Did I get a decent deal?

[duquephart]

19 minutes ago, Havvkeye said:

You don't have to worry about credit unless you are borrowing money.  Your credit score doesn't matter on buying the truck because you have the option of paying cash (which they seem to hate).

Yikes, 8% seems like robbery!  Mine loan is sitting at 1.74%

 

They don't hate cash. All deals are cash deals to them. They would just prefer that they find financing for you --- another opportunity to skin extra bucks

[Havvkeye]

36 minutes ago, duquephart said:

 

They don't hate cash. All deals are cash deals to them. They would just prefer that they find financing for you --- another opportunity to skin extra bucks

If you are getting a good enough deal, they do hate cash.  They sometimes will try and build some of that money they get for financing into the "price reduction" they are giving you.  I have had a finance officer try and refuse a sale after I told him I had my own financing and I didn't want them to run my credit.

[Obscenejesster]

Just talked to a buddy of mine who has a 2014 Silverado Crew 4x4 with less options than me. His truck has 48k miles on it and he said that he was offered $26,700 trade in value.

If I did the math right, after 2 years worth of payments, I'll be sitting at a $22,500 principal balance. My truck will be 3 years old in 2 years which I'm assuming, the trade in value will be roughly the same as his 3 year old truck. After 2 years worth of payments, I'll have about $5,000 trade in value.

Screw buying a new car and taking that first depreciation hit.

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[Donstar]

6 hours ago, duquephart said:

 

You should always get it for less than asking price.

Yes,  dealers expect to negotiate.   I remember hearing about my oldest brother walking into a dealership and writing a cheque for the full asking price of a used car with no test drive.   The salesman refused to let him take it without driving it first and then gave him something like a $2,000 price reduction.  Needless to say, he was well treated whenever he came in for service.  

[ChevyRoofer]

I should have just did more research before asking a stupid question. [emoji23]

According to NADA which dealers say is more accurate than KBB, looks like I got the truck at a good price. The trade in value is about what I paid give or take a few hundred. I could possibly go trade this thing in after a year and be ahead or at least break even.



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Unfortunately you’re looking at the trucks present value now (as if you were going to trade it in tomorrow). In order to accurately track a trade in price, you would have to deduct x amount for depreciation and also deduct x amount for the mileage you’re going to drive. You’d be looking at below $30k easily next year. Probably in the $25-27k range.

I traded in a fully loaded 2016 LTZ Z71 Midnight Edition with 40k miles 3 months ago and my highest trade in value was $39k (see my post before to see how many dealerships I went to price this trade in). Dealership said they would prob auction it for around $40k. They got my business on my new truck and made profit up there.

Having 4x4 def helps your resale though (as long as you’re actually using it and not paying for a 4WD truck/insurance just because.)

With the new model Silverados coming out next year, I honestly don’t see how you could think you’re ahead on the loan at this time. Definitely not trying to rag on you for this, just trying to explain/don’t want you to be mislead.


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[Obscenejesster]

Unfortunately you’re looking at the trucks present value now (as if you were going to trade it in tomorrow). In order to accurately track a trade in price, you would have to deduct x amount for depreciation and also deduct x amount for the mileage you’re going to drive. You’d be looking at below $30k easily next year. Probably in the $25-27k range.

I traded in a fully loaded 2016 LTZ Z71 Midnight Edition with 40k miles 3 months ago and my highest trade in value was $39k (see my post before to see how many dealerships I went to price this trade in). Dealership said they would prob auction it for around $40k. They got my business on my new truck and made profit up there.

Having 4x4 def helps your resale though (as long as you’re actually using it and not paying for a 4WD truck/insurance just because.)

With the new model Silverados coming out next year, I honestly don’t see how you could think you’re ahead on the loan at this time. Definitely not trying to rag on you for this, just trying to explain/don’t want you to be mislead.


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Yes, I understand this is the present value.

I understand that in 2 years, that value will depreciate. If I look at 3 year old Silverado's with the same options mine has, their trade I'm value is about 27k on average. My buddy who had a 2014 (same model with less options) and 50k miles just got offered $26,600 last month. This is what I estimate mine to be worth in the year 2019. At that point, I will have roughly 5k in equity. Hell, even if I can get 25k trade in value in 2019, I'll be happy. I only drive 9k miles a year so I should have about 42k miles on it in 2 years.

Of course this is all rough estimates and numbers are subject to change. Either way it looks like I'll have at least a couple grand in equity after paying on the current loan for 24 months.

By the way, yes...... 4x4 is a must for me. I live in the northern part of MD and I'm a firefighter in Baltimore City. I need to get to work even if there is 2 feet of snow on the ground.

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[joejoe11]

Here's a reference.  This dealership appears to be one of the cheapest in the nation at this moment:  http://www.bomninchevrolet.com/VehicleSearchResults?search=new&model=Silverado 1500&priceRange_min=0&priceRange_max=84983&mileageRange_min=0&mileageRange_max=290000&offset=0&year=2017&trim=Crew Cab Short Box 2-Wheel Drive LT

 

However, price and situation depend on many things.  A lot of it has to do with the location you live in.  Different rebates apply in different states and with different styles of purchasing, i.e. are you trading a vehicle in, etc.  It appears the cheaper prices run primarily around large metropolitan areas with a ton of competition, Miami, Dallas, Detroit, LA, etc etc.  You have a lot more bargaining power in huge markets because there are so many options.  If one doesn't work out, no biggie, I have 9,000 other trucks to choose from.  It's really a matter of who really wants your business.  

 

I would personally ask myself these questions.  Does the truck run good?  Are you happy with it?  Does it shake when you drive it?  

 

The center console is bad ass, I wish I had one honestly.  The cover, running boards and heated seats all add up as well.  All in all, I don't think you got a terrible deal, who knows where any deal ranks among the deals out there.

[Obscenejesster]

Here's a reference.  This dealership appears to be one of the cheapest in the nation at this moment:  http://www.bomninchevrolet.com/VehicleSearchResults?search=new&model=Silverado 1500&priceRange_min=0&priceRange_max=84983&mileageRange_min=0&mileageRange_max=290000&offset=0&year=2017&trim=Crew Cab Short Box 2-Wheel Drive LT
 
However, price and situation depend on many things.  A lot of it has to do with the location you live in.  Different rebates apply in different states and with different styles of purchasing, i.e. are you trading a vehicle in, etc.  It appears the cheaper prices run primarily around large metropolitan areas with a ton of competition, Miami, Dallas, Detroit, LA, etc etc.  You have a lot more bargaining power in huge markets because there are so many options.  If one doesn't work out, no biggie, I have 9,000 other trucks to choose from.  It's really a matter of who really wants your business.  
 
I would personally ask myself these questions.  Does the truck run good?  Are you happy with it?  Does it shake when you drive it?  
 
The center console is bad ass, I wish I had one honestly.  The cover, running boards and heated seats all add up as well.  All in all, I don't think you got a terrible deal, who knows where any deal ranks among the deals out there.

Doesn't have that Chevy Shake thing but the ride is definitely rougher than I thought it would be. Even when going 20mph, it feels like the front suspension picks up every minute bump in the road. I'm beginning to think one of the Wranglers on the front have a flat spot in them.

From what I've gathered, it looks like a lift kit on the front will soften up the front suspension a little bit. The truck handles big bumps like a champ but it's so stiff on small bumps. I can feel the stiffness or the bumps way more in the front than in the back. I can actually feel it through the steering wheel.

Other than that, it runs very nice.

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[joejoe11]

3 minutes ago, Obscenejesster said:

Doesn't have that Chevy Shake thing but the ride is definitely rougher than I thought it would be. Even when going 20mph, it feels like the front suspension picks up every minute bump in the road. I'm beginning to think one of the Wranglers on the front have a flat spot in them.

From what I've gathered, it looks like a lift kit on the front will soften up the front suspension a little bit. The truck handles big bumps like a champ but it's so stiff on small bumps. I can feel the stiffness or the bumps way more in the front than in the back. I can actually feel it through the steering wheel.

Other than that, it runs very nice.

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Well at the end of the day you'll be able to try some things to get the ride quality to your preference.  All in all, if you decide to trade it next year or something, you shouldn't lose much if anything.  It's a good spot to be in!

[Obscenejesster]

Well at the end of the day you'll be able to try some things to get the ride quality to your preference.  All in all, if you decide to trade it next year or something, you shouldn't lose much if anything.  It's a good spot to be in!

That's what I'm hoping. After 12 payments, my principal balance on my loan will be $27,500 and I will have 33k miles on the truck. I would imagine I could get at least that. I know most people say this but the truck honestly looks brand new inside, outside and under the hood. The only thing it doesn't have is that new car smell.

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[Obscenejesster]

What hurts most people is that they roll in taxes, tags, extended warranties and delivery/processing fees into their loan. All that stuff adds up. Who wants to pay interest on taxes and fees?

I've always paid that stuff out of pocket.

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[joejoe11]

27 minutes ago, Obscenejesster said:

What hurts most people is that they roll in taxes, tags, extended warranties and delivery/processing fees into their loan. All that stuff adds up. Who wants to pay interest on taxes and fees?

I've always paid that stuff out of pocket.

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For sure.  The good news is there is still a huge market for used trucks out there.  It's also hard to say how GM will change their production cycle in order to balance latest trends out.  Over the past few years they've had an excess of vehicles on lots near the end of the year, which equates to huge savings and rebates.  At some point, one has to think they will fine tune this production gap, which should cause our current vehicles value to remain steady or better than that of the past few years.

 

And agreed on the taxes, tags, etc.  I ended up paying $27,800 for my 2017 Crew LT w 06 miles on it.  However, it's a V6 and only 2WD, no running boards, bedliner, heated seats.  I traded an 04 Avalanche in on it and was lucky to get $2500 for it.  The whole bottom of the truck had rusted out from being in the rust belt.  That kind of took care of my taxes and fees in my mind.  None the less I do try and pay an extra $225 a month on my payment.  It has raised the question in my mind though of taking it to a dealership and seeing the trade value next year.  KBB seems to think it's worth about $33,000, but I highly doubt I could get that today for it.

[i82much]

i got a decent deal on my truck.  not that the price was great (35k on 43.5k msrp, gas 2500 crew) but i was in the dealership at 6:30 and out by 9 with everything done.  so i did not miss any work and very little family time.  could i have saved $500 or maybe even a grand driving all over and negotiating?. i do not know and i do not care.

[Western96]

Not too shabby.  I got a very similar truck to yours with a few different options.  I have a 2017 Double Cab LT Z71 4x4 Texas Edition (wow that's a mouthful when you say it all), no extra options other than a spray in bedliner I got the dealer to put in for free.  Paid 32 or so for it, Chevy was running 10k plus rebates when I bought it.  I think my truck would normally sell for something in the low 40's.

 

No matter what I would say you definitely did alright.  Your crew cab is worth more than my double cab as well.  If you have 4x4 you did really well I'd say.

[Obscenejesster]

Not too shabby.  I got a very similar truck to yours with a few different options.  I have a 2017 Double Cab LT Z71 4x4 Texas Edition (wow that's a mouthful when you say it all), no extra options other than a spray in bedliner I got the dealer to put in for free.  Paid 32 or so for it, Chevy was running 10k plus rebates when I bought it.  I think my truck would normally sell for something in the low 40's.
 
No matter what I would say you definitely did alright.  Your crew cab is worth more than my double cab as well.  If you have 4x4 you did really well I'd say.

I almost bought a 2017 Z71 double cab but the back was a little tight for my daughter in her car seat.

Yes, it's 4x4. I live in the northern part of MD and need to get to work (Fire Department) even if there is 24 inches of snow on the ground.

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