2003 CLK55 - HOLY DEPRECIATION BATMAN!
07-20-2005, 07:04 AM
#1
Thread Starter
2003 CLK55 - HOLY DEPRECIATION BATMAN!
My Boss is about to trade in his 2003 CLK55. it has about 36k miles (normal for it's year) and is about 27 months old. He paid roughly $76k (plus tax = $80k) and the trade in is.............................................dru m roll.............$37k.
he will lose about $43k (plus any interest he paid) to drive for 27 months!!!!!!!
PHUCKING A!!!! I don't think I have heard of any car losing 51% of it's value so quickly (other than a Kia Rio).
My Evo was $30k and i could sell it for $21k (easily) right now......that is 30% depreciation...... and people make fun of Mitsubishi's....
I looked on Ebay and there doesn't appear to be much of a market for 2-3 year old CLK55's.....
he will lose about $43k (plus any interest he paid) to drive for 27 months!!!!!!!
PHUCKING A!!!! I don't think I have heard of any car losing 51% of it's value so quickly (other than a Kia Rio).
My Evo was $30k and i could sell it for $21k (easily) right now......that is 30% depreciation...... and people make fun of Mitsubishi's....
I looked on Ebay and there doesn't appear to be much of a market for 2-3 year old CLK55's.....
07-20-2005, 07:06 AM
#2
Dude, buy it for $37k from him. No need for a cool car like that to go to a dealer for that low of a price!
07-20-2005, 07:21 AM
#3
Thread Starter
i looked on ebay though and there is NO LOVE for that car..... i would have a hard time selling it for anything more than the $37k (plus I would have another $2600k in taxes into it)
07-20-2005, 08:01 AM
#4
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Your boss is getting ripped off on his trade!!! He should easily be able to sell that car for $10,000 more than the dealer is allowing. Look on Autotrader.com and you will see more realistic prices. E-bay is a low-ball way to sell a car. NADA average trade-in is currently listed at $47,000.
07-20-2005, 08:25 AM
#6
Registered User
Well your boss has a lot of money or else he'd keep the car. A lot of people get ripped off and don't seem to care much. Could be he's getting a write-off on his taxes?
Even if he could sell it for $45
he'd still be out about $900/month. That seems to me about what he'd spend on a lease for a $80K car (or thereabouts).
Expensive cars loose a lot of money b/c they start out overpriced IMO. Look at the V12 sedans from bmw and mb. They start at $120s and 4-5 years they are selling in the $40s-50s (or so) not that much more than the V8s.
This is one of the biggest things that make me shy away from big buck cars like a 911 tt. Besides the high initial price which I could handle, but the $2k/mo depreciation would weigh on me.
I'm trying to hold onto my cars as long as I can to spread the depreciation over a longer time.
However if I could get a well depreciated nice car for a fraction that may be the way to go. But I do like brand new stuff as much as the next guy. I wonder if very expensive cars like the SLR ($400K) will be worth 35% ($140K) 4-5 years from now?
Even if he could sell it for $45
he'd still be out about $900/month. That seems to me about what he'd spend on a lease for a $80K car (or thereabouts).Expensive cars loose a lot of money b/c they start out overpriced IMO. Look at the V12 sedans from bmw and mb. They start at $120s and 4-5 years they are selling in the $40s-50s (or so) not that much more than the V8s.
This is one of the biggest things that make me shy away from big buck cars like a 911 tt. Besides the high initial price which I could handle, but the $2k/mo depreciation would weigh on me.
I'm trying to hold onto my cars as long as I can to spread the depreciation over a longer time.
However if I could get a well depreciated nice car for a fraction that may be the way to go. But I do like brand new stuff as much as the next guy. I wonder if very expensive cars like the SLR ($400K) will be worth 35% ($140K) 4-5 years from now?
07-20-2005, 09:41 AM
#7
Thread Starter
Originally Posted by HOTRODS2000,Jul 20 2005, 11:01 AM
Your boss is getting ripped off on his trade!!! He should easily be able to sell that car for $10,000 more than the dealer is allowing. Look on Autotrader.com and you will see more realistic prices. E-bay is a low-ball way to sell a car. NADA average trade-in is currently listed at $47,000.
[QUOTE]Pennsylvania
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07-20-2005, 09:42 AM
#8
Registered User
i bought a 2001 740i sport in march or april of 2004 for $31K canadian.
this car retailed in 2001 for $110K.
car had average mileage and was in excellent condition.
NEVER buy a mass-produced, high dollar-value vehicle.
leasing is acceptable.
this car retailed in 2001 for $110K.
car had average mileage and was in excellent condition.
NEVER buy a mass-produced, high dollar-value vehicle.
leasing is acceptable.
07-20-2005, 09:43 AM
#9
Thread Starter
Originally Posted by rai,Jul 20 2005, 11:25 AM
Well your boss has a lot of money or else he'd keep the car. A lot of people get ripped off and don't seem to care much. Could be he's getting a write-off on his taxes?
I guess AMG's suck when it comes to resale!
I just looked up Kelly Blue Book and the amount they offered is right on for a "good to excellent" car, which his is (no accidents, etc...).
07-20-2005, 09:48 AM
#10
Registered User
scot, you have to look at retail then vs. retail now
not retail then vs. trade now.
that's the entire fundamental structure of the industry.
dealers buy cars low and sell them higher to make a profit.
not retail then vs. trade now.
that's the entire fundamental structure of the industry.
dealers buy cars low and sell them higher to make a profit.