c5vette73

I have officially ordered a '06 C6. TPW for 9/16/05 or 09/23/05. Hopefully will have it by end of October or beginning of November.

I have a 2000 C5 coupe I plan to trade in. The car has about 43,000 miles on it. It is in excellent condition. Is $22K too much to expect for trade in? I have never traded in a car and would appreciate some feedback as to what would be the best way to get the most for my trade in.

Thanks

Datawiz

went to www.edmunds.com and put in 2000 C5 Hatchback. Trade-in is the only number that will mean anything to you. I picked NO options and the base trade in value without mileage or condition or options is just over 20,000, so you're probably in the ballpark.

JWB ZO6

Without all the info on your car its hard to say. On average tade in is 10-15% less than retail. With that in mind I think you are a little high but good luck.

jkonkle

check ebay and use the "mile locator" to see what they are going in your area.

Your salesman will have a person they call the "auction manager" come out and look at the car. He's checking to make sure it is actually a CAR with wheels. Then, he'll go back in and look something up on a website; typically the GMAC Auction of some kind. He'll work there for a bit and come back with a number. Figure 5% less than what the auction prices have been.

Good thing is your car is gone at buy, you get sales tax credit; but fight for the extra five percent. Also, do the math on the sales tax credit that you won't get selling private party.

Best of luck...

JK

c5vette73

Thanks, very informative.

I wonder how much the dealer would end up selling my car for and profiting. How much can it possible cost a dealer to get the car ready for resale if the car is in excellent condition?

If I get $22K on trade and the dealer puts in $1K in reconditioning, thats a total cost to the dealer of $23K. From the kelly blue book retail value of $28K, it seems the dealer can make between $3-5K. I see some room for me to negotiate my trade in value

The dealer is actually making money on the sale of the new C6 and the sale of my C5.

I figure on my 2006 C6 which will MSRP at $54,600 with options, the dealer will make about $6-7K.

VET4LES

You have plenty of time, try to sell it yourself. You should get more than you would on a trade in. That would be easy extra money. I sold my 70 Corvette on e-bay and my Honda in the Auto Trader. Very easy to do.

Good Luck.

c5vette73

How much more can I get if I sell it myself?

After the sales tax credit, are we talking more than $1K.

On a $22K trade in I would get a credit of $1,320?

Nel727

You seemed to answer that in your earlier post ($3K-$5K).

bub

If your dealer will cooperate, ask him about an "in-and-out" on your trade.

Basically what that involves is you selling your car to a person outright at individual retail price (probably close to $25k for your car as described), and the dealership running the transaction through their books, treating it (the $25k) as a "trade" to save you the sales taxes on your "trade value", which effectively becomes "retail value".

You get to have your cake (get fair market price for your car) and eat it (get the sales tax advantages of a trade) too, with no skin off the dealers nuts whatsoever.

Since you are ordering your C6 as an '06, you should have plenty of time time to sell your C5 before the C6 arrives (doing the paperwork on the C5 "trade" anytime prior to the C6 purchase is fine).

Pretty common practice.

The big guys typically don't want to screw with it though (they sometimes go as far as calling it "illegal" - this is a smokescreen - they are buying the car from you for "$X" and selling the car for "$X"). Smaller dealers will typically cooperate on this, but their C6 allocation will be limited. Sort of a Catch 22, but with some pretty big $ at play here, so depending on your situation, it may or may not be worth the wait.

If the big guys get screwey, offer them $500 to do the "in and out" and watch them reconsider in 2 seconds flat. If he balks about the 30 day warranty he has to provide on your well cared for C5, find another dealer.

-CKB

need-for-speed

Why wouldn't you just take it to the dealer you ordered from and ask them how much they'll give you? In fact, you should have done that when you ordered. Chances are, you won't like the number they give you. Then go to the C5 for sale section here and sell it.

http://forums.corvetteforum.com/forumdisplay.php?f=52

As you say, consider the difference in sales tax. I sold my 2000 FRC here on the forum. It took 6 days (but it was in cherry condition w/ 18K miles). Most of the time, you are better off selling it yourself. Corvettes are not hard to sell. They sell themselves.

2005ArcticWhite

Nice order!

finnor

Sent you a PM.

--Tor

Need 4 Speed

Unless the dealer is going to give you at least $22k for it then I would try and sell private.You could get more than that if your wanting to sell it now.If you wait till the other car is ready in Oct.-Nov. then you'll lose some do to winter coming and 06's out.Make sure you get your dealer to commit to the trade in value now so it won't lower as his resale price will also lower on his lot for winter.

twolayz

Been told by a vette dealer they use Galves.com,more accurate than Edmunds,meaning less for dealer to pay

'06 Quicksilver Z06

Speaking only from my own experience, it made more sense for me to trade my C5 in.

For example, if my car had a negotiated price of that $54,600, you speak of, I would have had to pay $3,822.00 in sales tax bringing the car to $58,422.

With the trade in (and I was fortunate enough to get a good trade in allowance on my "03, I only pay the sales tax on the difference.

To find out wheter it was worth it for me to sell my C5 on my own, I would have had to add the amount of money I saved in sales tax to the asking price of my C5 and take into account the fact that anyone in PA buying it from me would have also had to pay 7% sales tax at the time they purchased the car from me.

The above points would not give me much room to back off my asking price.

Also saved me the headache and hassle of trying to sell it myself. Which in my mind is worth at least $500.00. Put it on the forum and got no serious inquiries, and with the scams on Ebay, no thanks.

calemasters

Dealers allow whatever they want on a trade-in. Since your car is nice, they may choose to retail your trade in a make a nice gross. Typically, they will buy your trade in for as little as possible. You may come out ahead by selling it yourself. When I ordered my C6, I was offered $9,500 for my trade-in. I sold it myself for $14,900, so in my case, it was worth the extra effort. I just could not leave all that money on the table.

To me, my trade-in has always been worth more to me, than it is worth to the dealer. Remember, dealers are in business for one reason. Money.

jkonkle

Exactly - this is exactly how it works; but your "used car" auction buyer works for a different "department" - you need to get to the guy who manages both new car sales and used car as he will realize his profit. Also, they'll give you more if their cost to "keep" the car on the lot will be low - *read* - it will sell fast!

Best of luck and try talking more about sales tax offset vs the total price of your car. For ever $1000 you get for your car it would be $80 here in Texas, so $3000 takes $240 off the price of your new car.

JK

johnmingwong

First, go to kbb.com, get a quote on your car as a trade-in and not retail. You will never get retail for a trade, just think, if a dealership give you retail, then what do they sell it for? Mark-up on a used car?
When you book it out on KBB, do it one time as a excellent, and one time as a good, then one as poor. whatever the value is, be prepare the dealership will offer you $1,000 or more less than what you expect. I am a Finance Manager at a dealership, And I used to do car appraisal on used car before. Thats how the system works anywhere. It is the same all over the country. They don't care about minor engine works or techical stuff. But they will pick every little scratch on the body. The fact is, the next buyer that goes car shopping, first they will check is if the car is excellent on the outside. And also, repair to engine and brakes is cheap to dealership, body work and paint is costly to all.

Make sure your body of the car is the best it can be. Maintenance record helps.

johnmingwong

the word excellent is only use when someone is trying to sell something.

The only time you can use the word excellent is went the car is brand spanking new. What is great to one is not so great to an other. There is no real set guideline that can classify a used car as excellent. mileage can be good, excellent is when you have a 3 year old car with 100 miles only. This is a debate that has gone on forever in the dealership level. Everyone that sells or trade in a used car says it is excellent, yet, the same car when it gets smog and sfety checked and certified by the dealership to sell, the new buyer will point out this is bad and that is bad. The reason? looking for any etch for a discount. Nothing wrong with that, just facts.

FYI, it cost a dealership no more than $745.00 in California to prep a trade for sale assuming it is indeed in great condition.

finnor

Per KBB:


Definitions:

Excellent
"Excellent" condition means that the vehicle looks new, is in excellent mechanical condition and needs no reconditioning. This vehicle has never had any paint or body work and is free of rust. The vehicle has a clean Title History and will pass a smog and safety inspection. The engine compartment is clean, with no fluid leaks and is free of any wear or visible defects. The vehicle also has complete and verifiable service records. Less than 5% of all used vehicles fall into this category.

Good
"Good" condition means that the vehicle is free of any major defects. This vehicle has a clean Title History, the paint, body and interior have only minor (if any) blemishes, and there are no major mechanical problems. There should be little or no rust on this vehicle. The tires match and have substantial tread wear left. A "good" vehicle will need some reconditioning to be sold at retail. Most consumer owned vehicles fall into this category.

Fair
"Fair" condition means that the vehicle has some mechanical or cosmetic defects and needs servicing but is still in reasonable running condition. This vehicle has a clean Title History, the paint, body and/or interior need work performed by a professional. The tires may need to be replaced. There may be some repairable rust damage.

Poor
"Poor" condition means that the vehicle has severe mechanical and/or cosmetic defects and is in poor running condition. The vehicle may have problems that cannot be readily fixed such as a damaged frame or a rusted-through body. A vehicle with a branded title (salvage, flood, etc.) or unsubstantiated mileage is considered "poor." A vehicle in poor condition may require an independent appraisal to determine its value.

Headliner
The lining above your head on the underside of the roof. Headliners are usually not a problem. However, sometimes they are faded or have stains or tears. They can be replaced, but this requires some time and expense.

Upholstery
Should be clean and not faded or ripped. Leather is a special case. It usually has some added value if it is in good shape. However, if it needs repair or replacing it is much more expensive than cloth or vinyl to do so.

Carpets
Older cars usually have some carpet wear. If so, it must be replaced for the vehicle to be worth top dollar. Any stains will reduce the value.

Dashboard
The dashboard is usually not a problem. However, sometimes they have been dented or scratched. More often they could have sun damage in the form of fading or cracking leather or vinyl trim.

Metal & Paint
Metal and paint are very subjective items. You must keep in mind that while some minor dents and scratches are normal wear & tear as the car gets older, the new buyer expects it to be perfect. When you drive the same car for several years, these imperfections sometimes start to go unnoticed. Door chips and sand damage are sometimes subtle and should be looked at carefully.

A warning about Metal & Paint reconditioning: If you have paid for reconditioning that was not done properly (a "fixed" dent that appears wavy, etc.) the person appraising the car may deduct for reconditioning anyway.

Glass
The side windows are usually not a problem as long as they operate properly. You should pay special attention to the windshield and rear window. The rear window sometimes gets sun damage in the form of checking, cracking or discoloration. The windshield is the most important glass, as it is the most expensive and is most subject to damage. Besides the obvious cracking, checking and discoloration, sand damage is the most commonly overlooked problem by the layman. Sand damage can range from slight to the point where it impairs vision. In either case, the windshield will usually need to be replaced.

Rust
Check around the window mouldings, wheel wells, under the doors, door hinge area and taillight mouldings. Look in the trunk area under the mat. Look for rust on the hubcaps or on the bumper. Look underneath the vehicle. Is there rust on the underbody? Look under the hood. Is the engine compartment pitted or corroded?

Mechanical
The exact nature of a mechanical problem is difficult for a layman to diagnose. Even the experts can't always be sure of the nature or the magnitude of the problem without at least partially disabling the part. If you are in doubt, have a reputable repair shop give you an opinion of the problem and an estimated cost of repair.

Tires
Tires must be the proper size and match for the vehicle. They should be near new to avoid a deduction when the car is appraised. The depth of the new tire tread for the average passenger car is about 3/8" (this can go to nearly 1/2"). All-terrain & off-road tires found on trucks and sport utility vehicles should have at least 1/4" of tread. Any less than 1/4" will likely result in a deduction as the dealer will probably want to replace the tires before offering the vehicle for resale.

In other words, excellent does not exist. I challenge anybody to trade a car that needs ZERO reconditioning. Most cars will fall between FAIR and GOOD.

JOHNMINGWONG seems to imply that dealers couldn't care less about engine sludge, an A/C that runs warm, a bad tranny, as long as it looks good. Untrue. Also, repairs to engines and brakes are not necessarily cheap, maybe cheaper than to the customer, but again, it depends on what recon is required. Also, I don't know how it can only take $745 to recon a car. Sure, if it excellent by the KBB definition, it will take $0 to do the recon. Not likely.

The moral is, you WILL get more if you sell it yourself. How much more depends on the car, the buyer, and the seller. Take into consideration the sales tax credit. Take into consideration the time required to show it, advertise it, insure it, and pay for it while it is for sale. What about safety? Do you want strangers calling your house? Knowing where you live? What if they have a problem with the car? I have sold cars on my own and traded. Consider all factors, then make an educaed decision.

Sorry to be so long-winded, hope somebody got something positive out of this. Best of luck.