Wondering if anyone has traded their 2002 S2000 yet. I checked on kbb.com and edmunds.com, but they don't have data for 2002 yet.

A BMW dealer has offered me 28000. I wanted at least 30000. My 2002 is Black, 6800 mi, front cf spoiler from Bulletproof, Zainoed 7 times, and is in excellent condition (nothing less of course). For a similarly equiped 2001 model, it works out to 28000-28500.

In the local area, I have talked to a Honda sales person, and he said they are still trying to sell the S2000 with a market adjustment of 1000-5000 over MSRP. I've even saw an ad recently for the 37000! I know that there are dealerships where you can get below msrp already, but how does that affect a trade in value?

The dealer claims that with the tax savings, I would essentially be getting around 30K. To me though, 28K just seems a tad low. Any ideas on what should I counter their offer with when I talk to them next (tomorrow morning)? Should I be considering the total tax savings as well? BTW, if it makes a difference, I'm considering a trade into a M3 (E46).

Thanks for your input.

 

What's two grand when you're considering an M3!

That sounds fair from a dealer. Remember that the dealer will want to make a profit and they will more than likely sit it on the lot for $31,500.

Try selling the S2000 privately and you may be able to collect $30k. With banks and credit unions easily offering 4.5% with 60 months to pay on pre-owned vehicles, you should be able to sell it fast! Take advantage now that the Summer "convertible craze" season is here!

Mmmmmm. . .///M Power!

 

Private sale!!!! The trade-in is only for the rich who would rather not have the very minor hassle of privately selling. Unless $ is no object, which it doesn't sound to be the case, your throwing away thousands. Mike

 

When you trade in a car, do they subtract the trade in value then apply tax to the difference , or apply tax to the price of the new car and then subtract the trade in value? I heard both versions. I have never traded in a car.

Thanks

 

The tax treatment depends on the state. Here in TN you only get taxed on the difference between the trade in and your purchase. If you are in one of these states you actually may do alright by trading in, provided your trade in is fairly new (< 5yrs) and you get a decent price. When you live in a high sales tax state (going up to 9.25% in a week) you can end up saving enough in taxes to make the trade in worthwhile, especially if the convenience of one transaction appeals to you.

 

Kelly blue book, which is well known for 'under-value' quotes, says my '01 with 9,000 miles is worth $28,000. Follow the advice of the others and sell it yourself for $30,000 and both you and the buyer will benefit.

 

I agree with cbj. Don't forget to account for the tax savings. Since you said the dealer mentioned that specifically, I assume you do get taxed on the difference. Here in MN, that alone is nearly $2000. So it's a win-win: you don't have to hassle with a private sale and the dealer gets a good price.

However, be careful on the other side of the deal. Are you getting the best price on the beemer?

I had a salesman once try to play something akin to three card monte with my wife and me. Gave us a price with trade which was poor. We let him know and were going to leave. He ran off to "do better" . Right. He came back with a new set of numbers, presented in the most confusing way. Didn't seem like a good deal and we walked. On our way to the car, I realized the numbers he gave us resulted in exactly the same bottom line as his first offer. We never set foot in that dealership again.

 

Ok, roughly working out the numbers this is what I understand. Please correct me if I have overlooked anything.

For no trade in:
1. M3 msrp + options= 52000
2. State tax in GA (7%) on full purchase price= 3640
3. Lux tax + transport + misc fee (est)= 1000
Total (1+2+3)= 56640

With S2000 trade:
1. M3 msrp + options= 52000
2. Trade in amount for S2000= 28000
3. Difference in selling price (1-2)= 24000
4. State tax on 24000= 1680
5. Lux tax + transport + misc fee (est)= 1000
Total (1+4+5)= 54680

So the total difference between no trade vs trade is: 56640-54680= 1960
So effectively I am getting 29960 for the S2000, if I trade it.

But if I were to sell the S2000 separately, then I would need to sell for at least 31920, (29960+ 1960) to offset and cover what it would have cost me if I had simply traded it?

Do my calculations make sense?

Any buyers?

Thanks.

 

Your math makes perfect sense, so just trade it and avoid all the hassels of trying to sell it on your own!

 

[QUOTE]Originally posted by puremagik
[B]Wondering if anyone has traded their 2002 S2000 yet.