11-06-2012, 04:53 PM | #1 |
Depreciated value on My Camaro LS
So I bought my Camaro LS in July of 2010 for $23,000 out the door. I am just a little upset at how much my car has depreciated in just 2 1/2 years. I went down to my local Chevy dealership to see about getting a SS since I really want something more powerful, They offered me $14,000 trade in value for my Camaro. I just really do not understand how it can be so low, I have 40,000 miles on the car. I then went to a second Chevy dealership just to see how much they would give me and the offer was only $200 more then the first one. Do you think this is correct or is my dealership crazy?
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11-06-2012, 04:57 PM | #2 |
Account Suspended
Drives: Eve - 2011 Camaro 2SS/RS Join Date: Apr 2012
Location: Fairfield, OH
Posts: 11,815
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Sounds about right...They will put it on the lot for 18. Try to sell it privately for 18.
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11-06-2012, 04:57 PM | #3 |
Camaro SL,UTs
Drives: 2010 Camaro SS/RS #16429 Join Date: Sep 2006
Location: South Jordan, UT
Posts: 7,358
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A. It's a massed produced car
B. It's an LS C. You'll always get raped on a trade in. Try to sell it out right. What does kbb.com say it should be worth?
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11-06-2012, 05:01 PM | #4 |
Drives: 2013 RS Camaro (2 LT) Join Date: Oct 2012
Location: Los Angeles, CA / Nashville, TN
Posts: 136
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11-06-2012, 05:01 PM | #5 |
Well this is what KBB says my car is worth on trade in!
Excellent $16,728 Very Good $16,378 Good $15,628 Fair $13,728 Now for private party is Excellent $18,178 Very Good $17,628 Good $17,078 Fair $15,378 |
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11-06-2012, 05:05 PM | #6 |
Drives: 2015 Challenger SRT Join Date: May 2011
Location: Roy, UT
Posts: 1,002
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Depreciation is always going to kill you in the first couple years of owning a car if you bought it brand new.
Not to mention the dealership will low ball you most of the time on trade in value. |
11-06-2012, 05:06 PM | #7 |
Drives: 2013 RS Camaro (2 LT) Join Date: Oct 2012
Location: Los Angeles, CA / Nashville, TN
Posts: 136
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11-06-2012, 05:07 PM | #8 |
Drives: 2013 2SS/1LE, 2004 Cavalier Join Date: Sep 2012
Location: jax, FL
Posts: 1,344
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not knocking the LS, but i'm surprised they even went above $12k on a 2010. private sale is almost always better if you have the time to get the price you want
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11-06-2012, 05:09 PM | #9 |
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Drives: 2010 2SS/RS A6 & 2011 1LT/RS Join Date: Apr 2012
Location: San Diego, CA
Posts: 3,491
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Welcome to the world of buying cars. New cars today don't hold value. They lose value as soon as you drive it off the lot. I think of cars as a commodity not an investment. Now of course there are big differences between a collector's car and your normal mass produced modern car.
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11-06-2012, 05:10 PM | #10 | |
Drives: 2SS/RS Join Date: Sep 2008
Location: Western North Carolina
Posts: 7,198
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Quote:
As already mentioned, your car is worth $17-$18k and this is about what a dealer will sale it for. If you are serious about getting a SS, sale it privately first. |
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11-06-2012, 05:10 PM | #11 |
Even when I was selling cars we always valued the trade-in lower than KBB. Black Book, the guide that is commonly used, is always lower.
You could probably expect losing between 20-25% of the value just from driving it off the lot. Always good to sell it yourself if you can! |
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11-06-2012, 05:17 PM | #12 |
Drives: 2010 rs 2lt Join Date: Aug 2012
Location: wisconsin
Posts: 2,497
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Selling it yourself can be a huge pain in the ass. Calls people just wanting to test drive it, And with that high of a re-sale it is a limited market, Now maybe the Camaro is easier , My son had a Avenger in great shape and it took 2 months before he gave up and went back to the dealerlship, Like the guy above said keep her pay it off and drive her for free for 10 years
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11-06-2012, 05:31 PM | #13 |
Drives: Camaro SS Join Date: Nov 2010
Location: Las Vegas, NV
Posts: 188
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With BRAND NEW 2013 LS Camaros priced at around $ 21k-22k (after incentives and such) I highly doubt a 2010 is going to be on the used lot at $18k.
If your fees and taxes are average, you paid about the same ($21k) for your 2010 when it was brand new. Tax/title/license/dealer fees you paid "out the door" increase your cost but add no value to your car. Frankly, I'm surprised they offered you $14k for a base 2010 Camaro w/40k miles -- that car is 3 model years old and fully out of its b2b warranty. I'm guessing that is a trade-in value -- only good if you buy another car, and the actual cash value is somewhere around $13k. Take it to CarMax and see what they will BUY it for... that's a better indicator of true value than what the dealer is offering as 'trade'. |
11-06-2012, 05:37 PM | #14 |
Drives: 2017 2SS Join Date: Mar 2012
Location: Rolla, MO
Posts: 1,106
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Facts:
1. Yes, your Camaro has depreciated that much. 2. You will never come on out ahead when dealing with a car dealership.
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