In my recent inquiries to move to a SUV last week, wholesalers were offering from 25 - 27K for my 04 with 54K, which isn't bad. Potentially one could fetch 28 - 30K privately.


When eye goggling the RX8 GT yesterday, I threw it out to a Mazda dealership for a trade price for my RX8. To my horror they offered no more than 22K.

I knew they were having a lend so I went to another Mazda dealership and yep, you guessed it - 22K. My response back was as expected...

I'm fully aware of the financial crunch at the moment, but not this far of a margin. What the f%*# is going on?

 

Reality .................can be a shocking in this market most cars will loose 65 to 75 % value in the first 3 years ........IMHO .

The car dealers will only give you top dollars if your trading it in for a hard to sell car like the Tiguan you looked at

Selling cars privately can be a hit or miss proposition i know of RX8 THAT HAVE BEEN ON THE MARKET FOR OVER 12 MONTHS

If you are a cash buyer most cars can be had at a 15 % discount of recommended dealer price

Dont worry be happy James packer looses $6000 per every minute $ 360.000every hour according to the Sunday mail .

Cheers
Michael

 

Reality sux. Did the same last week at a local Mazda dealer for an M6 & got the same result. Kids are growing quickly & must make decisions soon.

$24k was their final offer........

Details = 03 model, 60k km, 4AT

REgards

 

Dave, $24K last week for your 03 is indicative of a bigger picture. We'd better tighten our seatbelts and bunker down for torrid times ahead...

 

Also dont forget the more a car is in a small niche rotary market such as the RX8 the value gets hammered .

Trevor

At least you have job security economic hard times , create more crimes , so we need more honest law enforce ment .

Cheers
Michael

 

22K is below the trade in red book value.

They are telling you that they don't want your fringing car, because they can't risk to have that as an asset. They rather you sell it privately and get a car from them.

Sell your car first, get a rental then buy a new car. That will what I would be doing if I were you.... I am looking at a 3rd car so I don't have this problem.

 

Right now it the best time to buy a new car and the worst time to trade one in.

The wholesale market is dead right now and dealers are scrambling to find financing. GMAC and GE both have recently pulled out of the commercial floor plan business leaving a lot of dealers trying to get new floor plans or trying to figure out how to cover the $2 or $3 million they have now by Dec.

I know one dealer in Queensland that has multiple dealerships they have a $300 million floor plan they have to refinance by Dec or face the prospect of turning all their cars over to GMAC.
No one knows how many cars will hit the Auctions in Dec from GMAC and GE taking over stock and liquidating it.

So if you have cash or are not trading in dealers will sell almost at cost to move stock if you have a trade they don't want it.

 

I can see us moth balling our RX8 in the garage, and I'll screw down a desperate seller with some cold hard cash. You're right Monte....money talks....

 

That sounds like some excellent advice from someone who obviously knows the trade very well. Is there any truth in the opinion I heard that the best time to buy is the last Wednesday of a month?

 

Funny you should ask that.
My best friend runs a dealership and has been doing it for 20 years, he was just here and we were talking about that.
I asked him how the rumor got started and he said dealers started it, creates urgency in buyers. He went on to say he will sell you a car on the first Thurs second Tues etc.. at the same deal he will make you on the last Weds.

In fact often people buy that rumor and dealers make an extra few hundred on a deal and the buyer thinks they are they getting a bargain because they bought then.

So short answer. No.

 

I concur Monte. The way the market is at the moment, I think any dealer will try to seal any deal, any day of the week.

My trade offer is a sign the financial market is starting to hurt hip pockets, and the loyalty factor is well and truly out the window....

 

I've had another ex-car salesman admit the same. Although there might be the odd salesman keen to hit a sales target from time to time, this is more urban myth than reality.

I've never thought this car would have good resale anyway. I bought it as a loss maker just to enjoy. If I get $20K for my '04 when I move it on, I'll be okay with that. Cars don't make good investments...

 

Agreed, however, the more (common) of any model car out there the Lower the trade /resale value.

Put another way, high volume (units) of a particular model in any market has a lower buy back or trade in price. Because there are so many to choose from.

 

I'll make the 20K offer right now.....interested?

 

Nope - not finished with it yet...