What does it take to sell an S2000 these days?
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Originally Posted by zacksdad2,Nov 3 2007, 04:08 PM
I know that this is not "winning" any popularity votes here but I just want you to be prepared if you end up doing the CarMax thing.
Car is in great shape, here's a link for more info.
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From: Orlando, FL
Originally Posted by zacksdad2,Nov 3 2007, 05:08 PM
Just for the sanity check on how CarMax works............
They have to make a minimum of $1500 after auction prices. Hence, if the central Florida auctions are bringing in 19,500 for your '05, expect a low ball of 18K for your car. If they decide to keep the car on one of their lots, it will bring the price that you as a retailer are looking for. But, they will only let it sit for 3-4 months. Then it's off to the auction where they will get their $1500 gross profit even after the auction price.
Here is what KBB is showing for the trade in value for your car.
Excellent
$22,750
Good
$21,550
Fair
$19,405
The central forida auctions run 7-10% below this figure at the dealership prices. So, it looks like the $20,500 is what they "really" feel the car is worth. My guess is that they will offer you around $19K.
The other way to figure what is going to be offered is this way. The industry standard on a car that is three model years old is 45% of the sticker. The Honda S2000 is #2 on the vehicle retention list, 2nd only to the Mini Cooper S model. The folks who establish the residule pricing show the S2000 at 60% of sticker after three model years. Using the 2005 price of $34,000 means after a 40% depreciation, the retail value would be about $20,400.
I know that this is not "winning" any popularity votes here but I just want you to be prepared if you end up doing the CarMax thing.
They have to make a minimum of $1500 after auction prices. Hence, if the central Florida auctions are bringing in 19,500 for your '05, expect a low ball of 18K for your car. If they decide to keep the car on one of their lots, it will bring the price that you as a retailer are looking for. But, they will only let it sit for 3-4 months. Then it's off to the auction where they will get their $1500 gross profit even after the auction price.
Here is what KBB is showing for the trade in value for your car.
Excellent
$22,750
Good
$21,550
Fair
$19,405
The central forida auctions run 7-10% below this figure at the dealership prices. So, it looks like the $20,500 is what they "really" feel the car is worth. My guess is that they will offer you around $19K.
The other way to figure what is going to be offered is this way. The industry standard on a car that is three model years old is 45% of the sticker. The Honda S2000 is #2 on the vehicle retention list, 2nd only to the Mini Cooper S model. The folks who establish the residule pricing show the S2000 at 60% of sticker after three model years. Using the 2005 price of $34,000 means after a 40% depreciation, the retail value would be about $20,400.
I know that this is not "winning" any popularity votes here but I just want you to be prepared if you end up doing the CarMax thing.
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I worked at Carmax and I agree you would no tbe happy with the price they offer. They use to pay wholesale for cars. I have never heard of the $1500 back thing but it wouldn't supprise me. Bad market overall for everthing it seems.
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From: Tampa
Originally Posted by Basement06,Nov 4 2007, 10:09 AM
Got 19k for my 05 with 11.5k miles on it when I traded it in on the M3. For the record, that was WITH an accident that cost $7k in repairs.
Joined: Mar 2007
Posts: 5,956
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From: Tampa
We just sold a Certified 2005 Silverstone with one small scratch in the clearcoat , on the rear bumper and sold for 22k . The Housing market has everything screwed up . Expect a light spending season for the holidays in all areas of the retail market too . The ARM financing is the biggest issue as well as people that bought homes they could not afford and financed on an ARM . Rates went up a bit and foreclosures are at an all time high