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Trade-in Values

wickedone

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wickedone Enthusiast

wickedone

Posted
Posted

Is it just me or is this new GM dealer policy.

 

I've been looking at new 2500HDs and have been in touch with a couple of dealers. Just for the heck of it I completed a Black Book Trade-in Estimate on one of these dealer's sites. I thought the BB quote was extremely low and made note of that to the dealer. (I have a 2011 Sierra 1500 Crew Cab All Terrain with the power sunroof, Bose setup, 6 disck CD changer, Z71, rear camera and rear park assist, skid plates, and SLT Preferred Equipment, tonneau, bed mat, tailgate liner, and with an odometer reading of 14,938 miles - and it really is in mint condition especially when compared to some of the ones I've seen listed on Cars.com.)

 

Black Book returned a quote of $25,090 - $31,435. I told the dealer I thought the quote was somewhat low and he responded "what quote - we never gave you a quote". I told him I'd completed the form on their web site so he asked me to send the VIN # and mileage, which I did. He came back with a quote of $28,500 and said he hoped that would put them in the ballgame. I responded not a chance since I had previously gotten a cash offer from AutoTrader for just under $30,000. His response was that's our offer - take it or leave it.

 

Now mind you this guy HAS NEVER SEEN my truck, yet responded that they wouldn't budge from their quote. He then sent me a list of other 2011 Sierra Crew Cab SLTs with their odometer readings but no other information concerning what if any options they had.

 

The 32 vehicles on his list had an average of 50,000 miles, but no option or condition information other than the selling price. I then did a search on Cars.com and could only come up with 26 - 2011 Sierra 1500 trucks within 500 miles of the dealership (and not all of them were crew cabs or even SLT's) and there were only two with fewer than 20,000 miles both of which were listed over $36,000.

 

So my question is this - are dealers now just giving bottom line trade-in quotes sight unseen - take it or leave it? (I've attached a copy of the list I was provided.)

galliher_nc Senior Enthusiast

galliher_nc

Posted
Posted

I was able to haggle on the trade value on my '09 when I traded it on my HC. Granted, it was only $500 they came up on value and I was pretty happy with the original offer anyway.

wickedone Enthusiast

wickedone

Posted
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Posted

I'm expecting the dealer to actually look at the truck before making an offer.

 

I just sold my motorcycle and everyone said I was asking too much for, but it sold for my asking price and the guy who bought it said he got a deal, which he did.

 

If you were selling your house would you let a realtor set the listing price without seeing it?

Amiodynski Enthusiast

Amiodynski

Posted
Posted

I would say that is not the norm, and find another dealer to work with.

 

 

Sent from your spare bedroom

greg_tahoe84 Enthusiast

greg_tahoe84

Posted
Posted

Dealer offers vary. I would go to different dealers and get appraisals and then have the dealers compete with each other. Or better yet, go to CarMax and have it appraised. They often have offers higher than the dealers and then try to use it as leverage.

wickedone Enthusiast

wickedone

Posted
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I did contact the dealer (another one) I bought my 2002 Sierra from three days ago. I guess I don't know what's going on in the vehicle sales business nowadays because the salesman I spoke with was very enthusiastic and said he was going to provide me with information 3 days ago on a vehicle they had listed on their web site. (Another major gripe I have is you can go to five different GM dealer sites and get five different levels of information. The best sites offer tabs, one of which lists EVERY option that specific vehicle has - a lot of (most) GM dealer sites selling Sierra 1500's provide the actual WIndow Sticker, which is the best way to see what specific options the vehicle really has but not for 2500HDs.)

 

The dealer I contacted 3 days ago had NO information about the vehicle options - just the MSRP and Sales Price and photos. The salesman was supposed to send me a copy of the "Build Sheet" for the specific vehicle I was looking at but so far not a word - other than he's "going to get it to me".

 

When I first spoke with him he did e-mail me a detailed list of specific information they needed about my trade (VIN, specific option info, mileage, etc.) and asked that I provide them with 10-15 photos, which I did yesterday so they can give me a realistic trade-in value. Again, I haven't heard a word as to whether or not they even got the information I sent (I asked in the e-mail if they needed anything else and if the 17-18 photos I sent were what they wanted).

 

Are GM dealers really that busy selling vehicles? Extremely disappointed with GM dealers. (The dealer I drove out 75 miles to see and take a test drive three weeks ago has yet to send me the pricing information they said they would on the Build Sheet I sent them?)

 

I thought this third dealer might be more responsive since I bought my 2002 Sierra from them, but so far I'm not impressed with any GM dealer.

 

Car Max might be an option but the closest one is @ 200 miles away. If they made a decent offer and I sold them my truck I'd then have to figure out a way to get back home.

JaronM3 Enthusiast

JaronM3

Posted
Posted

I started my negotiating with the banks. I had the banks compete against each other for the lowest interest rates. Went to the dealership with a check in hand, ordered a truck and started going over pricing. I flashed one of my checks from the bank, which was more than the purchase of the truck to pick-up, and then we started going over my trade-in. They took all my cars information for the trade-in and came back with a low ball price from KB at $8,000 for a 2009 BMW 335i with 84K miles. I told the dealership I might as well keep the car and I wasn't taking anything lower than $16,000. I proceeded to walk out and the dealership told me to wait. The dealership then came back with a price of $16,000 guaranteed as long as I didn’t add any more miles to the car. Well due to the truck taking two months to arrive, I continued to drive my car. Added another 2,000 miles by the time my truck came in. I finished negotiation over the phone because there wasn’t a VIN available for my truck, which worked out even better for me, because when I went to pick up my truck, I was in and out of the dealership in less than 20 minutes. The dealership took the car without even looking it over.

LakeSpeed Enthusiast

LakeSpeed

Posted
Posted

I went to two different dealers. Neither one of them bothered to step outside and take a look at the truck before quoting me the "rough' trade in value. No doubt, they will make every effort to steal it from you. (the used car market is larger than the new car market and its probably a big part of their p/l)

 

Although its frustrating, to me its an unfortunate cost of doing business.

 

Recall you need to adjust their lowball offer for the sales tax you are saving by lowering the cost of your new ride. This increases the value of their offer a bit

 

On a side note having been in the market for a while, my sense is its a seller's market at the moment, and dealers are willing to let you walk, since in all likelihood, there a a few more potential buyers right behind you

wickedone Enthusiast

wickedone

Posted
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Posted

Fortunately or unfortunately as the case may be, I live in Oregon and there is no sales tax so a trade has no affect on saving any money since there isn't any sales tax here.

 

I called the most recent dealer this afternoon and found out that the saleman I had been talking with is off today (wouldn't it make sense to let me know that?). I spoke with another salesman who is "helping" the original salesman and again, very enthusiastic. (He did send me the build sheet for the vehicle I'm interested in.)

 

So this dealership does the "bottom line" pricing and lists their "bottom line" sales price on their web site. However, what they don't tell you anywhere on the web site is that their bottom line price includes a $1,000.00 reduction that requires you to finance through them (I plan to pay cash on top of my trade) so the "real" price is actually $1,000.00 more than the price proclaimed on their web site - unless you finance with them.

 

With regard to it being a seller's market, you're probably right (kinda). In talking further with the Sales Manager, he says GM is limiting the number of vehicles they are producing - somewhat moronic if you ask me. He said for example, their dealership would request 40 Sierra's but GM only allots them 30. Guess that's GM's way of constraining supply to keep prices high. What I find odd is that back in the spring auto magazines were running articles about how the new GM truck sales weren't meeting the manufacturer's expectations?

 

Since these vehicles (2500HD diesels) are now routinely in the $55,000 price range - or higher, I have to wonder how much higher their prices can go before they start to really affect consumer demand. Sure, some people will probably pay anything to get the vehicle they want, but considering that the average Joe is making essentially the same amount as they were 10 years ago, I have to think that at some point the manufacturers are going to kill the goose laying (or more to the point, buying) their golden eggs.

 

What I'd really love to see is for Toyota or Nissan to market a truly competitive HD truck at a price $5,000-$6,000 lower than GM or Ford (not that I'd buy either or really ever expect that to happen). Since it's currently a closed market and these trucks are the primary profit centers for GM, Ford, and Ram I'm sure they'll do everything in their power to maintain the high prices - and profits.

 

I may just list my truck with AutoTrader and see if I can't get a buyer and then go to a dealer. I know the retail market commands a $3,000-$4,000 premium over doing a dealer trade.

 

I don't have to sell my truck immediately and that works to my advantage.

 

BTW, the Sales Manager said they had gotten all of the information and photos I sent yesterday and the salesman helping out the original salesman I was talking with "is just coming in the door now, so he should be calling you shortly". That was 3 hours ago and the dealership has now been closed for an hour so I don't think I'm going to hear from them today.

InvertedAerials Enthusiast

InvertedAerials

Posted
Posted

You guys all make good points. I also find they are more willing to deal on higher end. For instance, I orginally was looking at a 1500 Denali. Now that I am looking at a 3500 Denali, my trade is worth more. As for walking, I did. I got a call the next day saying they would give me what I wanted for my trade. I told them that now I wanted 3 years of sked maintenance as well. I am going in on Monday.

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