Don't trade if you don't have too

Yep, SUV (and other large gas guzzlers) are trading in WELL below KBB because of the inability to sell them.

Enjoy your new prius!

 

You're lucky they traded it in as well. There's a growing number of dealerships that won't even take them!

 

Sorry that you were upside-down on your Yukon. I doubt that you would have been able to even cover the loan amount on a private sale, given the current market.

 

You're lucky they took and paid what they did. Many dealers aren't taking SUVs at all.

 

I suspect that the dealers are pretty stingy on just about any trade these days. I ended up selling my old car to Carmax for $1000 over what the dealer would give me. Now if my Prius actually comes in when the dealer says it will, I'll be impressed.

 

SUVs have a longstanding reputation for turning upside down in accidents. Now it appears they do it while sitting in the driveway.

Tom

 

My dealer did the same thing . They offered me $5000 for a 2003 GMc Envoy with 64,000 miles. I sold it myself for $12,000 in two days.
There's still a market out there for SUV's.

 

My advice is to call your congressman and senator in Washington. Tell them to get off their tails and do something about the oil futures commodity price, which is out of control. That's why gas is $4 a gallon, and why your SUV is worth peanuts. You should have held onto it until the oil commodities mess gets straightened out.

 

It's a free market. People want to find someone to blame but we're in the bed we made. It's everyone's fault. It's the governments, politicians, oil companies, auto manufacturers, and consumer's faults for not planning ahead for the future and implementing alternative transportation energy technologies. It's too late now for a soft transition.

Oil speculation is a zero sum game. I finally gave into a few months ago and sold all of my positions(thank god because they've all plummeted since. At the same time, I started buying $5 to $10K at a time in OIL and GSG on the dips. I wake up every morning hoping that I've lost money because I realize it will be much better for the economy. However, if this thing is going to happen, then I don't want to miss the boat. I'm holding a lot back though because I fully expect some sort of bubble and if I can't catch the falling knife, then I'll just buy a lot more if there's a huge decline. Unfortunately, that kind of mentality, is what's going to keep oil from going down too far even if the bubble bursts.

The speculators are just amplifying the fundamentals in that demand has outstripped supply. Every day, supply goes down in the thousands of barrels and every day the demand goes up in thousands of barrels. History has shown that for any commodity that people can't live without, a 1% rise in demand over supply results in a 20% increase in that commodities price.

It's unfortunate but true. In the mean time, I've sold some of my positions on wild upswing days and have now made enough to cover our fuel expenses, after taxes for the next few years.

 

Is there ? If so, it must be shrinking fast, while supply of used goes up and up. No wonder dealers won't take them. I wouldn't want one, even for free, even if it were a Porsche Cayenne.

 

Some of it has to do with luck. I was able to sell my Lincoln Navigator about 6 months ago privately for what I wanted out of it. I didn't have a single call for like 3 weeks.... then all of a sudden some one called, checked it out, and haggled me down only $500. I had actually listed the vehicle for $500 over what I wanted just because I knew someone would haggle...so I ended up getting what I wanted out of it. Yea, gas wasn't quite as expensive back then.... it did require premium fuel though.

I sold it out of luck. Plain and simple.

Mike

 

I was able to trade in my 2006 Murano 2 weeks ago. They had a Prius coming in at the end of July. But, by the time the car came in the value of my trade would drop even more. They gave me KBB trade in value for my car so I traded it in early. I have another car to use in the mean time. It is a little inconvienent, but it means more money in my pocket.

 

I had a 2003 Chevy Suburban with 58k on it that was in perfect shape with new tires. In the middle of June I was offered $3500-4000 for it from the Toyota dealer. Sold in about 2 weeks for considerably MORE! The dealers want to make it on both ends. But I will remember those dealers!

 

Depends on what part of the country you live. They had a report in the news in Kansas that Trucks and SUV's are still selling well in the midwest as people are still needing them. FYI, I have a 2005 Hyundai Santa Fe for sell.....if you need a SUV.....

 

I put down a deposit on a 2008 Prius on May 13, trading in a 1997 Toyota 4Runner SR5 with 75K miles, maintained by the dealer I was buying the Prius from. They actually gave me a written offer of $4500 for the 4Runner, and even though it was lower than the Edmund's estimate of what I should get in trade-in for that car at that mileage, I took it. The mpg on the 4Runner was killing me in my commute to work and I was concerned about increased engine noise (about which the dealer was aware). When the dealer called to tell me the Prius was in, on June 30, I went over with written quote on the 4Runner and the sales manager about flipped. In the seven weeks between ordering the Prius and its arrival, their lot had filled up with traded-in SUVs and trucks and they are no longer giving quotes on trade-ins until the buyer's Prius actually comes in. The sales manager said that the trade-in on the 4Runner had dropped to $3000-if they would even take it. I got my quoted trade-in, and my Prius, and I'm very glad not to be driving the 4Runner any longer. I had a pretty clear idea that the bottom was going to fall out of the SUV market, but the dealer seemed not to have anticipated quite how quickly it would happen.

 

Yup... from listening to Clark Howard on the radio, apparently SUV trade in values are anywhere from 25% to 40% BELOW KBB or NADA (He didn't specify, but assume KBB. He had a listener on his show yesterday who drove up in a SUV for trade in and found the dealer was going to give him 33% of KBB's value for trade in. He promptly drove off the lot and kept going. I guess he'll have to keep the vehicle longer than he anticipated.