[JRod707]

so ive been eyeballing this extended cab 2008 Silverado black on black with the 5.3 so i went to the dealer just to check them out. I asked them how much can i get for my imaculate 06 300C. The best they could offer me is $20K um......i called my credit union and i owe $31K omg! thats a big loss to take. why has this car depreciated in value so much!?!? The dealer told me that everyone and their mom owns a chrysler 300 and their hard to sell

 

[DaveW68]

The car market is very soft everywhere these days. There aren't as many people in the market for large gas guzzlers right now with gas around $3.50/gallon and out of control inflation. And Chryslers seem to depreciate faster than almost everything else. Although the 300's do better than all other Chrysler makes. $20k really isn't that bad for a trade-in value for an '06.

 

[Nuclearjack]

Its only going to get worse I think. Last year when I searched autotrader.ca there was only 7 or 8 300s listed. Now there is over 35. I have a very depressing spreadsheet where I track my payments and I update what a similar car to mine is selling for. Im not sure the two will ever meet.

 

[OoTLink]

It's a trap! That was Chrysler's evil scheme to make sure you never traded your 300 in for a boring Chevy Pickup.

At least you didn't buy a Durango, lol.

 

[Rambit]

There are a lot of cars depreciating a lot faster than your 300 is - http://www.300cforums.com/forums/off-topic-discussion/54253-top-10-vehicles-lose-value-fast.html. I think we're middle of the road. Buy a new car, drive it off the lot and you've already lost 30%.

Bernie

 

[Hammbone]

damn 20K is much better then they offered me... best offer i got was 16.8k

 

[Moose]

so ive been eyeballing this extended cab 2008 Silverado black on black with the 5.3 so i went to the dealer just to check them out. I asked them how much can i get for my imaculate 06 300C. The best they could offer me is $20K um......i called my credit union and i owe $31K omg! thats a big loss to take. why has this car depreciated in value so much!?!? The dealer told me that everyone and their mom owns a chrysler 300 and their hard to sell

Everything is taking a huge hit. I just posted that a few weeks ago. If you think you are taking a hit just look at 5 series BMW's, any AMG and so on. I can get you an S55 for half price three years old! That's over a 50K hit. Porsche SUV's are going for high 20's low 30's and they sold new for 75K! Now who is taking a hit.

Also, just because one dealership said 20K doesn't mean you can't get more somewhere else. Get an Autotrader and see what they are going for in your area....exact same set up as yours. That should give you a good snap shot of what your car is really worth.

And now for the real bad news. After you buy that new Chevy truck, in two years it will be worth about half price what you paid for it. Now you get the idea:thumbsdow

 

[B D HEMI]

300c

I wouldn't "brag" about our cars depreciation next to the "garbage" vehicles in that article .
B D HEMI

 

[jaded300c]

you should trade it in for a smart car....... hahahahahahaha j/k obviously.

 

[Mag300c]

Hey dudes, the market is what it is !

BUT, I tell you what, this machine is one of the best there is. Yea, okay, she likes to drink (gasoline), but so do I (101 proof Wild Turkey). It is a powerful machine, which is a huge reason I bought her. She responds when I ask (which is often) and I enjoy her company every day. So, let the market do what it may, but I am in my 300c till the day I die ! ! ! :arms:

 

[Roofin4cars]

I'm glad for all those that buy new cars. When I buy used....... which is always.

 

[kevenj]

The best they could offer me is $20K um......i called my credit union and i owe $31K omg!

The issue here is not the depreciation of the 300C, all new cars depreciate horribly for the first 3 years or so, which is why a 3 year old car is almost always your best value. You can buy it for half its original price but it has way more than half the life left in it.

The real issue, and lesson to be taken from this scenario, is:
(1) never, ever, EVER finance a car. Period. Pay cash for cars. That way no matter how much it depreciates you can never be in a position that you owe more than it's worth. If an emergency comes up and you have to sell, you at least get SOMETHING.

(2) IF you choose to ignore rule number (1), then at the very least never, ever, EVER finance a car with zero down. If you put 25% to 50% down, then while you are still paying interest on a depreciating asset, at least you may not be "upside down" after 2 or 3 years.

 

[kevenj]

............. out of control inflation.

You ain't seen nuthin' yet Dave! since you posted this the Federal Reserve has had an emergency, unannounced meeting (on a SUNDAY!) and lowered interest rates again; not only that they announced they are helping to bail out bankrupt investment firm Bear Stearns..... This creation of money out of thin air (again!) is only going to fuel inflation; or rather more accurately, this is the very definition of inflation. Rising prices are merely a symptom.

Right now gold is trading at $1023 an ounce in Europe where it's Monday and the markets are open. It's gonna be interesting to see what tomorrow (Monday) brings to the U.S. stock markets. I bet it aint gonna be pretty.:worried:

 

[Rambit]

The issue here is not the depreciation of the 300C, all new cars depreciate horribly for the first 3 years or so, which is why a 3 year old car is almost always your best value. You can buy it for half its original price but it has way more than half the life left in it.

The real issue, and lesson to be taken from this scenario, is:
(1) never, ever, EVER finance a car. Period. Pay cash for cars. That way not matter how much it depreciates you can never be in a position that you owe more than it's worth. If an emergency comes up and you have to sell, you at least get SOMETHING.

(2) IF you choose to ignore rule number (1), then at the very least never, ever, EVER finance a car with zero down. If you put 25% to 50% down, then while you are still paying interest on a depreciating asset, at least you may not be "upside down" after 2 or 3 years.

I was thinking of posting that this afternoon. You are EXACTLY right!!!

Bernie

 

[LSCto300C]

Meh, car dealerships always low-ball when it comes to car trade-in. The best thing you can do is try to sell your car yourself.
When I traded in my Mark VIII the dealer was going to give me $700 for it. It's a '96 and was in beautiful shape. I pretty much said eff that and was able to sell it in the classifieds for $3800.

 

[kevenj]

Meh, car dealerships always low-ball when it comes to car trade-in. The best thing you can do is try to sell your car yourself.
When I traded in my Mark VIII the dealer was going to give me $700 for it. It's a '96 and was in beautiful shape. I pretty much said eff that and was able to sell it in the classifieds for $3800.

You are very right about selling yourself; especially a 12 year old car. A dealer is going to send that car to auction no matter how nice it is.

But the fact remains that your '96 MK VIII was what....close to $40K new? Mid 30's anyway, which was not chump change for a car in 1996. When that car was 3 years old you could have bought it for $15,000 or so. In 1990 I bought a used 1987 Pontiac Firebird Formula 350 with 27000 mile on it for $7900. The original MSRP sticker was in the glove box; that car was over $17,000 originally.

I didn't follow this advise with my 300C or my '07 Ram; but I didn't buy them as investments. I plan to keep them both a minimum of 10 years, probably longer - - and they are both paid for. I figured I'd treat myself to a new car and truck for the first time in my life now that I'm in my mid 40's . And with gas so expensive I can't afford to drive them they will last even longer!

 

[DaveW68]

The real issue, and lesson to be taken from this scenario, is:
(1) never, ever, EVER finance a car. Period. Pay cash for cars. That way no matter how much it depreciates you can never be in a position that you owe more than it's worth. If an emergency comes up and you have to sell, you at least get SOMETHING.

(2) IF you choose to ignore rule number (1), then at the very least never, ever, EVER finance a car with zero down. If you put 25% to 50% down, then while you are still paying interest on a depreciating asset, at least you may not be "upside down" after 2 or 3 years.

Hmmm....what about getting 0% for 6 years, like I did. Nothin like getting the money for free. That's a better deal than option 1 or 2, even if you're upside down in the car. It's better to keep the money in savings or investments when the money is free to buy a car.

 

[Rambit]

Hmmm....what about getting 0% for 6 years, like I did. Nothin like getting the money for free. That's a better deal than option 1 or 2, even if you're upside down in the car. It's better to keep the money in savings or investments when the money is free to buy a car.

I couldn't imagine financing a car for 6 years!!! I'd think most people would be sick of the same car after say 3 years. Whatever happened to staying within one's budget? I'm not saying you specifically Dave, but that sounds ridicilous to me.

Many dealers will offer you 0% financing or offer a cash rebate. I think in your case it's unlikely you got a great deal on your car. Miss one payment and you're screwed. Then there's the closing costs. I gotta say I think it's a scam.

0% or Rebate Financing Offer

Bernie

 

[DYNAMITE44]

my 300 depreciated a lot. looking back on it, maybe i should have gotten the leftover 06 GTO for 26k out the door or the loaded 06 Rubicon Unlimited for 25 out the door. those wouldn't have declined in value so much, but the 300 is a pretty cool car.

i paid just a touch over 30 for mine with the extended warranty, free oil changes, scheduled maintnence, and 1,000 miles on it, never titled. some people say i overpaid, but trade in (acccording to kelley blue book) is just $15 in "good" condition. yep boys and girls, 50% of the price in 2 years!

my vehicle has 21,000 miles on it.

 

[Timeless]

Doesn't help either that every rental car agency has Chrysler products...