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Trade=In Values

C

CYATES77

GUEST
Was wondering what kind of trades people are getting on the 03 from a 02. My dealer tells me that they the AV's hold their value.
 
Welcome Cyates77....this would depend on a number of variables...mileage, option packages, etc...I haven't heard of anyone trading their 02 for an 03' around my way...but I can't imagine it would work out in your favor....true it may be they hold a high resale value...but remember you depreciate the minute you drive off the lot... :B:
 
Trade in value ?!?!?!? Why? Why? Why? The idea of trading my AV in is so wrong. I may be interested to see what they are worth but not even gonna consider trading it in...... ok only if they would offer me a lot more than I could buy another one for since that's just what I would do. :love: :B:
 
Well I HEARD (not positive) is that the trade-in value for an '02 was around 22k. Now don't take that as carved in stone, it's just what I've heard around town ;)
 
what kind of trades people are getting on the 03 from a 02
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Edmunds.com list these common values for a loaded 2002 Z66 w/14,000 miles:

Trade-in value: $23,006.00.
Private Party sale: $24,500.00
Dealer Retail: $27,249.00

TP
 
The best source for resale value is kbb.com There is a wholesale (trade in) and retail (selling price). All dealers will tell you (-insert name here-) will hold its resale value. From my own experience, the dealer will try to offer you lower than wholesale blue book or downgrade the condition of your vehicle from excellent to good, etc... (thus a lower value). Selling the vehicle private party should yield you a price between retail and wholesale. Nobody is going to buy a car private party for the same price as a dealer retail price.

As for aftermarket add ons (tires, wheels, supercharger, lift), they add nothing to resale at a "factory" dealer. Selling to a private party is your best bet.

According to kbb, an Ava 2002 Z71 in excellent condition with 12,000 miles is worth about $25,000 as a trade. A bare bone 2003 Z71 with $2000 in rebates and $200 over invoice is going to cost you no less than $33,000 out the door with tax and license.

If you are going through a dealer, plan on spending at least $8,000 to trade a 2002 for a 2003. Assuming you have 12,000 miles on the truck. Your cost comes out to 67 cents per mile (not counting maintenance, gas, and insurance)... ouch!



 
I usually check Edmunds, NADA, AND KBB, because there seems to be quite a variance. KBB always seemed high to me but last time I checked my vehicle (recently) NADA was way too high. I don't know about trade-in on Avs, but in that I'm still "pondering" I keep ckecking and there are more '02s on the lots all the time now. Dealers asking prices are mostly running $24,500 to $26k for 2wd in the 15k to 20k mile range.
 
There have been a lot of good points here!

Allow me to make a few more based on about 10 years in the Car Business, mainly as a Manager.

Forget NADA - we call that the "Book of Dreams"

The vast majority of dealers use the "Black Book" to value trades, along with the sales reports from the auctions at which they buy vehicles. (Why would they pay more for yours than they can buy it for at auction?)

In most cases, the "best" estimate is at KBB.com
But, forget all about "Excellent" condition! In most cases, your "ACV" ("ACTUAL cash value" - which you will almost never know from the dealer, as they don't want you to leave screaming) will be quite close to KBB's "FAIR" condition. ?:eek: ?Occasionally, it might pull between "fair" and "good" - if you want "excellent" you will need to sell it yourself. ? :cautious:

I KNOW ?:0: ?I KNOW - your AV is nearly PERFECT, but it just doesn't work that way. ? :cry:

A dealer cannot possibly give you anything close to the "effective cost" of your vehicle when it was new, which means invoice-dealer credits-rebates (even if there was no rebate when you bought yours)

On a "brand new" '02 with 2500 miles like mine, the "effective cost" would be something like this:
(Retail was about $40k by the way)
Inv ($35k) - credits ($2500) - Rebate ($2500)
so the effective cost was about $30, 000.
(And don't even dream about buying a new one for that... it is EXTREMELY expensive to run a dealership! You can often buy near invoice, minus rebate, but that is about it, unless the vehicle has been sitting on the lot for a very long time.)

Now, they have to deduct for depreciation, and allow room to make a profit when they resell it. Figure about a $4k to $6k deduction on "last year's" model. SO, the ACV on mine would likely be around $24k to $26k, if I am lucky. ? :eek:

You will possibly "hear" a higher number, depending on the dealer... again, they don't want you to leave, so some dealers will try to make your trade value sound better than ACV in most cases. ?Then again, there are other dealers / salespeople who will "shock" you at first to get you thinking close to reality... do not be surprised to hear something in the $20k to $22k range at first. ? :6:

Last but not least, someone mentioned that aftermarket parts will not help your trade value.
99% of the time that is true (there might be a few rural dealers who might allow extra for them, IF the buying public likes MODs, but that is usually not the case!)

In actuality, MODs will often DECREASE your trade value, as the dealer will often try to return the vehicle to stock, and that will cost them money! The majority of buyers are not like us - they want the vehicle to be stock - they either are "afraid" of mods, or afraid that something might be "messed up" or afraid that the warranty will be affected, and the list goes on. ?

Bottom line, if you have an extra $10k or so lying around, (or if you don't mind paying about $200 to $300 more per month for the '03) or if you put $10k down on your '02, go ahead and trade, but do yourself a favor and return the AV as close to stock as possible, and sell the MODs on eBay, or save them for your new '03!

Better yet - put the AV on eBay, or in the Truck Trader or somewhere and hope for the best!


Seven ? :cool:
 
Here in TX every Dealer I've dealt with used the NADA book. If they use the "Black Book" it was in the back room someplace out of sight. I've sat with Sales Mgrs. and gone through the NADA book with them and dicsussed what my trade should be worth. As far as the Dealer buying vehicles they would try to buy for loan value. As they say in the used car business the profit is the "Buy" more than the "Sale". I worked for about a yr. as Porter, Salesman, Finance Mgr., and Asst. General Mgr. at a Used Truck lot with just myself and the Owner.
 
I've have used KBB in the past and it proved to be very helpful....as a matter of fact I sold my old car using the stats I recieved from Kbb...it was a private sale...but nonetheless I showed my boss the results and he never doubted it for one second....thus he was a happy..he bought the car as the price suggested.. :B:
 
What a dealer offers you as trade in value depends on so many variables. From time of month, depth of his used car stock, etc. And it is usually negotiated with the price of the new vehicle. If you want $500 more in trade, they'll find a way to charge you $500 more for the new vehicle.
 
Black book trade in value for a 02 1500 z71 in clean condition is 26865. add 450 for a sunroof 600 for leather not NF and 900 for NF edition. W/O z71 subtract 500.
 
Really is ridiculous the amount of money that dealerships will offer you today...knowing damn well they are going to turn around and make that money back and thensome.....I guess this is the nature of the business.....opt for the personnel sale first.....

Stinky...you have any info for the 2500 folks in the little black book... :B:
 
Hey SevenWondersoftheWood,

Just want to chime in; that was an excellent post.

--chazj
 
The Extreme said:
Hey SevenWondersoftheWood,

Just want to chime in; that was an excellent post.

--chazj
Click to expand...

Thanks my friend! ? :D

I was one of the rare "nice" car guys...
after you choose a vehicle, I would pull the invoice and show you and say, make me a reasonable offer and let's get this done so you can go home and enjoy it! ? (y)

A note on BLACK BOOK...
in REAL dollars, sorry, but "clean" won't happen the vast (VAST!) majority of the time. (They hope to make you think it will... ?;) ?)
And forget the "adds"... ok, maybe 25% of the dealers might add a little on a VERY clean vehicle that they NEED in inventory. ? :cautious:

In most cases, they will want to be around "Average" on a 1 or 2 year old vehicle. They will want to be well back of "average" on anything older (except possibly a very nice 4x4, or HIGHLINE Import, depending on where in the country you are.) ?On a domestic CAR, $2k back of "rough" is not uncommon.

Dealers can usually buy domestic CARS* and Mini-vans at auctions for LESS THAN HALF of original retail when they are around 1 to 2 years old, depending on the make & model... some are much worse than others. If ya have one, sell it to a friend or drive it forever! ? (* Not SUVs or trucks... ya know - those little, low to the ground things... "Cars" ? :2: ?)

OK, sorry - getting WAY off the point now...

Point is this: Please do not go in expecting too much! If you expect "the worst" and have a realistic idea of WHAT that REALLY means, you will have a MUCH better chance of leaving there with a smile on your face, driving your New vehicle. ?If you go in thinking that you "should" get NADA trade plus adds, or clean Black Book plus adds, unless they do a really good job of stroking you, you will end up leaving disappointed, angry, sad, etc... and most likely will not have what you went there for.

Be realistic about your trade's ACV*, and realize that they have to (and will) make some money on the deal, and you will have a much better chance of leaving there satisfied! ? (y)

* "Actual Cash Value" (which is also determined, keep in mind, by what amount they would pay at an AUCTION ?for a vehicle similar to yours) ?

OK, enough DANCING -- I am now burning ALL bridges that I had with the Car Business... THIS is what I "should" be doing for a living... ?here is the $1000. Auto-Buying Workshop, presented to CAFCNA members for FREE, cuz, well, I luv ya! ? ;) ?If you happen to live near a "CarMax" (or I think Auto Nation does it too) go there first and tell them you want to sell your vehicle. They will give you a cash offer in writing. ?

Then go to the dealership that has the vehicle you want.
"MAKE THEM" show you the invoice. If they won't, get up and get out! ?;)
ASK about rebates.
DO NOT mention your trade until after you have agreed on a reasonable price for the one you want to buy.
THEN say, ?"OK, we're almost there - How much will you give me for my ____?"
They will look sick to their stomachs, (cuz at that point, they WILL be) but then you will at least get some idea of what they are REALLY* giving you for it! ? * You probably still won't hear the actual figure, but it will be much closer than if you had told them about the trade in the beginning! ? (y)

Then, if you have a higher offer from CarMax, you can consider if it is worth the extra cash to do 2 transactions instead of one. Keep in mind, in most states, you do not pay sales tax on the value of your trade, which effectively ADDS cash in your pocket on a trade, as compared to selling it yourself.

OK, if anyone made it through this whole post, you are now armed and ready! Let us know how it goes! ? ;) ? (y)

There are a couple of more valuable things I could tell ya, but
#1) I don't want to completely ruin my chances for working in the Car Business again if I would ever be so inclined, and
#2) I have to save some stuff for the CD-rom version that I'm going to sell on eBay! ;)

?... my fingers are tired... ? :sleep:

Seven ? ?:cool:

?
 
Another great post 7WOTW! (y)

Now we're armned with some good bargaining info.
Although I don't plan to trade mine in for a long time after all the hard mod work I've done.
But someday...
 
Not to mention the week it would take for you to stip it back down.....no thanks....My landlord is turning in his f-150 in about a week or so....and he said he wasn't going to strip anything off of it...he also had audio upgrade, brush grill, alarm...etc...he says he doesn't want to be bothered....he's going to lose a lot o f money on that lease..... :B:
 
NJAV said:
Not to mention the week it would take for you to stip it back down.....no thanks....My landlord is turning in his f-150 in about a week or so....and he said he wasn't going to strip anything off of it...he also had audio upgrade, brush grill, alarm...etc...he says he doesn't want to be bothered....he's going to lose ?a lot o f money on that lease..... :B:
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Were I your neighbor, I'd at least sell the brush guard and put the factory radio back in it! (y)
 
once i read the post from this thread i realized i do not even want to think of trading the '02 for a '03. plus i got all the mod's to deal with as well.
i will keep my '02 thank you! ;D ;D ;D
 
I traded my fully loaded 02 Z-71 for a fully loaded 03 Z-71 and took it in the ass for almost 10 grand :3:. There is no way you can trade up without taking a big hit. I am not even sure now if I did the right thing. For all the few extras you got they took something else away. My 02 stickered for almost 40k and with rebates I paid 33.5. The 03 stickered for 42.5 and I paid 37.9. I got 28.5 for my traded but had Waag front and rear gray matching push bars, hot/cold beverage console insert, and custom installed cadillac folding mirrors, and 10,885 miles on it.
 
I've become pretty knowledgable on av prices used and new since my search to buy one.... I'd say you made out good on your trade, 28,500 is about what an comparable AV goes for private considering you got this trade-in is damn good and I'd attribute that to your mods.

However the price you payed on your new 03 is a bit on the high side. The dealer invoice price on new Z71 03's fully loaded is about 33,500, generally speaking 2% - 3% profit made on a new vehicle should be "commensurate" That amounts to "rougly" 1000 bucks.

That's how I see it anyway.
 
cadboy1 said:
I traded my fully loaded 02 Z-71 for a fully loaded 03 Z-71 and took it in the ass for almost 10 grand :3:. There is no way you can trade up without taking a big hit. I am not even sure now if I did the right thing. For all the few extras you got they took something else away. My 02 stickered for almost 40k and with rebates I paid 33.5. The 03 stickered for 42.5 and I paid 37.9. I got 28.5 for my traded but had Waag front and rear gray matching push bars, hot/cold beverage console insert, and custom installed cadillac folding mirrors, and 10,885 miles on it.
Click to expand...

That's the"Magic" of the car business... ? ;)

Notice how KnightHawk said that the trade $ was good, but the price for the '03 was high? That works the other way as well... (however, no offense KH - I'd attribute the trade value to MATH, rather than the mods!)

You could have paid the full $42,500 for the '03,
and gotten $33,100 for your trade...
or you could have paid $30,000 for the '03, but then you would have gotten $20,600 on your '02...
OR, you could have paid $100,000 for the '03, and gotten $90,600 for your trade... (are ya with me?)
it still amounts to a difference of $9400., any way you do the math - which is pretty close to what I mentioned(in my first post) that we might expect the swap to cost us. ? ?:6:

Most dealers will strive to use the numbers that are "right" for the particular customer... if they sense that you want NADA trade value on your '02, you can get it, but you will pay more for the '03! If you want to buy the '03 at invoice, you can, but you will get much less on the trade. ?;) This is why I suggested getting the "best" price on the '03 FIRST, then you throw in the trade at the end... that way, you "limit" their ability to "customize" the numbers to what they think you want to hear, and you will get a more realistic picture of the "actual" numbers that they are proposing. (y)

In the real world, if you trade "Apples to Apples" (4x4 Z-71 to 4x4 Z-71 with about the same equipment, etc...) right around $10k is about what you can expect to pay, if you get a "fair" deal.

If you pay $15k to trade, you really got nailed. ? :cautious:
If you pay $5k to trade, PLEASE tell me the name of your dealer, cuz he's gonna make me RICH ?(y)

As far as doing the "right" thing...
that is entirely up to your situation!
If you are happy with the '03, and you can afford to trade, then you did the right thing! ? ?;)

Seven ? :cool:

 
CYATES77 said:
Was wondering what kind of trades people are getting on the 03 from a 02. ?My dealer tells me that they the AV's hold their value.
Click to expand...

I'm thinking between diddlysquat and nothing. GM vehicles depreciate like $4k as soon as you roll off the lot.
 
Thank everyone for responding to my thread. I was only considering upgrading. After much thinking, I have decided to keep my '02. Even with my GM employee discount price it still would not be worth it. I just have fun in my '02!!!!!
 
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