Expected 2005 LGT values?

[RangerMan]

So...crested the 3 year for owning my 2005 LGT GRP unlimited, stock. That great time when current value is greater than amount owed.

 

Where do we think the value of these cars will be in a few years and where will they bottom out? The 2005+ GT models are different enough from the old Legacy that I don't think you can estimate based on how much a 2002 or 1998 model is currently selling for.

 

Sell now, come out about $4k ahead. Buy another vehicle...start cycle again.

 

Keep car another 3 years. But what do we think value of car will be when they are 6 years old? $9000?

 

Keep car for a long time (10 years), where do we think car is going to be value wise? $5000? I expect/hope that the LGTs will hold their value the way that 10 year old DSMs do. AWD, 5MT, Turbo, easy to tune seem like features an enthusiast would want...and pay for.

 

FWIW I hope to keep the car for 6 or 7 years and sell it for $9000, but wonder how reasonable that is going to be.

[fastwgn286]

typically, you can, because only enthusiasts and insurance companies care if it's turbo or not. to a dealer and average buyer (of which, there are many more than yous and mes), not a whole lot of difference. Based on this area, LGTs are losing about 2k-3k a year once they pass the lease period and a lot more come to market. Currently, an 05 LGT sedan X-clean is about 14k-15k wholesale. But, these things will hold value a lot better than most bread and butter cars, so 8k-9k when 6 or 7 years old is not a bad figure. Mind, these are based on extra-clean cars (of which few exist), so dings and chipped paint would kill the value quickly too.

 

FYI, after 8 years, the values can decrease significantly because banks don't typically give loans on cars older than 7 years. If you are looking to recoup some of you're money, selling before 2012 is my preferred choice.

[Gire]

I hope in 10 years that my 05 LGT wagon will net me about 10K.

This is after the 44K I put into it, starting in 05.

 

I was talking to the wife today and I said that I have been in love with the car for 4 years now, why not another 6? It's faster than 90% of the cars out on the road today, handles great, it hauls so much crap, I don't need an SUV, why not keep it?

 

I'll probably keep it unless I win the Lotto, then it's 911/ Maserati time.

 

If I can sell this car for 10K (CANADIAN) in 2013/15, I'll be laughing my ass off. It's lofty, for a turbocharged car, but dare to dream.

 

The problem is the Yanks are selling them now for 17K. But I don't live there... so I may be OK.

[RangerMan]

Thanks guys, that is about what I am thinking as well.

[jagcars26]

 

I was talking to the wife today and I said that I have been in love with the car for 4 years now, why not another 6? It's faster than 90% of the cars out on the road today, handles great, it hauls so much crap, I don't need an SUV, why not keep it?

 

 

 

 

I'm with Gire,fast and practical. I'm keeping my wagon as well.

[...Mark...]

I was in your situation years ago and hated the fact that after 3 years of making payments i only had a couple of grand worth of equity to put towards a new ride. Since then my wife and i decided to only buy slightly used cars to avoid the depreciation hit and to only finance for 3 years at the most. If the payment was to high, then we couldn't afford the car end of story. I get bored w/ cars easily so 3 years is about the longest that i would own one for anyway.

[Picture_Shooter]

I was talking to the wife today and I said that I have been in love with the car for 4 years now, why not another 6? It's faster than 90% of the cars out on the road today, handles great, it hauls so much crap, I don't need an SUV, why not keep it?

 

 

Ditto! I used to be a SUV owner and no-more. Sux on gas, heavier, handles like $hit and looks like another grocery getter on the highway w/bayBay Kids mobile.

Only good point, you sit higher at the stop light. Now look at me (haha)

 

Hell... if my subie motor blows, I'll buy a new one. Cost less then buying a whole new car and messing w/ payments. Looks great on the road, AWD, good on gas and best of all ---- PAID IN FULL----!!

[RangerMan]

I was in your situation years ago and hated the fact that after 3 years of making payments i only had a couple of grand worth of equity to put towards a new ride. Since then my wife and i decided to only buy slightly used cars to avoid the depreciation hit and to only finance for 3 years at the most. If the payment was to high, then we couldn't afford the car end of story. I get bored w/ cars easily so 3 years is about the longest that i would own one for anyway.

 

I hear you loud and clear! I will probably go one step further and be buying only older cars (more than 10 years old) in the future.

 

The current LGT will be my last new car. I happened to be ready to buy when the LGT came out, finished grad school and was getting my first real job so I wanted a new car and the LGT fit the bill. However, from here on out everything will be "new to me". I don't plan on buying a car unless I can pay cash and the car is more or less fully depreciated so when it comes time to sell it was almost like driving the car for free.

 

I love the LGT and plan to keep it another 3-4 years, that seems to be the sweet spot so you don't completely lose your shirt.

[Ferenczy33]

I have a habit of getting myself in bad positions with cars and did it again with my LGT. I did a long commute for many years which always had a tendency to get me upside down in my loans. I was almost $5k upside down in my last vehicle which I purchased new, then traded in 3.5 years later for the LGT with the rationale that now that my commute is only 14 miles a day, I might be able to turn my upside down right side up again. Well now here I am a year and a half later, and I am still roughly $4-5k upside down. Yeah, I'm an idiot. I just need to suck it up and pay it off. I would do it out of my savings but my wife is afraid that once I take that money out. It will never go back in.

[...Mark...]

..here I am a year and a half later, and I am still roughly $4-5k upside down. Yeah, I'm an idiot. I just need to suck it up and pay it off. I would do it out of my savings but my wife is afraid that once I take that money out. It will never go back in.

 

I gotta agree w/ you and the wife.. Drive it til its paid for and then unload it. Maybe in the meantime do a couple of mods to it to keep your interest level up..