Resale Value

[ptgtjoe]

Recently I realized that I might have to give up the GT....

so I went out last weekend to look for a cheap commuter car, and when I talked to the Finance Manager about how much they would pay for my 2003 GT 5spd, Chrome, 6 disc CD, side air bags, he stated $13k tops!

Believe me, I was flabbergassed! Considering the Sticker one year ago last week was $ 25,700, to have the car be worth 1/2 in one year is a crime! Not to mention that I'd lose $6000 if I traded it in now! It really made me sick!

The worst part is this quote came from the dealer that I originally ordered and bought it from! The only thing the guy could say is that 'all cars are having the same issues'! I told him that it seems that only American cars are having this problem, not Japanese or European cars!

Here's my question....anyone else with a GT come up with a similar story? If so, what was the damage?

[Mean Green]

All cars are having this problem. Just look at the car ads. I saw where VW sales were down 57%. It's a great time to buy a new car, but it sucks to sell a used one. Because of resale value we are upside down on both the '01 PT and the '03 GT. Luckily we have low interest rates. We will pay off both of them so as not to take a hit. You might as well keep your GT.

[JOEM]

Originally Posted by Mean Green

You might as well keep your GT.

Agree. If you can find a way in your budget, try to keep the GT and avoid the loss. Bad times do pass and at least you'll be cruising cool in your PT-GT.

[DJ RickH10]

Shocking but true. Last August my attorney checked out the value of my PT in the Kelly Blue Book. I have an 02 Limited, CD & tape, ABS brakes, side air. It was listing for $17,800. I'm afraid to check & see how far its gone down now. There's a dealership used car lot I go by fairly often. I'm seeing more PT's there lately. I'll bet the value would still be good if Bush werent driving the economy down like he is!

[saxonburgcruiser]

There are still a few '03's on the lots, and the dealers are letting them go for 19K . Between rebates and discounts, a new touring edition is 15K. that kind of drags the used market down too.

[patpur]

That is really sad and the dealer will turn right around and mark it up 5 or 6 grand and re sell it. If you are in that kind of shape with it try 2 things.......Carmax...they may do better or try selling it yourself. Private party resale value according to Kelley is $18,500 if the mileage is around 12k and the car is in excellent condition. I think I'd go that route first.
Pat

[Big Jon]

Originally Posted by patpur

That is really sad and the dealer will turn right around and mark it up 5 or 6 grand and re sell it. If you are in that kind of shape with it try 2 things.......Carmax...they may do better or try selling it yourself. Private party resale value according to Kelley is $18,500 if the mileage is around 12k and the car is in excellent condition. I think I'd go that route first.
Pat

Thats one way to go, I got a real insulting trade in offer on my 98 Explorer on a new one. The dealer lost two sales, the new one & my trade in, I went in with an informed realistic price I neeed for a trade in & they tried to lowball me by another 20%. I advertised it, didn't get a call for 7 days but the first guy to look at it when I was at work was waiting for me cash in hand. I ended up buying a late model used Dakota from a private party. The seller was happy, my buyer was happy, I was happy win, win, win. That said if you can afford to keep the GT by trimming in other areas you may be happier in the long run.

[PT_Sean]

Sometimes, a portion of the "trade-in" value MAY be hidden within the sell price of the new vehicle. For example, they may offer you $10,000 for a trade-in, which becomes a discount on the price of a new vehicle that has been marked-up $1000, making the realized trade-in value on $9,000.

Saying that, lately, with the over abundance of PTs in the marketplace, the sticker price probably won't have any "reverse trade-in adjustment" in the price to keep the face value low, so the dealers are offering REAL trade-in values, not inflated ones, offset by a hidden cost on the new vehicle.

Phil Edmonston (sp) wrote a book about all these types of dealer tricks.

Here is another site: http://www.car-buying-strategies.com/

[JOEM]

A very good book on that subject...



The author, Remar Sutton, would likely advise you to hold onto your GT, ptgtjoe, if at all possible. His book explains why very well.

[GregsPT]

Originally Posted by ptgtjoe

Recently I realized that I might have to give up the GT....

so I went out last weekend to look for a cheap commuter car, and when I talked to the Finance Manager about how much they would pay for my 2003 GT 5spd, Chrome, 6 disc CD, side air bags, he stated $13k tops!

Believe me, I was flabbergassed! Considering the Sticker one year ago last week was $ 25,700, to have the car be worth 1/2 in one year is a crime! Not to mention that I'd lose $6000 if I traded it in now! It really made me sick!

The worst part is this quote came from the dealer that I originally ordered and bought it from! The only thing the guy could say is that 'all cars are having the same issues'! I told him that it seems that only American cars are having this problem, not Japanese or European cars!

Here's my question....anyone else with a GT come up with a similar story? If so, what was the damage?

It will cost you allot less to keep the GT and drive it than trading it in. The dealer will make money 3 times on you. First when you bought it new second when you trade it in again third when he sells your trade

Dealers love people that trade every year. They make a killing.