Ok it sounds about right to me, as you probably paid so much for it as demand for the CRZ is so high, where 4 months ago I paid about 21k 6MT EX and with a 18k resale value sounds really right, they skyrocketed the resale value due to the shortage of CRZ being produced and the demand for them and their being so low a number of them on the lots.

 

you've never herd the saying a new car looses $6k in value when you drive it off the lot?
I think it's about right as well. How much would you spend on your used CRZ now if you went to the dealership? $20,000 because you can get a new one just a bit more, maybe $21000? your car would need to be inspected and put get made a "certified pre-owned honda" and that will add some to the cost. I'm hearing getting certified adds a bit.

also, $24000 for a ex w/cvt? got to have tax included in that right? that's a high price if that's the sticker price. sales tax is lost to the government you will never get that back.

 

30% loss the second you drive it off the lot - always the rule of thumb.

 

Sell it on craigslist. The only time I've ever traded a car in is because it was worth more then what i was buying so I didnt have to pay tax on my new car. Went from 370Z Nismo to CRZ. So I saved 1500 in tax or more. Which is about the same price i would have gotten if I sold it pp

 

Another note I just sold my Honda Fit for 15k. 2009 Auto, 40k miles, no warranty on craigslist. Great car but that was only 2.8k less then I bought it for new 3 years ago.

 

Sounds right to me. The Dealer can't resale your vehicle as new. The paper you signed at the Dealer also have a clause "No Cooling off period." This mean once you drive your vehicle off the lot you can not change your mind and have your purchased vehicle be assessed at the price you purchased. Vehicle loose their value as soon as you drive off the lot.

I personally would not buy a used vehicle if I could pick up a new one for comparable price. Therefore, it is reasonable for the dealer to offer that trade in price; cause it has to sit in the used car lot and wait for another potential buyer. Cost of idle inventory.

 

It seems to me that Invoice with destination for the car is about 21,000. As others have pointed out, you can't sell your car as new since it's been titled. Since the dealer could buy a new CR-Z from the factory for ~21,000 what should they pay for a (even slightly) used one? Obviously this is where most people have a different opinion of what is 'proper' for a trade in.

Also, it seems as if you've included the cost of sales tax, title and license fees in your '24k' figure. I'm not sure how it is in your state, but here, you won't pay the same tax on the next car you buy since the trade value is deducted form the total before it is taxed. So the difference wouldn't be as 'dramatic' as you're estimating but as always, depreciation is always highest at the onset so it's never pleasant.

 

Yea - once you buy a new car - (especially if financed) probably gonna hafta drive it for 3 or 4 years in most cases before you trade it without a significant loss. Selling it on your own - probably still going to take some loss (tax/license and some devaluation) but not as much as a trade.

I usually trade mine and the wife's in every 3-5 years for something new as soon as I can get the payoff or more.. (without playing abstract dealer's number games).

 

I'm afraid it sounds about right to me as well. Not fair, but typical of any vehicle.

The dealer can sell the MT car to someone else for full price and perhaps even no trade, or with a trade of much lesser value. If he sells it to you, he has to pay Honda the dealer invoice price, so he's got a lot of cash tied up in your trade. Others have correctly pointed out that no one will buy a used car from a dealer for the same price as a brand new one (even one as lightly used as yours).

Keep it, or sell it privately - with the limited stock available, you might do very well in the resale market. Especially if the CVT's are rare in your area.

 

I didnt buy a base and im not adding in any tax... the sticker, as it reads, is 23,210.00 + 750.00 Delivery = 23,960. That is MSRP + Delivery. Thats what i paid. I know cars lose value, off the lot, of course. I was expecting 20k, not 18...

Its OK though. My 2008 civic SI with 40k miles and almost 2 years ownership only lost 3000, and my mustang i actually made money on. The only other vehicle i lost this much resale value on was my GMC, which is a given. Just wanted your thoughts. Thanks.

 

Did you buy either car new? Used cars don't really lose value off the lot, but new cars depreciate instantly.

Unless you traded the Civic in quickly after ownership, I don't think many dealers would have given you 3k less than original MSRP. Even more so, I'm highly skeptical that any dealer would ever pay more than MSRP for a used Mustang unless it was a Cobra R or another rare breed.

 

Take your car to carmax, they appraised my car $1500 more Honda dealership. Just an idea. Carmax gives you appraisal that is good for 7 days, then you can take that paper to dealer to gain some negotiation advantage.

 

Forgot about them. Ill do that. I think, honestly, at this point that i could to a 6 speed conversion for less money. lmao

 

wait, i take that back. lol

LOL, good thing you took that back! A 6-speed converted car w/o warranty is worth EVEN less!

 

wait, i take that back. lol

 

Dealer can sell that 6 speed to another customer.
What exactly would be his motivation to give you a good deal for a car that might not sell for quite a while as a used car?

Stick it on ebay with a reserve or buy it now price and see what happens.

 

Yep that does sound right, unfortunately, you lost that $7000 the day you drove it off the lot. Remember the dealer has to sell it as a used car now and they want to make money off it.

 

Everyone has pretty much covered it but I have one thing to add. Hybrids values fluctuate with gas prices. You can ask anyone who owned one over the past five years. Gas prices have come down but bet if they hit 4 1/2 or more per gallon and the CR-Z value would go up.

 

1. Always sell private party (especially if you are not afraid of the buyer coming after you for selling them a lemon).
2. If you don't like the offer - don't take it. If the car was worth more to the dealer, they would've offered more.
3. When buying a new car, assume a 20-30% depreciation in the first year, or don't buy new cars.

Welcome to life

 

As a rule of thumb, you lose the most the first year of ownership. After that though the resale value drops in much smaller increments.

 

New cars loose money....a lot of money. Its a car not an asset. Whats it worth...."are you buying or selling?"
To slightly change the thread,being a 2 seat er and a kinda weird car (....that I really love).
What kind of trade number will I get from a dealer in 3 or 4 years ? Any educated guesses? I have a Blue,EX w /Nav.CVT I drive it 6K per year. So 3 years 18k, if I keep it 4 years 24K.
Any guesses?

 

Here in Texas, there is Carmax and then there is something called "Texas Direct Auto". I don't have personal experience with either but a friend took a GMC truck to both when gas was climbing (3 yr old truck with leather seats and lots of options) and Texas Direct bought it outright for $2700 more than Carmax offered. Taking it to Carmax for a purchase offer is a great idea, but don't get your hopes up. Maybe post it in the for sale/trade section on the forum? Who knows - a 6MT driver stuck daily in heavy traffic might swap you for it.

 

I have to disagree on the sell privately thing, you will loose all the tax you paid. But, if you trade a car worth $18k in on a 21k car, your only paying tax on $3k. Trust me, it makes a big difference. You'd have to get $19k or better privately just to be even.

on another note, I tried selling my crz a few months back with 7k miles for $14000 locally, and couldn`t sell it. It now has 23k on it, and I'm debating trying to trade it in. It's growing on me, but I can`t help but think honda could have done just a little better with it.

 

a dealer will never give you more than what he can buy the car for at auction, that's the simple fact.

 

How many CR-Z's are currently at car auctions? lmao... Far and fewm if any.

Fact is, they are hardly on the lots as it is. This is not my first "new" car, so i know the ol' routine. Im only stating that compared to my last 4 new cars, all purchased over the last 6 years, the CR-Z has by far won the crappiest resale value award. I was just seeing if anyone else was losing this much.

The saying that "you lose 5 grand driving off the lot" is a loaded statement. It is not true for many, many vehicles. Of course every car loses money off the lot, but driving off the lot dosnt automatically lose you (on the CR-Z) almost 35% loss. I guess it does... Honda should have a much better value. I guess other brands do now and Hondas re-sale ratings are now a thing of the past. Im not worried about it. Ill keep the CVT for now. Im just amazed the car is worth little for such a short period. At this rate in 2 years ill be lucky to get 9k for the car...

 

On a side note, Local Ford dealer said he would give me 21k for the car as a trade in. Maybe another 5.0? Muhahaha. lol... Its nice to see some dealers offering a decent trade in value while others low ball. IJS

 

Don't take it as Gospel, until it's on paper and signed.
And $21K against what? A comparable vehicle (Fiesta, or Focus)? I could see it againt a much higher priced car, where the margins might be higher.
And against what pre-trade price? Full price without incentive on a Ford is not my idea of a deal.


My Avalanche was 9 months old, near mint, with about 12,000 miles on it, when I bought it used. That's was a $54,000 truck in Canada. I paid under $40K. So dealer probably gave them $35 trade. I feel for THAT guy!

 

^^ No worries, moving on...

 

I like my CR-Z a lot. Im not getting rid of it, Yet... But thought if i could only take a 2500 dollar loss i would buy the 6 speed. 6 k dollar loss = not really needed that bad. lol.

 

For people's records,,,, I just bought a 2014 ex white for 22,000
3 weeks ago and with 2k miles car max offered 15k and honda 16k
So amazing loss considered the two cars I traded in for this cr-z were 12k and 6k and 3685.00 in cash!

I expected the crz to be worth atleast what my trade ins were....
So to my surprise I had two vehicles worth 18k total and upgrading and paying another 3600.00 now I am only worth 16k and depressed....."