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Discussion Starter · #1 · (Edited)
I just came back from CarMax because I wanted to have my 04 appraised to see if it would be easier to sell them the car since I cannot not stay in one place long enough to list it in the classified auto section. Let me put this into perspective 8 months and 14,000 miles ago this car was a $48,870 car before dealer prep, guages, and a few other items. They spent over an hour appraising the vehicle and I was floored by their offer.

All of you have probably noticed that the dealers have plenty of SSRs in inventory. You may have also noticed that the folks that attempt to sell their SSRs on e-bay never even achieve their reserve. GM has done not only themselves a disservice but they have damaged the value of our vehicles as well. According to the CarMax appraiser when the truck first came out they (CarMax) were buying them at the auction for twenty percent over dealer invoice and still selling them on the lot and making good money. Today they will not even bid on one when it comes across at the auction.

So, how did they rate the car? interior = excellent; exterior=excellent; mechanical=excellent; overall=excellent! Comments=Extremely well kept (obviously garaged) vehicle. We would love to buy your vehicle today. The appraisers exact words were, "I am sorry if the offer offends you but given some extrapolation of current vehicles that we have in inventory and what the market for these vehicles seem to be this is the best that I can do"!

Okay, you want me to get on with it, well let me start by saying that he asked me to shop it around town and if their offer was the best (which he assumed that it would be) for me to please bring it back to him. I explained to him that if his offer is the best offer in town then I will sell my porsche to free up a spot in the garage and just keep the 04 SSR. According to their offer my 04 has depreciated over 50% in eight months. They were willing to give me $24,000 for a car that they rated as excellent!

I only have one question? Has there ever been another vehicle in automotive history that has lost greater than 50% of its value within the first year? What on earth is GM thinking when they saturate the market far beyond the demand and crater the market for what should be the hottest selleing vehicle since the corvette? I am certain that some of you think that I am overreacting because after all this is CarMax and they do "steal from the rich and sell to the poor"! But, even if they are off by a few thousand this is a travesty of a magnitude that I have never experienced with any vehicle that I have owned and now, I own two.

Okay, there are a lot of folks out there much smarter that I am so please help me understand? Thanks in advance for your explaination!

My Best,

Rob V

P.S. I wonder if seven months from now I will lose 50% of the value of my 05 which means that I will effectively lose 50K in just over a year! :cuss
 

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trade in values

Dealers usually use Kelley Blue Book value because they are smaller than NADA prices. The Kelley Blue Book trade in value for my 2004 SSR with 5200 miles is $37,125 for excellent condition, $35,235 for good condition, and $31,775 in fair condition.

The dealer I bought my SSR from wanted my military Humvee in trade. They were all excited about getting it. I owed $16,000 on the Humvee. They were asking $32,000 for the SSR. I offerred them my Humvee and $23,000 and they would take care of paying off the Humvee. We agreed on that. They were prepping the SSR for me. Just when I was getting ready to leave and get it, the salesman called and told me not to forget my check. I asked what he was talking about; they were going to finance the $23,000 for me. I was told by the manager that I was going to finance $23,000 and give them a check for $23,000 and give them my Humvee! So even after the Humvee was paid off, they would be getting $30,000 and a slantback Humvee. So, basically, they offered me $2,000 for my Humvee. I ended up selling it to an individual for $24,000 within a week. I called the dealer back wanting the SSR. We agreed upon $32,000 to include tax, title, tags, paperwork, and everything. I drove 45 minutes to get there again with a letter of intent from my bank. They denied agreeing to that and said they told me they would TRY to get close to that. I suggest recording all phone conversations when making a deal.

Jason
 

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Screw me once shame on you Screw me twice shame on me!

Action said:
Dealers usually use Kelley Blue Book value because they are smaller than NADA prices. The Kelley Blue Book trade in value for my 2004 SSR with 5200 miles is $37,125 for excellent condition, $35,235 for good condition, and $31,775 in fair condition.

The dealer I bought my SSR from wanted my military Humvee in trade. They were all excited about getting it. I owed $16,000 on the Humvee. They were asking $32,000 for the SSR. I offerred them my Humvee and $23,000 and they would take care of paying off the Humvee. We agreed on that. They were prepping the SSR for me. Just when I was getting ready to leave and get it, the salesman called and told me not to forget my check. I asked what he was talking about; they were going to finance the $23,000 for me. I was told by the manager that I was going to finance $23,000 and give them a check for $23,000 and give them my Humvee! So even after the Humvee was paid off, they would be getting $30,000 and a slantback Humvee. So, basically, they offered me $2,000 for my Humvee. I ended up selling it to an individual for $24,000 within a week. I called the dealer back wanting the SSR. We agreed upon $32,000 to include tax, title, tags, paperwork, and everything. I drove 45 minutes to get there again with a letter of intent from my bank. They denied agreeing to that and said they told me they would TRY to get close to that. I suggest recording all phone conversations when making a deal.

Jason
Why would you go back to them the second time!
 

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Just wait

I would wait until after the GMS pricing is over. The problem is what one can buy it new for right now.

I bought my 04 new for 34,500.oo in April. I know that GMS is only on 05's but it does effect trade ins .

I believe I have seen a few go for about $30,000.00 on Ebay. Very low miles though.

Scott
 

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I think the "oversaturation" of the market by Chevrolet was unintentional. No manufacturer would knowingly build more of any model than they project they can sell.

The SSR is clearly a specialty vehicle, with a very narrow demand cross-section between performance, sports, truck and luxury buyers. Maybe Chevy made too many; maybe they simply overpriced it. But clearly, supply currently exceeds demand, and that always drags down the market price. Dealers -- used or new -- aren't in a hurry to buy expensive vehicles they can't move.

We just bought a used '05 SSR last week. We were all ready to "pull the trigger" on a new one at a local dealer, when we spotted a nearly identical one in the used classifieds with very low mileage and at a price fully 10% below new, even after all the new car incentives and negotiations.

We're not concerned with what the vehicle will be worth a day, week, month or year from now. But if the SSR fails in the marketplace and Chevy pulls it in the near term, that'll make those already produced and well cared for worth quite a bit more in the eventual collector market.

FWIW, my gear-head brother-in-law says that within his circle of friends, the '04 with it's smaller 5.3L engine has lost a lot of interest in the used market since the '05 / 6.0L was released.
 

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Me Too - Rob

Rob,

On 10/15/2004 I took my loaded 2004 $48,500 SSR, that I purchased on 04/27/2004 (just under 6 months old with 12,300 miles) to CarMax. Probably the exact same CarMax. Bearrs and Nebraska - right?

I was offered $30,000 back then. So, instead, I traded it in on my 2005 SSR at Gordon Chevrolet on North Dale Mabry - where they gave me $29,500.

But, with the sales tax savings on a trade-in, it still made more sense to trade-it in for $29,500 than to sell it to CarMax for $30,000.

So, in 6 months and 12,000 miles, I also lost $19,000.
 

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Discussion Starter · #8 ·
matjow said:
Rob,

On 10/15/2004 I took my loaded 2004 $48,500 SSR, that I purchased on 04/27/2004 (just under 6 months old with 12,300 miles) to CarMax. Probably the exact same CarMax. Bearrs and Nebraska - right?

I was offered $30,000 back then. So, instead, I traded it in on my 2005 SSR at Gordon Chevrolet on North Dale Mabry - where they gave me $29,500.

But, with the sales tax savings on a trade-in, it still made more sense to trade-it in for $29,500 than to sell it to CarMax for $30,000.

So, in 6 months and 12,000 miles, I also lost $19,000.
matjow,

The exact same one indeed. I am just a bit taken back by what has happened to the value of these vehicles. I probably should have traded it on the 05 like you did but I felt like they were trying to steal it at $27,500. After meeting with CarMax it seems to me that this would have been a good deal! I guess that I should really advertise it locally because there are very few used in this market. I assume that someone would be very happy to have a vehicle in this condition for 29 or 30K! Which would be a little easier to swallow!

Thanks,

Rob
 

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back to the same dealer?

rhobbel said:
Why would you go back to them the second time!
It was used with 1561 miles on it. The original sticker was around $48,300. I paid $31,700. I looked everywhere within 100 miles of my zip. Everyone else wanted a lot more money with fewer options. Most of the dealers would not come down on the sticker of a new one. This was back in March. Other dealers would come down to the mid $30k's, but did not have all the options and color I wanted. When I went back to the dealer to buy it, the salesman that helped me before thought he was getting a sale. He kept bugging me. I had the manager get me someone else, and I bought it.

I did see a yellow one in Indiana used, but the dealer wanted $39,000. I made him an offer and he refused. Later he sold it on ebay for less than I offered him. Oh well. I have a redline SSR now!

Jason
 
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It sucks, no way around it. I bought a 2004 Dodge 2500HD SB, 4X4, crew cab, diesel, auto. Several months later Dodge dropped the bottom out of thier prices. i lost almost 6k in one day. Now Chevy and Ford are doing the same. For those who bought a ride before the bottom fell out, we got stung. On the other hand I traded said Dodge and got my SSR for 20% off sticker. Sure it would be better if we had a stronger market, but it is soft. The only concelation is it is soft for everyone. I threw some of that negative equity into my SSR loan, it's only money, lol. If you want the best dollar for your ride you'll have to do the work and sell it. If you were a dealer you might not be taken back by thier offer, although it seemed a bit low. Good luck.
 

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I just traded in my 2004 SSR with 1,374 miles on it and recieved $30, 865 (what I owed on it). It appraised for a few hundred below what they gave me. I thought that was pretty damn decent or else I would not have the 2005 SSR now. I bought the '04 new for $38,000~
 

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I just bought my leftover 2004 with 25 miles on it a few weeks ago.

$28,800 out the door. Included taxes and all paperwork. The only thing it does not have, is the carpeted bed area.

I should sell it while I can make money, but I love it too much.

This was before the Family pricing thing.

Its only going to get better. Too bad the H2 I bought in January had no such deals.

I think the "family" pricing will only get better. Chrysler is doing the "family" thing with an additional 15-3500 off.
 

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Was it Really There to Begin With?

Was the value really there to begin with? I believe that a lot of people now own one because of the lower price. I wonder would they have bought one if the price hadn't come down. I don't know. If not, then the value was never there. Consequently, maybe the value wasn't there becasue people didn't know it existed.

I drove through LA yesterday (Yes, I ventured into Accident Central :eek ) and of course, a lot of looks and smiles (at me understandably :glol) and a lot of questions about what vehicle it was. Only one person (a parking attendant) knew what it was but he had never seen one. Well, I was at a five star hotel and he has parked a lot of cars, but he had never seen an SSR :confused. He said that the only way he knew about it was that he had seen one on a commercial Saturday night. He asked me how much I paid for it. He was surprised when I told him. He thought it would be $100K

In this case, no exposer = no value and exposer = perceived value.

Maybe the value was never there because it hasn't been implanted in people minds. Just think about it. With 20K plus SSR's out there how come it still isn't a household word?

:seeya E :seeya

Orange SSR :ssr
 

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I could not have afforded it. The H2 payments are more than my old mortgage. I got the SSR by accident. My friend was in to lease a Silverado, and I fell for this UV.
"It followed me home", can I keep it?"

My wife is a real sport.

Damn, I'm lucky.
 
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I agree, value is like beauty it depends on the beholder. The other harsh reality is model year. I mean no harm, but if you were going to buy an SSR, which power plant would you want? This almost always happens when a model has a significant change/upgrade so to speak, ask last years C-5 owners. Fortunatley for 2005 SSR owners there are no big changes in 2006 that we know of. There is noway to trade in a 1-2 year old car and not loose money, 99% of the time. You can play with numbers, but unless you bought wholesale and sell retail you will loose money. Of course loose isn't accurate, you owned the car, drove the car, and the first year on a new car you loose an easy 10% if you never drove it at all.


The dollar value of anything is simply whatever price it will get, no more or less. Don't be too depressed, we are all bozo's on this bus.
 

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Loss For Words,

Believe it or not I don't know what to say!
It's sad to think of how much value "Lenore" has lost since her purchase, but the only good thing is that I bought her with no intension of reselling her.
If more people knew of the SSR and more were purchased, I don't think it would be as much fun to have! Most of the fun is the attention that you get when people see it and don't know what it is, or that they have never seen on in person.
The fun one I get all the time is, "this is the first one I have seen that is a convertible" Then, I tell them, they are all convertibles... They are amazed!
So I have decided, that I love the vehicle, I wouldn't sell it for anything else, and I am glad everyone doesn't know what it is!!!
And if another one would follow me home, I would keep her!!!!
I guess the old saying is true ( your damned if you do and your damned if you don't!)
 

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An SSR's Wife said:
Believe it or not I don't know what to say!
It's sad to think of how much value "Lenore" has lost since her purchase, but the only good thing is that I bought her with no intension of reselling her.
If more people knew of the SSR and more were purchased, I don't think it would be as much fun to have! Most of the fun is the attention that you get when people see it and don't know what it is, or that they have never seen on in person.
The fun one I get all the time is, "this is the first one I have seen that is a convertible" Then, I tell them, they are all convertibles... They are amazed!
So I have decided, that I love the vehicle, I wouldn't sell it for anything else, and I am glad everyone doesn't know what it is!!!
And if another one would follow me home, I would keep her!!!!
I guess the old saying is true ( your damned if you do and your damned if you don't!)

Couldn't have said it better myself! :cool :thumbs :flag
 

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It's like owning stock... you never lose money until you sell it... In this case, I have no intention of selling the beast... I bought it because I fell in love with the original concept model. I'm sure that the overwhelming majority of SSR owners purchased theirs with the same intentions in mind. For me, this vehicle will be in my garage, and hopefully I'll be driving it daily as I do now whenever the end comes, and I hope to pass it on to my kids or grandkids... So whatever the market is now is of no concern to me. I am totally delighted with what I have for the price I paid. It is a unique, one-of-a-kind vehicle... only 22k of 100s of millions of vehicles out there... can't say that about too many other late model vehicles.
 

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Just Wait!!

Just wait if 06 is last year for SSR's then value will go up :thumbs
 

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Don't Sell It!!!

I think that we should not give in to a "soft" market... If none of us sell and Chevy stops making these the demand will hopefully eventuallly(sooner rather than later) outweigh the supply.
Last year we saw a dip in our housing market, but thankfully most sellers refused to participate in a down market.. they held tough and the market sustained.

Let's all hold onto these puppies for about 4 yrs and see what the value does.
Zack :cool
 
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