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tsvb3
10-25-2003, 11:23 PM
I need to sell my M3 (can't afford it any more). I think I am getting screwed on what I am being offered on trade (I am thinking of getting a WRX). Am I letting emotion get in the way or am I expecting to much for my car?

I see them posted at decent values, but are they actually going for these values? Although I have dropped my expectations some...it reaches a point where it is hardly worth selling it!



http://www.roadfly.org/bmw/classifieds/cars/detview.php?view=20568&sortby=&dir=

http://www.four2.org/private/40/

JIO
10-26-2003, 02:11 AM
with about $36K trade-in tops. You'd be hard pressed to get more unless you knew someone who was in the market. There are a lot of M3s out there now and so it's a buyer's market. I would just hold on to it since you'll lose so much on the trade.

I was the same way dealing with my 'o2 loaded, but hit upon a new M5 and my dealer had a buyer for my car, so I got a great deal. When I go to trade the M5, I'll be upset with depreciation being it's a $75K car.

Oh well, it's only money.

Codeboy
10-26-2003, 02:27 AM
a few thousand (if any). Try to refinance it, maybe for 6 years to bring the payments down. Meanwhile, put it on sale to a private buyer for higher price.

StoneWalk
10-26-2003, 02:33 AM
And that's for retail value. You will always take an additional ~$5k hit doing it as a trade in, since this reflects the dealer's costs and need for margin on re-selling it or taking it to auction.

So it's worth at best upper 30k's retail, and mid to low 30k's trade in. The same would be true of almost any other $55k car after 34k miles.

Be glad it's not (for example) a Z06 which has even worse resale value.


<br>
StoneWalk, Ventura California
<img src="http://members.roadfly.com/stonewalk/M3lagunaSeca2a.jpg">

StoneWalk
10-26-2003, 02:50 AM
Swapping cars is not cheap. You'll be out the virtual equity cash as you go to trade in the existing car, you will then be paying taxes and license anew on the replacement vehicle (at least in CA you do), etc. Figure an easy up-front total hit to your net worth of perhaps $7k or so.

So if you go from paying $900 a month on the M3 to paying $400 a month on a WRX, it'll take over a year before you've broken even (again on a total net worth measurement scale).

The most affordable car in the universe is the one you buy, pay for, and keep until it is no longer reliable. There's this wonderful era from age 5 to about 10 where most modern cars are still pretty reliable thus repair costs are low, yet you have no monthly payment assuming you bought new.

Turning over cars ever couple of years is the least efficient way to do it no matter what car you pick each time. You'd be better off with a well negotiated short term lease.

Now if the M3 really is beyond your means, then a trade may be needed. Just remember that if you sell the WRX in 18 months to get something else, you didn't actually improve your financial overall picture at all.
<br>
StoneWalk, Ventura California
<img src="http://members.roadfly.com/stonewalk/M3lagunaSeca2a.jpg">


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