05LegacyGTLimited Posted February 22, 2005 Share Posted February 22, 2005 Hi everyone! This is my first post on this site, but Im not new to the VB forums. I am an active member over at dodgeintrepid.net. I currently own a 2001 Chrysler Concorde LX, and its time that I trade her in. The is one problem. I owe $8K on her... and Im afraid that no dealer will give me that amount... Its in pristine condition, leather and carpet are in excellent condition, but it has 83Kmiles... that is the problem... what do you all suggest that I do to get the most out of the dealers? Im going with my uncle who will talk them down to invoice or lower but im responsible for the Concorde... Any pointers that will help me get the most for my trade? Thanks, Bob Link to comment Share on other sites More sharing options...
Guest *Jedimaster* Posted February 22, 2005 Share Posted February 22, 2005 Maybe sell it privately? And check kbb.com to see what the car is actually worth. Link to comment Share on other sites More sharing options...
PGT Posted February 22, 2005 Share Posted February 22, 2005 Bob - trade is $5K and private party is $7K. You can get invoice or lower on an LGT and 2.9 financing, but I would be wary of rolling the negative equity into the loan. That can be a slippery slope.... FWIW, my fiance had an '01 Durango R/T in her name we she got divorced back in '02 (her ex had put $5-7K in negative equity on the trade when it was bought). She was $10K upside down on it and was driving 110 miles/day. Not good.....$750 car payment, $200 insurance, $300 gas/month = . I bought her a '92 Civic VX (50MPG) and we sold the Durango.....she took out a loan separately for $10K to clear the lien. She kept paying on the loan like she still had the truck.....once it was paid, we got her a WRX wagon and sold the Civic (should have kept it, but was offered 2x what I paid for it). Something to think about.....keeping that debt separate breaks the cycle. Scoobs have good resale value, so you should be able to be in the black on the next purchase. I have always paid a few dollars extra each month.....helps get the principal down which saves some $$ and helps the balance sheet. Good luck and let us know what you decide to do!! -Dan Link to comment Share on other sites More sharing options...
05LegacyGTLimited Posted February 22, 2005 Author Share Posted February 22, 2005 So I went to Planet Subaru in Hanover MA today, and spoke with Corey AKA ViperEnvy... Well in order for this to happen, I need to dump the corde... I owe $8K on her and they will only give me around $3500 for her...(freaking American car resale...) So I need to sell her privately in order to purchase the Legacy... Now all I need to do is figure out how im going to get rid of it fast and get the money Im looking for... Ideas??? Link to comment Share on other sites More sharing options...
PGT Posted February 23, 2005 Share Posted February 23, 2005 Get a few trade in quotes.....a car like that might be worth more to a used car dealer vs. a new car lot. I'd put money on the fact that the dealer you went with would wholesale it vs. selling it themselves, thus your lowball figure. We got offered $1K at the Subaru dealer for the Civic (they told us they would wholesale it)....we sold it in two days after listing it for $4K. Link to comment Share on other sites More sharing options...
Viperenvy Posted February 23, 2005 Share Posted February 23, 2005 Actually Patagonian I know Bobby aka 05LegacyGTLimited as a friend from the dodgeintrepid.net forums for a while AND we had the intentions of selling it retail since I have a Chrysler Jeep dealer too. So I didn't low ball my own friend, I could have easily been like Bobby it's worth 4,500 to 5 and not discount the car hardly at all, which would you rather hear? He would still be financing the same amount overall. I'm not going to burn a friend of mine and someone who is young like myself and screw them over for years to come when they go to get another car. I showed him the auction reports for manheim in this area online I don't hide it. We even looked together what his car sold for retail in this area and what it would take to fix his car up to retail standards. Most dealers would have just been like yeah it's worth 6k! You go in and they don't discount the new car at all blah blah blah. That way when I give the bad news at first what it's worth they go to that liar and just cave in cause they get sick of it. I can't and won't encourage him to take a car he owes slightly over 8k on and trade it in for less then half of that. I rather discount the gt all the way and show him what his car is truly worth. If you need references to my honesty feel free to check the forums from members in this area who bought from me and others who I helped out west get their Legacy's. 2017 F150 Platinum EB 2009 SWP Spec B Link to comment Share on other sites More sharing options...
PGT Posted February 23, 2005 Share Posted February 23, 2005 No worries......I know your rep is good (opening in VA soon? We could use you down here....dealers are terrible). I should have mentioned that you were probably using the Manheim price, as most dealers do that. I would rather have things out in the open....easier to make an informed decision. Still, it doesn't hurt to get other appraisals. I got several on our '03 WRX and '02 Wrangler and they varied quite a bit, despite the fact that everyone uses the same baseline tools. It all depends on how quick the dealer can move it and what they think they sell it for. My point was that a used dealer might charge more for the car and be willing to sit on it longer and thus would be willing to pay a bit more. Link to comment Share on other sites More sharing options...
Marathoner Posted February 23, 2005 Share Posted February 23, 2005 Do you have Carmax up there? Maybe they can help. Link to comment Share on other sites More sharing options...
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