Should we sell our 2020 SUV?

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phinanciallyfit
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Should we sell our 2020 SUV?

Post by phinanciallyfit »

We bought a new SUV right before the pandemic hit and we regretted it pretty quickly. It isn't a bad car, but I think we should have done a bit more research. We have a loan for the car, which is a 4-year loan ($850/month) at 0.9%. Now with prices for used cars so high, we are wondering if we should take advantage of the situation and sell the car. The problem is that we'd have to commit to not having a second car for a while, because we likely would have to pay too high of a price for a new car. I imagine we'd want to get a second car in a year or so, but it would not be the same vehicle as this one (I'm not even sure what it would be).

We are mostly okay with being a 1 car family for now, but our other car is a honda civic. We have 2 kids (in carseats) and a medium size dog, so if we all wanted to go somewhere (like hiking) it will be tight (but doable). In the day-to-day, we really don't go to many places all together. The kids' schools are nearby and even if I decide to go into the office (I won't have to most of the time), my husband will not need to (he was remote even before the pandemic). We like to camp, but I think we could rent a car for the few weekends where we are planning to do this.

Is there anything I'm not thinking of with this situation? Would you sell and hope prices on new/slightly used cars come down in a year or two? I doubt I'd get a raise if inflation goes up (higher ed isnt generous on this front), so we may end up paying a lot more for a car. But of course, this is speculation, who know what will happen. Thoughts?
manuvns
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Re: Should we sell our 2020 SUV?

Post by manuvns »

how much you paid for it( including TTL) and how much will you get when you sell ? if you only make 1-2k it might not be worth it .
Topic Author
phinanciallyfit
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Re: Should we sell our 2020 SUV?

Post by phinanciallyfit »

We would probably get about the same amount as our loan which included tax, interest, and a warranty (interests low, but not all would need to be paid when we paid off the loan early). I'm not sure if we'd get money back for the warranty or if it is transferable. So basically, we'd 'earn' back all our past payments. I haven't gotten an official quote, but did look at comparable cars on carvana.

I'm not really looking at this as a way to make money, but rather an opportunity to undo a decision, just not sure of the cost that may incur down the road.
livesoft
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Re: Should we sell our 2020 SUV?

Post by livesoft »

When you sell a car, you may have to pay sales tax, but certainly when you bought the car the seller collected sales tax from you.
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hudson
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Re: Should we sell our 2020 SUV?

Post by hudson »

phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am We bought a new SUV right before the pandemic hit and we regretted it pretty quickly. It isn't a bad car, but I think we should have done a bit more research. We have a loan for the car, which is a 4-year loan ($850/month) at 0.9%. Now with prices for used cars so high, we are wondering if we should take advantage of the situation and sell the car. The problem is that we'd have to commit to not having a second car for a while, because we likely would have to pay too high of a price for a new car. I imagine we'd want to get a second car in a year or so, but it would not be the same vehicle as this one (I'm not even sure what it would be).

We are mostly okay with being a 1 car family for now, but our other car is a honda civic. We have 2 kids (in carseats) and a medium size dog, so if we all wanted to go somewhere (like hiking) it will be tight (but doable). In the day-to-day, we really don't go to many places all together. The kids' schools are nearby and even if I decide to go into the office (I won't have to most of the time), my husband will not need to (he was remote even before the pandemic). We like to camp, but I think we could rent a car for the few weekends where we are planning to do this.

Is there anything I'm not thinking of with this situation? Would you sell and hope prices on new/slightly used cars come down in a year or two? I doubt I'd get a raise if inflation goes up (higher ed isnt generous on this front), so we may end up paying a lot more for a car. But of course, this is speculation, who know what will happen. Thoughts?
It depends on your income. The $850 per month would give me massive heartburn. If you have plenty of income or assets, keep it.
Maybe put an attractive price on it and put it on the market.
Maybe replace it with another used Civic? I would have a hard time sharing one vehicle.
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lthenderson
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Re: Should we sell our 2020 SUV?

Post by lthenderson »

phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am It isn't a bad car... we regretted it pretty quickly.
Why?

I drove a Honda Civic for 22 years and wouldn't want to be saddled with just it with a family of five including the dog, especially with kids in car seats. Right now, there is no telling what is going to happen to the car market in the immediate future. Most experts say it will take until next year for the chip shortage to work out. I think it will take much longer than that for the market to stabilize as people needing vehicles will be snapping them up as they arrive for awhile after that.

You have a vehicle that meets your needs and "isn't a bad car". I wouldn't roll the dice on this one.
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Watty
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Re: Should we sell our 2020 SUV?

Post by Watty »

phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am We like to camp, but I think we could rent a car for the few weekends where we are planning to do this.
Rental cars are in very short supply and very expensive when you can find one. People have posted about having a reservation for a car only to show up and find out that they do not have one in stock.
phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am Is there anything I'm not thinking of with this situation?
...
Thoughts?
About a month ago I got quotes from CarMax and several others and the quote I got for a 2018 Corolla was for more than I paid for it, excluding tax and licence. The details are not important but I ended up trading it in for a new car so I basically got to use the Corolla for three years for free except for the normal operating costs.

It would be good to get some quotes from CarMax, Carvana, Vroom, etc to see what sort of price they are offering for your SUV.

What is the model of the SUV?

Some new cars still have a decent supply on dealers lots. If your SUV is in short supply and dealers have other cars in inventory then you might be able to work out a decent deal to trade in your SUV for and car you would like. At least in my state that would save you the sales tax on the trade in amount.
knowledge
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Re: Should we sell our 2020 SUV?

Post by knowledge »

What about selling the civic? At least that way you won't be capacity constrained by your 1 car.
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leeks
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Re: Should we sell our 2020 SUV?

Post by leeks »

If you don't like it, and can afford (and find in stock) whatever you would get to replace it, then just trade it in and replace it now with one you like better. Don't worry too much over any perceived loss of money. You still got use out of it since you bought it. I see no reason to keep it if you don't like it.
Last edited by leeks on Thu Jun 10, 2021 3:02 pm, edited 2 times in total.
delamer
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Re: Should we sell our 2020 SUV?

Post by delamer »

The Carvana retail prices aren’t going to be what you’d realize if you sold the car to them. You can get an estimare on edmunds.com for selling to a dealer. Or just contact Carvana directly.

Hsve you considered selling the Civic instead? It wouldn’t rid you of the monthly payment, but your one vehicle would be larger and newer.
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pshonore
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Re: Should we sell our 2020 SUV?

Post by pshonore »

delamer wrote: Thu Jun 10, 2021 2:59 pm The Carvana retail prices aren’t going to be what you’d realize if you sold the car to them. You can get an estimare on edmunds.com for selling to a dealer. Or just contact Carvana directly.

Hsve you considered selling the Civic instead? It wouldn’t rid you of the monthly payment, but your one vehicle would be larger and newer.
You can also get a "sell price"
https://www.carvana.com/sell-my-car?
UpperNwGuy
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Re: Should we sell our 2020 SUV?

Post by UpperNwGuy »

I would keep the SUV and sell the Civic.
sureshoe
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Re: Should we sell our 2020 SUV?

Post by sureshoe »

phinanciallyfit wrote: Thu Jun 10, 2021 11:44 am We would probably get about the same amount as our loan which included tax, interest, and a warranty (interests low, but not all would need to be paid when we paid off the loan early). I'm not sure if we'd get money back for the warranty or if it is transferable. So basically, we'd 'earn' back all our past payments. I haven't gotten an official quote, but did look at comparable cars on carvana.

I'm not really looking at this as a way to make money, but rather an opportunity to undo a decision, just not sure of the cost that may incur down the road.
If you're not happy with it and can dump a 1 year old car without losing money, I'd strongly consider it - especially if you don't "need" the car. $850/month is a lot of money for something you're not happy with.

I'm sure someone on here will prove me wrong, but if this thing is 1 year old, I still think you're going to lose money... right? Assuming you paid about $40k. I'm finding it hard to believe you're going to get that much on trade or selling online - the market isn't THAT insane is it? I was more curious and see a 2020 Honda Pilot EX-L for sale around $33k. so the initial 10-15% haircut is on that.

Anyway, I would dump it if I could do it and not get smacked, but I find it hard to believe you won't get smacked.
Broken Man 1999
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Re: Should we sell our 2020 SUV?

Post by Broken Man 1999 »

These type buy offers seem legit.

The Acura dealer has approached DD a couple of times when she has visited the dealership.

She has a 2018 Acura MDX, very nice SUV. It is black, I sure wouldn't want that color in sunny Florida, but a lot of people do.

I told her to ask them for a firm offer, that will determine if there is any serious offer on the table.

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lthenderson
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Re: Should we sell our 2020 SUV?

Post by lthenderson »

sureshoe wrote: Thu Jun 10, 2021 3:30 pm I'm sure someone on here will prove me wrong, but if this thing is 1 year old, I still think you're going to lose money... right? Assuming you paid about $40k. I'm finding it hard to believe you're going to get that much on trade or selling online - the market isn't THAT insane is it?
My brother sold his 2019 Camaro he paid $41k for brand new back to the dealer for $45k three days ago. It is now sitting on their lot listed for $51k. Until he told me this, I would have said the market isn't that insane too.
Topic Author
phinanciallyfit
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Re: Should we sell our 2020 SUV?

Post by phinanciallyfit »

hudson wrote: Thu Jun 10, 2021 2:33 pm
phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am We bought a new SUV right before the pandemic hit and we regretted it pretty quickly. It isn't a bad car, but I think we should have done a bit more research. We have a loan for the car, which is a 4-year loan ($850/month) at 0.9%. Now with prices for used cars so high, we are wondering if we should take advantage of the situation and sell the car. The problem is that we'd have to commit to not having a second car for a while, because we likely would have to pay too high of a price for a new car. I imagine we'd want to get a second car in a year or so, but it would not be the same vehicle as this one (I'm not even sure what it would be).

We are mostly okay with being a 1 car family for now, but our other car is a honda civic. We have 2 kids (in carseats) and a medium size dog, so if we all wanted to go somewhere (like hiking) it will be tight (but doable). In the day-to-day, we really don't go to many places all together. The kids' schools are nearby and even if I decide to go into the office (I won't have to most of the time), my husband will not need to (he was remote even before the pandemic). We like to camp, but I think we could rent a car for the few weekends where we are planning to do this.

Is there anything I'm not thinking of with this situation? Would you sell and hope prices on new/slightly used cars come down in a year or two? I doubt I'd get a raise if inflation goes up (higher ed isnt generous on this front), so we may end up paying a lot more for a car. But of course, this is speculation, who know what will happen. Thoughts?
It depends on your income. The $850 per month would give me massive heartburn. If you have plenty of income or assets, keep it.
Maybe put an attractive price on it and put it on the market.
Maybe replace it with another used Civic? I would have a hard time sharing one vehicle.
The payment isnt a big deal for us. I would not say that we have a massive income ($170k), but we are saving 37% of our gross income and manage to live comfortably. We opted for a shorter loan term and higher payment because it gave us a low interest rate and we could handle it. It has not been a stressors for us.
Topic Author
phinanciallyfit
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Re: Should we sell our 2020 SUV?

Post by phinanciallyfit »

Watty wrote: Thu Jun 10, 2021 2:50 pm
phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am We like to camp, but I think we could rent a car for the few weekends where we are planning to do this.
Rental cars are in very short supply and very expensive when you can find one. People have posted about having a reservation for a car only to show up and find out that they do not have one in stock.
phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am Is there anything I'm not thinking of with this situation?
...
Thoughts?
About a month ago I got quotes from CarMax and several others and the quote I got for a 2018 Corolla was for more than I paid for it, excluding tax and licence. The details are not important but I ended up trading it in for a new car so I basically got to use the Corolla for three years for free except for the normal operating costs.

It would be good to get some quotes from CarMax, Carvana, Vroom, etc to see what sort of price they are offering for your SUV.

What is the model of the SUV?

Some new cars still have a decent supply on dealers lots. If your SUV is in short supply and dealers have other cars in inventory then you might be able to work out a decent deal to trade in your SUV for and car you would like. At least in my state that would save you the sales tax on the trade in amount.
Good to know about rentals,. While it isnt critical, it is part of our safety net plan.

It is a Subaru Ascent. I dont find it as comfortable as I expected and since we usually keep cars a long time, I hate to think of having this car for 10 years or so. I find my back is sore after just driving an hour or so. I also had planned to use it to tow a small camp trailer (which we wont be buying for a few years due to the crazy trailer market) and now I worry that we may kill the transmission by towing often (this was a pre-pandemic plan, not a pandemic reaction). It is rated to tow 5k, but we rented a small trailer (about 2k lbs) and it really struggled with it.

I'll get actual quotes, but it does look like we may be able to get exactly what we paid, including taxes, title, registration, and warranty.
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phinanciallyfit
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Re: Should we sell our 2020 SUV?

Post by phinanciallyfit »

leeks wrote: Thu Jun 10, 2021 2:58 pm If you don't like it, and can afford (and find in stock) whatever you would get to replace it, then just trade it in and replace it now with one you like better. Don't worry too much over any perceived loss of money. You still got use out of it since you bought it. I see no reason to keep it if you don't like it.
This would require us to figure out what we actually want, lol. It may be the smarter option though.
anoop
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Re: Should we sell our 2020 SUV?

Post by anoop »

phinanciallyfit wrote: Thu Jun 10, 2021 5:42 pm This would require us to figure out what we actually want, lol.
Just follow this flow chart
https://www.aoamerch.com/product-page/u ... xe-t-shirt
manatee2005
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Re: Should we sell our 2020 SUV?

Post by manatee2005 »

anoop wrote: Thu Jun 10, 2021 9:53 pm
phinanciallyfit wrote: Thu Jun 10, 2021 5:42 pm This would require us to figure out what we actually want, lol.
Just follow this flow chart
https://www.aoamerch.com/product-page/u ... xe-t-shirt
My friend bought a minivan and I had to drive it from the seller to his house. I never had less self confidence than I did during that 1 hour minivan drive.
makingmistakes
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Re: Should we sell our 2020 SUV?

Post by makingmistakes »

You get to undo a decision you aren’t happy with and will be out nothing? And you can get by just fine without a second car while you do better research this time? Seems a no-brainer to me. I’d sell in a heartbeat.
gator15
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Re: Should we sell our 2020 SUV?

Post by gator15 »

Sell the car you don’t like. Try living with one car for a few weeks, and if it doesn’t work, buy a second car you like. Maybe you pay $4k to $6k more than you would have if we didn’t have the chip crisis. I could live with it because at least I’m driving a car I enjoy. I drove a car I didn’t want for awhile because I didn’t want to take the depreciate hit among other things. In hindsight it was a bad decision.
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hand
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Re: Should we sell our 2020 SUV?

Post by hand »

phinanciallyfit wrote: Thu Jun 10, 2021 5:39 pm
It is a Subaru Ascent. I dont find it as comfortable as I expected and since we usually keep cars a long time, I hate to think of having this car for 10 years or so. I find my back is sore after just driving an hour or so.
If the car is uncomfortable sell now, whatever the financials. Life is too short to spend 10 years driving an uncomfortable car if you have the means.

Living as a single car family for a couple months is likely to pay for whatever transaction fees / upgrade you end up deciding on eventually.
Wanderingwheelz
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Re: Should we sell our 2020 SUV?

Post by Wanderingwheelz »

lthenderson wrote: Thu Jun 10, 2021 4:23 pm
sureshoe wrote: Thu Jun 10, 2021 3:30 pm I'm sure someone on here will prove me wrong, but if this thing is 1 year old, I still think you're going to lose money... right? Assuming you paid about $40k. I'm finding it hard to believe you're going to get that much on trade or selling online - the market isn't THAT insane is it?
My brother sold his 2019 Camaro he paid $41k for brand new back to the dealer for $45k three days ago. It is now sitting on their lot listed for $51k. Until he told me this, I would have said the market isn't that insane too.
Last week I sold a vehicle for $85,500 that I bought for $67,000 exactly 24 months prior. I put 23,000 miles on it, too. In this insanely Covid manipulated market I’m a seller. I make no apologies.

I’d advise anyone who Is in a similar situation to do the same thing. Opportunities like this are once in a lifetime.
3 Fund Portfolio. 70/30 AA. No mortgage. Simplicity is key.
02nz
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Re: Should we sell our 2020 SUV?

Post by 02nz »

livesoft wrote: Thu Jun 10, 2021 11:45 am When you sell a car, you may have to pay sales tax, but certainly when you bought the car the seller collected sales tax from you.
The buyer pays the sales tax if it's a private transaction. If selling to a dealer (traditional or Carvana/Vroom), no sales tax is due, it's due when it's sold to the next person who titles it. At least that's how it works in most states.
Tingting1013
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Re: Should we sell our 2020 SUV?

Post by Tingting1013 »

Wanderingwheelz wrote: Fri Jun 11, 2021 8:26 am
lthenderson wrote: Thu Jun 10, 2021 4:23 pm
sureshoe wrote: Thu Jun 10, 2021 3:30 pm I'm sure someone on here will prove me wrong, but if this thing is 1 year old, I still think you're going to lose money... right? Assuming you paid about $40k. I'm finding it hard to believe you're going to get that much on trade or selling online - the market isn't THAT insane is it?
My brother sold his 2019 Camaro he paid $41k for brand new back to the dealer for $45k three days ago. It is now sitting on their lot listed for $51k. Until he told me this, I would have said the market isn't that insane too.
Last week I sold a vehicle for $85,500 that I bought for $67,000 exactly 24 months prior. I put 23,000 miles on it, too. In this insanely Covid manipulated market I’m a seller. I make no apologies.

I’d advise anyone who Is in a similar situation to do the same thing. Opportunities like this are once in a lifetime.
What car?
manatee2005
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Re: Should we sell our 2020 SUV?

Post by manatee2005 »

Wanderingwheelz wrote: Fri Jun 11, 2021 8:26 am
lthenderson wrote: Thu Jun 10, 2021 4:23 pm
sureshoe wrote: Thu Jun 10, 2021 3:30 pm I'm sure someone on here will prove me wrong, but if this thing is 1 year old, I still think you're going to lose money... right? Assuming you paid about $40k. I'm finding it hard to believe you're going to get that much on trade or selling online - the market isn't THAT insane is it?
My brother sold his 2019 Camaro he paid $41k for brand new back to the dealer for $45k three days ago. It is now sitting on their lot listed for $51k. Until he told me this, I would have said the market isn't that insane too.
Last week I sold a vehicle for $85,500 that I bought for $67,000 exactly 24 months prior. I put 23,000 miles on it, too. In this insanely Covid manipulated market I’m a seller. I make no apologies.

I’d advise anyone who Is in a similar situation to do the same thing. Opportunities like this are once in a lifetime.
What did you replace your vehicle with?
manatee2005
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Re: Should we sell our 2020 SUV?

Post by manatee2005 »

phinanciallyfit wrote: Thu Jun 10, 2021 5:39 pm
Watty wrote: Thu Jun 10, 2021 2:50 pm
phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am We like to camp, but I think we could rent a car for the few weekends where we are planning to do this.
Rental cars are in very short supply and very expensive when you can find one. People have posted about having a reservation for a car only to show up and find out that they do not have one in stock.
phinanciallyfit wrote: Thu Jun 10, 2021 11:07 am Is there anything I'm not thinking of with this situation?
...
Thoughts?
About a month ago I got quotes from CarMax and several others and the quote I got for a 2018 Corolla was for more than I paid for it, excluding tax and licence. The details are not important but I ended up trading it in for a new car so I basically got to use the Corolla for three years for free except for the normal operating costs.

It would be good to get some quotes from CarMax, Carvana, Vroom, etc to see what sort of price they are offering for your SUV.

What is the model of the SUV?

Some new cars still have a decent supply on dealers lots. If your SUV is in short supply and dealers have other cars in inventory then you might be able to work out a decent deal to trade in your SUV for and car you would like. At least in my state that would save you the sales tax on the trade in amount.
Good to know about rentals,. While it isnt critical, it is part of our safety net plan.

It is a Subaru Ascent. I dont find it as comfortable as I expected and since we usually keep cars a long time, I hate to think of having this car for 10 years or so. I find my back is sore after just driving an hour or so. I also had planned to use it to tow a small camp trailer (which we wont be buying for a few years due to the crazy trailer market) and now I worry that we may kill the transmission by towing often (this was a pre-pandemic plan, not a pandemic reaction). It is rated to tow 5k, but we rented a small trailer (about 2k lbs) and it really struggled with it.

I'll get actual quotes, but it does look like we may be able to get exactly what we paid, including taxes, title, registration, and warranty.
I would sell the Subaru. Look into CRV, RAV4, CX-5.
Wanderingwheelz
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Re: Should we sell our 2020 SUV?

Post by Wanderingwheelz »

manatee2005 wrote: Sat Jun 12, 2021 2:21 am
Wanderingwheelz wrote: Fri Jun 11, 2021 8:26 am
lthenderson wrote: Thu Jun 10, 2021 4:23 pm
sureshoe wrote: Thu Jun 10, 2021 3:30 pm I'm sure someone on here will prove me wrong, but if this thing is 1 year old, I still think you're going to lose money... right? Assuming you paid about $40k. I'm finding it hard to believe you're going to get that much on trade or selling online - the market isn't THAT insane is it?
My brother sold his 2019 Camaro he paid $41k for brand new back to the dealer for $45k three days ago. It is now sitting on their lot listed for $51k. Until he told me this, I would have said the market isn't that insane too.
Last week I sold a vehicle for $85,500 that I bought for $67,000 exactly 24 months prior. I put 23,000 miles on it, too. In this insanely Covid manipulated market I’m a seller. I make no apologies.

I’d advise anyone who Is in a similar situation to do the same thing. Opportunities like this are once in a lifetime.
What did you replace your vehicle with?
I didn’t replace it. It wasn’t a daily driver so until prices normalize I’m out of the market.
3 Fund Portfolio. 70/30 AA. No mortgage. Simplicity is key.
manatee2005
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Re: Should we sell our 2020 SUV?

Post by manatee2005 »

Wanderingwheelz wrote: Sat Jun 12, 2021 5:58 am
manatee2005 wrote: Sat Jun 12, 2021 2:21 am
Wanderingwheelz wrote: Fri Jun 11, 2021 8:26 am
lthenderson wrote: Thu Jun 10, 2021 4:23 pm
sureshoe wrote: Thu Jun 10, 2021 3:30 pm I'm sure someone on here will prove me wrong, but if this thing is 1 year old, I still think you're going to lose money... right? Assuming you paid about $40k. I'm finding it hard to believe you're going to get that much on trade or selling online - the market isn't THAT insane is it?
My brother sold his 2019 Camaro he paid $41k for brand new back to the dealer for $45k three days ago. It is now sitting on their lot listed for $51k. Until he told me this, I would have said the market isn't that insane too.
Last week I sold a vehicle for $85,500 that I bought for $67,000 exactly 24 months prior. I put 23,000 miles on it, too. In this insanely Covid manipulated market I’m a seller. I make no apologies.

I’d advise anyone who Is in a similar situation to do the same thing. Opportunities like this are once in a lifetime.
What did you replace your vehicle with?
I didn’t replace it. It wasn’t a daily driver so until prices normalize I’m out of the market.
Ok, all of my cars are unfortunately used daily. I was thinking one option would be to upgrade to 2021 model and maybe only pay 2-3k, depending how desperate they are to get my 2019.
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