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  #37  
Old 03-18-2011, 07:44 PM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

My fear is that once Dan gets his mitts on the wheel and arse in the seat of that custom-ordered, saddle-leather, new-smell hot rod - that he'll fold like a lawn chair on the stealership trade in value. The dealer is betting on it too.
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  #38  
Old 03-18-2011, 08:04 PM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

^^^ LOL..... I got a buyer lined up in case the trade-in is too low....
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  #39  
Old 03-19-2011, 07:12 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

Dan's in the enviable position where he doesn't need to sell his current ride to take delivery of his new Summit. Dealers hate the "Dan's" of the world

(well, not really but they prey on the rest of us when they have all the leverage....)
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  #40  
Old 03-19-2011, 09:07 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

^^^ Yep. I just feel bad for people who fall in love with a new vehicle and get all wrapped up in emotions that when they finally get to the purchase time they get low-balled on the trade-in that they need to do and just relent.
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  #41  
Old 03-19-2011, 10:07 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

Quote:
Originally Posted by Dan JGC View Post
I am stuck with this dealer for trade-in since I ordered the new GC from them so shopping around isn't an option. I did order with the affiliate pricing. I just buy my vehicles outright.

If they gave me KBB "fair" TRADE-IN pricing I would just trade it in since I'd save a grand on sales tax too.

The problem I have is that they aren't even close to KBB "fair" trade-in pricing and mine is a one owner excellent condition vehicle. No accidents, no smoking, all maintenance done. Again, I'm not talking about KBB retail or private party pricing, I'm talking about the lowest KBB trade-in price that they aren't even close too....to me that is ridiculous.

Autotrader.com has worked well for me in the past and I always post a ton of photos.

I do know that they want this vehicle for their own used car lot...that they don't have any used GC's right now and they are a large Jeep dealer so this one would be an easy sale for them. They can't profit if they don't have the inventory and they need inventory so we'll see how badly they want to buy mine.
You do know that you are not locked into ANY deal at all until you drive off the lot. Even if you paid for the entire car up front, you could demand your money back.

Quote:
Originally Posted by ar15nova View Post
+1 for the Autotrader tip. Unlike NADA and all the others, Autotrader takes into account market conditions and returns a value usually very close to what most dealerships will offer.

That said, there are several points to consider:

First, what you perceive to be "excellent" may be relative. Minor scratches, worn tires, dirty carpet, small dings in the doors, etc. may seem trite to you, but to restore your car to excellent may cost more than you think.

Also, most manufaturer dealerships (at least in my area) retail used cars below KBB retail and, believe it or not, there is not a "huge profit" in most used cars. Can't speak to your area, but in my area the used car market is every bit as competitive as the new car market. Reputable dealerships cannot afford to rip off customers on the trade or at retail.

Also, there are money factors at play which KBB does not factor in but NADA does. For example, if your car is out of warranty, the loan value the banks are willing to underwrite drops dramatically. If you have a 2007 car valued by KBB at $18K fair and $20K good, at one year out of warrany, there's an excellent chance that the banks will not loan more than $20K on the car. If it retails for $24K the next purchaser will have to put down a very large amount which greatly reduces the market for the car. Therefore the dealership needs to retail the car at a price close to the loan value, so they will likely offer you a trade in price less than the KBB "fair" price.

Finally, some dealerships will offer more for trades and offer less relief on the MSRP of the new car. Others offer greater relief on the MSRP of the new car and less on the trades. The bottom line is - does the total deal work for you? If it does, go for it. If not, go somewhere else. Don't get too hung up on the trade alone or the MSRP alone... they run in tandem. Get hung up on the bottom line.
That is absolutely not true. I have no idea where you get your information, but I was a car salesman right up until I came to Korea to teach. Used cars are ANY dealers big profit item. If you were in sales and your dealer didn't make huge profits on used, then it was the only dealership in the country like that. Period.

Quote:
Originally Posted by jgc4ever View Post
If that's true that "Nobody" in the car business uses kbb prices, that is new in the last 2-3 years, because 2-3 years ago the local Jeep dealers were sending me fliers offering $1000 above kbb price and when I went into negotitate they would print out and show me kbb prices. These are some of the largest Jeep Grand Cherokee dealers with 50 new Grand Cherokees on one lot and the other dealer with 150 Grand Cherokees on the lot at all times.
That's just a ploy to get you into the dealeship. When it came down to crunching numbers, something would have impacted that number negatively.

I was in car sales, very successfully, for 2+ years. And not that long ago. I still remember all of the nasty tricks and lies we used to get people in and sold.
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  #42  
Old 03-19-2011, 11:30 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

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Originally Posted by Dan JGC View Post
^^^ LOL..... I got a buyer lined up in case the trade-in is too low....
Just curious..if you have a buyer lined up why wouldn't you just sell to that buyer since you're going to ALWAYS do better private party? I have sold my last 4 vehicles private party and it's really not that hard as you know as well as others have stated. The best I ever did before I started selling the cars myself was to get 300 below KBB for a trade and that was a shock. It was a 2001 Pontiac Bonneville SSEi that I was trading into a Mazda dealer about 5 year ago.
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  #43  
Old 03-19-2011, 08:27 PM
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  #44  
Old 03-20-2011, 12:23 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

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Originally Posted by HEMInator View Post
Just curious..if you have a buyer lined up why wouldn't you just sell to that buyer since you're going to ALWAYS do better private party? I have sold my last 4 vehicles private party and it's really not that hard as you know as well as others have stated. The best I ever did before I started selling the cars myself was to get 300 below KBB for a trade and that was a shock. It was a 2001 Pontiac Bonneville SSEi that I was trading into a Mazda dealer about 5 year ago.
Well, it was for two friends so basically I would just charge the trade-in plus the sales tax savings plus maybe $100. The would get a great deal and that would go to a friend, not the car dealer. So, I wanted to find out what a "real" trade-in value was so I would know what to ask my friend pay. But if the trade-in was NADA or KBB then that may be more that what my friend may really want to pay...so in that case it would go to the dealer.
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  #45  
Old 03-20-2011, 09:30 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

Quote:
Originally Posted by Dan JGC View Post
Well, it was for two friends so basically I would just charge the trade-in plus the sales tax savings plus maybe $100. The would get a great deal and that would go to a friend, not the car dealer. So, I wanted to find out what a "real" trade-in value was so I would know what to ask my friend pay. But if the trade-in was NADA or KBB then that may be more that what my friend may really want to pay...so in that case it would go to the dealer.
That's exactly what I did on a couple deals in the past. Got the firm trade-in offer plus the tax advantage and sold it to a friend for that price. It's a Win-Win. In fact, I did that same thing on the sale of my Trailblazer SS last year. I got a firm price offer from 3 local dealers, added the 10% for the tax benefit plus a little profit and put it up on ebay with that as the reserve price. I then added another 10% for the buy it now price and sold it for a number smack in the middle in 2 days. It's all about good presentation and smart pricing. All of these numbers were below the KBB, NADA and Edmunds retail prices but those are just guides, it's only worth what someone is willing to pay at the moment, nothing more regardless what pieces of paper you have in hand.....
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  #46  
Old 03-27-2011, 01:40 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

OK - One friend's wife might not have a job soon and the other is now expecting a 3rd baby. So, the high gas prices have them both spooked. No problem. Was gonna sell to them for trade-in with sales tax + maybe $100 for misc. (and I woulda detailed it and filled up the tank).

So, decided to list it on autotrader.com as I have done in the past with very good results...probably sold 6 vehicles that way. I always take a bunch of photos after having the vehicle detailed...and I mean a bunch, like 100+.

I decided to price it at (trade-in + 6% sales tax) * 1.10 + $500. Detailing and ad cost about $150. After my ad went live on autotrader.com, I had the first call within 2 hours (Wed. afternoon) from a guy 4 hours away who has been looking for this exact configuration....but can't get down to my area until Saturday because of work...but assures me he wants to buy it (but you know how that can go...so will see). Thursday morning get a call from another guy about 30 minutes away...I explained the ad just went live the day before and have an interested party coming Saturday...he says he'll be over to look at it in an hour during lunch (less than 24 hours after my ad went live). He is a real car guy...does everything except, ironically, test drive....he really liked it an it was in such good condition with low miles who could blame him. We come to terms...knock off a couple of hundred since he seems to be someone who has to negotiate or will have regrets...no problem. He will have a cashier's check first thing in the morning and we can complete the sale. The first guy calls me back...letting me know that he will be down on Saturday and will bring a cashier's check for the full amount...I explain that it is already pretty much sold...first come, first served...nice guy, kinda feel bad...he offers to pay more than asking...but I have a handshake deal with the second guy. The second guy follows through and we complete the same...I had paperwork ready (I don't do just the title, always have a sales agreement drafted specifying "as is" etc.)...oh, and the guy remembers he should do a test drive instead of just starting the engine...we do the half mile loop. Done deal. Sooo much quicker than at the dealership....our paperwork took less than 15 minutes.

So, sold within 24 hours.....ended up with $1500 more than deal trade-in after taking into account sales tax, detailing and ad cost....I didn't even get a chance to list it on craiglist.org or eBay Motors.

Buyer got a VERY good deal...I got it sold quickly.....everyone is happy...and I get an open invitation to go out on the boat for a weekend....obviously I must have priced it too low!!! LOL Just kidding, was a more than fair deal for the buyer and fair to me too. A bird in the hand is worth two in the bush....or a cashier's check in hand is worth 2 potential buyers 4 hours away...
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Old 03-27-2011, 01:47 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

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Originally Posted by Dan JGC View Post
OK - One friend's wife might not have a job soon and the other is now expecting a 3rd baby. So, the high gas prices have them both spooked. No problem. Was gonna sell to them for trade-in with sales tax + maybe $100 for misc. (and I woulda detailed it and filled up the tank).

So, decided to list it on autotrader.com as I have done in the past with very good results...probably sold 6 vehicles that way. I always take a bunch of photos after having the vehicle detailed...and I mean a bunch, like 100+.

I decided to price it at (trade-in + 6% sales tax) * 1.10 + $500. Detailing and ad cost about $150. After my ad went live on autotrader.com, I had the first call within 2 hours (Wed. afternoon) from a guy 4 hours away who has been looking for this exact configuration....but can't get down to my area until Saturday because of work...but assures me he wants to buy it (but you know how that can go...so will see). Thursday morning get a call from another guy about 30 minutes away...I explained the ad just went live the day before and have an interested party coming Saturday...he says he'll be over to look at it in an hour during lunch (less than 24 hours after my ad went live). He is a real car guy...does everything except, ironically, test drive....he really liked it an it was in such good condition with low miles who could blame him. We come to terms...knock off a couple of hundred since he seems to be someone who has to negotiate or will have regrets...no problem. He will have a cashier's check first thing in the morning and we can complete the sale. The first guy calls me back...letting me know that he will be down on Saturday and will bring a cashier's check for the full amount...I explain that it is already pretty much sold...first come, first served...nice guy, kinda feel bad...he offers to pay more than asking...but I have a handshake deal with the second guy. The second guy follows through and we complete the same...I had paperwork ready (I don't do just the title, always have a sales agreement drafted specifying "as is" etc.)...oh, and the guy remembers he should do a test drive instead of just starting the engine...we do the half mile loop. Done deal. Sooo much quicker than at the dealership....our paperwork took less than 15 minutes.

So, sold within 24 hours.....ended up with $1500 more than deal trade-in after taking into account sales tax, detailing and ad cost....I didn't even get a chance to list it on craiglist.org or eBay Motors.

Buyer got a VERY good deal...I got it sold quickly.....everyone is happy...and I get an open invitation to go out on the boat for a weekend....obviously I must have priced it too low!!! LOL Just kidding, was a more than fair deal for the buyer and fair to me too. A bird in the hand is worth two in the bush....or a cashier's check in hand is worth 2 potential buyers 4 hours away...
Sounds like you played it pretty straight. The guy 4 hours away needs to understand, cash in hand, first come first served, etc. Glad you got out of your truck so easy. I have a lot of good experience with craigslist, believe it or not.
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Old 03-27-2011, 09:43 AM
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Re: Trade-In: "Kelly Blue Book" vs. "Black Book"

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Originally Posted by Dan JGC View Post

A bird in the hand is worth two in the bush....or a cashier's check in hand is worth 2 potential buyers 4 hours away...

Congrats on the sale!

I don't want to rain on anyone's parade but not all cashier checks are legit. It's a good idea to keep a copy of the buyer's driver's license and call the issuing bank to verify the authenticity of the cashier's check before turning everything over.

http://www.carbuyingtips.com/fraud.htm
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