07-05-05, 10:48 PM
Unfortunately, I need to get rid of my 04 SRX. I thought we could get by without the 3rd row seats and the smaller "suv", but my family needs the room. I took the car to the dealer and the trade in value is much lower than KBB. KBB's trade value is $35K, the dealer is offering $27K. I paid $38K just 6 months ago. I could not believe it. I guess we will stick with the SRX as I would be taking a bath at those prices. :( Any other horror stories out there?
In what part of the country do you live and what model? I KBBed mine, and private party resale was more than I paid for it. In the old day KBB was a compilation of avarage price of actual sales of the model and trim, adjusted seasonaly and regionally. I bet private party resale is about what you paid for it. You just have to get on your best polyester suit and sell the thing. Don't mess around I don't want you lowering the KBB price.
07-06-05, 07:54 AM
No doubt the dealers screw up the KBB by using list against the trade-in value. I.e., if you are buying a 40,000 list at 36,000 less the 27,000 trade-in for 9,000 difference they will report the trade-in at 31,000 against the list of 40,000 to arrive at the 9,000 difference. I think the dealers tend to use the NADA or that little black book they carry around.
07-06-05, 08:27 AM
How is your car equipped beside no third row? Is it AWD? Ultraview? Navigation? etc. Also, how many miles?
07-06-05, 09:51 AM
I live in the Minneapolis area .
The car is equipped with AWD,Ultraview,Premium sound with XM, It is the Redline, V6, We don't have Nav or Dvd. We only have 4800 miles on it.
I just did KBB and Trade in Value is $37,225 and they only want to give me $27k.This was at the Acura dealer. They said it is bad right now with GM giving the Employee discount to everyone, and now I just saw that GM has extended the promo until August.
07-06-05, 01:58 PM
You can buy a new 05 with similar equipment for about $39K. The KBB price is not realistic with the GM program continuing. Retail on your car is probably $34-35K; my quess is trade in should be near $30K
07-06-05, 05:54 PM
Resale value on GM cars is a joke, largely because everyone expects that GM is ready to discount the heck out of any model at any given moment. For example, like they are doing right now. Sorry.
General Motors made a BIG mistake by applying the employee discount to Cadillac for the reason's you are now seeing. GM did not need to offer this discount with Cadillac as sales have been soaring. They did not offer the discount on Corvette's and they should have left Cadillac out of the deal as to not reduce value and perception.
My only advice to you is that you may want to wait until early next year when Cadillac rolls out the new Escalade. Perhaps the dealer can make up the loss by giving you a great price on the new Escalade....:coolgleam