kidcrash603

iTrader: (2)

I've now owned my ss/tc for 1 year and 2.5 months. I've got 18,000 miles on it and everything is in pristine condition.

Just called my credit union to see about refinancing, and when they pulled the value of my vehicle, it's only valued at $16000.00!!!

Holy crap.

So much for the re-fi. LOL

Wonder why they have dropped in value so quickly?

Blue_Balt

iTrader: (1)

Cause it's a Cobalt, lol.

MikeyB

Cause GM is a shitty company and there cars hold no value...

383_Stroker

iTrader: (3)

Because new cars do that.. even those not made by GM.. *gasp*

kidcrash603

iTrader: (2)

Yes I know new cars do that.... but I certainly did not expect an $8000 drop in value (from what I paid for it) or an $11000 drop in value (from msrp) in 14.5 months....

northvibe

iTrader: (1)

uhhh...this is why many people dont buy brand new cars.. you let some other idiot drive it for a couple thousand miles then you buy it.

kburgess04

exactly what this smart man said. never buy brandnew unless it costs for $100k

Illini_06SS

This.

On ANY new car purchase, plan to pay whatever you originally financed for the first 2-3 years. After that point, you'll no longer be underwater and can easily refi into a different loan if you need to.

slowbalt84

you paid 24,000 for your car? you got screwed
Hey Illini guy where you from in Illinois? My wifes from Champaign, Illinois where the Illini are from

BlueStang

because it's a cobalt and it dropped in value by about %30 as soon as you drove it off the lot

08ShowbaltLS

im pretty sure a fully loaded cobalt ss/tc doesnt msrp for 27000. you might need to check again.

kidcrash603

iTrader: (2)

It did when I bought it in July of '08.

eh, whatever... just bought my wife a new Kia Forte SX today.... real nice cruiser.

redline4

I bought my 07 SS/SC for around 12k used and at the time that was under blue book value and now after GM as went to crap i can probably get 9-10k. just in 4 months.

SSchargedSS

my guitar holds better value then american cars... sad that is

but the big jump is normal from new..especially if you paid a little high...

slowbalt84

funny cause i bought mine in july 08 and it was $20,000. lol different strokes for different folks i guess

07MetallicSC

iTrader: (16)

lol they told me I coulda got a TC loaded off the lot for 20,400 $
wait a few years before you refinance, why would you want to refinance after a year anyway?

Sharkey

iTrader: (1)

bought my cobalt ss/sc when it was just 2 years old. msrp on it was around $28k (canadian funds, we get screwed up here) and i payed just under $20k when it was 2 years old. now its worth around $15k at 4 years old. its a domestic car and the company that makes it just went chapter 11, and people wonder why its worth nothing

kidcrash603

iTrader: (2)

What you can drive it home for, and what msrp is, are two totally different numbers. I had to use the dealership locator computer to find my car, and it lists everything, all the features, and the msrp. My car had an msrp of $27480.00

oh, and I paid $22,000, not $24,000; that was an error on my part. Meant to type 6000 drop, not 8000.

Oh, as to why I wanted to refinance, it's under both my wife and my names, and I wanted to refi into just mine to take some of the debt off of her credit. Since we couldn't refi, we traded in her 2004 Hyundai santa fe, and I bought her the Kia Forte, so that drops the $5000 she owed off of her debt.

Illini_06SS

Grew up in the far north suburbs of Chicago, went to school in Champaign, now I live outside Peoria.

BYT*SS*TURBO

iTrader: (6)

You drive it, it loses value instantly.

I had a 00 VW Golf 1.8t when it was new, paid just over 20k (yikes i know) and same story, year and a half later it lost almost 40% of the value

Illini_06SS

Even Jeeps, which have one of the best histories of retaining value lose quite a bit of value the moment you drive it off the lot. That said, if you buy a used Wrangler, chances are you won't lose much money over time. My Jeep was purchased for $13k in 1999. It's currently worth $9k 10 years later.

Force

Not all new cars do this. GM has a long history of poorly designed and built vehicles, which has eroded most consumers' confidence. Low confidence in their products, even the good new ones, means low demand. Hence the low resale value.

My parents' 2000 Honda Odyssey was still worth $28k CAD after FOUR YEARS, losing something like only $7-8k in value.

Snakes709

wow thats pretty fucked up, i had 87,000km on my Cobalt SS/SC. Took alot of mods out but left 3" pulley, 60lb injectors, subs/amp, heat exchanger, door trim and cai...they gave me $15000 for it. And it was in pretty bad condition. Bad coolant leak, tune set up for the TVS and not changed back and a few other things.I think u r getting screwed

Jazer

In Kidcrash defence.. a few weeks ago I saw a loaded SS/TC coupe at a dealership and they were asking 27 and change for it. I personally thought they were crazy, but still.. Thats what they go for unless they are marked down.

80vetteL82

uhh I bought mine in New England even earlier, in June of 2008, and the MSRP was not $27,000....it was somewhere around 23-23.5 MSRP....discounts brought it to 21, then taxes back to around 23 when I bought it. At no time did it ever MSRP for 27,000.

That may be what the dealer was ASKING, but thats not the MSRP (Manufacturer Suggested Retail Price). The dealer was out of their mind asking 27k and theyll never sell it for that much.