trying to put a value on my 2001 LC, before listing (1 Viewer)

[hesaw99]

I have a 2001 that I'm about to trade in for a newer car. I checked the normal sites KBB, NADA, etc. The dealer where I have considered doing the trade is giving me a very low number on trade-in. Dealer says that KBB is really just "an advertising site" and that I should not expect to get anywhere near that number for a trade in. We don't buy cars often...been driving this LC for 12 years...so I'm not a savvy buyer.

My LC has 215K miles
Check engine light is on (O2 sensor, I'm fairly sure)
Carpet is ugly due to 2 young kids growing up in it
Leather is OK, some stains, no rips
tires are good
mechanically sound...never had any issues other than an exhaust leak
grey paint is shiny, one boo boo on front bumper where i bumped it an paint chipped away
body is great other than a few shopping cart dings

the cheapest one I see for sale (retail) with similar miles is about $10k
NADA says "rough trade in" is $7k
my dealer is trying to give me $5K

Any feedback is appreciated

 

[mcgaskins]

5k sounds very reasonable from a dealer. I'd say private party depending on what part of the country you're in would be $6-$8k. If it's in the west with zero rust, you may fair a little better, but remember just because people are asking $10k for rigs with over 200k miles doesn't mean they're selling for that price. There was a guy locally with a 99 with 150k miles on it and he listed it for $20k on CL. I couldn't resist, so I emailed him respectfully and told him he was asking way, way too much. I said he'd have good luck around $12k, and he emailed me back super PO'd. 3 months later of watching his CL posting, he reduced the price a grand every couple of weeks. When he listed it at $12.5k, the ad was deleted later that same day. A big mistake is thinking they're worth far more than they are. It sounds like the one you have shows some wear and has a CEL, so if a dealer will give you $5-$6k, I'd take it.

 

[maxse01]

If it's a one owner car with no accidents, I say clean it up and list it for what you see others at. If 10k is the norm, ask for $10,500 and then you'll probably end up around 9. People pay for these if they've been cared for, I think that's really all you need to show.

 

[hesaw99]

If it's a one owner car with no accidents, I say clean it up and list it for what you see others at. If 10k is the norm, ask for $10,500 and then you'll probably end up around 9. People pay for these if they've been cared for, I think that's really all you need to show.

2 owner, no accidents. Although it wasn't abused, neither was it expertly cared for. Oil changes, brakes...yes...but timing belts and stuff like that...not so much. If it isn't broke, I don't typically fix it. I agree that I could probably clean it up and make some money, just not sure if I want the head ache. I know that I'm not going to fix the CEL, don't want to chase that one down. And I don't want to replace carpet, etc.

Thanks for the feedback though. I'm leaning towards what mcgaskins says above, try to squeeze the dealer for 6k and not deal with the headache.

 

[deuce40s]

It sounds like to me you're willing to throw away $3-4k+. I'd get the O2 sensor fixed for a few hundred tops, new floor mats for another hundred and go for the full amount private sale. Craigslist is too easy and Autotrader can reach a lot of people. There aren't many for sale out there.

 

[SWUtah]

Depending where you live the tax saving on trading is worth 7% if that is the sales tax, which equals getting $5,350 if you sold it on your own. If that's the case I would trade it. Sounds rough and might be throwing good money after bad if you try and fix it up to sell. If it was 150-180k miles, might fix it up for sale. JMHO

 

[TXLX100]

Rough trade on it around $5-6k sounds about right. Tax rate in Texas is 6.25%, so a trade saves $375 at $6,000 trade value. Could be worth some extra money fixing the check engine light and having it detailed and trying to sell it privately. But if it's super rough, I'd take the $5k and run.

 

[maxse01]

It sounds like to me you're willing to throw away $3-4k+. I'd get the O2 sensor fixed for a few hundred tops, new floor mats for another hundred and go for the full amount private sale. Craigslist is too easy and Autotrader can reach a lot of people. There aren't many for sale out there.

Ya, I agree. Make it nice and make some dough. The dealer is just going to whole sale it and it'll end up in Mongolia.

 

[RND1]

Wait, you're on the original timing belt at 215K miles???

 

[SmoothLC]

Advice is only worth what you paid for it - at least someone told me that once.

So with that in mind, first find out what your local dealers/banks/credit unions, etc. use to determine value; e.g. KBB, NADA, "local market value", etc. Around here it's NADA. This will give you a leg up on negotiating.

Then, set a range you're willing to deal within for your rig; e.g. low vs. high selling point.

Like others wrote, $5k may be very reasonable and may be worth your time if you don't want the headache and the dealer will take "as is".

Almost every area I've lived in from the west coast to the east coast to points in between all have some sort of "standard" they use to determine the value of a vehicle. Once you've got that piece of info., then you can use it to at least get the most value out of your rig given your circumstances/needs.

2 cents (that's all the above is worth! YMMV)

 

[ENGINE er]

I'll give you $6k for it right now, problem solved.