Upside down?!

[Arif]

As we are getting ready to move to Panama I went to the dealer today to find out how much they would give me for my 2003 Ford Expedition. What a surprise, they offered $16k to take it off my hands! Keep in mind the truck costs almost $50k brand new just 2.5 years ago. I thought I was being smart by buying it used and saving over $20k on depreciation. I think I'll list it fsbo for what I owe. Geez, vehicles are such money pits, especially american cars. Any other options?

 

[Nords]

As we are getting ready to move to Panama I went to the dealer today to find out how much they would give me for my 2003 Ford Expedition. What a surprise, they offered $16k to take it off my hands! Keep in mind the truck costs almost $50k brand new just 2.5 years ago. I thought I was being smart by buying it used and saving over $20k on depreciation.

Yeeeowch. OTOH you're ahead $20K in depreciation.

I think I'll list it fsbo for what I owe. Geez, vehicles are such money pits, especially american cars. Any other options?

Craigslist. And I'd try to avoid discussing the gas mileage...

 

[Arif]

Actually, I was surprised they would even consider buying it with demand so low for these types of vehicles. I guess everything has a price even with little to no demand. If I can't sell it before we leave I'll just keep it till demand increases for oversized gas guzzlers

BTW- Has anyone been to a dealer lately? That place was like a vultures nest! Salesmen came out of the woodwork to sell me a car. They looked really desperate, I bet Christmas will be sad at their house this year.

 

[73ss454]

Arif,

If your selling a vehicle to a dealer without buying a new one your not going to get a good number. The dealer has to make money somewhere and taking in a car without selling another doesn't turn over money for them. They may have to sit with it for a while in this high gas price environment. If they can't buy in right they will just pass. They can go to the local car dealer auction and get all they want when they need them.

In any other retail store prompt service is wanted and expected in a car dealer they are all vultures. Try working on commission sometime.

 

[Arif]

In any other retail store prompt service is wanted and expected in a car dealer they are all vultures. Try working on commission sometime.

I've been to car dealerships before. This is the first time that I have come into a dealership and ask to talk to someone about selling a car and literally three salesmen walk over and just linger. It was annoying to talk to one person while the other two just circle around clearly providing no added value. Reminded me of multiple vultures on roadkill (although I think I smell better than roadkill :) I see on the side of the road.

 

[73ss454]

Well Arif, I can't smell you from here but I would love to have heard what the salesmen said to each other when you left.

 

[JPatrick]

Is there a secure place you can park your vehicle with a sign?  That along with craigslist in several cities might help.  Get it cleaner than new and price it at $500 above your lowest price so you can bargain a little. BTW, have you done your research to determine  what it is really worth?   Be sure to have some of that"gee gas prices are way down" koolaid for your customers.
If you haven't tried Carmax you should. They are good to deal with, but remember it's still wholesale or less.
Have fun 

 

[justin]

$16k looks like a fair deal from a dealer. The name brand dealers around here are selling them for $17-19k.

I don't know if holding on to the car for more than a few months is a good idea. It will depreciate significantly, even if you don't drive it. Maybe cut your losses?

 

[tryan]

WARNING highly illegal ..... for $50 the boys in hoods will conveniently "steal" it. Insurance will pay more than a dealer.

 

[brewer12345]

I've heard multiple success stories of listing vehicles on Ebay. Might be worth a try, since I don't think its expensive and it definately gets you a big audience of eager (and sometimes not very bright) buyers.

 

[MasterBlaster]

Just for fun I looked up the base truck on edmunds for a 2003 model with 50k miles.

They only give a trade-in price of $12600. So either you have some options, an up-scale model or much less mileage.

Maybe if you bargain hard you'll get another $2-3k for your truck selling it private party. However ever since Katrina these gas guzzlers are all over the lots. Everyone wants to unload them - supply and demand dictate the price.

On the other hand if someone still thinks these vehicles are really cool, then they are a steal as a late model used purchase. Lots of truck for the money.


2003 Ford Expedition XLT Value Rwd 4dr SUV (4.6L 8cyl 4A) 
Trade-In Private Party Dealer Retail
National Base Price $13,298 $14,432 $16,320
Optional Equipment $0 $0 $0
Color Adjustment
Black $7 $7 $8
Mileage Adjustment
50,000 miles $-770 $-770 $-770
Condition Adjustment
Clean $0 $0 $0


Total $12,597(trade-in) $13,736(private party) $15,634(dealer retail)

   
Certified Used Vehicle $16,959

 

[73ss454]

Those vultures at the car dealership have some nerve giving you more than what it's worth!

 

[JPatrick]

<<<Total $12,597(trade-in) $13,736(private party) $15,634(dealer retail) >>>

Yeah, based on the blastmans research you ought to take the dealers offer real fast and send blaster a cut$$$$

 

[Arif]

It's the eddie bauer edition with everything in it except the kitchen sink. I think I'll put in the local advertising venues and see what happens. I went to kelly blue book and it said as a trade-in the truck is worth about 17k with the options that it has. So I would have to come up with about 3k based on what I owe if I sold it to a dealer. If I sold it to a private party I would break even but what a hassle dealing with that while in Panama. Oh well, guess I'll be going through the hassle and try to keep that 3k in the bank. :

 

[BUM]

Those vultures at the car dealership have some nerve giving you more than what it's worth!

HeHe

 

[MasterBlaster]

Here's an interesting article relevant to this discussion:

http://www.bankrate.com/nsc/news/auto/fuel-efficient/20051123a1.asp

Basically the article states that a 3-4 year old used (large) SUV is a screaming deal. This is due to the fact that nobody wants one of these vehicles. Dealers lots are loaded with them and therefore prices are really depressed.

The depressed prices will therefore (according to the article) more than make up for any extra money spent on fuel.

an interesting read

 

[ladelfina]

what about shipping your truck to Panama? Do you know if you will be buying a vehicle there, and, if so, what the prices are?

We shipped our honda CRV to Italy even though it is a relative gas-guzzler (and gas here is $6-$6.50/gallon, so shut up you whiny Americans!). Reasoning was that the CRV we bought for $20k in the States is worth double here, so even with shipping that more than made up for any extra gas consumption during its useful life.

 

[Arif]

We thought about shipping the truck but gas is expensive there (although not as expensive as Europe) so we decided to take the family car instead. We only owed 6k on the family car vs. 20k on the truck. From what I have heard I would have to pay off the loan and have the title in hand before I ship it.

I plan to list it fsbo and see what happens.

 

[JohnnieRed]

Tryan had a very creative idea (heheh)

I'd like to here about Panama when you get  there!

 

[Arif]

Tryan had a very creative idea (heheh)

I'd like to here about Panama when you get there!

If I didn't believe in "what goes around comes around" I would drop it off downtown and hope for the best!
But instead I am giving my friend POA to take care of the leg work for me and I'll handle the sale and paperwork. Shouldn't have too much problems selling it as a lot of soldiers just got back from Iraq with money burning a hole int heir pocket. If I sell it for the blue book value then I'll be happy.

I'll post some pictures of Panama when I get there. It is such a beautiful country and the weather is probably 85-90 degrees (lwith ots of humidity) just the way I like it.