I am thinking about trading in my 2005 Elise. It is magnetic blue, 6900 miles with hard top, in perfect condition. What do you guys think the dealer should be giving me. They have offered 24k and I think that is low. What do you guys think I should get for it? Thanks for you quick and honest opinions.
Trading in my 2005 Elise
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yeah... just a little
I would sell it yourself instead of trading it in, you should be able to get high 20's - low 30's
I wouldn't expect to get what the dealership would turn around and sell it for. I just bought an '07 with 6300 miles for $38k, but they had an '05 there with 12k miles for $32k. $24k does sound low, but I wouldn't expect a dealership to go much higher. I guess it mostly depends on where you live, though. That's my $0.02, anyway. Good luck.
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As a rule of thumb, dealers will never offer you more than they could buy a similar car at a dealer's auction. Some may try to disguise this offer price by reducing your discount on a new car, but your costs will still net the same. This is the necessary price formula to keep most dealers in business, and that's OK if done honestly.
My approach is always to try to sell on the private market first. That way you can split the difference between the auction price (for the seller) and the retail price (for the buyer) as found on used car lots. Typically the buyer and seller each come out thousands ahead.
The big advantage of selling to a dealer is that it is quick and guaranteed.
My approach is always to try to sell on the private market first. That way you can split the difference between the auction price (for the seller) and the retail price (for the buyer) as found on used car lots. Typically the buyer and seller each come out thousands ahead.
The big advantage of selling to a dealer is that it is quick and guaranteed.
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I think in today's market that's about right. FWIW I just paid (2-3 months ago) 24k for a 05 Mag blue with touring, hardtop, starshield. 23,000 miles on it. (I bought from private seller)
I also just bought a 05 S2k, for 14k, then turned around and traded it in for 15,500.00
So trade in on yours is about right. (based on my experiences at least)...05's aren't going for more than that on ebay, so don't expect a dealer to pay more than that.
The market is **** right now, and values have tanked on everything.
I also just bought a 05 S2k, for 14k, then turned around and traded it in for 15,500.00
So trade in on yours is about right. (based on my experiences at least)...05's aren't going for more than that on ebay, so don't expect a dealer to pay more than that.
The market is **** right now, and values have tanked on everything.
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trade in? good luck.
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Should fetch upper 20's not mid to low 20's.
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Should, but it won't in the current market. seriously guys I've bought 3 cars in the past 3 months. all of which at much lower values than they "should" sell for. people who are asking what the car "should" go for are keeping their car. Its a buyers market, and cars are not selling for what you would have expected a year ago. You don't have to agree with me, but go look up values of more "normal cars" and you'll see I'm right. (assuming you knew the value of that same car last year). For example 2003 350z with 3,000 miles (yes 3k) on it trade in was ~22k about 1.75 yrs ago. then 4 months ago it was down to ~14k. That's a massive hit on a car that is already 5+ yrs old. Values are down, its a fact, accept it.
Also the issue you will run into in selling private (severity depends on your location) is the Elise is a typical owners "toy" car. people are NOT buying toys right now...so the "inflated values" of these cars don't hold in a time of poor economic status.
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11,687 Posts
Not trade in....outright sale... should sell quickly at 29.
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Then you were not disagreeing with me at all. I won't comment on private sales other than my previous statement of "good luck.....people who are asking what a car "should" sell for are keeping their cars (much longer)".
I think it depends on what you are trading it in on. The car is likely worth around 30k as a dealer sale. To me it is unreasonable for the dealer to make 6k on your trade if they are making a fair bit on your new car. If you have negotiated a near zero profit price on the other car it may be reasonable. A dealer needs to make money on transactions but it is impossible to say what is reasonable without the total picture. For instance I am sure they will give 30k for the elise if you agree to pay straight sticker for an 08 exige ....
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As most of the others have said, in this market, that sounds about right (maybe even a fair offer) considering it's a dealer and you're going to take a hit with any dealer trade-in. Think of it as a convenience tax - you are paying for the priviledge of walking away from the car without having to deal with the posting of ads, answering of endless rounds of questions, the back and forth over when and where to meet prospective buyers and the wondering if they're on the up-and-up and have the money to pay or will try to jack you around for a lower unrealistic price, responding to demands that this or that be replaced, tightened or fixed before they do the deal, transfer of title, etc. (Bitter, me ? rotfl )Trust me, right now is a really crappy time to try to sell what is for most people an expensive toy. What's your time worth ?
If you don't like their offer, go ahead and try another dealer (but based on experience when the state of the general economy was not quite as bad as it is right now, I doubt you'll get much better), or put it up for sale yourself.
If you don't like their offer, go ahead and try another dealer (but based on experience when the state of the general economy was not quite as bad as it is right now, I doubt you'll get much better), or put it up for sale yourself.
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Agreed. They are saving you the (potential) hassle of a private sale. IMO, they are probably really only offering you 22K and are burying 2K somewhere else.
Case in point, I was offered 19K for my cooper S JCW. I sold it for 23.5K myself. Cars in similar shape were selling for 22-25K privately. When the trade disappeared I was able to squeeze another 1K from them on my new BMW from a "mistake" they made.
I think the 3-5K you could get above their "offer" may be worth the convenience fee they are taking. On my last sale I was lucky enough to have cash on hand to make the sale privately. All it takes is a few deals that don't go through, or deals that require you to drive 300 miles each way that eat your weekends that make it worth it.
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In louisiana, you get a deduction on the sales tax of the car by trading it in. On a deal like this, you would save 2k in sales tax on the new car, making the deal equal to 26k, which in this market is better than I would expect you to get on a trade in.
Try to get 26k, wholesale for something like your lotus is still in the upper 20's range at least in my area.... The nice thing about a trade in is you don't have to deal with selling it and low ball offers, etc....
So you got great deals on your lotus and s2k.... If the s2k guy could have gotten 15,500 for the s2k and you only paid 14k, they got screwed. I agree the market is sh** right now, but the "really good" deals are despearate people that don't know any better and need money bad getting taken advantage by unscrupulous people.I think in today's market that's about right. FWIW I just paid (2-3 months ago) 24k for a 05 Mag blue with touring, hardtop, starshield. 23,000 miles on it. (I bought from private seller)
I also just bought a 05 S2k, for 14k, then turned around and traded it in for 15,500.00
So trade in on yours is about right. (based on my experiences at least)...05's aren't going for more than that on ebay, so don't expect a dealer to pay more than that.
The market is **** right now, and values have tanked on everything.
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1,086 Posts
Keep in mind you save money on sales tax by trading (In most states) So if your next car is 40,000 and you trade for 25,000 you only pay tax on 15,000. This gets you pretty close to the private party number, without the hassle.
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