This secret trade appraisal tool will make you thousands.
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- เผยแพร่เมื่อ 29 ก.ย. 2024
- Trading your car at a dealership is probably the most stressful part of the process. Dealers try to lowball you, play games, etc. NOT ANYMORE with these 5 questions you need to ask to get thousands of dollars more for your Trade-in.
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I really like how open you are with these videos. Unfortunately I've been to so many dealerships and most of them around me are scared to show or explain these things when trading in. Also you can always ask questions but the dealer can also lie to you about the numbers since they are not obligated to show you the proof since its meant for dealers only. Only few and I mean very few have shown me their tools/market listings while the rest just didn't want to back up their appraisals so I just left them only for them to spam me with text and calls to buy a car from them. I hope I find someone as honest as you around me when I'm in the market again the next couple of months.
Heck if any my customers I explain things. Before covid KBB was accurate. Now MMR seems the best way to gauge things at the moment and maybe about $2,000 less than auction if we auction it. We always give options to have the customer private part sell it as well.
I’m a member of YAA today is the first time watching your page. Good stuff
Have you thought about this as a revenue stream for Mike’s Car Store? Example: I give you my car info, you do the appraisal assessment. Make it reasonably inexpensive, maybe like the CarFax cost model. I go now to sell/trade armed with this so I have a no BS value in my pocket!!
I get a piece for this suggestion!!!!
Yes, I do that as a service. calendly.com/chevydude/trade-value?back=1&month=2021-12
@@ChevyDude I will be contacting you within the 60 days to have you do this for me!!! This is exactly what I have been looking for!!!!
@Chevy Dude, I’ll be making an appointment with you soon Mike to find out my 07 4Runner’s value. Been a great vehicle but ready for something newer. It’s in great shape for a 14 year old vehicle and don’t want to be taken for a ride!
Hey Mike, I’ll send you my address for the “vig”…👍
I'm Surprised I haven't seen anyone ask this question: WHY did the VALUE of the Escape go DOWN when you clicked "CARFAX 1-OWNER" ???? shouldn't that INCREASE the value or at the very least not DECREASE the value???
Thumbs up....Always learning something valuable when I watch your videos....Thanks
I hope you do a video on how you would handle buying, selling and negotiating EVs as well as on what to look for as a buyer of an EV.
Thanks for sharing the video !
Thank you for sharing this. You revealed another secret. Happy holidays to you and your family!
I say you have someone go to a dealership with this info and see how the dealership goes and record it, because the information is all good but what if the dealership isn't educated at all or the dealership doesn't care, because in my eyes salesmen and women are con artists they tell you what you wanna hear and make things look good till you get into finance office.
You’ve gotta have babes lined up at your front door after that comment.
Darn all this hi tech stuff makes me feel old. I remember alway having a little black book with me. I am happy that Mahheim has not figured out I am no longer a dealer so I pull their reports before I trade.
I actually had a dealer email a screen shot of that in an effort to explain why they weren't going to offer me as much as another offer that I had. In my case it would not behove me to get into all that because they they might offer less if they really get into the nitty gritty.
What does a subscription to market analysis program cost you?
I have gotten appraisals at several dealerships for my '17 Equinox. They seem to not want to take into account that it has additional packages installed (convenience package and hitch/towing package, rail/rack). Is this normal?
Those are only 2-300 packages on a used car. (Combined). They are just using the VIN to pull Data on like cars
My biggest issue with dealers is how they see a incredibly clean truck with 19,000 miles on it and give me such a low ball offer. Kelly Blue Book may not be the most accurate information but it get's it in the ballpark. Private party is usually more because you will be required to pay taxes. Hence why trade in amount is less. I had a dealer explain the tax benefit of a trade in to me and researched it myself. My issue is when I find my truck with a trade value of $42,000 and the dealer I went to offered me a pathetic $37,000 offer. I find it hilarious because the same dealerships who use blue book as a way to justify THEIR vehicle will never accept what it say's about your trade in. I told them they would probably turn around and sell my truck for $43,000 because that is what the truck as a CPO would be in the fair purchase price range on KBB. So I just laughed in their face and left. Keeping my truck until dealership lots are overflowing with inventory. Until then. People should not bother screwing with these clowns at big dealers.
At the end of the day, if you don’t like the trade in number they give you… drive to another dealership.
@@XX-166 exactly... some dealers can do more some can do less
Tax credit is legit, but more importantly the book values aren't based on tax credit because it varies from state to state, and the dealership can't act like they're doing you a favor by you getting the tax credit. It's simply a state policy designed to stimulate auto sales, as auto sales taxes can account for as much as 1/5 of sales tax that a state collects and the state governments (no matter what color it is) like collecting on those tax receipts. So you just have to be firm with them that the value of your trade is not based on how much the state will apply in tax savings. That if they were selling to a customer from a state that doesn't apply tax credit, the dealership would not pay more for their car so that justification is stupid on its face and they're stupid for saying it with a straight face. I understand someone wanting to make as much profit off of me as possible - that's literally what our economy is built on. Just don't insult my intelligence.
@@Oxios and if you don’t like the numbers at one dealership go to another one..It’s the buyers responsibility to be informed before they walk into buy a vehicle, look out for yourself and don’t expect the dealership to do that for you.
Because of supply and demand your truck will be worth less when the lots are overflowing. They're desperate for inventory so, in general are paying more than ever to acquire it. May not be the amount you want...but certainly the value will not be higher once inventory is around due to Supply being more readily available and demand being less on used trucks due to new truck availability.
Let's face it, without your wife you would be lost, she is a beautiful queen and you know it.... any success you have is because you realize these two facts...God has truly blessed you!
I would do 20,000.
Don’t forget the safety, new brakes new tires and especially if you wanna sell it certified preowned.
Since he’s not a franchise dealer, he won’t have to worry about certification.
AUTOCARBUYING101 DOES NOT EXIST OR HAD BEEN DELETED.
Love to see you get a Chevy dealership in the future. I’d drive to buy a new Camaro from you. These dealerships are skunks, and I dread going to them.
If you don’t have Vauto, just take $3000 of the average retail price for a quick appraisal.
The last car I bought the seller made a big show going outside with a clipboard, taking notes and checking my tires brakes etc. Spent 1/2 hour looking it over and came back to me saying he would give me 500$ for it. I got pissed and told him he wasted 1/2 hour of my time with his little performance when any idiot with two eyes could have said 500$. I understand they have to make money but don’t take your clients for idiots.
💯🎯👍🏽
Yeah if it's a $500 car I just tell them straight up. I don't even expect someone to take it, though. But, being fair, as long as someone has a functional motor and transmission, and doesn't need any suspension or axle work, I can give them more than that. Hell you never know what vehicle will pull at auction with the current shortage. But if it can't run or drive, it's gotta be visually immaculate and have no other problems to get more than $500. Repairs are not fun, presuming one can easily get the parts. Sometimes it's not how much it takes to repair the vehicle, but how long it's going to sit as dead inventory until I can get it fixed. I don't want to inherit someone else's problems and I'll never ask another customer to do the same.
@@Oxios that’s totally fair. My Jeep was an 02 Grand Cherokee. Was in decent shape with new brakes and tires. It’swas not worth 10k and I wasn’t expecting that. Just don’t bs me. Everyone has to eat. Just be up front with the person.
I went into a Toyota dealership to buy a 2022 Highlander XSE. When I saw that I was only going to get $19,300 for my 2020 Camry with 31,180 miles, I almost flipped out. Dealerships are pricing used cars the same as new ones (e.g , the 2021 Highlander XSE with 25,000 miles and one minor accident, is going for almost $44,000), so nobody should let them undervalue their trades right now.
I wound up getting $23,000 for my Camry, almost $1500 in tax credits, and a $500 rebate for financing through Toyota. I would have gotten hosed hard had I not watched videos like this on TH-cam.
I just took on an inventory manager role at my chevy dealership. Your video helped me a lot! Excited to see more of your videos! But seriously.. what's water?
Dude this legit worked. I caught my salesman completely off guard with these questions. After multiple negotiations, I was able to bring my trade in value up $1,500 because they knew I was on my game. Chevy Dude is legit GOAT!
Ever thought of starting an ethical dealer network ? I'd love to buy a car from you or a very like minded individual.
Theres another fee you forgot to factor in... advertising fees. they add up too... the longer its on the lot the more you pay in advertising
Just go with the Car Max or Carvana. Both estimate high and will buy your car even if you don't purchase one from them. If the dealer wants your car they will have to best that offer. Otherwise just take it to them and get more money for it. Chances are the dealer doesn't want your car.
Right now they do because new inventory is so low. I was hoping Chevy Dude would talk about the tax savings on trade-ins like we have here in Texas. I’ve had to do the math on selling to Car Max vs trading in on my last two purchases myself. Surprise, surprise. Car Max was the better route DESPITE potentially saving 2k+ in taxes by trading.
Carmax now is record low. We are partnering dealership with them and most times we are able to get way better offers to our customers. Carvana are under water lately. I had at least few customers in the past 2 weeks that told me that Carvana screw them up after they had accepted their offer. On top of that North Carolina, now South Carolina, Florida, Texas and many more states are about to permanently suspend their dealer license because they sell cars without titles. They are going bankrupt soon.
@@VechniHitove agreed. Dealerships are finally scrambling now that they are in the used car business. Not surprised that you have been giving better offers than Car Max. Plus, it’s just way easier to do it all in one place. I would definitely prefer less hassle. And yeah I wouldn’t touch Carvana after hearing about all that
It’s always different when your on the selling side. Dealerships always low ball I hate that as a buyer. As I watch this, if I was a dealership I would lowball too.
i use to love the term in the car business of a get me done = customer that wants the car no matter what usually they had horrible credit
Thank you for the great information. You are doing the public a true service by showing us the inside of this business.
I tried to look at your website but it says it don’t exist
I dig that you broke out on your own bru. I feel like it has helped you say what you want to say. It’s tight.
Mike dropping knowledge bombs like he's flying a B-52
Coming from someone else in the car business but in Canada. We have to safety all vehicles before selling them. Do your vehicles need to go through some sort of a safety process also? The reason I ask is $1000 for reconditioning is really lean for a 2018 Escape or any vehicle for that matter. A 2018 would probably need brakes, tires, windshield wipers, an oil change and anything else that needed to be done to pass a safety. Also if that vehicle doesn't sell within 30 days do you drop the price? Another factor, what if everything seems to be great but you didn't notice the rear defrost (or some other repair was needed) had to be fixed, are you keeping a slush fund for such things or are you taking that out of the profit of the vehicle as well? There are so many things to take into account when giving a customer a value for their trade. Retail minus detail, recon, safety and profit is a basic formula to follow and recon can be as small as just an oil change to fixing that squeak in the suspension or the dreaded engine light (that the customer claims is because their oil change is late). Bottom line is you'll find that $2500-$3000 per vehicle (unless repairs etc. are a lot cheaper down there) is going to bite you in the butt before you know it.
Plus on top of all that you can explain to customers until you're blue in the face that you're giving them a great value for their trade and show them how you came up with the number and I'd say 25% of them or maybe even more will accuse you of ripping them off.
The problem is they are not including all their dealership addon fees in that sale price. They may say their profit is $2,000, but then they will add on another $1,000 to $2,000 in fees and possibly more for BS addons like $20 GPS for $1,000, tint, fabric spray, etc.
Also, most dealers are no longer doing any kind of reconditioning work. They are selling as-is with zero repairs because of the shortage. So they are lying when they say $1,000 is for reconditioning. They are not doing it.
In the USA they do not actually list the sales price, they can add on BS fees later on to bait and switch the advertised price. It is all part of the game.
In the video example they will most like sell for $26,000 + taxes and registration fee. So if they buy at $21,000, they sell for $26,000 ($24,000 list price) minus commissions and lot costs ($2,000), the owner walks away with at least $3,000 in profit from that car. If they add on an fake addons like GPS, tint, fabric coating then it is just more pure profit for them.
The funny thing is - is when I give them all of that information that they ask for and then they try to get more for their trade: 8 times out of 10 - I’m not coming off of the price I gave them. I’ll let them walk and get their teeth kicked in at the next dealership because we’re right on the money. Those two times I do it’s 200 - 300 dollars. MAYBE 500.
And then it’s eating into profit at that point.
You guys are probably making more money selling car buying advice than selling the actual cars....
Too confusing
What is a 2018 grandsport 1LT. With the z07 performance package with 17800 miles. What should I pay from a dealer?
Just because you ask the questions, it doesn't mean your dealer is giving you truthful answers.
Be a prepared buyer and you’ll know the difference.
@@XX-166 Yep. Don't ask blindly, do your research first.
@@Oxios if you don’t do your own research then expect to get banged on the purchase
@@XX-166 I personally feel like I am. Just stating the obvious that most of what comes out of the dealers mouth is lies.
@@KenG.... yes… as we become informed we can detect the stealership lies
What would you offer for 2020 Chevy 3500 4x4 ltz dually with 30000 miles I’ve had a new one ordered as of September not here yet
WOW very interesting super kool ,1st class great info.,,, AAAAAAAAAAA++++++++++++ again great video I liked it a lot ,keep up the great work.
When ever the topic of a trade in comes up, the dealer always asks you how much you want. What should be your answer?
This is exactly how I devalue trades in this market. Everyone coming in has already been on the internet and they “know what my car is worth”. V-auto takes the wind out their sails really quickly most of the time. Not all the time, but usually.
You take the wind out of my sails. I leave and take wind out of your sale...🤷♂️
@@YasssStitch exactly the dealers that don't work with you, you don't work with them
@@adamyoung8355 They forget they're the ones wanting and needing our money, not other way around. Days of dinosaur franchise lobbyist cartel dealership days are over.
@@YasssStitch Don’t worry, change is coming, and it comes in the form of NO discounts for you! Ever try to negotiate at a Tesla store? Soon that’s how we’ll all be. The days of getting “good deals” and selling cars below MSRP are nearly over!
@@coleg5578 Ford is now going the direct to consumer sale now and beating the ADMs of many Ford dealers
Retail vs wholesale .. Buy your used car from a Car Owner.. He wants more than a Dealer will allow him but less than Retail Price hopefully ..
I live in Los Angeles California and I'm looking for a used car these prices are crazy high 😳 over here. Any suggestions 🤔
I had bad experience with Sanford Honda Sanford NC .The salesman told me he would get me a key made and buy me owners Manuel.I went back week later he lied to me will never deal with crooks like them .
So, are you saying that what you suggested us to view at a website a month or so ago to get the Value to a Dealer, is not an expected trade-in value? My 2017 Hyundai Elantra Limited Sedan was listed between $14 to 16K. This is really confusing. And VAuto is limited to only dealerships!
When you’re buying a car refuse to pay reconditioning fees or destination fees that should be included in the price of the car not separate.
What about a 3 year old SUV with 7,000 miles I would think that would still fast due to miles and with the low mileage the only thing that needs done is a detail to make it look all nice
Mann 🤯. The real cream of the crop is in the last minute 🤯🤯🤯. Thank you Chevy dude !
Hi mike, how do you handle customers that come in with kbb appraisals?
KBB can be accurate, but generally is on the “optimistic” side. Why wouldn’t they be, they want you to believe that THEY are the true source of information and everyone else is ripping you off, so you’ll keep coming back. Usually I’ll tell these people to have KBB write them a check for their car then, since clearly they’re offering more. That usually ends the conversation quickly as KBB has never written a check for a car and never will.
@@coleg5578 I never really had to say that to sell cars. Plus our dealer had KBB integration so you lose the point to say KBB doesn't really back up their values with anything but hey we definitely are prices right look at our price compared to KBB. It just sounds like some BS line.
I had much better success rate by acknowledging KBB as a source for vehicle values, but that sometimes KBB is higher, sometimes it's not. If something else was higher they would want to go with that, right? Of course they would. So it's not necessarily any particular place is word of god, they're just trying to get the most bang for their buck and that's ok.
From there, usual stuff. What we would have to fix on their car (but you have to come correct- can't say that and have a lot full of junk), costs of doing business that would have to be accounted for in the trade and still price it aggressively... actually showing pricing for units already on the ground is a great tool, too. Again, customer isn't bad for wanting what they want, but how am I supposed to take your car in for X when these retail units on CarGururs are selling for $1000 more than you're asking? Might as well sell your car yourself, I can't take it in on trade and make a profit because nobody's gonna look at the car I get from you when there are so many cheaper vehicles out there. They pull the trade, or concede that KBB can say what they want, but what someone will be willing to pay is different.
Hell I've run into a bunch of people who asked more than retail for their cars. They hear especially now that used car prices are crazy, but no one really ignores the argument "Dealerships are charging $4k less than you're asking, and everyone thinks *that* price is highway robbery. How is your price going to draw people in?"
@@Oxios You really put a lot of effort into that long reply to a sarcastic comment, friend. Unfortunately I lack the effort to read all of it, so hopefully someone else does. Of course I take a different approach with every customer I get. Good luck selling.
@@coleg5578 Sarcasm is best conveyed with an emoji of some sort, since nobody knows you to know how to read that comment.
@@Oxios Oh yeah, this is such a serious forum that I really care how 3 people take my comment. Thanks for the life advice.
Great video and insight. I have always been great at getting more for my trade, but this will help me leverage that even further.
My issues with car dealerships is the extended warranty they remind me of timeshares .They push it the warranty so much .
I haven't bought a new car in many years , but it was like wading in a pool of sharks! After owning the car for 2 years my son was getting tall and his legs were touching the rear seats I decided to trade the car in on a larger model and was offered a 1,000.00 dollars for a 2 year old car with only 7,000 miles on it! What did I do the right thing walked out and never came back! I drove that car up to 258,000 miles!
Dealership was Kerry Chevrolet of Alexandria Ky. I think they deserve a shout out! !
That is really interesting Mike. Thank you for sharing.
Fred and Velma ain't playing 💢💯🥴
2019 GMC Canyon Denali 4WD 5FT Box black excellent condition 17,800 miles give it to me straight might how much?
Zip code? Different regions have different values, some vehicles are more popular in different parts of the country.
How about for northern cars, rust protection I’ve seen that make it’s rounds
I don’t see how saying buzz words actually help. As a consumer we dont have access to the dealer applications they use, the car dealer will only pay what they want anyway for the trade in.
From my experience trade in are about 10% under retail.
Buzz words or phrases means you aren’t the typical person they feel they can run over.
Website not found…..????
I'm gonna do just as the dealers..if I trade mine I want above retail because they are asking over MSRP.
Know your worth.. always be prepared to get up and walk out if the numbers aren’t to your liking
You're missing a huge piece of the puzzle. You can't double down on your trade by expecting more when you're already getting more. Current trade values already ARE way over what they were during normal times. Pay more for a new car, get more for your trade. Simple.
@@sawyermartin4434 it’s not that simple for everyone, there’s still some tweaking to be done to car deals but you had better be skillful and patient to do it
Thanks for the vehicle buying information Chevy Dude.
This was super interesting - thanks!
"Literally"?
Thanks
What's up with Ford adding up to 30k markup above msrp on the Ford Lighting? Why are dealers able to do this.
It's not just Ford. I've been looking at new Silverados lately. Of course, the inventory is low right now, but my local dealer is adding a $2000.00 "market adjustment" to the sticker price, plus a 800.00 charge for "ceramic paint protection." Gimme a break. Cold day in hell when I pay 800.00 for a glorified wax job. But, the dealer 20 miles down the road is selling new Chevys for $1500.00 under sticker. Guess where I'll be spending my money.
@@danieltaylor4819 - buncha dealership games. They try to handle "best financing" of course to their benefit which often leads to kick backs for selling extended warranty, GAP or their own service contract. No wonder most people feel the old dealership model needs revamping. In 2022 we should have options in where we can buy a new car and not have to go through old dealership sales tactics to do so.
Because people are willing to pay it
Great info
Here's how I negotiate my car's worth. I tell dealer what I want and ask yes or no. They start babbling. I repeat my question 3 times, after that I leave. Or if the answer is no, I also leave and go home. It really is that simple. I don't hear anything other than yes or no.
Sounds like you won’t sell your car then
@@seanlindy I don't think he has any intention of actually selling his car. He just likes the power trip of telling the salesguy no. It's a weird fetish some people have.
@@seanlindy Ok, so? Eventually ethical dealer can and is found. Until then, bye.
@@coryCuc I love car salesmen. They're fun.
@@YasssStitch and we love customers like you so we can joke about you at the end of the day as the “King of the Clowns”. Thanks for making us smiling.
Any news on the financing?
He secured 750k for his business
Can trade my car even if I have negative equity?
Yes, you’ll owe the difference between value and loan amount. If you’re straight-up selling then you’ll owe it in cash, or if you’re trading it in you could “roll” the negative equity into the new loan. Wouldn’t recommend the latter option tho unless you absolutely have to, as it can just create a domino effect for your next one.
Yeah, your car is a trade, the dealer will be happy for the unit, but you're having to pay someone just to take your car off your hands.
Yeah but what’s leftover on your old loan goes into your new loan.
It's amazing how open he is about this business. Absolutely amazing, definitely hitting the subscribe!
Too much info & to fast to be "usable" for buying a new car with a trade. Just asking you to focus your message a bit more & slow down.
Merry Christmas and have a Happy New Year everyone.
when you ask these questions, the salesman just refuses to tell you or doesn't want to sell to you so they can snag the next guy and hope it's a chump. today's market.
Merry Christmas Davenport’s!
Well, I have some homework to do on my 2000 Ford Expedition. Reconditioned my vehicle
Just say *NO* to *foursquares*
Always
Good vid,is it true not to add in a trade in vehicle until the end when a deal is made,then add in your trade?
Not really, one of two things are going to happen, they are going to make money and you leave with their car, or you leave with your car and they do not make money... if you leave in their car, they made money on theirs and will make money on yours, bottom line...
You can if you want. Primarily, what you need to stay firm on is the idea that your trade's value is not dependent on the price of the car you're buying, or vice versa. Bringing them up together, you run the risk of the dealership trying to play the shell game with the value of your vehicle, or the negotiable profit margin on the vehicle you want to buy.
It comes in lines like "Yeah, KKB said your car is worth X, but they also.said my car is worth Y (higher number). You can't ask me for top dollar for yours and bottom dollar for mine."
Which, I mean, you cam absolutely ask anything you want. They're not obligated to do it, but you're not obligated to care about their profit spread.
Only possibility to consider is on a nee or CPO car, sometimes there is a trade conquest program or loyalty program (rebates given to you for trading). Look up that stuff yourself so that the store doesn't try to take credit for the rebate and act like they're giving you a higher value for your trade when they're keeping the ACV (and their own offer) exactly the same.
Please, do NOT do this. All you are going to do is become frustrated. Waiting until the end to mention a trade is a colossal waste of time on your end & on the dealer's end. The best way to make a deal you're happy about is be up front with your salesperson from the get-go. Don't listen to the nonsense you read online about being secretive about your trade vehicle or payoff, etc.
@@sawyermartin4434 exactly, like I said, they are going to make money and you are going to leave in a vehicle new to you, or you are going to leave in the vehicle you showed up in and they didn't make money, just know that if you leave in one of theirs they made money on it, and will make money on yours...
@@sawyermartin4434 and they should make money, would anyone go to work next week for free? Nope, and you can't expect a dealership to work for free either.
ACV = Good.
Trade allowance = Bad.
As a chevy salesperson I have never used the terms “ACV” or “allowance” with a customer. That’s internal industry jargon for the people in the glass offices and honestly quite useless in conversation. A straight-up “Here’s our offer” is usually more useful.
@@coleg5578 the problem is… it’s never straight up for the buyer only for the dealer.
@@XX-166 Uh, nobody is forcing you to buy from one dealer. If you think someone is playing games with you then go on to the next one, it’s called a free market. Oh, and don’t always expect to win big at somebody else’s game, just try to reach a fair agreement and be happy.
@@coleg5578 Ummmm no one said to stay at one dealer being an informed buyer means if you don’t like the numbers at one place head to another, take care of your business needs and don’t expect the dealership to do that for you. If you go in to buy without your own research then expect to get banged on the deal
@@XX-166 Glad we agree.
This is practically unwatchable,dude you are ALL over the place with this,how about a redo?