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

[py0413]

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

[Giccy]

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.

[Gearhead999s]

Originally Posted by py0413

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!

[Twinbo]

Originally Posted by Gearhead999s

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.

[SamS]

Why not sell privately? That's the only real way to determine true market value, anyways.

[Gearhead999s]

Originally Posted by SamS

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!

[schnell325]

^^ I"ll take the hassle of the lower price at the dealership than having to deal with the public.

[Doctor J]

Originally Posted by schnell325

^^ 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

[Mr. ///M3 RD]

Originally Posted by Gearhead999s

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.

[py0413]

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?

[SamS]

Originally Posted by Gearhead999s

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.

[Gearhead999s]

Originally Posted by py0413

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]

Originally Posted by SamS

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.

[SamS]

Originally Posted by Gearhead999s

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.

[Gearhead999s]

Originally Posted by SamS

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.

[woosh]

Originally Posted by SamS

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.

[SamS]

Originally Posted by Gearhead999s

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?

[Gearhead999s]

Originally Posted by SamS

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.