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To Sell (And Buy A 2003) Or Not To Sell...

J

jeffreyhyde

Full Member
Joined
Jul 29, 2002
Messages
104
Location
Columbia, MO
OK Fellow Aver's...I need some help.

My wife and I are trying to decide whether we should sell our current AV and buy a new 03 or hold on to what we have.

I was able to buy our current Av with my father's GM employee discount, and after doing some math last night, we need to get $XX,XXX to break even.

It's a Red Z-71, with sport leather, convienence pkg and 8,666 miles.

I live near KC, MO and the Average Asking Price is $28,863 with an average of 22,733 miles.
???
So...

The 2003 works out to be a bit more expensive than the 2002, but we will actually get more off the MSRP, considering the $4,000 rebate, GM employee discount and GM earnings...

Any suggestions to calm my wife and I? ?The only concern is selling a gas hungry truck in the current world climate. I feel we can offer a competitve price, but who knows what the future holds...


So guys & gals...what do you think? ?

Time to upgrade (y), or stay the course :-*?







 
:DIf you can make it work, I would go for it. The 03 has a few new features and you would a newer truck for resale down the road. Would you buy red again??
Tractman
 
Tractman,

You hit on a question that both my wife and I are struggling with--color.

Since we would buy this one with the possibility to sell it and buy an 04, then we would stick to a 'standard' or popular color such as Pewter, White or Red.

We would rather get either Arrival Blue or Yellow, but that may be a bit more targeted market...

 
I was planning to wait untill this summer, but when i saw the deals chevy had i placed my order.
I hope it comes by the 28th :)
 
Your biggest issue will be getting a fair price for your used vehicle. The reality is that used vehicles are getting slammed due to the heavy incentives on new units. Keep an eye on how long other ads are in the paper and how often they lower their price. Price aside, selling a vehicle in this economy is tough.

My guess is that you will be lucky to get $25-$26K for your vehicle.
 
If you can do it, go for it.

You probably wont see these great deals again.

As in color, you shouldnt get red or yellow. Get a color that doesnt attract police.
 
Why not just get a second Av and trade something else that you have gotten some more use out of in (if you have something else to trade in). I have the feeling you're not going to be pleased with your trade in value of the Av because you're only going on two years of ownership. If it were me, I would get a little more use out of the '02 before trading it in.

Keep in my mind that is just my $.02 ;).
 
Try to sell your '02 first, if you can get your price go for it, but I am a new buyer of a '03 and I looked at used ones, the deals on new ones with low finanacing are auwfully good, so I bought new. I would be surprised if you find a buyer at the price you mentioned. :cautious:
 
Bisquick said:
Tractman,

You hit on a question that both my wife and I are struggling with--color.

Since we would buy this one with the possibility to sell it and buy an 04, then we would stick to a 'standard' or popular color such as Pewter, White or Red.

We would rather get either Arrival Blue or Yellow, but that may be a bit more targeted market...
Click to expand...

First, how long have you had your 03? You have to own it for 6 months because of the GM discount.

Second, why get an 03 just to turn around and do it again for an 04? Why not stay put, keep the 02, and get an 04 next year?

Cars are not investments, they depreciate faster than anything else you can buy. I don't understand paying for something just to trade it in with no equity, just trade that in again, probably with no equity.

If I'm missing something, please explain.

Craig
 
This is probably of no real help - But my plan is to trade the wife's 01 Suburban for a 03 AV in August or Sept. of 03. Unless the 04 is really awesome with new toys. ;)
 
Hmm...to trade or not to trade ??? ??? . I must say, if the Av was mine, I probably would have had a for sale sign on in a week or two ago and some ads on the net--and had a new 2003 Z66 by now. But, it isn't mine, and part of the reason why we keep it is because my mother (the owner) loves it as it is and it has been one of the best vehicles we've ever had. That, and she's been a banker for years so she knows it all when it comes to the financials of these things. So, at this time, keeping it and continuing to make the rest of the payments seems to be the best way out. Not to mention the fact, that she's been paying on it already for 4 years, and probably wouldn't want to start all over again with a new one. Of course, we only kept our Chrysler 300M for about a year before trading it for the Av, but it was a piece of crap.

I looked into it, and for us, the overall monthly payments would go down slightly, but we'd be giving up certain features like adjustable lumbar, power passenger seat, and a few other things, but also getting running boards and steering wheel controls.

If it works for you financially, and you like the new 2003 features, go for it!
 
If you could sell your Av you might get a fair amount for it. If you trade it be ready for a slap in the face. Dealers are not giving good trades because they are trying to make up the difference from what they are losing on the new sale.

My wife and I just traded her '99 Blazer for an '03 TrailBlazer. The trailblazer was about 5500 below sticker (we paid 29,900 sticker was 35,325) but the best we could get on the trade was 10,500. Edmunds suggested trade was around 13,500. I just saw her trade on the dealers site for 14,900!

Good luck and let us know what they offer you for the trade.

-Mark
 
Craig,
I must explain that my Dad has been buying (and selling) a new car every 6mos/1 year since 1986...he's been able to break even almost every time...(due to GM employee discounts, GM Card earnings & rebates)

Although I understand a car is never an investment, if I can buy and sell them without losing value, then I am ahead of the game.

As my Dad put it last night (asking his advise too, of course) he said "I haven't bought one single battery, tire or any part for a car for the last 17 years..."

I haven't bought the 2003 YET. I need to make that decision quickly to take advantage of the $4,250 rebates I can redeem (plus $400 GM card)...

As another member pointed out, I have to wait at a minimum, 6 months to be able to sell my current AV. ?Well, timing is a big issue.

The truck will be 6 months old the day BEFORE the rebates end...

What to do ..what to do ???


my decision comes in two days.... :p
 
PS
The quoted trade in from the dealer was $24,500....

As I said before, the average asking price is $28,800 (with triple the miles)
 
Wow, a new car every 6-12 months?!? I've never heard of that before.

I guess if you always want a car payment, it is no big deal. I used to think I would always have a car payment, but then we had a baby and my priorities changed.

I'm not trying to sway you, or imply that I am a financial wizard, but I think that buying a new car, paying it off and keeping it for a while, even with maintenance costs will be easier on your wallet than always having a new car payment.

For instance, if your car payment is $500/month--$6000 a year, your car is paid off in 5 years, but you keep it for at least 1 more year, you pocketed $6000. I'm sure you will not spend $6000 in maintenance over those 6 years. Keep it another year, you are up $12,000.

Our plan is to pay off our Av in 5 years and keep it an additional 5. We put about 11,000 miles a year on my wife's car (she has the Av), so in 10 years we'll have 110,000 miles, give or take. I think the Av will still be in good condition by then, and we'll be $30,000 ahead of the game.

Just my opinion, of course.

Craig
 
Craig, the trick there is to have the discipline to continue to set aside the payment money even after it's paid for so you have a down payment for the next one. 'Cause with less trade-in value it get's tougher and tougher to trade. Most don't have the discipline to do that. Me, I don't like big car payments.
 
Yes, having a new car every 6 mos seems weird..

I am not able to do what my dad has done for the past 17 years ---pay cash for the vehicle-- He never dealt with continous car payments--I see your point. :0:

<but>

If I can get out the equity that I have paid (plus the loan balance), then the AV has cost me about $400 in interest for owning this truck for the past 6 months...

My wife and I are paying extra towards the principal each month, so we are increasing our equity with each truck (minus interest paid, of course)...so although not as good a deal as what my father has managed to do, I think it will work out OK. Obviously, this is dependent on how well the 02 sells... ???

We could potentially get more for it than the equity we have paid, thanks to the GM card earnings redeemed and the rebate...

I'm sure that our experience with this first sell will determine if we do it again on a 2004.

I spent about 6 hours detailing our current AV, and it makes me not want to sell--WHAT AN AWESOME TRUCK!


Trust me Craig, I wouldn't do this if it meant having car payments forever...My wife and I save over 31% of our income each month and have 'run the numbers' numerous times....but life is sometimes risky..

I have a VIN on the 2003 AV and will go buy it on next week....


THANKS FOR ALL THE INPUT! (y)
 
I still don't get how it is financially beneficial, but congrats on the soon-to-be new Av.

What color/spec's are you getting?

Craig
 
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