Shit I thought on SVTP we never lost money on cars. I thought everyone made money on sales.
we're also all millionaire's, date super models and have body's of world class fitness gurus
Shit I thought on SVTP we never lost money on cars. I thought everyone made money on sales.
Only loss I’ve ever had was trading in my Hellcat which amounted to 3k in negative equity. I usually just sell private party but at this stage in my life I didn’t want to deal with tire kickers and dreamers.
I told myself the loss was worth the lack of aggravation. I’ve “lost” probably 5 times that in strip clubs over the years so **** it.
Edit......
I lost a 5k down payment when I bought a new STI in 2003 at 26 and sold it 5 months later for what I owed. Forgot about that one.
On a personal level, I haven't ever lost money...knock on wood.
On a business level, probably in the neighborhood of $10k.
If you have a used car you buy at auction. How long have you had them sit before you start discounting to get it off the lot? Is that how you’re lost money?
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I change our prices every 3-6 days, on every pre-owned vehicle on the lot. My average holding time is 29.6 days.
No, it was a customer's trade in. Traded for it on Friday and had it sold to a wholesaler for $15,800. Monday when they came to pick it up, the transmission had gone out. So we have to put a new transmission in it, $4k. Then the following week they came to pick it up, and the PCM/ECM had been shorted due to our mistake, so $2,500 there. At that point I made the decision to fix it and retail it to try and slow the bleeding. So we retailed it to a customer for $16k. A week later it was misfiring, $1,500. Then it needed a new harness, $1,800. Then the front brake calipers locked up and ruined the calipers, pads and rotors, $1,000.
I absolutely hate trading for Volvos.
Disagree. Cars depreciate and require upkeep cost. That's the cost of having transportation and getting use out of it.Negative equity isn't the loss ...
You can have a car for two years, have $1k in negative equity, but that doesn't mean you lost $1k. It means you lost The $1k + the dollar amount of payments you've made.
I absolutely hate trading for Volvos.
I was under the impression that most dealers automatically send used cars that you're not going to make a nice markup on right to auction
Disagree. Cars depreciate and require upkeep cost. That's the cost of having transportation and getting use out of it.
You wouldn't consider "losing money" because you bought a steak dinner for $25. It's a loss when you buy the steak, drop it on the floor and only get to eat the mash potatoes for $25.
So on his case, I'd say he lost $3k to get rid of the car.
So if he bought a car for $50k, drove it for 5 years, paid it off, then sold it for $10k, he made $10k on it?
No.
Mathematically, I agree with you. I think Corbic's point is that he's counting loss as excluding normal depreciation, which also makes sense. Just a different perspective. (correct me if I'm wrong, Corbic)
I'll use my poor little Volvo as an example again. Bought it for $21k, it's worth $1800 now. I put over 100k miles on it, drove it for 8+ years. If I sell it for $1800, did I lose $19,200, or $0?
Unfortunately, life is expensive. :/
I traded it in for far less than I could have sold it for to a private party. As I mentioned the lack of aggravation was worth it to me. I bought the car 6 months prior with $5500 down as well. I do see your point of view though.When I think of 'loss' it's the difference between what you have in something, compared to what you sell it for...which includes depreciation.
56 Ford Courier. 351 Cleveland, 4speed toploader.
I change our prices every 3-6 days, on every pre-owned vehicle on the lot. My average holding time is 29.6 days.
No, it was a customer's trade in. Traded for it on Friday and had it sold to a wholesaler for $15,800. Monday when they came to pick it up, the transmission had gone out. So we have to put a new transmission in it, $4k. Then the following week they came to pick it up, and the PCM/ECM had been shorted due to our mistake, so $2,500 there. At that point I made the decision to fix it and retail it to try and slow the bleeding. So we retailed it to a customer for $16k. A week later it was misfiring, $1,500. Then it needed a new harness, $1,800. Then the front brake calipers locked up and ruined the calipers, pads and rotors, $1,000.
I absolutely hate trading for Volvos.