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Hello everybody this is my first time to post here,thanks for listening. I went into a dealership in Conn to look at a 2002 SLS with 29000 miles for $18000. While I was in the showroom I noticed a 2002 SLS and it appeared to be new. I ask about the car and was told that a few of them had been picked up from a dealership that had gone out of business in Yonkers NY. The car is white and it has 7 miles on it. They had two of them in the showroom both white but the one I liked had wood on the steering wheel and wood on the shift. They were asking for $27000 for each car. After a bit of back and forth I got the car for $26000. The question I have for this forum is am I crazy. or is this a good deal. Please let me know. I left $500 on the car. And have the weekend to make up mind. The factory warranty will last until Feb 2008. According to carfax the car has no owners. Thinking about this is driving me nuts, what should I do, let me know.
 

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$26000 for a Cadillac with only 7 miles? Seems pretty good to me. Where can you find a brand new cadillac for $26000?
 

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Sounds good to me. I just paid $22,000 for a 2002 STS with 19K miles and loving it. I know mine listed for more than $44,000. You will be the original owner of a new 2002 for about half price. How can that not be a good deal?!
 

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I did a quick search on KBB.com. Went under suggested retail for my area. That car shows a price of $22,765 with 7 miles on it (even under private party its $19,000 & NADA guides was just under $24,000 (Retail)). You might want to try it for your area. Though it is brand new, it is coming close to 4 years old. Also how can the factory warranty be good till 08? I thought the standard warranty is 4 years or 50,000 miles? If so that would put it to expire sometime in 06'. IMO though its pretty amazing that car could only have 7 miles on the OD, I think its a bit much for an almost 4 year old Seville. If you do end up getting it, I would highly suggest getting the GMPP warranty to 100,000. You pay something like $2,000 but its worth it. I paid $1500 for some cheapo warranty company, and though they dont cover the odd-ball stuff (seat heaters, suspension sensors, etc.), I got my monies worth out of it, it will be well worth it if you plan on keeping it for awhile. Youll have to purchase it at the time of the sale.

MacK
 

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hey dairyman that is a great deal but just be careful that dealership went out of business because there was a lot of shady deals going on there i live in the area and know alot about that dealership if u have any other questions feel free to ask.by the way they did have alot of 02 there because they over bought and were still charging full price for them thats why u are getting a great deal.
 

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Hello Mr STS how ya doing, from your post I take it you live in Yonkers. Can you tell me the name of the dealership that went out of business. I am buying the car off a dealership in Conn and i think everything is on the up and up. I am not really worried about that aspect of the deal what in my mind is, is it worth it. I meant to spend maybe $18000 and ended up spending $26000 and I guess I,m looking to justify spending the money. I think myself that its a good deal, its a new car for half price. The year is relative. Anyway thanks for your post.
 

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Well, the car was never owned, therefore the 4 years or whatever warranty starts when someone first purchases it. Thats how the warranty will last till 2008.

Id say thats an incredible deal. Its brand new, no one has ever spilled coffee or kids or dogs been in there!!!!

Id buy it just for the full blown warranty.

I couldnt blame you either though if u bought the $18k car with only 19k miles on it. Save $8000.

The full warranty might be worth it though.
 

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Previous post is absolutely correct.

Warranty begins at issuance of INITIAL title and registration. If it only has 7 miles, then it is highly likely that you are the first registrant. I'd simply ENSURE that the car was never titled previously - not even as a demo, or the warranty clock would've been started back then.

That said, this is a unique car, so Kelly Blue Book, Edmunds, or any other 'appraisal' experts can't legitimately set a value for this auto. There isn't enough comparable sales ('02s with 7 miles) at auctions for them to acomplish this.

My only questions are these...If the car has only 7 miles on the clock, and it was originally owned by another dealership, how did the current dealer get it there? Generally they would send drivers to retrieve these rather than trucking them which is quite a bit more $$$. I'd expect to see more miles. Also, I'd ask to see the invoice on the car. If it is a brand new vehicle, the dealer should have this, and at the $26,000 price, they should have no problem showing the invoice as it would only serve to show you what a great deal you're getting. On the invoice, I'd check to see if this was a show car or courtesy car - the invoice will show this clearly. When this occurs, the dealers get a great deal on these cars and can sell them cheap and still make good profit. Again, if there is an invoice, this also solidifies the fact that this car probably hasn't been titled.

It sounds like a fair deal to me. Basically a brand new, 3-year old car. Good value for the money, but probably only to the first time buyer. You'll definitely take a hit on depreciation as soon as you start to drive it. I'd probably lean toward the other car with the low miles and negotiate the Cadillac Certification so that you get 100K of factory warranty. Just my 2 cents. Good luck!
 

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Discussion Starter #10
Hello Sjwoodruff, You are absolutely right, this car was a demo or courtesy car. The warranty clock was started Feb 04, that's why it ends on Feb 08 or 50,000 miles. The dealership made no secret of this. They told me they bought several cars, all 2002's. I guess they were trucked up to Conn from Yonkers. I think the cars where bought as a package deal. I saw two sevilles and an escalade at the showroom I know there's an arguement for the other car but when I saw the new one I was in love. Anyway thanks for your input and also thank-you to everyone else. Take it easy, Derryman.
 

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Discussion Starter #11
Thanks for the name Madooch, I used to live in Yonkers so I was curious. I shopped at that dealership many years ago. Enjoy your STS, Derryman.
 
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