simply put, you would finance $40K + $15K - $14K (trade in). Now you are paying (financing) $41K for the 1LE. No big deal, you say... That's a good price for a 1LE!

The problem with this is two-fold. First, they probably stretch your loan out to six or seven years to get you a payment you can afford. That's a lot of interest over the years, on top of the $41K. Second, as soon as you drive off the lot (take delivery) of your beautiful new 1LE - it depreciates in value by probably $8K-$10K and it gets worse with every mile you drive.

This phenomenon creates a position of your being "upside down" on your loan. You sign the papers and you instantly own a $31K car that you owe $41K. You could not sell it or trade it an hour later for what you owe.

Sorry for the long diatribe, but so many people get sucked into getting upside down on a new car. I've been there (years ago) and it's no fun.

Also, benji276289, when I say "you" this and "you" that... I speaking in general, to anyone who reads this. Not to YOU in particular.

Peace-out.