What's this 2001 Silverado Worth?

[Mawgie]

Folks -

I am very interested in a used Silverado, and wonder what you all think a fair price for it would be.  It is a 2001 Silverado 4x4, 4 door Extended Cab, LT trim. Loaded with options including including 5.3,  Z-71, leather buckets with full auto controls, cassette player, trailer tow package, rear window defroster and Autotrac. No Onstar, no ride control, no flares and no two tone paint. Also includes GM factory tonneau cover and Rhino Liner.  The truck has 15,000 miles on it and is in absolutely perfect condition.  What's it worth?  thanks for your help and opinions.

[Greg]

I'd start with www.nadaguides.com and www.kbb.com .

[Mawgie]

Greg-

 

I did, but 2001 model cars are listed as new, presumably until the begining fo the calendar year 2002, at both kbb.com and nadaguides.com.

[pacodiablo]

try edmunds.com

[Mawgie]

Same deal.

[Mawgie]

C'mon, guys.  What is this rig worth in the real world?  

[RyanbabZ71]

my 2000 Z71 Loaded (everything but leather) LS 21500 miles plus all the accessories in my sig according to kbb is worth $25K if i was selling it.  $22K in trade in to dealer.

 

My honest opinion you could go to a dealer and get a new 01 off the dealers lot  for about the same price of the used truck right now.  Good thing about that is less miles.  

 

But if you are going to buy i wouldnt say over $27,500

[DallasZ71]

I'd have to agree with the option of looking at a new vs used truck.  Considering the low financing being offered it would probably be the best overall option, unless of course you're paying cash.  My truck is equiped more or less the same as the one you mentioned, except I have flares, and onstar, and a few less miles.  That truck stickered around 34k new, the mileage is considered slighty above average, and the first year is always your biggest hit on depreciation.  So, with all that in mind, I'd say it would sell for around 26 to 27k as Ryan mentioned.

[Stepside Z]

I have seen some 01s on the lot new equiped like what you described for 28K. Look around you may do better going new.

[Shaners]

I'd have to agree with most everyone here.  With the financing so much lower on the new ones your payment would be about the same and your warranty would 100%.

 

I traded my '00 excab 4x4 LS with leather in June.  It had 4200 miles on it.  The dealer gave me $22K for it and sold it for $24K.  I'd imagine and LT would bring some more $ and since it is a year newer that would bring the price up too.  I would think you should be able to buy that truck for $26K.

[Mawgie]

Thanks, guys.   That's about what I thought: 26-27k.  Unfortunately, here in the Northeast, dealers are cleaned out of '01s.  I think I'll make an offer on it, and let you all know what happens.  Bowties run in my blood.  I grew up riding in the back seat of a '71 Suburban, back when they had three "real" doors!!

[Smitty00Z71]

The truck retailed for just under $34,000 new, I would say it's asking price now would be around 27-28.5 K, assuming it's in mint condition. You can find out the trade in value and retail at http://www.kbb.com

[sonjaab]

Mawgee,  Here in the Syracuse NY area there

is a bunch of 01s...Todays paper 02 LS xcab 4x4 ,

locker, tow pkg,Z 71 $26,602.....01 ls xcab 4x4,

$24,950.........Be careful on that used one

run a car fax report.  You wouldn't wanna be

stuck with a GM buyback headache or a ex

rental and the miles are high too.........

For the same money get a new one..That 0%

interest and/or rebate is a good deal......Geo

[CapnDean]

Very Very Smart Cookie!  You have come to one of the greatest sites on earth to ask that question!

 

First off:  Do not rely on Carfax to determine if your vehicle is a buyback or something.  Check with your local DMV to find out "How many times that truck has been titled"?

 

Why?  Chrysler re-purchased my 1999 Dodge QC and it was sent out of state and auctioned (thereby circumventing the MS disclosure of a buyback rule).

 

If a 2001 with 15K miles has been titled several times you may need to research.

 

Assuming that this vehicle has not been wrecked...I would suggest that you make a very LOW offer. (Say $22K or so) You can alway raise your bid........

 

Reason is that with 0% financing available on a new truck...used ones that are as new as this one are going to be tough to sell (and the seller knows it).  This being the case, the seller is either willing to take the hit, or unable to avoid it.

 

I know this sounds mean but it will play to your advantage!

 

I would also recommend (if you need financing) that you go to peoplefirst.com or eloan.com and secure yourself a cherry loan rate for a used vehicle ahead of time.   You may have just fallen into the luckiest of the savvy shopper crowd!

 

Good luck....let us know what you wind up doing!

[Mawgie]

Folks -

 

Thanks for the latest reply.  I have throughly investigated the truck, and it was purchased new by the current owner, who is selling it because he just bought a 2002 K1500 LT.

Never wrecked, always garaged.  Perfect inside and out.

Now, let's do some math.....

 

Assume I can buy this used truck for $23,000, or $24610 with sales tax (7%). At that price I think it is a better deal for me than a new comparably equiped 2002 LT Silverado. Here's why.

 

A comparably equipped 2002 K1500 LT invoices for $30,000, including freight.  Where I live, you have to pay the dealer $300 over invoice and also pay $250 for an advertising fee, so so the price is 30,550, or $32,688.5 with sales tax.  

 

The difference in price is $8078.5.

 

What about the borrowed money factor? Assume I have $5000 to put down on either truck, so I would finance $19610 on the used truck and $27688.5 on the new truck.

 

Assume I finance for 48 months.  The best used truck loan rate I can find is 6.19%.  The best new truck rate is, of course, 0%.

 

USED TRUCK: $5000 + $462.25 for 48 months

(Total cost= $27188.  Note: total loan interest paid = $2578.)

NEW TRUCK:  $5000 + $576.84 for 48 months

(Total cost= $32688.5)

 

The gap is closer.  After considering financing, the new truck costs $5500 more than the used truck.

 

One other thing I have not addressed is the cost of adding two aftermarket options to the new truck that are on the used truck: a GM factory tonneau cover -no snaps- and a sprayed in, over the rail Rhino Liner.  They would increase the cost of owning the new truck to the tune of at least $900: $400 for the liner and guessing $500 for the tonneau cover.

 

Considering the cost of the tonneau cover and bed liner, now the new truck costs $6400 more than the used truck.

 

What about depreciation?  At 48 months, the used truck will have 14000 more miles and be one model year older than the new truck.  If you believe you can get $6400 more for the new truck than the used truck at the 48 month mark, then the new truck wins, and is less expensive.

 

Personally, I doubt the trucks will be that far apart in value after four years, and therefore conclude that the used truck is the better buy than the new truck.  I am leaning toward the used truck, but only at a price of around $23-24,000.  Much more than that and I'd be better off buying new....

 

What do you think?  

 

p.s. To be complete (and completely anal), one should be sure to also consider the loss of potential interest income on the extra money used to purchase the new truck instead of the used one.  In this case it works out to about $200.