Question concerning trade in value of car?
cavzfan2002 asked:
Four months ago i bought a 2001 Pontiac Grand Am for 5,600.00. I am not to happy with it. Since then the engine has been running loud, minor electrical problems. I was wondering if I were to trade it in what the trade in value would be? Like how much would would the car have deprecated?
Four months ago i bought a 2001 Pontiac Grand Am for 5,600.00. I am not to happy with it. Since then the engine has been running loud, minor electrical problems. I was wondering if I were to trade it in what the trade in value would be? Like how much would would the car have deprecated?
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I am finding 2001ish models on Craigslist for about $1500-$2000 dollars.
In good shape.
You overpaid, so you might be in your best interest to fix whatever needs fixing and live with it.
The biggest problem is you paid retail value for the car, so the depreciation is more in the difference in the two values, rather than in time or mileage.
The trade in value for that car is hard to say without knowing if it is a GT, mileage,4 or 6 cylinder, or 2 or 4 door. Lets say 50k miles with a 6 cylinder and 4 doors, it would be around $3700 in good working order. If there is an engine knock, which is a big problem, you would cut that in half at least.
There are different models of grand ams. So this is just a guide line to judge by. a 2001 grand am is worth anywhere from 3475 up 4600 with what is called class 2 miles which is 90 to 100,000 miles. Depending on the engine and miles and whether it’s a 2 or 4 door. The average miles is the miles listed above, any more than that there is a deduction any less is an add to the price. The prices listed above is what we as dealers call trade in or loan value. That is the price we actually would get for a car at the auction or to another wholesaler. Anything you have been told or read in auto books is useless, because if you get more than the prices above all we are doing is showing you an inflated price off the list price. And forget about looking in kelly blue book or NADA price guides, the add ons don’t mean squat to most dealers. The car is what it is no more no less. So if a dealer tells you he’s giving you more than the true wholesale it’s because he is deducting the value off of full list. So any of those dealers that offer people 10,000 push pull or trade for their cars is in fact going to make more money than you can imagine. And any problem you have with the car the dealer will deduct the inflated amount for repairs off your trade.