Should I just trade in my car?

Greenkirby21 · 07-03-2014, 09:46 PM

I got my C7 stingray coming next week.

Dealership is trying to screw me over on my trade in because I have 1.9% from my local bank, and 7k off MSRP due to work discount.

They offered me 13k for my 128i. I see KBB says 16-18k and I see some 128i being sold locally for 20k with much more miles and less options than my car.

They said they are offering me such a low price since it shows on carfax that my car had damage. My neighbor bumped into my parked car and scraped it, and it got repaired by BMW dealership... it wasn't even a dent just the whole bumper got repainted since they don't do patch pairing jobs...

I put my car for sale for 18k, and i've had lots of people look at the car, and test drive it, then give me some excuse (o, BMWs aren't reliable, I don't like that it requires 93 gas, the steering is heavy, etc etc). Who knew dealing with people was such a pain

tips would be appreciated

DemolitionJim · 07-03-2014, 10:03 PM

I guess it depends on how patient you can be and if you need the money.

If you can wait it out and aren't scraping for cash, then private sale is the way to go.

If you need the money quicker for whatever reason, then trade it in and take the hit.

Your car being a 128 from '09, people will see it's already 5 years old and start over analyzing things like reliabity, mileage, service completed and service due, etc.

I have been in the same situation, and just ended up trading my 135 in for my M3 and taking a bit of a hit on it being only 12.5 months old with 11k on it (bought it with 3 miles on it after test drive).

BayMoWe335 · 07-03-2014, 10:15 PM

Dealers make a lot more money on used cars because they screw people over royally on trades because they are desperate to get into the new car.

ddk632 · 07-03-2014, 10:16 PM

If there is one near you, get a quote from CarMax - no obligation but it will give you an idea of how much dealer is low balling you by.

If you have the time, as stated in the above post, you will do better with a private party sale, though it will take longer to get the price you want.

Greenkirby21 · 07-03-2014, 10:24 PM

THanks! has anyone filed diminished return before? I'm guessing thats not fun to do haha

Litos · 07-03-2014, 11:26 PM

punch your neighbor in the face and tell him he owes you $5K....

F1Venom · 07-03-2014, 11:32 PM

That's super low for how awesome the 128i is. Not only is it more reliable than the 135i due to its motor, but it's also very fun and sporty to drive. Honestly put it on Cars.com for $19,700 and I'm betting you'll get lots of serious responses.

NemesisX · 07-03-2014, 11:55 PM

Quote:

Originally Posted by Greenkirby21

THanks! has anyone filed diminished return before? I'm guessing thats not fun to do haha

Don't quote me on this but isn't it too late to file for diminished value? The accident happened ages ago and you've already settled with your neighbor's insurance company, right?

Diminished value is something you have to file for immediately IIRC. I'm 100% guessing on this so I may be wrong, but it sounds reasonable to me.

Greenkirby21 · 07-04-2014, 02:04 AM

Quote:

Originally Posted by NemesisX

Quote:

Originally Posted by Greenkirby21

THanks! has anyone filed diminished return before? I'm guessing thats not fun to do haha

Don't quote me on this but isn't it too late to file for diminished value? The accident happened ages ago and you've already settled with your neighbor's insurance company, right?

Diminished value is something you have to file for immediately IIRC. I'm 100% guessing on this so I may be wrong, but it sounds reasonable to me.

Texas law says 2 years, and it's been 1.5 since the accident

NemesisX · 07-04-2014, 02:11 AM

Quote:

Originally Posted by Greenkirby21

Texas law says 2 years, and it's been 1.5 since the accident

Ahh, interesting. Good to know. Good luck with that then.

m3ray · 07-04-2014, 02:40 AM

Quote:

Originally Posted by Greenkirby21

They said they are offering me such a low price since it shows on carfax that my car had damage. My neighbor bumped into my parked car and scraped it, and it got repaired by BMW dealership... it wasn't even a dent just the whole bumper got repainted since they don't do patch pairing jobs...

Such nonsense. Especially since it was minor and fixed at BMW. Just wanna get your car at way below retail to max their profit.

John 070 · 07-04-2014, 06:51 AM

Quote:

Originally Posted by BayMoWe335

Dealers make a lot more money on used cars because they screw people over royally on trades because they are desperate to get into the new car.

Dealers NECESSARILY make money on the new car purchase, AND even more on the trade. If they write a trade for more than the car is worth, that's coming off the discount on the new car. I would think that 13k is negligible for someone who has a new Corvette. Just keep the 128 as a winter beater, don't be stupid and accept it on a trade.

1.9% is high. Most credit unions today are 1.49%. That 0.004 adds up over the life of the loan. Requires 93 gas? CA usually only has 91. I guess that' sway there are no BMWs in Cali.

gatorfast · 07-04-2014, 11:18 AM

Try carmax

Greenkirby21 · 07-04-2014, 08:05 PM

thanks guys! I took it to carmax and they offered me $15,000. I am going to e-mail the dealership and see if they can do better, if not it will go to carmax!

Greenkirby21 · 07-04-2014, 08:06 PM

Quote:

Originally Posted by John 070

Dealers NECESSARILY make money on the new car purchase, AND even more on the trade. If they write a trade for more than the car is worth, that's coming off the discount on the new car. I would think that 13k is negligible for someone who has a new Corvette. Just keep the 128 as a winter beater, don't be stupid and accept it on a trade.

1.9% is high. Most credit unions today are 1.49%. That 0.004 adds up over the life of the loan. Requires 93 gas? CA usually only has 91. I guess that' sway there are no BMWs in Cali.

Here in Texas we have 87,89, and 93. Its very rare that you see a 91, so I always put 93. The car can accept the lower levels, of course.

P1 · 07-05-2014, 11:26 AM

Quote:

Originally Posted by Greenkirby21

thanks guys! I took it to carmax and they offered me $15,000. I am going to e-mail the dealership and see if they can do better, if not it will go to carmax!

Make sure you do the math. There might be a tax benefit by trading it in at $13K vs. taking it to CarMax and getting $15K for it.

gatorfast · 07-05-2014, 08:26 PM

Quote:

Originally Posted by P1et

Make sure you do the math. There might be a tax benefit by trading it in at $13K vs. taking it to CarMax and getting $15K for it.

Good point but unless Texas sales tax is like 15%+ then carmax is the better option.

mccannable · 07-05-2014, 08:53 PM

Om my 06 330i car max offered $6500 and I sold it today for $9750. Way less than I wanted to but better than trade. I justified it by parting out $1500 worth of parts. At least around here selling privately a car over a few grand is tough as everyone is poor.

markus037 · 07-09-2014, 11:13 PM

dealers will screw you over for any little thing. I had one offer me $4500 for my 2000 M5 because the pixels were burned out so they couldnt verify the mileage so they would have to sell it was a true mileage unknown at the auction and the nav unit was missing the CD so they had to say it "didnt work" because of that. I walked out of that place so insulted and pissed off. I got the items fixed and wound up getting $13k for it when I traded it in on my E90 at another dealer of course

Templar · 07-10-2014, 09:15 AM

Dealers can and will screw you. If you have time, use it to your advantage. Patience is a virtue and you'll get more money out of the deal.

When I was selling one of my old cars back in 2011, I got a crapton of low ball offers for it from private party and a few decent offers for trade in at the dealers. I was almost thinking about just taking it to the dealer and having it over with, until I got an even better offer from a dad wanting to buy his daughter her first car (it was an '02 Eclipse GT). I jumped on it, since it was probably the best I was going to get. It's all about the timing.

MidwestGolfBum · 07-10-2014, 10:16 AM

Unless there is a reason that you need the cash or space right now, keep the car, and just let it sit until you get an offer that you like with private sale. Remember, that CarMax offer is going to be there in the future, so if something was to come up down the road, just take it there when that happens.

bkM3 · 07-10-2014, 11:27 AM

1. kbb is almost never accurate
2. even if the damage was very minor, the fact that it show son the carfax makes the car much harder to sell.
3. selling it for a couple grand more via carmax or private party might not offset that tax benefit you get by trading it in to the dealership.

if you would like you can pm me your vin number and mileage on the car and i can tell you what you should really expect.

07-03-2014, 09:46 PM	#1
Greenkirby21 Vrooom :) 332 Rep 2,597 Posts Drives: C7 Stringray Join Date: Jun 2010 Location: Dream Land iTrader: (1)	Should I just trade in my car? I got my C7 stingray coming next week. Dealership is trying to screw me over on my trade in because I have 1.9% from my local bank, and 7k off MSRP due to work discount. They offered me 13k for my 128i. I see KBB says 16-18k and I see some 128i being sold locally for 20k with much more miles and less options than my car. They said they are offering me such a low price since it shows on carfax that my car had damage. My neighbor bumped into my parked car and scraped it, and it got repaired by BMW dealership... it wasn't even a dent just the whole bumper got repainted since they don't do patch pairing jobs... I put my car for sale for 18k, and i've had lots of people look at the car, and test drive it, then give me some excuse (o, BMWs aren't reliable, I don't like that it requires 93 gas, the steering is heavy, etc etc). Who knew dealing with people was such a pain tips would be appreciated __________________ 2014 C7 Corvette Stringray - Laguna Blue - NPP Exhaust - Competition Seats
	Appreciate 0 Tweet Quote

07-03-2014, 10:03 PM	#2
DemolitionJim Lieutenant 52 Rep 418 Posts Drives: E92 MW M3 Join Date: Jan 2012 Location: Chicago Burbs iTrader: (5)	I guess it depends on how patient you can be and if you need the money. If you can wait it out and aren't scraping for cash, then private sale is the way to go. If you need the money quicker for whatever reason, then trade it in and take the hit. Your car being a 128 from '09, people will see it's already 5 years old and start over analyzing things like reliabity, mileage, service completed and service due, etc. I have been in the same situation, and just ended up trading my 135 in for my M3 and taking a bit of a hit on it being only 12.5 months old with 11k on it (bought it with 3 miles on it after test drive).
	Appreciate 0 Quote

07-03-2014, 10:15 PM	#3
BayMoWe335 Colonel 1228 Rep 2,132 Posts Drives: 2010 E92 335i 6MT Join Date: Aug 2009 Location: US iTrader: (0)	Dealers make a lot more money on used cars because they screw people over royally on trades because they are desperate to get into the new car.
	Appreciate 0 Quote

07-03-2014, 10:16 PM	#4
ddk632 Chief Senior Executive Managing VP of Orange Sales 600 Rep 2,578 Posts Drives: 17 BMW F87 M2 6MT MG HBDGR ! Join Date: Mar 2012 Location: Aventura, FL iTrader: (2)	If there is one near you, get a quote from CarMax - no obligation but it will give you an idea of how much dealer is low balling you by. If you have the time, as stated in the above post, you will do better with a private party sale, though it will take longer to get the price you want.
	Appreciate 0 Quote

07-03-2014, 10:24 PM	#5
Greenkirby21 Vrooom :) 332 Rep 2,597 Posts Drives: C7 Stringray Join Date: Jun 2010 Location: Dream Land iTrader: (1)	THanks! has anyone filed diminished return before? I'm guessing thats not fun to do haha __________________ 2014 C7 Corvette Stringray - Laguna Blue - NPP Exhaust - Competition Seats
	Appreciate 0 Quote

07-03-2014, 11:26 PM	#6
Litos Banned 222 Rep 2,991 Posts Drives: 2012 Challenger RT Junk Join Date: Dec 2010 Location: Houston/Pearland iTrader: (1)	punch your neighbor in the face and tell him he owes you $5K....
	Appreciate 0 Quote

07-03-2014, 11:32 PM	#7
F1Venom Banned 76 Rep 961 Posts Drives: ZCP E90 M3 Join Date: Apr 2013 Location: USA iTrader: (0)	That's super low for how awesome the 128i is. Not only is it more reliable than the 135i due to its motor, but it's also very fun and sporty to drive. Honestly put it on Cars.com for $19,700 and I'm betting you'll get lots of serious responses.
	Appreciate 0 Quote

07-04-2014, 11:18 AM	#13
gatorfast Major General 5099 Rep 6,887 Posts Drives: 718 Cayman Join Date: Jan 2008 Location: SoFla iTrader: (4)	Try carmax
	Appreciate 0 Quote

07-04-2014, 08:05 PM	#14
Greenkirby21 Vrooom :) 332 Rep 2,597 Posts Drives: C7 Stringray Join Date: Jun 2010 Location: Dream Land iTrader: (1)	thanks guys! I took it to carmax and they offered me $15,000. I am going to e-mail the dealership and see if they can do better, if not it will go to carmax! __________________ 2014 C7 Corvette Stringray - Laguna Blue - NPP Exhaust - Competition Seats
	Appreciate 0 Quote

07-05-2014, 08:53 PM	#18
mccannable First Lieutenant 211 Rep 347 Posts Drives: 2014 X1 Join Date: Jan 2012 Location: central fl iTrader: (2)	Om my 06 330i car max offered $6500 and I sold it today for $9750. Way less than I wanted to but better than trade. I justified it by parting out $1500 worth of parts. At least around here selling privately a car over a few grand is tough as everyone is poor.
	Appreciate 0 Quote

07-09-2014, 11:13 PM	#19
markus037 Lieutenant 74 Rep 417 Posts Drives: Alpine White 2010 328Xi Join Date: Jan 2014 Location: Pottstown, PA iTrader: (0)	dealers will screw you over for any little thing. I had one offer me $4500 for my 2000 M5 because the pixels were burned out so they couldnt verify the mileage so they would have to sell it was a true mileage unknown at the auction and the nav unit was missing the CD so they had to say it "didnt work" because of that. I walked out of that place so insulted and pissed off. I got the items fixed and wound up getting $13k for it when I traded it in on my E90 at another dealer of course
	Appreciate 0 Quote

07-10-2014, 09:15 AM	#20
Templar Lieutenant Colonel 273 Rep 1,883 Posts Drives: 2011 E92 M3 Join Date: Feb 2009 Location: One of the coasts... iTrader: (1) Garage List 2011 BMW M3 [10.00]	Dealers can and will screw you. If you have time, use it to your advantage. Patience is a virtue and you'll get more money out of the deal. When I was selling one of my old cars back in 2011, I got a crapton of low ball offers for it from private party and a few decent offers for trade in at the dealers. I was almost thinking about just taking it to the dealer and having it over with, until I got an even better offer from a dad wanting to buy his daughter her first car (it was an '02 Eclipse GT). I jumped on it, since it was probably the best I was going to get. It's all about the timing. __________________ '11 BMW E92 ///M3 - ZCP and DCT '15 Ford F-250 - Lariat, 6.7 Powerstroke Turbo-diesel
	Appreciate 0 Quote

07-10-2014, 11:27 AM	#22
bkM3 Captain 48 Rep 646 Posts Drives: 06 M3 Vert 6MT Carbon/Black Join Date: Sep 2007 Location: Brooklyn iTrader: (1)	1. kbb is almost never accurate 2. even if the damage was very minor, the fact that it show son the carfax makes the car much harder to sell. 3. selling it for a couple grand more via carmax or private party might not offset that tax benefit you get by trading it in to the dealership. if you would like you can pm me your vin number and mileage on the car and i can tell you what you should really expect.
	Appreciate 0 Quote