Trade-in value plummeting?
07-05-2009, 09:59 PM
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Looking to trade my 2004 525i with 50,000 miles, in great shape inside and out. Has most options AS, ARS, Sport Package, and the good stuff.
I asked the dealer how much he would give me in trade for a new 2009 or 2010 5-Series. He said $12,000 if I paid the sticker price on the new 5.
They told me the value has "plummeted" due to the economy. I told him this was $8,000 under the Kelly Blue Book, and he told me the market has recently collapsed for used BMWs.
He said the KBB always lags "reality." I showed him a July 2nd print-out from the KBB site.
I walked over to a 2004 525 with fewer features than mine and 80,000 miles on the odometer on the same dealer's lot with a $24,999 price on the windshield.
Is there a decent, honest BMW dealer left?
I asked the dealer how much he would give me in trade for a new 2009 or 2010 5-Series. He said $12,000 if I paid the sticker price on the new 5.
They told me the value has "plummeted" due to the economy. I told him this was $8,000 under the Kelly Blue Book, and he told me the market has recently collapsed for used BMWs.
He said the KBB always lags "reality." I showed him a July 2nd print-out from the KBB site.
I walked over to a 2004 525 with fewer features than mine and 80,000 miles on the odometer on the same dealer's lot with a $24,999 price on the windshield.
Is there a decent, honest BMW dealer left?
07-05-2009, 10:02 PM
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dealers are always like that. it's a sales science to deal with them. tell them that there is another dealer around the corner that is accepting your car for $18 and slowly walk away. see their reaction..
07-05-2009, 10:03 PM
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Originally Posted by 149' post='933680' date='Jul 6 2009, 12:59 AM
Looking to trade my 2004 525i with 50,000 miles, in great shape inside and out. Has most options AS, ARS, Sport Package, and the good stuff.
I asked the dealer how much he would give me in trade for a new 2009 or 2010 5-Series. He said $12,000 if I paid the sticker price on the new 5.
They told me the value has "plummeted" due to the economy. I told him this was $8,000 under the Kelly Blue Book, and he told me the market has collapsed for used BMWs.
I walked over to a 2004 525 with fewer features and 80,000 miles on the odometer on the same dealer's lot with a $24,999 price on the windshield.
Is there a decent, honest BMW dealer left?
I asked the dealer how much he would give me in trade for a new 2009 or 2010 5-Series. He said $12,000 if I paid the sticker price on the new 5.
They told me the value has "plummeted" due to the economy. I told him this was $8,000 under the Kelly Blue Book, and he told me the market has collapsed for used BMWs.
I walked over to a 2004 525 with fewer features and 80,000 miles on the odometer on the same dealer's lot with a $24,999 price on the windshield.
Is there a decent, honest BMW dealer left?
Unfortunately, the market is terrible right now for trade-ins. Yet, they still charge top dollar when they are selling the exact same car. Sell your car on ebay or craigslist and you'll be better off...more money and you wont feel like they tried to rape you. Good luck
07-05-2009, 10:05 PM
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Originally Posted by nikko64' post='933685' date='Jul 6 2009, 01:03 AM
Unfortunately, the market is terrible right now for trade-ins. Yet, they still charge top dollar when they are selling the exact same car. Sell your car on ebay or craigslist and you'll be better off...more money and you wont feel like they tried to rape you. Good luck
07-05-2009, 10:06 PM
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Originally Posted by nikko64' post='933685' date='Jul 6 2009, 02:03 AM
Unfortunately, the market is terrible right now for trade-ins. Yet, they still charge top dollar when they are selling the exact same car. Sell your car on ebay or craigslist and you'll be better off...more money and you wont feel like they tried to rape you. Good luck
I also appreciate the sanity check.
The dealership was busy selling new 7's for $90-120k, so the economy can't be that bad.
I guess they are not desperate enough to make deals at the moment.
07-05-2009, 10:07 PM
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They are only lying when their lips are moving....it's assumed when you walk into any dealership. You need to go elsewhere.
07-05-2009, 10:14 PM
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Originally Posted by vlad_b' post='933686' date='Jul 6 2009, 02:05 AM
+1. it's always better to sell the car on your own. economy DID plunge the car prices. but 12K for 50K mi e60 is a low balling
07-05-2009, 10:29 PM
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Originally Posted by 149' post='933694' date='Jul 6 2009, 02:14 AM
I should have traded it last year when this same dealer offered me $30k for the same car in trade toward a new 5.
I've worked as a salesman and later as a general manager for both - new and used car dealers and I can tell you with as much authority as my 3 years experience allows me, that a customer like you gets taken EVERY time. You walk into my showroom and tell me your dealer offered you 10 grand for you car, I'd immediately give you 18k just so that you think I'm the nicest guy out there. And I'll get my money out of you flipping you on financing/leasing, forcing you to buy stuff you don't really need, overcharging you for a cheaper car - there are so many tricks to get your money... actually, come to think of it, so many tricks that anyone low-balling you on a trade-in is just a dumb inexperienced rookie, who thinks he'll take you on everything - the trade-in, the financing, the new car, the extras... people get greedy working sales - its a habit. The point is though, YOU, amigo, need to get through some serious reading before you go see another dealer.
AND STOP POSTING THESE THREADS THAT ONLY SCARE OTHER PEOPLE INTO THINKING THAT THE VALUE OF OUR CARS HAS UNEXPLICABLY PLUMMETED. AS A MATTER OF FACT, YOU SHOULD NOT EVEN BE USING THE WORD "PLUMMET" !!! At the very least, not until you learn to negotiate a true $0 down lease or secure third party financing.
07-05-2009, 11:05 PM
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Originally Posted by v_therussian' post='933709' date='Jul 6 2009, 02:29 AM
Somehow it just sounds more and more like what you really SHOULD do is learn how the dealerships work. Sorry for being blunt, but you're at the sucker level right now - just going by your posts in this thread - so do try not to post too many of these alertist little threads, like this one, before you know what is really going on.
I've worked as a salesman and later as a general manager for both - new and used car dealers and I can tell you with as much authority as my 3 years experience allows me, that a customer like you gets taken EVERY time. You walk into my showroom and tell me your dealer offered you 10 grand for you car, I'd immediately give you 18k just so that you think I'm the nicest guy out there. And I'll get my money out of you flipping you on financing/leasing, forcing you to buy stuff you don't really need, overcharging you for a cheaper car - there are so many tricks to get your money... actually, come to think of it, so many tricks that anyone low-balling you on a trade-in is just a dumb inexperienced rookie, who thinks he'll take you on everything - the trade-in, the financing, the new car, the extras... people get greedy working sales - its a habit. The point is though, YOU, amigo, need to get through some serious reading before you go see another dealer.
AND STOP POSTING THESE THREADS THAT ONLY SCARE OTHER PEOPLE INTO THINKING THAT THE VALUE OF OUR CARS HAS UNEXPLICABLY PLUMMETED. AS A MATTER OF FACT, YOU SHOULD NOT EVEN BE USING THE WORD "PLUMMET" !!! At the very least, not until you learn to negotiate a true $0 down lease or secure third party financing.
I've worked as a salesman and later as a general manager for both - new and used car dealers and I can tell you with as much authority as my 3 years experience allows me, that a customer like you gets taken EVERY time. You walk into my showroom and tell me your dealer offered you 10 grand for you car, I'd immediately give you 18k just so that you think I'm the nicest guy out there. And I'll get my money out of you flipping you on financing/leasing, forcing you to buy stuff you don't really need, overcharging you for a cheaper car - there are so many tricks to get your money... actually, come to think of it, so many tricks that anyone low-balling you on a trade-in is just a dumb inexperienced rookie, who thinks he'll take you on everything - the trade-in, the financing, the new car, the extras... people get greedy working sales - its a habit. The point is though, YOU, amigo, need to get through some serious reading before you go see another dealer.
AND STOP POSTING THESE THREADS THAT ONLY SCARE OTHER PEOPLE INTO THINKING THAT THE VALUE OF OUR CARS HAS UNEXPLICABLY PLUMMETED. AS A MATTER OF FACT, YOU SHOULD NOT EVEN BE USING THE WORD "PLUMMET" !!! At the very least, not until you learn to negotiate a true $0 down lease or secure third party financing.
For trade ins, go to another dealership. And it's not worth the hassle of selling it private party for $2 more. Remember u dont have to pay the portion of tax traded in. And no paperwork, not afraid of bad checks, not afraid of counterfeit bills, just trade it in. Just make sure the difference is not more than $1K after the tax portion. $1K is worth it without the headaches and the buyer of ur car coming back and be like, hey this doesnt work, that part is EFFed up, u screwed me because I drive like an idiot and blew the tranny etc.
07-05-2009, 11:11 PM
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Originally Posted by brabusw209amg' post='933734' date='Jul 6 2009, 03:05 AM
+1. Car salesman can get anyone easily. I paid $2000 more for a stupid prep charge. I am like, you didnt discuss that. You said this price was it. I freakin switched the insurance over already. I didnt really care for $2K more. The car was cheap enough back then anyway. LOL. Back then. The price was $4000 cheaper than ANY car dealer around New York and was fully loaded. So I really didnt care about the extra $2K. The biggest thing was my car has the black wood. I couldnt find the same color loaded 545i 6 speed with the black wood ANYWHERE. At least he didnt dick me on the financing part and customer service is excellent. I would go back to the same dealer to buy my car again.
For trade ins, go to another dealership. And it's not worth the hassle of selling it private party for $2 more. Remember u dont have to pay the portion of tax traded in. And no paperwork, not afraid of bad checks, not afraid of counterfeit bills, just trade it in. Just make sure the difference is not more than $1K after the tax portion. $1K is worth it without the headaches and the buyer of ur car coming back and be like, hey this doesnt work, that part is EFFed up, u screwed me because I drive like an idiot and blew the tranny etc.
For trade ins, go to another dealership. And it's not worth the hassle of selling it private party for $2 more. Remember u dont have to pay the portion of tax traded in. And no paperwork, not afraid of bad checks, not afraid of counterfeit bills, just trade it in. Just make sure the difference is not more than $1K after the tax portion. $1K is worth it without the headaches and the buyer of ur car coming back and be like, hey this doesnt work, that part is EFFed up, u screwed me because I drive like an idiot and blew the tranny etc.