Talk Me Out of Trading

[HSpencer]

You won't have to say too much. This is the age old problem we guys face.
I have a "cream puff" 2003 Tahoe LS, 5.3 engine, 2WD. Miles are now 84,320. This Tahoe was bought new in 03, MSRP $37,450. Now worth @dealer trade in about $7,500 (2WD). Should clean retail on a lot for around $11,995. OK.

My question is why would I go and buy a 2008 or 2009 Tahoe with at least as many miles as I have on mine, and pay around $32-34,000 for it? Stupid, right? I thought you would agree. So if you did that, you could watch that car drop in price like the same anchors we always go though in buying a newer car, or Lord help us--a new car! If I sold, and could easily do it, my Tahoe, it would private party sell for around 10K to 11K. I would pay $14,995 for it myself if I were buying it. Because I know the quality and condition it is in. Also, I know my 5.3 engine will go 150-200K miles without a sneeze, due to the way I take care of one.

Now, a new Tahoe ($51,000 at least!) is out of the question because you have to first buy the new Tahoe from the dealer, and then buy it again from the depreciation genie. I am worn out with that drill at 66 years of age. I could if I decided pay cash for the new car, but that would dent my retirement egg, and I don't like interest on anything!

So what's your call? Would you lose an 03' cream puff (Edmund's would rate it excellent) Tahoe with 84K on it? Would you (worse) trade up 4-5 years and get one with the same or more miles than yours? And in the process pay 32K less your trade in to do it?

I am hoping your call here would be to drive your 03 for a few more years till it walks well over 100K miles.

Your kind opinions are highly solicited. Thanks in advance!

 

[B_BODY_1]

I would wait it out a couple of years
Then sell yours for $8-9000 with 110k
Then buy an 08-09 for 17-24K depending on options and mileage
Look at it this way if your happy with this truck keep it for a while longer and in 2-3 years if you run into a deal make an upgrade....
btw when the new body hits the streets the 07 style will loose about 20% resale.
5-7 years old, plus a body redesign (on the brand new) is the best time to buy that used vehicle...

 

[SWTZ71]

That is a funny dilemma, cause i am in that very same boat.. I have an 04 Z71 4wd with 83k and I am debating on trading up to the newer body style. but like you the prices are crazy.

 

[HSpencer]

@B Body 1

That is a good idea to wait for the style change. It should drop those prices even faster on the 07 - currents. Better for me, too bad for those who paid 50K and up for their rides. One problem is in looking around, people are putting a zillion miles on the 07's and up. Best to find one coming off of a lease, as I did today. This is a leased 08, with 48,000 miles. They want 34,970.00 on the dealer lot for it. That is only 43K less miles than my current tahoe has on it. I guess you just pay out the nose for the year model, and not so much for the miles.

Just another note and I will close: Today I saw a 2005 Cad Escalade XL Platinum with everything but the kitchen sink on it for $19, 250. It raised my eyebrow a little so I look and it was pristine in condition. I turned it down because it was a 6.0 engine with 96,356 miles on it. Figured too much fuel use, and too many miles. Could have bought an extended warranty, but oh well. It was a super nice Escalade though, and had a clean carfax.

@SWTZ71
Sounds like you got a really nice Tahoe, super low miles. I would have to keep that one I think. For what we can get out of them, I say we better drive it out rather than sell them. Especially to a @@#%%$# Dealer. You know those dealers are going to make at least $2,500 on ours, or they are not going to touch them!!

 

[SWTZ71]

exactly.... the dealer only offer about 60% what they are really worth. and they don't see what we put into it to make them ours..