What do you think will happen with trade ins?

[McM]

Hey guys, With all this craziness I'm sure there will be deals to be had, but I was wondering what they would do for you if you had a trade in? Most people trade in there trucks to get a new one. If there having problems selling why would they want your truck? And if they do I would think your getting bottom dollar for it. Just wondering what your thoughts on this would be?

 

[melvimbe]

Interesting question. I agree that while they are likely offering vehicles cheaper than normal, they likely will give you less for your trade in. In general, I think the dealers with a lot of space and good capital may see an opportunity to fill up their shelves for cheap. When things go back to some sense of normal, they'll want to be able to make better deals than their competitors because they got their inventory for cheaper.

There is the other side of this too, that with so many people out of work, or just operating on a lower budget, used vehicles are going to be in higher demand than normal...I'd guess.

 

[finled]

I just purchased a 2020 Rapid Red Raptor loaded for 4K under sticker. I was going to trade my 2015 Mercedes CLS63AMG S for the Raptor until I realized the wholesale used market had been crushed by the Pandemic.

4 months ago I was offered 10k more than anyone is offering today.

Right now it is a great time to buy and a terrible time to trade or sell used.

Negotiate 3-6 months no payment and sell any car you were going to trade yourself.

This market will most likely recover enough in the next few months to get you a better price on a trade or outright individual sale.

 

[Deleted member 12951]

One of the reasons I didn’t trade in my GEN1 when getting a GEN2. Trade-ins are being low balled.

 

[Traffic22]

I just purchased a 2020 Rapid Red Raptor loaded for 4K under sticker. I was going to trade my 2015 Mercedes CLS63AMG S for the Raptor until I realized the wholesale used market had been crushed by the Pandemic.

4 months ago I was offered 10k more than anyone is offering today.

Right now it is a great time to buy and a terrible time to trade or sell used.

Negotiate 3-6 months no payment and sell any car you were going to trade yourself.

This market will most likely recover enough in the next few months to get you a better price on a trade or outright individual sale.

Same thing happened with me when I bought my 2018 used recently. I had to trade my 2019 Sti, I took a bath on it...an embarrassingly low amount for trade.

Dealer told me part of the problem right now is the auctions have not been running in a lot of places so no one wants to take cars, no matter how nice, because they aren’t sure they can get rid of them.


Sent from my iPhone using Tapatalk

 

[GordoJay]

We just sold my wife's Acura in one day. It looks like I'm selling my old truck to a friend's daughter without ever having to put it on Craigslist. Those two data points make me think that there might be demand in the private market.

 

[911 Crazy]

I keep posting this but he explains how people are going to get killed on trade ins.

 

[PlainJane]

Trucks might be different, but there is a lot of discussion about the used car market imploding with the rental car market downsizing. My niece just bought a 2018 SUV with less than 50K from Hertz for less than 45% of MSRP.

 

[melvimbe]

Interesting conversation. How long do we think lower used prices are going to last?

 

[911 Crazy]

Interesting conversation. How long do we think lower used prices are going to last?

They will keep dropping as the majority of people are so freaked out that they believe things will go right back into quarantine this Fall.