How the hell is my 2016 car I bought in 2019 worth more than I paid for it?

[winb83]

KBB says my car is worth $21-24K in trade in and a new 2022 model of my same car sells for $26K.

How would the dealer even profit from such a transaction? If they gave me $21K on the low end for my car I could drive out of there with a new model for my same exact payment paying nothing out of pocket and I still owe $5.5K on mine. If they gave me the high end of that in trade in it would actually lower my payment.

My question is what they gonna do with the used car they got from me? Nobody is gonna pay that kinda money for it when I new one is a few thousand difference.

 

[OfTheCross]

KBB says my car is worth $21-24K in trade in and a new 2022 model of my same car sells for $26K.

How would the dealer even profit from such a transaction? If they gave me $21K on the low end for my car I could drive out of there with a new model for my same exact payment paying nothing out of pocket and I still owe $5.5K on mine. If they gave me the high end of that in trade in it would actually lower my payment.

My question is what they gonna do with the used car they got from me? Nobody is gonna pay that kinda money for it when I new one is a few thousand difference.

Iono but I'm bout to take advantage of this

 

[Monoblock]

Chip shortage and not enough cars are on lots to meet demands. I get calls from the dealership basically begging me to sell back my 2018 Accord which is worth way more now than back then.

 

[winb83]

Chip shortage and not enough cars are on lots to meet demands. I get calls from the dealership basically begging me to sell back my 2018 Accord which is worth way more now than back then.

I'm thinking of doing it. Depends on the trade in offer I get. My car was $17K before taxes. If they're offering $22-$24K I'd trade up to a new one and I don't advocate buying new cars.

 

[Monoblock]

I'm thinking of doing it. Depends on the trade in offer I get. My car was $17K before taxes. If they're offering $22-$24K I'd trade up to a new one and I don't advocate buying new cars.

I'd say go for it or at least get more information. Just know this shyt aint gonna last forever so you might want to take advantage. I actually was thinking about grabbing that new GMC Sierra Denali but like everyone else these dealerships don't have any in stock and when they do they sell out immediately 10-15k over sticker.

 

[winb83]

Went to the dealer. They offered me more than I paid for the car but about $3.5K under what Carvana offered. Since I still owe $5.5K on the car selling it I'd have to still pay $10K to get a 2022 of the same model if I sold it to Carvana. Given the condition and mileage of my car @ under 30K miles I'll just keep it. It's not really worth it to me to pay money out of pocket to replace something that works fine and does what I need it to do. I'm also not looking to take the credit hit a hard pull and a reset of my auto loan would give me.

 

[Amerikan Melanin]

Sold my Impala for 6k over what I bought it for. Paid off my other car and still had 3k in my pocket. Used that for down payment on a new car for wifey. Carmax.

 

[Motife43]

Chip shortage and not enough cars are on lots to meet demands. I get calls from the dealership basically begging me to sell back my 2018 Accord which is worth way more now than back then.

Yup. Copped at 17 Accord Hybrid last fall and got a mailer from the dealer the other day to bring in and sell.

Only way I'd sell is if I had a 2nd whip which I dont. This is a WOAT buyers market. From my research, Carvana/Carmax/Vroom etc are offering to more money to buy cars than traditional dealerships

 

[winb83]

Yup. Copped at 17 Accord Hybrid last fall and got a mailer from the dealer the other day to bring in and sell.

Only way I'd sell is if I had a 2nd whip which I dont. This is a WOAT buyers market. From my research, Carvana/Carmax/Vroom etc are offering to more money to buy cars than traditional dealerships

Dealer told me I had to put down $500 and wait a month for a brand new car. I just don't see myself paying so much more to replace a car I have no real issues with because it's a 2016 and it's 2021 now.

 

[CarltonJunior]

I feel like the internet has made everything weird at this point. Buying anything at all you're getting ripped off, if your selling anything you are making out like a bandit

 

[feelosofer]

Used car shortage means its a buyers market when it comes to that.

 

[Rekkapryde]

Chip shortage and not enough cars are on lots to meet demands. I get calls from the dealership basically begging me to sell back my 2018 Accord which is worth way more now than back then.

100% This.

 

[RiffRaff]

Chip shortage, only issue is if you sell and need to buy another vehicle you’re paying a markup on the new car as well so may cancel out

 

[Optimus Prime]

Went by my local Honda dealership a couple days ago and they had nothing but 2016-2019 used
This was is at one of the major auto parks in the area
The Chevy next door only has a couple of Silverados
The Hyundai was pretty stocked though

 

[hatealot]

Just saw a valuation for a 04 lexus gs430 fo for 10k.