Article on Truck and SUV Trade-In Value

[BiPolarBear 476]

'LIKE HOUSE OF CARDS,' USED TRUCKS FALL

 

June 23, 2008—Dealer Poncho Redfern sees big used trucks that were worth $20,000 just a few months ago valued today at $12,000. And he winces. "It's not like prices are just a little soft," says Redfern, president of Thomason Auto Group, of San Francisco, which owns seven dealerships in California and Texas. "The values have dropped extraordinarily. We are having a hard time adjusting." Soaring fuel prices have toppled the market for big used trucks "like a house of cards," says Tom Kontos, executive vice president of analytical services for the ADESA auction company. Dealers say they can't offer customers much for trade-ins of big trucks—and some are refusing to take those pickups and SUVs at all. Last month, used full-sized pickups sold at auction for an average price of $9,343—a 21.3 percent decline from May 2007, ADESA says. The average wholesale price of large SUVs plunged 19.7 percent to $11,271. The market for big used trucks shifted "overnight," says Patrick Walsh, a Ford dealer in rural Atwater, Minn. "I don't think any of us were ready for that." In May, an informal Automotive News survey found that one out of 10 dealers no longer accepted big SUVs and pickups as trade-ins. Other dealers said they didn't have that option but were offering far lower trade-in prices. "We can't turn them away," says Ken Cooper, sales manager of Alex Chevrolet in rural Charles Town, W.Va. "We are in a small town. If it gets around that we weren't taking trucks as trade-ins, we wouldn't be doing any business." (Automotive News)

 

Dealers in our area are hitting truck and SUV trades $1,000 to $1,500 back of N.A.D.A. wholesale book.

[Brad GLuckman 518]

'LIKE HOUSE OF CARDS,' USED TRUCKS FALL

 

June 23, 2008—Dealer Poncho Redfern sees big used trucks that were worth $20,000 just a few months ago valued today at $12,000. And he winces. "It's not like prices are just a little soft," says Redfern, president of Thomason Auto Group, of San Francisco, which owns seven dealerships in California and Texas. "The values have dropped extraordinarily. We are having a hard time adjusting." Soaring fuel prices have toppled the market for big used trucks "like a house of cards," says Tom Kontos, executive vice president of analytical services for the ADESA auction company. Dealers say they can't offer customers much for trade-ins of big trucks—and some are refusing to take those pickups and SUVs at all. Last month, used full-sized pickups sold at auction for an average price of $9,343—a 21.3 percent decline from May 2007, ADESA says. The average wholesale price of large SUVs plunged 19.7 percent to $11,271. The market for big used trucks shifted "overnight," says Patrick Walsh, a Ford dealer in rural Atwater, Minn. "I don't think any of us were ready for that." In May, an informal Automotive News survey found that one out of 10 dealers no longer accepted big SUVs and pickups as trade-ins. Other dealers said they didn't have that option but were offering far lower trade-in prices. "We can't turn them away," says Ken Cooper, sales manager of Alex Chevrolet in rural Charles Town, W.Va. "We are in a small town. If it gets around that we weren't taking trucks as trade-ins, we wouldn't be doing any business." (Automotive News)

 

Dealers in our area are hitting truck and SUV trades $1,000 to $1,500 back of N.A.D.A. wholesale book.

 

I have a 2006 Chevy Trailblazer...and it sucks. I'm only in town for about half the year cause I travel for business alot...so that helps ease the pain of gas prices. But it still sucks. Especially knowing my vehicle isn't worth sh!t anymore

[BiPolarBear 476]

I have a 2006 Chevy Trailblazer...and it sucks. I'm only in town for about half the year cause I travel for business alot...so that helps ease the pain of gas prices. But it still sucks. Especially knowing my vehicle isn't worth sh!t anymore

 

The most expensive 2006 Trailblazer LT with 4X4 would bring about $10K.

[Brad GLuckman 518]

The most expensive 2006 Trailblazer LT with 4X4 would bring about $10K.

 

[tubby_mcgee 686]

I have a 2006 Chevy Trailblazer...and it sucks. I'm only in town for about half the year cause I travel for business alot...so that helps ease the pain of gas prices. But it still sucks. Especially knowing my vehicle isn't worth sh!t anymore

 

 

You hardly ever saw Grandaddy down here

He only came to town about twice a year

He'd buy a hundred pounds of yeast and some copper line

[BiPolarBear 476]

You hardly ever saw Grandaddy down here

He only came to town about twice a year

He'd buy a hundred pounds of yeast and some copper line

 

I got it. Copperhead row, right?

[Snuff 10]

I have a 2006 Chevy Trailblazer...and it sucks. I'm only in town for about half the year cause I travel for business alot...so that helps ease the pain of gas prices. But it still sucks. Especially knowing my vehicle isn't worth sh!t anymore

 

I also have a 2006 Trailblazer (love it btw), and on kbb.com it now has a trade in value of $9900. That means if I would trade it in, I would still owe about 9 focking grand on my loan. So much for trading it in for a small car......

If I were to say, but a Chevy Cobalt, instead of 14,000, I'd be paying $23,000. I'll pass. For now anyways.....

[Brad GLuckman 518]

I also have a 2006 Trailblazer (love it btw), and on kbb.com it now has a trade in value of $9900. That means if I would trade it in, I would still owe about 9 focking grand on my loan. So much for trading it in for a small car......

If I were to say, but a Chevy Cobalt, instead of 14,000, I'd be paying $23,000. I'll pass. For now anyways.....

 

I love mine too. such a smooth ride, used to have an Explorer

Mine should be paid off by the end of the year. Thinking of trading it in for a Toyota Highlander Hybrid. Fock this gas shiot

[Blitzen 0]

Why exactly is this surprising news to anyone? The writing has been on the stone wall for a while now...

[surferskin 30]

Sell low.

[gocolts 300]

Damn, leasing doesn't look like such a bad idea after reading this thread. Not that I would ever do it, but it certainly has this going for it.

[MTSkiBum 1,594]

My next vehicle is going to be an SUV. I will be able to get a nice one for cheap, to bad i wont be in the market for a new(to me) car for about a year and a half or so.

[Snuff 10]

I love mine too. such a smooth ride, used to have an Explorer

Mine should be paid off by the end of the year. Thinking of trading it in for a Toyota Highlander Hybrid. Fock this gas shiot

 

Wow, I also had an Explorer before this, and didn't like it nearly as much. You're like my twin or something.

[BiPolarBear 476]

I also have a 2006 Trailblazer (love it btw), and on kbb.com it now has a trade in value of $9900. That means if I would trade it in, I would still owe about 9 focking grand on my loan. So much for trading it in for a small car......

If I were to say, but a Chevy Cobalt, instead of 14,000, I'd be paying $23,000. I'll pass. For now anyways.....

 

if kbb says $9,900, the N.A.D.A. wholesale book will be a lot less. You have the right idea: just keep it. The Cobalt would never carry all that negative equity anyway. You would have to come up with cash down. The gas savings would never pay you back.

[Brad GLuckman 518]

Wow, I also had an Explorer before this, and didn't like it nearly as much. You're like my twin or something.

 

[frank 2,144]

That's what you get for being a redneck and/or driving an overpriced station wagon.

[rallo 132]

i was really close to buying an SUV/ truck when my LeBaron sh1t out... could have had a durango for about 6K...

at the time i pussed out and bought a little 2001 hyundai accent... (yeh i'm ghey) feeling pretty good about it now... gets about 38 mpg on the interstate... about 25 mpg in the city...

 

in conclusion a very ghey but smart purchase... i shall pat myself on the back

[I have no idea what i'm doing 0]

i was really close to buying an SUV/ truck when my LeBaron sh1t out... could have had a durango for about 6K...

at the time i pussed out and bought a little 2001 hyundai accent... (yeh i'm ghey) feeling pretty good about it now... gets about 38 mpg on the interstate... about 25 mpg in the city...

 

in conclusion a very ghey but smart purchase... i shall pat myself on the back

For that price you can't really lose, unless you paid the same amount for the accent, in which case you're saving money on gas.

 

Another trailblazer owner here. I buy cars for the long haul though, don't do the upgrade thing. I have cut back on my driving though.

[BiPolarBear 476]

I spoke to a customer yesterday that lives in Frisco which is a newer community North of Dallas. He commutes 90 miles a day and his girlfriend commutes 60. They drive a Lincoln Navigator and an Escalade. He says gas is costing them between $1,200 and $1,300 a month.

 

I read that those outlying suburbs are going to be like the inner city slums of the future. I guess gas prices could do that.

[RLLD 3,455]

That's what you get for being a redneck and/or driving an overpriced station wagon.