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Car RamRod
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Discussion Starter #1
Stopped by the local dealer Saturday. They had a MSM G8 GT out front. 37K miles. Camaro wheels.
Turns out to be an 09, no sport, premium, or sunroof packages. Minor paint chips in front bumper, completely stock except the wheels.

ASKING $27,000!!!

No way thats the value. I informed them of the gross exaggeration on the price. Salesman had NO CLUE.
 

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Typical slimy dealer trying to gouge clueless customers on the old adage that "there is a chump born every minute". Please do us all a favor and post the name of this distinguished establishment so we know what store to avoid when looking for a new set of wheels.
 

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Car RamRod
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Discussion Starter #5
that's why the expression "Fair Market Value" was invented. A 4 year old car with 37K on the clock does not lose only 10% of it's value. It was worth less than that when the original owner drove it off the lot new.
 

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HeapBlaster
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used car prices are way higher than they used to be... i was trying to buy a used 2010 camaro in 2012... it was the same or more usually to buy used than new...
 

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used car prices are way higher than they used to be... i was trying to buy a used 2010 camaro in 2012... it was the same or more usually to buy used than new...
I had a conversation with a buddy of mine recently. He was telling me about how much value brand new cars lose after you drive them off the lot.

Not really the case anymore, sure they lose some value, but you could still sell a slightly used new model car for just under sticker.
 

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Car RamRod
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Discussion Starter #8
2 things go against the theory that cars lose less value...
1. Drive it off the lot, turn around and go back and ask what they will give you for it
2. Drive it off the lot, run it into a tree and see what insurance will give you.

In both cases, the max amount you will get is 80%. that's been the rule. No idea why people would think differently. I'm not saying that low mileage newer cars have not garnered rediculous prices...factors which may be in play involve different credit ratings for used vs. new, cars no longer available, or limited run (basically a supply/demand issue). I remember back in 1987 I was trying to buy a new camaro. They would only sell me a used one (for the price of a new one) because of my credit.

The Economy is another big factor. If new cars are not selling, the price for used ones goes up. Once the new car market heats up, used prices should come down as supplies increase.
Also, a quick autotrader search finds a good supply of Camaro SS at the same mileage, and a year newer for the same or less money.

I guess I have heard stories about folks who have gotten a great deal off the showroom floor, kept it a year, and sold it for a profit...just never happened to me.
 

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2 things go against the theory that cars lose less value...
1. Drive it off the lot, turn around and go back and ask what they will give you for it
2. Drive it off the lot, run it into a tree and see what insurance will give you.

In both cases, the max amount you will get is 80%. that's been the rule. No idea why people would think differently. I'm not saying that low mileage newer cars have not garnered rediculous prices...factors which may be in play involve different credit ratings for used vs. new, cars no longer available, or limited run (basically a supply/demand issue). I remember back in 1987 I was trying to buy a new camaro. They would only sell me a used one (for the price of a new one) because of my credit.

The Economy is another big factor. If new cars are not selling, the price for used ones goes up. Once the new car market heats up, used prices should come down as supplies increase.
Also, a quick autotrader search finds a good supply of Camaro SS at the same mileage, and a year newer for the same or less money.

I guess I have heard stories about folks who have gotten a great deal off the showroom floor, kept it a year, and sold it for a profit...just never happened to me.

Hmm, I'd actually be interested to see if somebody will buy a new car from a dealer and then drive it to a different dealer to see what they would get. But there's a world of difference between dealers and private sales. So where do you take your value number from? Personally I'd take it from the highest buyer, which would be a private seller. In which case you'd be right saying that supply and demand will affect the price. But it wont be 80% of the sticker for most vehicles.

I think the quality of vehicles today have affected that number the most. Cars last longer now and depreciate slower.


I have to note the only thing I'm basing this off of was waiting to see how much a couple of new vehicles would be used if I waited a bit to purchase one. When used cars started popping up with anywhere from 4,000-15,000 miles, they were barely 5-10% cheaper than brand new. So none of my logic is actually researched and I could be completely wrong.
 

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Car RamRod
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Discussion Starter #10
it's actually quite simple. Go to Kelly Blue book or edmunds and put your data in. I just checked a 2012 camaro SS which MSRPd at 36K, and it came out to 30K. Now that is less than the 20% drop out the door, but is 20% drop in 1 year.
I then input the data for this G8 in question...$21744. much more in line with real market value.
I get the 80% from insurance company claims over the years. Now if they are paying out more than 80% for a totaled new car (without gap insurance), I am not aware of it.

And I do agree that greedy used car dealers are charging MSRP for 2 year old cars that they got at auction for 60-70% (as in this case). That's why they have the reputation that they do...
 

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This was the same thing with mine at the dealer they wanted 29K for a 09 with 32K, sport, premium, red onyx int.

I offered 21 we meet at 23. I told the sales man "gas at $4 a gal" good luck with the sale. I got new tires, alignment, and 2 rims repaired.

Not a smoking deal but not bad.

Just hold your ground, tell them if they want to sell it and give them a number with some room to come up.
 

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You seem to be forgetting the most important thing here Todd, if they can get some DUMBASS to $27k for it why wouldn't they?
 

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it's actually quite simple. Go to Kelly Blue book or edmunds and put your data in. I just checked a 2012 camaro SS which MSRPd at 36K, and it came out to 30K. Now that is less than the 20% drop out the door, but is 20% drop in 1 year.
I then input the data for this G8 in question...$21744. much more in line with real market value.
I get the 80% from insurance company claims over the years. Now if they are paying out more than 80% for a totaled new car (without gap insurance), I am not aware of it.

And I do agree that greedy used car dealers are charging MSRP for 2 year old cars that they got at auction for 60-70% (as in this case). That's why they have the reputation that they do...
From what I remember, you will get vastly different values from KBB and Edmunds. KBB is always too high. Do you really think that cars.com and other sites would have a direct link to KBB for the car they are selling and not be in bed with them?! It's a pretty simple deduction that KBB is innacurate..otherwise there would be tons of dealers priced HIGHER than KBB, rather than exclaiming "We're a bazzilion dollars under the KBB value!"

Edmunds seems to much closer to what a dealer will usually end up lowering his price to in order to sell it.

Logic would dictate that the dealer would price a car high and then except less. Seems like a common sales tactic for anything from cars to garage sales. Of course if you're Apple selling 'i'things, you set the price on everything high and then never lower it.
 

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That's about the price such a car would fetch in my neck of the woods, but of course it would have cost close to $40k new up here. $27k American, in the U.S., seems crazy. I think this dealer is running with the idea that G8s haven't depreciated much, which is true, but not THAT true :).
 

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Theres a blue 09' GT for sale at a dealer by me with 22k on the clock, premium but no sport asking 27k..... low miles, but man thats high
 
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