Resale value is sad, anyone know why?

[Alex381]

I bought my 24 GT a little over 2 years ago and has just slightly over 16K miles. Mine is a base GT, only options are the 10Spd, and nite pony, and of course the color. Whenever I was close to trading in to upgrade I was quoted 37-38K and MSRP for my car was around 45K or so. Which isn’t too bad. But I did expect for it to not be worth as much as I paid new soon as you drive it off the lot. Plus I got it that way to build it my way over time and to keep it till the wheels fall off.

People who bought at launch of the s650 are fine. It’s the folks who paid sticker for a 25 that will feel the pinch hardest If they sell early.

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[Neggytive]

Mine was probably the easiest sale they had all year. Started it in sport mode, one test drive and done.

mine was easier

Called and asked if they still had the car.

Will you do X Plan?

Ok I am on my way see you in an hour.

Walked around the car, opened the door, closed the door.

"Do you want to drive it?"

me: "no"

went in and did paperwork


When I bought my Highlnder in 2022 I did it over the phone, never saw the car, never drove it, told them I'd be there Monday morning to pick up the car. $500 deposit on a CC

(I was in FL, the car was in MA I told them on Thursday I'd be there Monday morning as I was driving up)

They asked how I was paying, I said cash

I showed up with just under $45,000 in cash in 2 stacks, they flipped out saying they could not take that much cash, so I went down the street to a branch of my bank, deposited the money, got a certified check, went back and finished the transaction.

 

[ChitownStang]

So at $62k that's roughly $20k over a base car. Shit that is very close to what I paid for my DH. So herein lies the value drop, the $36k must disregard most of the options you acquired.

Agreed, you paid way too much for a GT. I paid $63k for my new 24 DH Premium 1 year ago.
You can't buy these cars for sticker, especially after they kept bumping the prices up.
You also can't include tax/title , destination fees as they are a loss.

 

[LouG]

mine was easier

Called and asked if they still had the car.

Will you do X Plan?

Ok I am on my way see you in an hour.

Walked around the car, opened the door, closed the door.

"Do you want to drive it?"

me: "no"

went in and did paperwork


When I bought my Highlnder in 2022 I did it over the phone, never saw the car, never drove it, told them I'd be there Monday morning to pick up the car. $500 deposit on a CC

(I was in FL, the car was in MA I told them on Thursday I'd be there Monday morning as I was driving up)

They asked how I was paying, I said cash

I showed up with just under $45,000 in cash in 2 stacks, they flipped out saying they could not take that much cash, so I went down the street to a branch of my bank, deposited the money, got a certified check, went back and finished the transaction.

You win.
We can't pay in large sums of cash either. It has to be reported to Police if it's over a certain amount. Too much money laundering and drug money around.

 

[COBill]

You win.
We can't pay in large sums of cash either. It has to be reported to Police if it's over a certain amount. Too much money laundering and drug money around.

$10K or over in cash must be reported on IRS form 8300.

IRS: Report of cash payments over $10,000 received in a trade or business - Motor vehicle dealership Q&As

 

[RDH43]

FACTS AZ_Ryan - whatever it is what it is and I still love this car, I was just a bit shocked by this and YES this dealer was kidnapping me cuz I feigned interest in a 21 Corvette they had listed for $63K - was not impressed tbh, can't even get golf clubs in it!

facts...;)

Actually C8 was designed to hold two sets of clubs in the rear.....but not in the frunk..

 

[Neggytive]

facts...;)

Actually C8 was designed to hold two sets of clubs in the rear.....but not in the frunk..

My wife bought a Boxster S because she could not get her clubs in a Viper.

 

[Neggytive]

You win.
We can't pay in large sums of cash either. It has to be reported to Police if it's over a certain amount. Too much money laundering and drug money around.

The Federal Government/IRS gets notified in the USA and there are rumors some transactions as low as $5000 are flagged as are multiple deposits over a period of time that banks thinks are structured so as to get around the $10,000 dollar reporting limit

There is a reason the largest denomination of U S Currency currently in circulation is the $100 bill, it makes it harder to move ill gotten gains.

When I bought the Mustang I used checks, one for the 10K deposit, one to pay off the car as soon as the payment book was received from Ford.

 

[LouG]

The Federal Government/IRS gets notified in the USA and there are rumors some transactions as low as $5000 are flagged as are multiple deposits over a period of time that banks thinks are structured so as to get around the $10,000 dollar reporting limit

There is a reason the largest denomination of U S Currency currently in circulation is the $100 bill, it makes it harder to move ill gotten gains.

When I bought the Mustang I used checks, one for the 10K deposit, one to pay off the car as soon as the payment book was received from Ford.

I worked for a while in a Harley dealership, bike of choice for the gangs. There were so many bags of $20 bills going through there, that the boss was on Police intelligence files as a gang associate.

 

[Alex381]

The Federal Government/IRS gets notified in the USA and there are rumors some transactions as low as $5000 are flagged as are multiple deposits over a period of time that banks thinks are structured so as to get around the $10,000 dollar reporting limit

There is a reason the largest denomination of U S Currency currently in circulation is the $100 bill, it makes it harder to move ill gotten gains.

When I bought the Mustang I used checks, one for the 10K deposit, one to pay off the car as soon as the payment book was received from Ford.

Plus a certified check can’t easily be used if stolen by a thief or if seized during a traffic stop. It’s just a smarter way to pay for big ticket items.

 

[GeekGT5.0]

thx, I didn't expect it to be an investment - but I also didn't expect it to be only worth about 1/2 it's value after 2 years - this is new for me after my last few cars held theirs, granted a rare 2017 Chevy SS and 2009 CTS-V Coupe. I purposely did not buy a Dark Horse because I wanted to drive the thing and not worry so much about miles, oh well - not many people realize how awesome this car really is, their loss!!!

The biggest drop in depreciation is right after it leaves the dealer to 2yrs. After that the drop is far more slower.

I picked up my 24' gt prem for 40k with 9k miles on it around sept last year. Yeah you lose a lot the first year.

This is why really the best times to sell the car value wise is at or slightly under 30k miles, 60k miles 100k miles after that... keep it make a track car

 

[robvas]

The Federal Government/IRS gets notified in the USA and there are rumors some transactions as low as $5000 are flagged as are multiple deposits over a period of time that banks thinks are structured so as to get around the $10,000 dollar reporting limit

There is a reason the largest denomination of U S Currency currently in circulation is the $100 bill, it makes it harder to move ill gotten gains.

When I bought the Mustang I used checks, one for the 10K deposit, one to pay off the car as soon as the payment book was received from Ford.

I used cash and didn't have to fill out any forms. They did bitch at me for not calling ahead.

And then a week later I took them money from another account to put it back (needed to buy the car that day and couldn't wait 3-5 days for a brokerage account to settle) so I had to get the same amount of cash out AGAIN to put back in the other credit union :lol:

 

[COBill]

If it was over $10,000 they will be getting a visit from law enforcement and/or the IRS.

They aren't joking around with the need to fill out that form, and people have been arrested for "structuring" even when they weren't trying to avoid the limit.

 

[Skye]

The Federal Reserve Bank of New York publishes a report on consumer debt each quarter.

Below are some highlights related to auto sales.

Attached is a portion of the report. The entire slide deck can be viewed here:

https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2025Q4

"Number of Accounts by Loan Type": people are using their credit cards to pay their bills more than ever before. See also Buy Now, Pay Later. Notice auto loans are flat since 2021. Looking back further still, the current slope up starts at the end of the 2008 housing crash.

"Auto Loan Originations by Credit Score": Flat or sloping down a bit, since 2021.

"Credit Limit and Balance...": Increasing at a greater rate, post-COVID.

"Total Balance by Delinquency...": The change from '23 to present is from about 3-5%, an increase of 66%.

 

[LouG]

It's interesting to see cheques are still used in the 'States. Almost no one uses them here, even bank cheques are rare. No one trusts any cheques now.
All our bill payments and large payments are done by card or direct credit (online banking).
But, we clear card debt every month without fail. They don't get a cent of interest out of us.
Cash is also rare. Retailers hate it as the banks cash handling fees are ridiculous. I tried to deposit $4500 from the sale of my bike, they were going to charge me $50 fees.
The last time I used cash was last week. Bought some clothes and had cash from selling our lounge suite.

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