Trade value for 2020 6.2 RST?

[RST-stan 7]

What can I expect for trade value on my 2020 6.2 RST? Blue book is putting it at 40,891-43,544. Dealer where I bought the truck from said 37, i just can't stomach that big of a drop.. 55k 8 months ago, I just can't see how it depreciates 18k in 8 months. One thing I can at least say I've learned with this is I will never buy another new vehicle again. 

[mafd2 614]

So you're trading this on a used vehicle? What are you trading for and why?

[steve8 14]

Did you pay 55k for it? That seems like an awful lot. 

Regardless, trading this soon you'll take a bath. Why/what are you trading it for?

[OnTheReel 1,938]

55 for an RST? I see two problems...paying a bit too much and being offered way too little. 
 

Sell it outright. Don’t get bent by the same dealer twice. Only chance at somewhat of a recovery. Get offers from Carvana, Carmax, etc. They were paying quite a bit for these trucks a few months ago. Supply is still low and the 6.2 RST is in demand for sure.

[Daly 613]

18k depreciation sounds about right. New vehicles lose the bulk of the value the minute you sign the papers. If the dealer is offering $37k they are probably going to sell it for $42k. 

Another option is to walk away, keep the truck and wait for the dealer to call you back. You might get $40k if they are looking. But as it stands you went to them, the deal advantage is in their court. If they call you, the advantage is now in your court. 

[Texas Daddy 175]

New or used, you cant expect to get your money back in 8 months, and with the pandy, 2020 trucks were almost sticker for a bit; unfortunately you purchased at the worst time ever. Right now, new are back to 10k off - I like to buy when they hit 15k+. Try TRED - I sold a BMW on there for 16k when trade in was 10k. I dont know your situation, but I would keep a 6.2 as it will eventually demand more (and its bad ass). Losing 18k is a grand a month for a year and a half - gas or payment or whatever wouldnt make me lose that much. Good luck!

[TNTSilverado 211]

If you paid sticker for the truck and want to trade it in now after 8 months. You better ask yourself which end of the bat do you want?  The “thick” end or the “thinner”, because no matter where you go trade right now, you are going to take it HARD! 

May I ask why so soon do you want to get rid of your truck?
 

BTW.  I only buy new vehicles. I’ve had to many bad experiences with used ones. When I buy it new. I know exactly what’s been done to it since day one and I know it’s been maintained properly.  A used one is a coin toss. Now I know there are very nice used vehicles out there, don’t get me wrong, but with new vehicles usually within a few thousand dollars of a used one, because of the lucrative rebates.  Heck why not get full warranty, fresh new car smell, and a solid piece of mind. 

[RWTJR 37]

50 minutes ago, RST-stan said:

What can I expect for trade value on my 2020 6.2 RST? Blue book is putting it at 40,891-43,544. Dealer where I bought the truck from said 37, i just can't stomach that big of a drop.. 55k 8 months ago, I just can't see how it depreciates 18k in 8 months. One thing I can at least say I've learned with this is I will never buy another new vehicle again. 

There are just too many variables to give a solid answer.

 

Considering $37k is only $5k below what I paid for my 2020 Z71/RST, if I was trading after only 18 months I'd be okay with it. After all, it probably lost $5k the minute I drove off the lot.

 

So here's what I see:

If you payed $55k, you payed way too much.

You are trading it in too soon after purchase and will suffer from a high initial value loss.

If you are not trading on another new vehicle, you have eliminated a cushion the dealer could use to up your trade value.

Current high incentives on new Silverado sales, reduces the same model used sale prices.

Your dealership does not have a need, or desire, for your truck.

 

I suggest the same as others, keep your truck a while. Let the 2020 new truck inventory and high incentives expire and as a percentage of cost, the trade in value should be higher. Your loss per month will also diminish over time.

 

JMHO

No expertise implied or expressed

 

 

[OnTheReel 1,938]

I drove my 2016 for almost 3 years and didn’t take an 18k hit. That’s like Rolls-Royce levels of depreciation there.
 

Inventory levels are better than the were 6 months ago but they are still very low overall. I was chatting with my sales rep when my truck was getting worked on. They are still having a lot of trouble getting the trucks people want.

[mafd2 614]

Here's what doesn't make sense. OP claims he'll never buy another new vehicle again and won't buy used. So what are you trading on? New? Used? Very contradictory...

[Daly 613]

You guys saying $55k is too much are assuming he's American. But If he's Canadian thats far price. Hell my 6.2 LT Trail Boss sticker price was at $69k Canadian. 

[OnTheReel 1,938]

If he’s Canadian, the purchase price was great, but his trade in offer is far worse than anyone thought.

[RWTJR 37]

3 hours ago, Daly said:

You guys saying $55k is too much are assuming he's American. But If he's Canadian thats far price. Hell my 6.2 LT Trail Boss sticker price was at $69k Canadian. 

That means he would have paid around $43K US and he would only be getting what, about $29k US for his trade? That's still a loss of a lot of Loonies & Toonies.

 

The dealer gave me $28K US for my 2018 Colorado when I traded for my 2020 Silverado about 3 months ago.

 

No expertise implied or expressed.

[Daly 613]

He went to the dealer and asked what his trade in value was. That tells the dealer he is looking to trade. All they see someone potentially desperate to sell, they are trying to get the best deal they can for themselves.

Can he get more, sure but he's gonna have to sit on it and wait for them to call back. That puts the ball in his court helping him dictate a better deal for himself. 

[OnTheReel 1,938]

Dealers love nothing more than to move money around on trades. If you get a good price on the new one, they low ball the trade. And vice versa. Both need to be negotiated separately.

 

While you’re not going to beat the house, you can definitely improve. If you’re insistent on trading to this dealer, at least get offers from Carmax and Carvana and have them in your pocket for negotiation. I wouldn’t be surprised if their offers are at the upper end of the 40-43 range. Maybe even more. 
 

And don’t write off a private sale either. Whatever tax incentive there is to trading doesn’t really matter when you’re taking 6k under book trade in for the thing.