Good trade in costs due to new car shortage/chip supply

[HKz]

$15.8 K offer for my '16 @ 70 K. slightly tempting I suppose but naw gonna keep her for my boy, he's only 5 years away from driving!

[DarkSideFRS]

These cars depreciate a lot faster than most Toyotas. I'd say sell them high, then buy in again down the road for A LOT lower. The valve recall failures had definitely played a part in the astronomical depreciation of these cars

[Bowflex]

Originally Posted by DarkSunrise

It’s crazy that they’re offering $18-20k for 2013 models. Financially it make sense to sell but there’s nothing I’d want to replace mine with other than maybe a next gen model. S2000 and nd2 feel like lateral moves at best vs my FRS as it sits. Already owned a 987.2 Boxster S and not sure I want to go back. 997 Carrera S seems like it’d be too heavy and filtered for how I use the car. The only car that really appeals to me at the moment is the Elise/Exige, but seems like a big trade off in practicality and build quality.

18-20k would make me consider selling and getting a new model. I was offered 14k+ for mine (2013, base model) which is still more than I paid.

[Tcoat]

Originally Posted by DarkSideFRS

These cars depreciate a lot faster than most Toyotas. I'd say sell them high, then buy in again down the road for A LOT lower. The valve recall failures had definitely played a part in the astronomical depreciation of these cars

The fact that they are 8 years old and most have racked up some miles have a bigger impact than the recall.
Their depreciation has never been "astronomical" it has always fallen almost perfectly in the average category.

[Jordanwolf]

Man I don't know, I wouldn't be so quick to sell your shit because there is some spike in prices across ALL of automotive, used or new. Unless you plan to buy something asap at MSRP, I only see this as a losing scenario.

[Tcoat]

Originally Posted by Jordanwolf

Man I don't know, I wouldn't be so quick to sell your shit because there is some spike in prices across ALL of automotive, used or new. Unless you plan to buy something asap at MSRP, I only see this as a losing scenario.

YEP!

There are some other considerations that people may be missing (or ignoring).
HAs anybody actually received the money they were quoted? It is one thing to say "OH they are offering $XXXXX " after entering some info on a website but a totally different matter when you take in in and they only offer $YYYYY. There is no way they are going to give you retail prices.

The sites offering to buy are not likely nearly as hard up for used cars and they make it seem. At least twice a year I get an email telling me that my 2012 Lancer is in "huge demand and we will pay you top dollar for it RIGHT NOW!". I haven't even owned it for 7 years now and I really, really, really have a hard time believing that there are hoards of people beating on the dealership doors screaming they want one. The same applies to any new car dealership saying they are going to give you $20,000 trade in on your 2013. These are just methods to get you in the door and try and sell you a nice new SUV at full MSRP. Inflating the value of a used car for trade in purposes just to get you on the lot has existed since car dealerships started.

Of course people fall for these tactics all the time since it seems they think they have beat the system when really they were completely and totally taken in.

If you truly think you are going to get some spectacular deal just go onto any of the car sales websites for your area and see what they are asking for them at retail prices. If your "offer" is close to or higher than the asking retail prices then there is something shady going on.

[winstonscifi]

Originally Posted by Tcoat

YEP!

There are some other considerations that people may be missing (or ignoring).
HAs anybody actually received the money they were quoted? It is one thing to say "OH they are offering $XXXXX " after entering some info on a website but a totally different matter when you take in in and they only offer $YYYYY. There is no way they are going to give you retail prices.

The sites offering to buy are not likely nearly as hard up for used cars and they make it seem. At least twice a year I get an email telling me that my 2012 Lancer is in "huge demand and we will pay you top dollar for it RIGHT NOW!". I haven't even owned it for 7 years now and I really, really, really have a hard time believing that there are hoards of people beating on the dealership doors screaming they want one. The same applies to any new car dealership saying they are going to give you $20,000 trade in on your 2013. These are just methods to get you in the door and try and sell you a nice new SUV at full MSRP. Inflating the value of a used car for trade in purposes just to get you on the lot has existed since car dealerships started.

Of course people fall for these tactics all the time since it seems they think they have beat the system when really they were completely and totally taken in.

If you truly think you are going to get some spectacular deal just go onto any of the car sales websites for your area and see what they are asking for them at retail prices. If your "offer" is close to or higher than the asking retail prices then there is something shady going on.

After reading all this about the value of our cars increasing, I decided to find out for myself. I went on Carvana, and filled out all the forms. I was given an appraisal of $19343.00 for my 2015 Scion FRS. It's got 40840 miles on it. It's an automatic. I told them that it had a door ding and a hood ding. No mods - no accidents. No lien. They asked for pics of the dings. They said someone would be out today to pick up the car and have a check for me. Derrick showed up, and after looking at the car said here's your check. While he was loading up my car, I went to the bank and deposited the check. It took less than 20 minutes! Carvana is real! I know you're going to ask what I will be buying - and you will be surprised. Details will be forthcoming.

[Tcoat]

Originally Posted by winstonscifi

After reading all this about the value of our cars increasing, I decided to find out for myself. I went on Carvana, and filled out all the forms. I was given an appraisal of $19343.00 for my 2015 Scion FRS. It's got 40840 miles on it. It's an automatic. I told them that it had a door ding and a hood ding. No mods - no accidents. No lien. They asked for pics of the dings. They said someone would be out today to pick up the car and have a check for me. Derrick showed up, and after looking at the car said here's your check. While he was loading up my car, I went to the bank and deposited the check. It took less than 20 minutes! Carvana is real! I know you're going to ask what I will be buying - and you will be surprised. Details will be forthcoming.

So you got right at the top of the Blue Book value for roughly your area.
Good deal but not exactly earth shattering. Now if it is a good move depends on what you are buying and what it cost a year ago compared to today. If it cost the same or less than it did then you made a good move. Others may not be so lucky (or smart) though.

You actually lost $1,350 on the private sale book value (be worth it not to have to deal with the lowballers believe me!)

[winstonscifi]

Originally Posted by Tcoat

So you got right at the top of the Blue Book value for roughly your area.
Good deal but not exactly earth shattering. Now if it is a good move depends on what you are buying and what it cost a year ago compared to today. If it cost the same or less than it did then you made a good move. Others may not be so lucky (or smart) though.

You actually lost $1,350 on the private sale book value (be worth it not to have to deal with the lowballers believe me!)

Actually, after I got the initial appraisal from Carvana, I went to a dealership to price out a new car. I had them drive the FRS, and give me a trade in value. The offer was $14000. When I showed the sales person my offer from Carvana, he said "then sell it to Carvana - we can't touch that". So I did. I will be going back to that salesman and buying the car tomorrow. I will let you know what car I will be buying.

[Tcoat]

Originally Posted by winstonscifi

Actually, after I got the initial appraisal from Carvana, I went to a dealership to price out a new car. I had them drive the FRS, and give me a trade in value. The offer was $14000. When I showed the sales person my offer from Carvana, he said "then sell it to Carvana - we can't touch that". So I did. I will be going back to that salesman and buying the car tomorrow. I will let you know what car I will be buying.

Yep and that is what will happen to many that get told they will give top dollar for a trade in at a dealership. Half the cars traded into dealerships end up at auction or places like Carvana anyway. They don't really want the used cars unless they are top sellers they just want you to buy new and getting you to trade is a good tactic.

The funny part is now they will sell it for $22K and there will be people screaming that they are getting ripped off since they are trying to find a cheap used one. One way or another one group is going to lose

[soundman98]

Originally Posted by Tcoat

...You actually lost $1,350 on the private sale book value (be worth it not to have to deal with the lowballers believe me!)

yeah, i got some RT fodder on that one

[gravitylover]

I got the service reminder from CarFax a few days ago and one of the top things on the list is the trade in value, mine is up $3k since the beginning of last summer. 13 with 138k on it, same mileage since the engine blew last summer I'm about to list it for sale because I just can't afford to put a new engine in it and with the inflated values I have a feeling I'll get some attractive offers even in it's current non-running condition.

[stocktc1]

how long did it take to say yes online versus the people coming to pick it up? are they backed up or they came quick?

[winstonscifi]

Originally Posted by stocktc1

how long did it take to say yes online versus the people coming to pick it up? are they backed up or they came quick?

Yeah, I filled out the online form on a Thursday, and they were here with a check on the following Tuesday. They texted me to remind me that they were coming. Derrick was about 20 minutes late, but the deal only took 20 minutes. He loaded up my car, and I went to deposit the check. It cleared the next day. OK, so I'm $19343 richer....now, what to buy.

I'm sure I will be mocked, ridiculed, and vilified, but I went with a new Chevy Bolt. I've always been interested in the electric cars. I drove this one, and it was great. I can fit my fat bike in the back without taking off the front tire. I can drive it to the free charging station by my favorite Target, get a free 2 hour charge while I'm riding the fatty for a couple hours.

There are unbelievable incentives right now from GM on the Bolt. A $39000 car cost me $20840. I had a couple extra rebates - $1500 loyalty for owning a Chevy Trax, and another $1660 on GM card.

Of course, I had to pay $2000 tax and license and the little fees they get you with, but for a cost of $3500, I sold my 5 and a half year old FRS and got a new electric car.

Seriously, if you want to sell your car, and you don't want the hassle of listing it on Craigslist, and you don't want to get a lowball offer from the dealership, Carvana may be the right thing for you.

Alright, let the negative comments fly!