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This was posted on the Rennlist forum from a Porsche sales guy. http://forums.rennlist.com/rennforums/showthread.php?t=466999
Start of post.....>
So. Here we are, November 2008. Having fun yet?
I'm not. I'll tell you why. I have cilents. Lot's of clients. Lot's of clients who WANT to buy a car from me.
So what's the probelm you ask?
The problem is this: Since sales are slow for all makes and models on the NEW car front- and incentives are coming to an end- Dealerships are NOW stuck- with their trade-ins.
The used car market is about as full as one could get. Saturated. Over-full. Obese.
Let me give you some examples:
I have 2 clients who want out of their 2007 RS4's. Both are very clean cars, both are great colors combo's and both are just great cars.
One, has about 10k more miles on it then the other; but all in all- great cars. Two months ago, the car with lower miles- was worth in the lower $50k range.
TODAY: I can't get more then high $30's to low $40's for the cars.
I have a client who has a 2008 BMW 335 Cabriolet w/ 6000 miles on it. The car listed for about $53k new- very low options. But super clean car.
I would GUESS that cars worth mid $40's all day long. Right? Sounds reasonable, right? Mabye a $1k here or there???
WRONG!
I can't get more then mid $30's on that car. WORSE. I've had dealerships from Ohio to Virginia tell me they DON'T WANT THE CAR!!
Here's another example.
2006 MB CLS55 AMG. with a original list of just over $103k.
Set. 2008 the car was worth $55k with about 28k on it.
Nov. 2008 the car is worth just $39k trade in.
So what's happening? The market is coming to a grinding halt. Despite the incentives, or in my case- my aggressive pricing- there's no more room to go.
So, apparently it's true. "What goes around, comes around."
I figured I'd just give you guys/girls a heads up so if you're out shopping with a trade in, particularly the NON Porsche type- you're about to get a punch right on the chin.
If however, you're just doing a 'one' car transaction; by all means. Enjoy it while you can. And if you're looking for an awesome used car; you're about to enjoy some serious pricing. -But that will come further down the road. I'm sure dealerships will try and steal what trades they can, and apply the difference in revenue from that if they RETAIL it and throw it towards cars they need to move.
No one is going to be making $ like they used to...but we all knew that.
posted by 65.91....
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