Test drove a ZL1 yesterday

[GMTool]

It's just a numbers game. Have the cash on you and tell them your car and $17K and you will deal, assuming your car is paid for.

[Motopsycho]

NADA Values for my car...

Rough $21,550
Trade-In Average $22,900
Trade-In Clean $24,000

According to the NADA descriptions, my car would be a clean trade-in. Still lower than what I would want. I will definitely trying selling it myself first.

[ytown87]

ehh at the end of the day you got to hop out your SS and beat up on a ZL1 for a little. not a bad day IMO. they wont be selling that ZL1 for 49k anywhere in the next couple weeks anyway. id say you have a better chance selling your car for more private party and then finding a ZL1 somewhere else for less to buy.

[Motopsycho]

Originally Posted by ytown87

ehh at the end of the day you got to hop out your SS and beat up on a ZL1 for a little. not a bad day IMO.

Indeed!

[Motopsycho]

Yeah you're right. Private sale is the way to go. It's really hard to believe how much these cars take a hit in value even after you take so much care of them. I had planned on getting some MRR 228 rims and Kooks long tube headers for my car a few weeks ago, but then somehow I got wrapped up into wanting a ZL1. Ugh...first world problems.

[Muscle Car Memories]

Originally Posted by Motopsycho

Yeah you're right. Private sale is the way to go. It's really hard to believe how much these cars take a hit in value even after you take so much care of them. I had planned on getting some MRR 228 rims and Kooks long tube headers for my car a few weeks ago, but then somehow I got wrapped up into wanting a ZL1. Ugh...first world problems.

Dealers dont use KBB or NADA, they use the "Black Book".

[KLR ZL1]

Back in 2012 I sold my 2010 2 SS RS with GFX for 27,000 and it had 17,000 miles. I think 27-28 is high for a trade in value. 22-24 is pretty good.

[Bizaro]

You want 27k for a 2010 ss Lmao

[KaBoom1701]

Originally Posted by Muscle Car Memories

Dealers dont use KBB or NADA, they use the "Black Book".

No they use what they can buy the car at auction values. Much lower....

[Muscle Car Memories]

Originally Posted by KaBoom1701

No they use what they can buy the car at auction values. Much lower....

Yes I was gonna say that, they check what they are selling for at dealer auctions too.

[Motopsycho]

Originally Posted by Bizaro

You want 27k for a 2010 ss Lmao

Trade-In I guess not, private sale..absolutely. I see them selling for that price all day long with higher miles than mine.

[Evergreen6]

Originally Posted by ytown87

you never said how much they wanted for the ZL1...that would give a better idea how off they were on your. 22k feels low but it is about right. Resale on these things are terrible. You have dealerships and people on craigslist selling 2010's with low miles for 22k or less

Resale on the Camaro is generally good. Look it up.

Originally Posted by ChocoTaco369

I also have to disagree with the trade-in value. It is a 6 year old car. That's 7% depreciation per year if the car was about $35k brand new.

According to this site, vehicle depreciation rates are 15%/year on average. If that's the case your car would be worth $13,200. These cars hold their value way better than average, but just sit back and seriously consider that and realize how HORRIBLE an investment a mass produced vehicle is.

http://www.carsdirect.com/auto-loans...reciation-rate

Depreciation isn't linear, that's why applying a 15% rule doesn't work. You have to look at the average annual depreciation per year. Steeper at first, much more gradual as the car gets older.

Originally Posted by Motopsycho

They wanted $49,998 for the ZL1.

MSRP on the car was?? If they're asking anywhere near MSRP for their low-mile ZL1, just go buy one at a dealer who can't get rid of one. There's a lot of them out there.

Originally Posted by Motopsycho

Yeah you're right. Private sale is the way to go. It's really hard to believe how much these cars take a hit in value even after you take so much care of them. I had planned on getting some MRR 228 rims and Kooks long tube headers for my car a few weeks ago, but then somehow I got wrapped up into wanting a ZL1. Ugh...first world problems.

I disagree on private party sales. It's subjective. If your state allows a sales tax credit for your trade-in, and if your car was valued at $22k and sales tax is close to 10%, you're really looking at a value of $24k because that's $2k in sales tax you don't have to pay on the purchase of the ZL1. Now you have to decide if parking your car for sale is worth listing it for 28k and dealing with test pilots, tire kickers, and ball scratchers and the like is worth getting, then probably selling it for $26k or less, while sitting on it for 2-3 months. Just a hypothetical scenario.

Originally Posted by KaBoom1701

No they use what they can buy the car at auction values. Much lower....

Black book or Mannheim. That's why I don't do no-haggle dealers like Carmax. They're a bunch of crooks--like everyone else. If you only shop when you find the right deal, "no haggle" pricing doesn't make sense, and you can get the car near to what the last guy sold it to them for (near auction value).

[ChocoTaco369]

Originally Posted by Evergreen6

Depreciation isn't linear, that's why applying a 15% rule doesn't work. You have to look at the average annual depreciation per year. Steeper at first, much more gradual as the car gets older.

The percentage is linear. The reason why the depreciation curve decays is because you are progressively taking 15% off a smaller amount. 15% of $20,000 is a lot less than 15% of $40,000. That is why cars are such terrible investments. Instead of dumping huge amounts of capital into something that loses 10-15% annually, you could make making 8-12% annually in basic investments. When you really look at it, that's ~25% less return on investment. Ouch.

If you want a ZL1, make sure you're buying it with pure play money or you'll pay for it later in life!

[Jasper]

Dude,
Just throw a whipple and 1LE setup on your car for about $10K and be faster than that ZL1. My buddy did and he's got more power than the ZL1 puts down and that's without any other mods. I know it will never be a ZL1 and there are things the ZL1 still will have that you won't but yours is pretty low mileage and in great shape. You'll spend way less without getting lowballed for a trade. It's what I plan to do.

J