[minn19]

I’ve done it quite a few times over the years. It depends on the car and what you consider “how big a beating” on it. I’ve done ok a couple of times and not very good a couple of other times. Buying cars like these are a terrible financial decision to begin with. Doing this just makes the decision that much worse. But, it comes down to what makes you happy in life and if these choices hurt yourself/others in your household or not. If not, do what makes you happy. If so, think about it before you do it obviously. It’s just a personal decision.

If we were all being as smart as possible with our money, we’d all be in paid with cash used Civics or Corollas. Unless you truly need a truck, those cars would do the vast majority of peoples transportation needs just fine. Everything else is a luxury and by definition a bad financial decision.

Oh yeah, happy thanksgiving!

[BMWCCA1]

Originally Posted by VisualEcho

You're a bit lost on these comments. The IS350 FSport is highly desired, and it IS resale, try that with a Ford and see how much you get.

You got $15,000 off on a new $53,000 car and you want me to believe it is highly desirable? Maybe at 30% off, but then, really, what dealership gives you 30% off of something they can easily sell and is in demand?

[Germanauto]

You sound exactly like my dad does with his Macan S. He loves the styling, driving dynamics, and overall engineering. However he dislikes the cabin tech and thanks to Covid has only driven it 5000 miles 1 yr into his lease. He's paying a ton of coin to lease a car he likes but doesn't love and that isn't getting drive. He doesn't know what to do besides potentially give it to me until his office reopens.

[VisualEcho]

Originally Posted by BMWCCA1

You got $15,000 off on a new $53,000 car and you want me to believe it is highly desirable? Maybe at 30% off, but then, really, what dealership gives you 30% off of something they can easily sell and is in demand?

I buy expensive cars at the very end of the model year when they have the highest manufacturer incentives and the dealership has the greatest motivation to sell. There were just 9 cars left in the state when I bought my IS.

[jamesinaz]

Originally Posted by Germanauto

You sound exactly like my dad does with his Macan S. He loves the styling, driving dynamics, and overall engineering. However he dislikes the cabin tech and thanks to Covid has only driven it 5000 miles 1 yr into his lease. He's paying a ton of coin to lease a car he likes but doesn't love and that isn't getting drive. He doesn't know what to do besides potentially give it to me until his office reopens.

I'll probably just keep it. Maybe in 2022 I'll trade just before it goes off warranty and value falls off a cliff.

But I suspect this is the last brand new luxury vehicle I buy. I am aging and most of my trips now are in the golf cart to the club for golf or drinks. Hey, at least I can drive the golf cart home drunk on private roads and not kill anyone or get arrested.

[Savageenterprise]

What's your interest rate for the loan on the Cayenne? If you plan to stick it out another two years you can help mitigate your losses. IF you're paying close to 5% you can likely refinance at a local credit union for a much better %, even for the same term and cut out 2-2.5% of interest. On a car that expensive you'll probably save close to $100 per month and you'll lower your payment a bit now and look at it as X amount less of a loss when you go to dump it.

[jamesinaz]

Originally Posted by Savageenterprise

What's your interest rate for the loan on the Cayenne? If you plan to stick it out another two years you can help mitigate your losses. IF you're paying close to 5% you can likely refinance at a local credit union for a much better %, even for the same term and cut out 2-2.5% of interest. On a car that expensive you'll probably save close to $100 per month and you'll lower your payment a bit now and look at it as X amount less of a loss when you go to dump it.

If I remember right the rate was about 1% but I remember wrong lots. I just sent them an email to confirm what I think I am paying.

[SteveinArizona]

Originally Posted by Humdizzle

its gonna hurt a bit trading in / selling a brand new car. especially a high end luxury item that isn't limited. best bet to find out how much it would be worth is checking autotrader and see what people are selling them for.

also i'm not sure how sales tax works in your area. in my state we get a sales tax credit. so if you sell a 70000 dollar car, then purchase a 90k car in 6 months you only pay taxes on 20k. some states i think you are forced to trade in to a dealer to get this credit. some states don't have it at all.

In Arizona he will only get credit if he trades it in. Then his taxable base is the net charge. Otherwise, he will pay tax on the full price with no credit for the taxes previously paid.

[GenXer]

I haven't kept a new vehicle for more than a year for 30 years. To me, vehicles are just
consumables. I've changed 6 vehicles since I joined this forum.


X1 --> 430i -->440i
Ion
Silverado --> Tahoe

I enjoyed them when I had them. Then I move on.

You can't take anything with you when you leave this earth anyway.

[dreamingat30fps]

I use to trade my cars in all the time and have done a few within a year or less. I'm getting better but still not normal.

That being said I buy 90% of them used. So that's solves a big chunk of that
depreciation problem. I have sold some for basically the same as I paid for them, but typically don't end up losing more than 1-2k when I don't get a good buy.

[jamesinaz]

Originally Posted by dreamingat30fps

I use to trade my cars in all the time and have done a few within a year or less. I'm getting better but still not normal.

That being said I buy 90% of them used. So that's solves a big chunk of that
depreciation problem. I have sold some for basically the same as I paid for them, but typically don't end up losing more than 1-2k when I don't get a good buy.

I've done that used before too. Made the mistake of buying new. The hit isn't something I can't take. But it is more than I want to take. So, I'll ride it out another year or so and then decide.

[plutnicki]

I did it twice. Traded an '07 Chevy Avalanche LTZ in after 9 months for a 2009 Mustang GT, which I traded in after 6 moths for a 2006 CPO 330. Took an absolute bath both times. The Avalanche was a demo that had a wicked drivetrain vibration that no one could diagnose or fix properly and the GT was just a poor decision. The GT was the worst.

I started leasing shortly thereafter.

[BMWCCA1]

Originally Posted by jamesinaz

The hit isn't something I can't take. But it is more than I want to take. So, I'll ride it out another year or so and then decide.

Did you ever get a real purchase quote from a check-writer, not a "maybe"? Carmax provides a printed offer with a 7-day expiration.
If so, what was the hit versus your purchase price?

[jamesinaz]

Originally Posted by BMWCCA1

Did you ever get a real purchase quote from a check-writer, not a "maybe"? Carmax provides a printed offer with a 7-day expiration.
If so, what was the hit versus your purchase price?

Carmax appears to requrie a physical visit. Have not done that. Carvana doesn't seem to allow me to enter the vehicle options online which results in a silly low offer. The options were worth over $10k. KBB doesn't even allow me to enter the year and model of my car.

I'm guessing not a lot of 2020 Cayennes have come on market and there isn't enough data yet.

JD Power/NADA doesn't have my year and model.

In short I would have to visit Carmax and haven't made that effort so - no I do not have a hard offer that I believe is accurately reflective of the value of my car at this current time.

It is kind of annoying that none of the big online sources has that.

In fact when I enter my VIN they don't even know where the car came from or who made it.

[jmack]

Originally Posted by jamesinaz

Carmax appears to requrie a physical visit. Have not done that. Carvana doesn't seem to allow me to enter the vehicle options online which results in a silly low offer. The options were worth over $10k. KBB doesn't even allow me to enter the year and model of my car.

I'm guessing not a lot of 2020 Cayennes have come on market and there isn't enough data yet.

JD Power/NADA doesn't have my year and model.

In short I would have to visit Carmax and haven't made that effort so - no I do not have a hard offer that I believe is accurately reflective of the value of my car at this current time.

It is kind of annoying that none of the big online sources has that.

In fact when I enter my VIN they don't even know where the car came from or who made it.

Carmax does virtual appraisal where you upload your own photos and they review. It's not on their site, but if you schedule an in-person visit, they will call to confirm and an offer you the option of doing a virtual appraisal.

Vroom also gives instant offer and might have a more extensive options list.

[jamesinaz]

Originally Posted by jmack

Carmax does virtual appraisal where you upload your own photos and they review. It's not on their site, but if you schedule an in-person visit, they will call to confirm and an offer you the option of doing a virtual appraisal.

Vroom also gives instant offer and might have a more extensive options list.

Thanks. I'll give it a try.

[fgpalmer71]

I just sold a seriously pristine 2016 Genesis 3.8 AWD sedan, loaded to Carmax a few months ago. I tried Vroom along with attempting to sell it myself. Vroom's offer was almost $1500 lower then Carmax on that vehicle. If you decide to get offers from both Carmax and Vroom I'd be interested in the difference between the 2 offers. Just out of curiosity.

[OkieSnuffBox]

The only time I've done it, I didn't get killed. But I think it's atypical.

In Oct of 2012 my custom ordered, '13 Mustang GT, base, with the Track Pack in Oxford White was delivered. I paid $30,750 for it.

I traded it in on a used vehicle in April of 2013 and they gave me $30k for it.

[Vivek.]

Originally Posted by jamesinaz

I've done that used before too. Made the mistake of buying new. The hit isn't something I can't take. But it is more than I want to take. So, I'll ride it out another year or so and then decide.

Is there any reason you can't list it on Craigslist for a hit you'd be okay with taking and see how it goes?

It will be a little complicated since the title has a lien, but this is fairly commonplace. The lender would be able to get the title to the new owner once his payment goes through.

[jamesinaz]

Originally Posted by Vivek.

Is there any reason you can't list it on Craigslist for a hit you'd be okay with taking and see how it goes?

It will be a little complicated since the title has a lien, but this is fairly commonplace. The lender would be able to get the title to the new owner once his payment goes through.

I could. But based on local ads by the dealers I don't want to sell that cheap. Gonna just keep it for another year or two and then decide.

[BMWCCA1]

Originally Posted by jamesinaz

In short I would have to visit Carmax and haven't made that effort so - no I do not have a hard offer that I believe is accurately reflective of the value of my car at this current time.

It is kind of annoying that none of the big online sources has that.

None of the "virtual" offers are legit until they've seen the car, either. So you might as well bite the bullet and spend 20-minutes at a CarMax store. It costs you nothing but your time. Just wear a mask and take your wipes along.

[jamesinaz]

Originally Posted by BMWCCA1

None of the "virtual" offers are legit until they've seen the car, either. So you might as well bite the bullet and spend 20-minutes at a CarMax store. It costs you nothing but your time. Just wear a mask and take your wipes along.

If I'm ever on that side of town I'll stop in. Kinda long ride for an old guy who prefers driving his golf cart to the first tee.