BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > M3 (E90 / E92 / E93) > Regional Forums > Canada
 
Lux Angel Eyes
Post Reply
 
Thread Tools Search this Thread
      04-02-2012, 02:47 PM   #1
py0413
Major
 
py0413's Avatar
 
Drives: 2012 M5
Join Date: Jul 2008
Location: BC

Posts: 1,165
iTrader: (2)

who else got RAPED when trading in your car(s) at dealerships?

Last year while I had to trade in my nearly brand new 135i Cab for an SUV (back injury made me requiring a more forgiving ride), my trade was, at a point, being quoted for $7000 below the Canadian Black Book value (CBB says $43k & that dealer offered $36K). I told them must be joking and left to another dealership which was willing to get me a number that was closer to what I expect but still a bit low.

I have talked and seen friends and family members in USA getting good values for their trades and surprisingly quite often higher than their KBB value. Here, in Canada, we paid more for the same car and when it comes to sell it, we get less value then our neighbour down south? Maybe life is just too unfair
__________________
Must stop eating..............
py0413 is offline   Canada
0
Reply With Quote
      04-02-2012, 03:07 PM   #2
Giccy
Captain
 
Giccy's Avatar
 
Drives: like he has much to learn
Join Date: Oct 2011
Location: Toronto

Posts: 681
iTrader: (1)

Canadian dealers are the worst when it comes to trade-ins.

Every time I have dealt with them on trades, they consistently come in multiple G's below what a reasonable dealer SHOULD take.

Best to sell private but through the dealership, get a higher price for your car, save boat loads of HST on your new one.
Giccy is offline   Canada
0
Reply With Quote
      04-02-2012, 03:09 PM   #3
Gearhead999s
Major General
 
Gearhead999s's Avatar
 
Drives: E93 335is(wifes)E92 M3
Join Date: Apr 2007
Location: Toronto

Posts: 6,685
iTrader: (0)

Quote:
Originally Posted by py0413 View Post
Last year while I had to trade in my nearly brand new 135i Cab for an SUV (back injury made me requiring a more forgiving ride), my trade was, at a point, being quoted for $7000 below the Canadian Black Book value (CBB says $43k & that dealer offered $36K). I told them must be joking and left to another dealership which was willing to get me a number that was closer to what I expect but still a bit low.

I have talked and seen friends and family members in USA getting good values for their trades and surprisingly quite often higher than their KBB value. Here, in Canada, we paid more for the same car and when it comes to sell it, we get less value then our neighbour down south? Maybe life is just too unfair
After being in the car business for 29 years one of the things you realize very early on is that then Canadian Black Book is only a guide,it does not set the prices for used cars.The finance industry uses the CBB to base loan amounts based on the values published in these guides.The only true way to find out what a used car is worth to look at current auction prices and what they will fetch in the current market in your area.There are many cars in the CBB that are way overvalued & many other cars that are way undervalued.Used vehicles are a commodity and values are set by the market.You cannot compare the american market to the Canadian market or BC to Ontario!
Gearhead999s is offline  
0
Reply With Quote
      04-02-2012, 04:24 PM   #4
Twinbo
First Lieutenant
 
Twinbo's Avatar
 
Drives: 2012 F150 Platinum
Join Date: Jul 2011
Location: Calgary, AB

Posts: 331
iTrader: (0)

Quote:
Originally Posted by Gearhead999s View Post
After being in the car business for 29 years one of the things you realize very early on is that then Canadian Black Book is only a guide,it does not set the prices for used cars.The finance industry uses the CBB to base loan amounts based on the values published in these guides.The only true way to find out what a used car is worth to look at current auction prices and what they will fetch in the current market in your area.There are many cars in the CBB that are way overvalued & many other cars that are way undervalued.Used vehicles are a commodity and values are set by the market.You cannot compare the american market to the Canadian market or BC to Ontario!
+1

Everytime someone quotes these black/blue books I cringe.
As for a dealership "raping" you, they do this on trades because someone before you was foolish enough to accept this kind of treatment.

The Toronto Maple Leafs will stop charging $400 per ticket for junior hockey when the morons who continue to fill the stands stop going.

This is called free market commerce. The dealer is making money off the trade because people don't want to/can't be bothered to sell it themselves.
Twinbo is offline  
0
Reply With Quote
      04-02-2012, 04:34 PM   #5
SamS
Brigadier General
 
SamS's Avatar
 
Drives: 2013 ActiveHybrid 3
Join Date: Jul 2010
Location: Dallas, TX

Posts: 4,495
iTrader: (0)

Why not sell privately? That's the only real way to determine true market value, anyways.
SamS is offline  
0
Reply With Quote
      04-02-2012, 04:40 PM   #6
Gearhead999s
Major General
 
Gearhead999s's Avatar
 
Drives: E93 335is(wifes)E92 M3
Join Date: Apr 2007
Location: Toronto

Posts: 6,685
iTrader: (0)

Quote:
Originally Posted by SamS View Post
Why not sell privately? That's the only real way to determine true market value, anyways.
Only if you want the hassle of dealing with the retail public!
Gearhead999s is offline  
0
Reply With Quote
      04-02-2012, 05:38 PM   #7
schnell325
Bored at work....
 
schnell325's Avatar
 
Drives: '08 M3,'11 335xi
Join Date: Aug 2007
Location: BC

Posts: 3,836
iTrader: (5)

^^ I"ll take the hassle of the lower price at the dealership than having to deal with the public.
__________________
'08 E92 SG M3: AA G2L3 snail, Catless X-Pipe & Sig Series Rear. AP rods. TC Kline EDC Coil Overs. MRF Alum Sub Frame Bushings. TMS Delrin Diff'l Bushings. BFI Motor Mounts. Recaro PP's. BMW Elec Perf Steering Wheel. P3 Vent Gauge. PS Overflow Kit. LUX V3. APEX ARC-8 18"x9.5"/10.5". Conti Slicks 275/35F 305/30R. Stoptech Pads/SS Lines. Castrol SRF. Cantrell Motorsports Brake Duct Kit.
schnell325 is offline   Canada
0
Reply With Quote
      04-02-2012, 06:22 PM   #8
Doctor J
Captain
 
Doctor J's Avatar
 
Drives: 2010 E93 M3 DCT
Join Date: Mar 2010
Location: Vancouver BC

Posts: 714
iTrader: (0)

Quote:
Originally Posted by schnell325 View Post
^^ I"ll take the hassle of the lower price at the dealership than having to deal with the public.
x2

I tried to sell my mint 2001 E39 M5 to a punch of tire kicking lowballing douchebags

Ending up trading it in -- walked away from a couple of $K but whatever
__________________
2010 BMW M3 vert with DCT & Akra
Doctor J is offline   Canada
0
Reply With Quote
      04-02-2012, 06:49 PM   #9
Mr. ///M3 RD
Major General
 
Mr. ///M3 RD's Avatar
 
Drives: E350 & 280 SL on Weekends :)
Join Date: May 2010
Location: GTA, Ontario - Canada

Posts: 7,862
iTrader: (0)

Garage List
Quote:
Originally Posted by Gearhead999s View Post
Only if you want the hassle of dealing with the retail public!
Agreed 100% I rather get $2K to $5K less from the dealership (I will gain it back on paying less HST ~ HST is our tax of 13% in case our American friends don't know what HST stands for).

So avoiding the hassle of someone kicking my tires, driving my car then low balling the asking price I take it to a dealer that I know I can thrust.
__________________
Cheers, Rolf-Dieter

Life will take us to some interesting places, fortunately The ///M3 will too with a many of us know this very well
---> Click here for some good stuff I found
Mr. ///M3 RD is offline   Canada
0
Reply With Quote
      04-02-2012, 08:13 PM   #10
py0413
Major
 
py0413's Avatar
 
Drives: 2012 M5
Join Date: Jul 2008
Location: BC

Posts: 1,165
iTrader: (2)

I understand that CBB is used as a guide/reference only; however, if such a reference/guide has significant differences than the reality out there, why does such tool still exist? Doesn't this make people wonder twice?
__________________
Must stop eating..............
py0413 is offline   Canada
0
Reply With Quote
      04-02-2012, 08:38 PM   #11
SamS
Brigadier General
 
SamS's Avatar
 
Drives: 2013 ActiveHybrid 3
Join Date: Jul 2010
Location: Dallas, TX

Posts: 4,495
iTrader: (0)

Quote:
Originally Posted by Gearhead999s View Post
Only if you want the hassle of dealing with the retail public!
That's the cost of doing dealer trade in. Hassle free, vs a bit of risk, time and effort. You can't have it both ways, pick your poison.
SamS is offline  
0
Reply With Quote
      04-02-2012, 08:41 PM   #12
Gearhead999s
Major General
 
Gearhead999s's Avatar
 
Drives: E93 335is(wifes)E92 M3
Join Date: Apr 2007
Location: Toronto

Posts: 6,685
iTrader: (0)

Quote:
Originally Posted by py0413 View Post
I understand that CBB is used as a guide/reference only; however, if such a reference/guide has significant differences than the reality out there, why does such tool still exist? Doesn't this make people wonder twice?
Only because the CBB has done a very good job of marketing themselves as the standard automotive reference value guide to the financing/banking industry in Canada.Cars that are sold in lower volumes will be much more inaccurate than cars that are sold in greater volumes.That is why the professionals that are in the automotive world do not make buying decisions based on the CBB because they understand the limitations of this guide which only comes with time in the business.An outsider can only get in trouble if the CBB is used as their only source of pricing info as we see with newcomers in our trade.
Gearhead999s is offline  
0
Reply With Quote
      04-02-2012, 08:47 PM   #13
Gearhead999s
Major General
 
Gearhead999s's Avatar
 
Drives: E93 335is(wifes)E92 M3
Join Date: Apr 2007
Location: Toronto

Posts: 6,685
iTrader: (0)

Quote:
Originally Posted by SamS View Post
That's the cost of doing dealer trade in. Hassle free, vs a bit of risk, time and effort. You can't have it both ways, pick your poison.
The last couple of times that I have retailed my own cars have been nothing but a headache when done away from my work.Tons of scam e-mails,people not showing up when they are suppose to and people that I do not really trust coming to my home.I then limited myself to dealing with this only at work and I found great people for my wife's last 335 cab and my last M3 with very little hassle.Trying to sell cars in a home setting is a very poor way to sell a car for the difference in money that you get extra.
Gearhead999s is offline  
0
Reply With Quote
      04-02-2012, 08:57 PM   #14
SamS
Brigadier General
 
SamS's Avatar
 
Drives: 2013 ActiveHybrid 3
Join Date: Jul 2010
Location: Dallas, TX

Posts: 4,495
iTrader: (0)

Quote:
Originally Posted by Gearhead999s View Post
The last couple of times that I have retailed my own cars have been nothing but a headache when done away from my work.Tons of scam e-mails,people not showing up when they are suppose to and people that I do not really trust coming to my home.I then limited myself to dealing with this only at work and I found great people for my wife's last 335 cab and my last M3 with very little hassle.Trying to sell cars in a home setting is a very poor way to sell a car for the difference in money that you get extra.
I sold my wife's CR-V two weekends ago within 45 minutes of listing on Craigslist, and I'm not exaggerating at all. I got 11 phone calls during that time period, including two during the 2 minute test drive with the ultimate buyer. My wife was almost upset I sold it so quickly/easily, thinking I should have asked a lot more. I got a fair price, and it was too old for a dealer trade in on her new car.
SamS is offline  
0
Reply With Quote
      04-02-2012, 09:09 PM   #15
Gearhead999s
Major General
 
Gearhead999s's Avatar
 
Drives: E93 335is(wifes)E92 M3
Join Date: Apr 2007
Location: Toronto

Posts: 6,685
iTrader: (0)

Quote:
Originally Posted by SamS View Post
I sold my wife's CR-V two weekends ago within 45 minutes of listing on Craigslist, and I'm not exaggerating at all. I got 11 phone calls during that time period, including two during the 2 minute test drive with the ultimate buyer. My wife was almost upset I sold it so quickly/easily, thinking I should have asked a lot more. I got a fair price, and it was too old for a dealer trade in on her new car.
There is a huge difference in selling a cheaper mass market vehicle than a $40000 + more niche oriented vehicle.Most of my clients would not even think of reselling their own vehicles or spending the time when they could be doing something that is more important to them.
Gearhead999s is offline  
0
Reply With Quote
      04-02-2012, 09:11 PM   #16
woosh
Colonel
 
woosh's Avatar
 
Drives: Canyonero SUV
Join Date: Dec 2007
Location: Sydney

Posts: 2,136
iTrader: (0)

Quote:
Originally Posted by SamS View Post
I sold my wife's CR-V two weekends ago within 45 minutes of listing on Craigslist, and I'm not exaggerating at all. I got 11 phone calls during that time period, including two during the 2 minute test drive with the ultimate buyer. My wife was almost upset I sold it so quickly/easily, thinking I should have asked a lot more. I got a fair price, and it was too old for a dealer trade in on her new car.
Haha. Similar story to a friend of mine, albeit he was buying the car from a dealer. The dealer told us they had so many enquiries within a few days that they had to take it off the main car selling website in Australia because it was simply costing them too much (for every enquiry about a dealer listed car, they have to pay ~$50 to the site). The car was about $5,000 below market value and even lower than what it'd fetch at an auction.
woosh is offline   Australia
0
Reply With Quote
      04-02-2012, 09:12 PM   #17
SamS
Brigadier General
 
SamS's Avatar
 
Drives: 2013 ActiveHybrid 3
Join Date: Jul 2010
Location: Dallas, TX

Posts: 4,495
iTrader: (0)

Quote:
Originally Posted by Gearhead999s View Post
Most of my clients would not even think of reselling their own vehicles or spending the time when they could be doing something that is more important to them.
Like griping about how they got ripped on a trade in price?
SamS is offline  
0
Reply With Quote
      04-02-2012, 09:32 PM   #18
Gearhead999s
Major General
 
Gearhead999s's Avatar
 
Drives: E93 335is(wifes)E92 M3
Join Date: Apr 2007
Location: Toronto

Posts: 6,685
iTrader: (0)

Quote:
Originally Posted by SamS View Post
Like griping about how they got ripped on a trade in price?
I very rarely deal in the consumer market but in the commercial market where if you do your job properly,you have them for the life of your career.Most of my good clients have been with me for the majority of my wholesale leasing career.The big difference in my business dealings compared to the retail car world is the lack of confrontation that exists at most dealerships.That is created by respect & trust for your client which hopefully that they have for us which creates a proper business relationship.
Gearhead999s is offline  
0
Reply With Quote
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 08:48 AM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST