dmorales

out of curiosity, I appraised my car on Edmund's today. I was kind of hoping to see how much headway I have made on my loan. I thought maybe I had leveled out equity.

I was shocked.

I know I have the oldest model and a lot of miles, but still there seems like there has to be something wrong.

I think Private Party was $7,000 something.
Dealer retail was $6,493

I am almost insulted.
________
Pattaya apartments for sale

tubingchamp

iTrader: (3)

Don't take it personally.

Depreciation is big on this car :D

Go48

Try some other appraisal sites like KBB.com. You may be surprised at the difference between sites. Keep in mind that your car is worth what someone else is willing to pay for it which may or may not equate to an appraisal value. If it is in excellent condition, you have all the maintenance records or a log to show a potential buyer, it likely will be worth more to someone willing to pay a little more for a car that was well cared for.

There are potential buyers out there that are looking for that one exceptional car and they're willing to pay a premium for it. For example, I sold my '04 GT, loaded, in mid-2008 for $16,500. Of course it had low mileage and in near-showroom condition.

j67345

Wow, didn't know it had fallen to those depths! I just paid mine the rest of the way off last week.

Tim Tim Tim

damn, I have a hell of a way to go.


well I just did mine and my trade in value is around 10. You must really have alot of miles. This car is going to be the death of me, I hope it lasts long enough to get paid off.

fstfwd

Exactly. Cars can be one of those items much like art, in that it is often sold for more than it's worth because someone is willing to pay for it at that price. You could recreate the Mona Lisa for $100-$200 I expect, but the original could be sold for much more than that because it is the original and somebody is willing to pay more for it.

I just bought my 04 GT for $15k a few months ago. Most of the 04 that I saw over a six month period were ranging $10k-$15k depending on options and condition, with a few exceptions on either side of that price range.

Renesis07

iTrader: (1)

Mine is at 72,XXX and Ive been getting offered 9, XXX to 11, XXX for trade-ins everytime I stroll through random lots.

77mjd

My 04 GT 6mt has about 70k on the clock and in the past month or so I've had a few dealers appraise a trade in and they ranged from 9,700 - 10,100. The car still looks immaculate inside and out and all maintenance has been done religiously since day 1. I'm thinking of trading in for an r3 but of course dealers are being ****** when it comes to the price on those, giving me the "rare limited edition" bs. Unfortunately for them I am willing to wait for a used one if I have to or the end of the year when there are hopefully rebates in the neignborhood of $4500 again like the '08s.

For the guy that appraised at edmunds...either you have a base model or you are forgetting to add some of the options/features you have on your car in calculating the value because it shouldnt be that low.

Smoke Honda

iTrader: (1)

That's not that many miles. Is it an auto?

BlueEyes

It's really not like art at all. Terrible example.

j67345

You could have paid quite a bit less, but if you're happy with paying that much...I suppose that's what counts

Renesis07

iTrader: (1)

Its kinda funny how a 93 FD with <80K miles in good condition is worth more than most RX8s on the road.

Zerotide

iTrader: (1)

Bought my 04 Grand Touring with 15k on it last June for $16,000 and I thought that was a good deal.

Renesis07

iTrader: (1)

I paid 18, XXX for my 04 GT with 18K miles back in early 06 lol.

Too bad I rolled so much inequity into this car otherwise I would actually have equity in the car right now

I still owe 14, XXX on it, its worth about 8, XXX trade in

BlueEyes

^^ Wow, that's pretty rediculous man. Hood rich?

Zerotide

iTrader: (1)

54k miles in 3 years? Wow thats awesome you drive it that much a year. If you have a car that's meant to be enjoyed I think you should enjoy it. My 8 is my DD and I've only put 4500 on it in the 9 months I've had it.

Any major problems with yours? The guy I bought mine from was a rotorhead with all the receipts and service records so I'm hoping mine holds up for the long haul. I'm only 20 but planning on keeping this car for at least 5-6 more years, even if I retire it as a weekend car eventually.

Gray06

The "Dealer Black Book" has my 06 Shinka with 6000 miles @ poor:$10k /fair $11k /good $12k.
That's wholesale or what dealers will give on a trade in. All dealers used this book.
A vehicle losing2/3th of it's MSRP in 2 and half years. Sure glad I love my car and will not ever let it go.

Renesis07

iTrader: (1)

The funny part is I only drive my car from March - September every year then garage it for the winter.

LOL, if I had drove it throughout the years I would have over 120K at this point.

Car has been good to me, a lot of warranty work. Nothing too extravegant except my trans nuked at right around 35K miles, but its been great since then. Just replaced my throttle body at 72K cause the car wouldnt stay running.

Looking forward to getting it back on the road here within a couple weeks

Renesis07

iTrader: (1)

Hood rich? What does that mean?

BlueEyes

#4
http://www.urbandictionary.com/defin...rm=hood%20rich

I don't know man, not to insult you or anything, but 3 years of ownership and you've paid $4k of principal on your loan. It's not really my business, but that's a little weaksauce.

fstfwd

Appreciate your input, but if you're going to start shooting down ideas it's good to provide some of your own to use as an alternative.

fstfwd

Exactly my point.

Go48

Simple. A "good deal" is like a contract. That is, both parties receive consideration--one gets the car they want and the other gets the compensation--and both parties are happy with the deal.

BTW, trading in a car is never the way to get the value out of a car. Sell it yourself. A site like Autotrader.com is an excellent way to do that, as is parking it in a well-travelled spot with a for sale sign on it and a sheet with lots of details about the car. Keep a log with details for everything you do to the car including all the gasoline fillups. Potential buyers really appreciate that. And most of all, from the day you purchase the car, treat it as though you will be selling it the next day and you will get top dollar for it when you do sell it.

Renesis07

iTrader: (1)

Weaksauce?

Now if I was 'hood rich', how would I be able to finance this car with inequity on top of it, think about it?

Also, Ive owned the car for 2 1/2 years. I financed 21000 after the inequity and 5,000 down. There was a lot of inequity becuase my previous vehicle was a lease vehicle that was giving me a lot of problems, so I dumped it and picked up my RX8.

Kinda fucked up you're calling me hood rich, you dont know anything about me or my financial situation, therefore you're just being an *******.

alienRX8

I hate resale value on this car

makes me wish I would have bought something else, until I go out and drive it haha