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Thread: Resale value

  1. #1
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    Resale value

    Started a new job last week that requires I buy a truck. Need to sell the Fiat, as I can't physically handle 2 payments at this time.

    I purchased my car used for 13,050 with 18k miles.

    It now has almost 34k a year later. I feel like I owe more than it's worth realistically, even though I love the car, and consider it priceless, dealers seem to lowball. I found a certain truck I want to buy, but I'm afraid the dealer won't give me a decent amount. I currently owe a little less than 9,000. The truck I'm looking at is 10k. The dealer stated they can move part of the loan price onto the new loan, but I'm screwed realistically if it's going to add a significant amount of money to my loan. I don't want to pay more than I already am at this point.

    Anybody have experience trading in a '13 Fiat 500 Pop Cabrio? If so, what were you quoted, and was it reasonable?

  2. #2
    How much did they offer you? Keep in mind if it is a trade allowance, that is a discount plus the wholesale price of the car, so you will not know exactly how much they are giving you for the car. See if what they will sell the truck to you for without your trade. Or try to get the wholesale price for your car. Obviously, you can get more for the car if you sell it yourself, but then again, you have the hassle of dealing with people. You can also get a tax break on trading your car in depending on the how sales tax is figured in your state. I would also check edmunds, kelly and all the other car appraisal websites to get an idea of what the car is worth. You can also see what cars like yours are being offered for. Naturally, they can't give you that because they have to make money on the car and guarantee it, fix it, etc. Good luck!

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    They haven't offered me yet. I found a good deal on a truck that is perfect for my needs, and they offered me a good deal on it's price. I didn't have the Fiat with me as I was with my family in their car. I'm going back to the dealer Monday and we'll see. I told him what I owed, and he said "we can work it out." I've had previous dealings with dealers, and unfortunately have seen them lowball me. I'd hate to get less than I pay, and then have them transfer the payments to a truck (that albeit is worth 10 grand) is 2 years older than my current vehicle. Meaning, if I get a 7 year loan, my truck will be 16 years old by the time it's paid off. If he realistically offered me something close to 9 I would take it, but I don't wanna get screwed here.

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    I was just wondering what people got for theirs as trades & if they took the trade they were offered. I agree with the other poster that said I should try and list the vehicle privately, but I'm in a pinch, needing a truck fast, due to a new job (plumbing) that I accepted. Unfortunately, carrying hot water tanks and toilets isn't suited for a FIAT ;-).

    Worst case scenario is that I owe more already then what the dealer feels my FIAT is worth. The only sign of wear I can find is a small ding on the drivers door handle, which shouldn't affect resale (or tradein) value all that much, IMHO. It's otherwise perfect, as I'm basically anal-retentive when it comes to ANYTHING around or wrong with any vehicle I've owned. The affect for the first worse case scenario is that my car doesn't get traded in for what I owe. At that point, I'm told, I can choose to get a new loan and add the remainder of the price onto it-- then my "replacement" will be more expensive each month, and be older than the FIAT is. However, finding a nice truck for cheap is almost unheard of; sadly a loan would be almost unavoidable.

    I'm kinda stuck between a rock and hardplace here; honestly. If I would have known I would have been getting laid off from my last job, then hired into this place; the FIAT wold not have been a good purchase. However, i guess life happens. I don't have anything else to haul anything with at this juncture, and I'd like to be a productive employee.

    Just a bit of a rant, as well as a general wondering is all this post is. If someone has something useful to say, feel free to say it. I honestly don't know what to do or how it'll go down THIS TIME. I know that with past auto dealings, I've gottten SIGNIFICANTLY less than what the cars ACV was; but this guy seemed to think he could offer what I owed. I'm skeptical that was/is another sales pitch but I'm not sure. It's a local dealership which has been around for years, and is one of those mom-and-pop ones you hear about.
    Last edited by narntek; 11-12-2017 at 11:33 PM.

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    Sounds like you may need to be as cautious about your potential interest rate as you are about the trade value on your current car. The '13 is nearly out of warranty(if not already); so it takes a hit for that. We see plenty of '13s, especially the more base models retailing for the kind of money you owe...not a great scenario.

    IF you have an absolute value you assign to the truck and somehow the dealer wiggles things around to make it seem like you are getting more for your trade, it is likely made up on the other end. The only thing you really care about is the difference(whether they discount the truck or increase the trade value) and the actual bottom line. It matters not how they get there. Just don't get hammered on the interest rate. It sounds like you are in a situation similar to mine many years ago...tennis pro with a sporty car(with commensurate payments) needs a "salesman's" vehicle capable of hauling 'stuff'. I've "lost" plenty over the years on similar scenarios. Be careful...and check out the potential new ride as much as you can...you don't want a $500 repair bill right off the bat!

    Remember, it's not JUST about the monthly payment, although that is of immediate concern. If you are disciplined enough to make your deal now and possibly refinance at a lower rate down the road, your monthly payment should reflect that. Otherwise, you are just "renting" for seven(!) years and hope you have 'something' of value when it's paid off.

    ALWAYS be willing to walk away...don't get blindsided because you believe this is the only deal you can find. Good luck!
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    Quote Originally Posted by narntek View Post
    Started a new job last week that requires I buy a truck. Need to sell the Fiat, as I can't physically handle 2 payments at this time.

    Anybody have experience trading in a '13 Fiat 500 Pop Cabrio? If so, what were you quoted, and was it reasonable?
    About a year ago, my wife was negotiating in principal on a 2017 Fiat 500X, trading in her 2012 500 Sport. Ultimately we didn't do the deal, but even the Fiat Studio was only offering about $8,000 in trade which isn't as bad as a previous dealer offering her $5,000.

    The harsh reality is Fiat's depreciate much more than your typical car.

    Not sure if you're dead set on a particular truck brand, but you may get the most trade by staying in-brand with FCA.

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    I ended up getting a pretty killer deal on a 2003 (10 years older but wayyy low mileage) 4x4 Dakota QuadCab with 46k miles on it. Loaded (by 03 standards) and was garaged it's whole life. Got 1000 short of payoff on the FIAT and put down 1000 on the new truck. The local FCA dealership is handling the sale, and I'll get the truck tomorrow as I got there today around closing time. I wish I could swing both cars at this point, but like I said above, it's not possible at the time. Guess my "sport car" days are over for more practicality. At least I'll be making $ and my insurance costs will be cheaper for the time being. Being a college student, as well as working a part time plumbing gig I think it was a good decision on my part.

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    Premium Member Southernroadrunner's Avatar
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    Quote Originally Posted by narntek View Post
    I ended up getting a pretty killer deal on a 2003 (10 years older but wayyy low mileage) 4x4 Dakota QuadCab with 46k miles on it. Loaded (by 03 standards) and was garaged it's whole life. Got 1000 short of payoff on the FIAT and put down 1000 on the new truck. The local FCA dealership is handling the sale, and I'll get the truck tomorrow as I got there today around closing time. I wish I could swing both cars at this point, but like I said above, it's not possible at the time. Guess my "sport car" days are over for more practicality. At least I'll be making $ and my insurance costs will be cheaper for the time being. Being a college student, as well as working a part time plumbing gig I think it was a good decision on my part.
    Congrats on the truck but hate to see you give up the Fiat.But you gotta do what fits your situation.
    Here's one thatg amazes me and I was shocked.Talking to my insurance agent the other day and she told me i could get an older Corvette like a 2010 coupe and my rates would be almost the same as my Abarth.I asked why that could be and she said in an impact collision the Corvette would cost less to fix than my Abarth.Hard to believe for me.
    2015 Abarth (Gray)
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  9. #9
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    That's whats weird here, is the insurance says it costs more to repair, yet resale value sucks on them. Not sure why. I'll miss it too--- but I'm sure I'll have more use realistically with the truck.

  10. #10
    Premium Member Southernroadrunner's Avatar
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    I guess it's like homeowners insurance says is so many $ per square foot to rebuild a home if it's a total loss yet I can go right down the street from me and buy a brand new home for 20k less than the figure they say it takes to rebuild
    2015 Abarth (Gray)
    ADVAN- RSII 17x7.5 WHEELS WITH ADVAN YOKAHAMA-AD08R 215/40/17 TIRES
    EUROCOMPULSION
    - V4.1 AIR INDUCTION SYSTEM / TORQUE SOLUTIONS BOV
    EIBACH - SPORTLINES WITH KONI SHOCKS / ENERGY SUSPENSION- REAR THIN ISOLATORS
    MADNESS - HOOD LIFT KIT /
    FIATTECH
    - TROFEO FRONT SPOILER
    CORSA FORZA - REAR TORSION BAR / PROSPORT-BOOST GUAGE/DIY-REAR SEAT DELETE

    !!! ROLL TIDE !!!!

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