What's my 2020 base GT500 worth?

[toothdkdr]

Got a call from a dealer yesterday who knows I have a GT500. They have a 2022 GT500 CFTP in stack and wanted to know if I was interested in a trade. Since I have dealt with them in the past they will sell the car for little to no ADM to me but only offered 75k for my 2020. I told them I will not sell for that. Looked on cars.com most with similar miles are going for mid 90's. What do you guys think. My car is showroom new never raced and also never seen the rain. I will try again on Tuesday to strike a deal and if I don't I will pass the info and location to the forum members.

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[MCS]

They are trying to make a DEAL with YOU. Not the other way around.

They didn't call you out of the goodness of their hearts knowing you have a GT500 and knowing that you might want to take advantage of this exciting opportunity. They are calling to see if they can get you to buy their extremely expensive new car so they can lowball you on your previous really expensive car and then turn around and move that inventory to a wider market that can afford a used GT500 instead of a brand new one.

Also, cars are a depreciating asset. Right now things are wonky because of supply chain, covid and a pixie farting in the amazon but the fact of the matter is your 3-year-old car isn't worth what you paid for it and a dealer is going to parrot that line until the cows come home.

 

[toothdkdr]

I am aware of this and was just asking what a good trade in price for mine should be

They are trying to make a DEAL with YOU. Not the other way around.

They didn't call you out of the goodness of their hearts knowing you have a GT500 and knowing that you might want to take advantage of this exciting opportunity. They are calling to see if they can get you to buy their extremely expensive new car so they can lowball you on your previous really expensive car and then turn around and move that inventory to a wider market that can afford a used GT500 instead of a brand new one.

Also, cars are a depreciating asset. Right now things are wonky because of supply chain, covid and a pixie farting in the amazon but the fact of the matter is your 3-year-old car isn't worth what you paid for it and a dealer is going to parrot that line until the cows come home.

I am aware of this and was just asking what the members think a good trade in price for mine should be.

 

[MCS]

Fair!!!

I am still having my morning coffee so I have my robe and gavel out before my reading comprehension!!!!

I would say if others are going for mid 90s you should be shooting for 85-90 at least. Don't let the stealership double-dip on you. Profit on you buying their inventory and then profit on lowballing you for yours and then selling it for what everyone else is.

Tell them "Sure, I'd love to buy that new GT500 however you are going to have to give me fair market value, and by that I mean what others are getting for theirs on other car sales sites, if you want mine. You won't make profit on both deals but you will make profit on one plus you'll move a very expensive ride out of your inventory / lot. No? kthxbye"

 

[mkcotton]

If you're horny for a 2022... take your 2020 to Carmax they tend to give the best money. I saw a 2019 GT350 for $71K @ Carmax... they probably gave $65K for it. You'd get more money selling yourself, but realistically the best you'll do from a dealer is low $80s.

I recently traded a 2017 1500 Denali, that I paid near $70K for, and got $40K... not bad for 5 years and 50k miles.

Deals are everywhere.

 

[Park]

75 to 90K for a 20 GT base !
Last week I paid 42K for a 21 GT premium with 9,000 miles and got 4K more than I paid for a 20 EB.

 

[Grant4514b]

Just because you see them listed for mid 90’s doesn’t mean they’re selling for that. I’d say if you can get close to 80k for yours and get a CFTP for sticker price that’s a pretty good deal. I called about 20 dealers in the past couple weeks and least markup I found on a CFTP was 15k.

 

[toothdkdr]

Fair!!!

I am still having my morning coffee so I have my robe and gavel out before my reading comprehension!!!!

I would say if others are going for mid 90s you should be shooting for 85-90 at least. Don't let the stealership double-dip on you. Profit on you buying their inventory and then profit on lowballing you for yours and then selling it for what everyone else is.

Tell them "Sure, I'd love to buy that new GT500 however you are going to have to give me fair market value, and by that I mean what others are getting for theirs on other car sales sites, if you want mine. You won't make profit on both deals but you will make profit on one plus you'll move a very expensive ride out of your inventory / lot. No? kthxbye"

That is what I told them. I am not in the market for a new one but if I get a great deal I will not turn down the CFTP. We will see how bad they want to sell.

 

[ay1820]

In this market, the only reason the dealer is willing to part with the '22 with no markup is because he is going to make up the profit difference by underbidding your trade. I have been shocked by what CarMax has been giving for used cars lately. Take it to them to get a quote, that will give a realistic max trade value.

One other thing to consider, with inflation and interest rates going up and a recession likely to be coming (if not already here) this whole crazy car market is about to come crashing down. My money is that trade-in values in will go down faster than new vehicle prices, but cars like a GT500 don't always follow the same pattern as the average grocery getter.

 

[Jmeo]

It gets you your wing

 

[Inthehighdesert]

This. All the rest is just noise. They’ll sell the Cftp for above sticker, how much above is the question. Did you buy your 500 with an adm, or was it close to msrp. That will tell you as well.

Just because you see them listed for mid 90’s doesn’t mean they’re selling for that. I’d say if you can get close to 80k for yours and get a CFTP for sticker price that’s a pretty good deal. I called about 20 dealers in the past couple weeks and least markup I found on a CFTP was 15k.

 

[TrackMustang]

If I had the money for a CFTP I wouldn’t pass it up. I wouldn’t get raked over the coals in the process, but I can’t tell you how much I would love to own a CFTP.

Good luck, hope it works out for you!

 

[Wolvee]

OP, they can take your car, Sell it for markup and then cancel your purchase agreement any time they want. All the risk is on you.

 

[AngelDeath]

Got a call from a dealer yesterday who knows I have a GT500. They have a 2022 GT500 CFTP in stack and wanted to know if I was interested in a trade. Since I have dealt with them in the past they will sell the car for little to no ADM to me but only offered 75k for my 2020. I told them I will not sell for that. Looked on cars.com most with similar miles are going for mid 90's. What do you guys think. My car is showroom new never raced and also never seen the rain. I will try again on Tuesday to strike a deal and if I don't I will pass the info and location to the forum members.

If you looked up your car and it retails for 90K then know your not getting 90K as a trade, the best I would settle for is 80, BUT you have to factor what are they selling the CFTP for? The dealer is going to make money from both sides, no doubt, even if they gave you the CFTP for sticker, they are making money.

Just an example Back in 2017 I wanted to sell my C6 2012 Vette to get a SUV (I owned 3) I knew private selling or Dealer selling its worth $29,000-$30,000, I traded it for $24,000, because I knew they had to make money when selling it and I was willing to let it go for 5K under, The jeep they had for $40,000, I got them to accept $37,500 (They already made money off of it due to it was a early trade in lease w/7400 miles on it). My point is only you know what your willing to take.

But knowing our bases bring 90K I would take 80K but again it depends on what they are selling the CFTP for.

 

[Houston Kid]

I sold my 2020 base GT500 last summer for $8,000 more than I paid. I paid MSRP. I owned the car for 6 months and put 3,500 miles on it.
GivemetheVIn paid me $2,000 more than the car max offer. Considering the tax savings on $80-90K you could count that into your sold price if your state allows for that savings.

Texas does.

I’m waiting for my 2022 GT500 HE CFTP to arrive via rail. The tax savings was not there for me to sell to the dealership on trade in so I sold my 2019 Ford Ranger for $5,000 more than I paid which turned out to be $3,000 more than what the dealership offered. Again to GivemetheVIN. So that’s a $31,000 down payment on the 2022.
Crazy times. The Ranger had 44,000 miles on it but I got a hell of a deal when I bought it new in late 2019.

It’s free to get an offer from GMTV so see what they offer. It will be your best offer IMO.

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