"412GTI" (sixspeedab)
10/23/2020 at 20:48 • Filed to: Sold
5
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"412GTI" (sixspeedab)
10/23/2020 at 20:48 • Filed to: Sold | 5
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OLD JEEP!!
You hear a lot about the crazy car market for the past few months. I don’t think many guessed there would be so much fire during
a global Pandemic, yet here we are. Two months ago we decided to see about getting out of our 2018 Jeep Cherokee lease six months early. The main
reason being we wanted a new
2020 with the tow package for activities like biking. We
didn’t want to invest that in an SUV that would be turned-in relatively soon.
Plus the updated infotainment with CarPlay was a nice bonus.
NEW JEEP!! (poopy stock photo)
So enter the new Cherokee. A Slate Blue Cherokee Limited just arrived on my lot which is the configuration we wanted. Being that I work for a Jeep dealer, I had our Sales Manager look at the values and we could get out of the 2018 for the dealer
payoff amount. It was around $19,500 at the time. Being that we were already sitting on multiple
similar used Cherokees and that was 95% of the market, he didn’t want to go any higher. Fair enough. We were okay with this, but after reading so much about Carvana going high on value, I decided to give it a shot.
The Carvana offer was $21.1. Okay, now we’re talking! I’ll take that extra equity and my dealer could care less if I sell to them. Out of curiosity though, I decided to check out the Carvana competitor, Vroom. Their offer? $22.5!! Woah, three thousand dollars of positive equity on a lease? That’s insane. So done, accepted Vrooms offer and waiterd
for the next steps.
Old thang
And wait. You may have heard of Carvana’s streamlined and easy process when selling a car. Well, Vroom left something to
desired. To keep it short, I’ll just say it took about three weeks before they had a carrier pick up the old Jeep. In between this time, it took
multiple phone calls (with nice people at least) to figure out when paperwork would arrive and set up
shipping. Some phone calls weren’t returned. It was a bit of an annoyance but with their strong offer, I didn’t care a huge amount. However, I could see how it would be a bit intimidating for someone outside the industry just trying to sell their car. My advice would be to go with Carvana unless the offer is substantially better.
Currently, the old Jeep is for sale for $23,760, just $1200 higher than what they paid for it. And this is after they shipped it from Pennsylvania to Texas and I’d assume run through their shop. Yeah, good luck with that profit lol. (Note - it was $24.5 two weeks ago, I just got lazy and never wrote about it).
So, that’s my story on getting a $3k equity check on a leased vehicle. It all worked out in the end and we’re happy with the new Jeep. We love the new blue color plus this one has the 2.0 Turbo and Panoramic roof which has been lovely when the weather is kind. Link of old Jeep below (if kinja doesn’t kinja)
https://www.vroom.com/inventory/jeep-cherokee-2018-1C4PJMDX6JD601918
Dr. Zoidberg - RIP Oppo
> 412GTI
10/23/2020 at 20:53 |
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All you savvy oppos making lemonade out of lemons all the time.
Alfalfa
> 412GTI
10/23/2020 at 20:58 |
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Meanwhile, they offered me $400 for my 04 Mazda. I know it’s something m ost dealerships will send right to auction, but come on. I could throw it up on CL for 2k and have it gone in a week.
Gerry197
> 412GTI
10/23/2020 at 21:03 |
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Crazy right. Imagine what happens when you buy something at a huge discount that has crazy resale in this crazy resale market?
15 months ago, bought a new RAM Rebel for $39,000 (lots of incentives as FCA was trying to beat Chevy for 2nd place in truck sales), which was stickered at $52,000.
Currently my dealer is willing to give me $45,000 for it, even if I don’t buy anything on the lot!
I put zero down and currently owe $34,000. I’m in $9,000 equity after 15 months of ownership! This would have been the opposite scenario if I bought another sedan.
Just Jeepin'
> 412GTI
10/23/2020 at 21:14 |
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I keep thinking I should look at the modern Cherokee if I want a more comfortable Jeep. Obviously you like it enough to buy it twice; any general impressions you can share?
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412GTI
> Dr. Zoidberg - RIP Oppo
10/23/2020 at 21:14 |
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I just call it good timing/luck
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Dr. Zoidberg - RIP Oppo
> 412GTI
10/23/2020 at 21:15 |
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I call what I'm doing "pouting"
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412GTI
> Alfalfa
10/23/2020 at 21:16 |
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Yeah it’s just different for online dealer/regular. Wholesale cars just won’t see this uptick in price even though they might be going higher than normal on CL/FBM
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412GTI
> Gerry197
10/23/2020 at 21:19 |
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Dude trucks have been we’re it’s at over the past months. We (my CDJR dealer) have been selling new trucks like crazy AND giving great trade in with positive equity on all brands of trucks.
We did like 5 last/current gen GM trucks in one week two months ago which is crazy for a medium sized store.
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412GTI
> Just Jeepin'
10/23/2020 at 21:26 |
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3x actually haha. Had a 2014, 18, and now the 20. Wasn’t intending to sell the 14, but the 18's transmission drove so much better.
Overall, they’re fine. For our needs it’s comfortable, the right size, does well in the snow, so forth and so forth. It’s not my car, so I judge it off a different perspective than what I’d want to drive everyday though. I’d prefer to get a Trailhawk and love thinking about slightly modifying one, but that wouldn’t happen so a regular Cherokee works for us.
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Gerry197
> 412GTI
10/23/2020 at 21:58 |
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Wow, that’s crazy!
It does make sense considering truck s have had a historically high resale, and in this market just pushes it to another level .
I mean 15 months ago, I traded in a 3 year old F150, which not only did I buy with zero down, but rolled negative $4000 equity from my VW CC trade-in.
It’s resale was so strong, it sucked up all that negative equity and still had me in good equity in just a little over 3 years, with zero down no less. I t’s s omething I wasn’t use to from owning German sedans which high depreciation.
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412GTI
> Gerry197
10/23/2020 at 22:06 |
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Yeah seriously. I looked at what my GTI was worth for fun and it was way less than what we’re seeing on trucks or even small suvs. Gotta love trucks for that reason
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Gerry197
> 412GTI
10/23/2020 at 22:11 |
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Kinda a good mix, buy trucks new and buy German cars used (but with an extended warranty).
UserNotFound
> 412GTI
10/23/2020 at 22:32 |
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For fun, I submitted my Jeep for appraisal. Will report back ...
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412GTI
> UserNotFound
10/23/2020 at 22:39 |
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Yes, curious to see
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UserNotFound
> 412GTI
10/23/2020 at 22:44 |
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I'm expecting something in the "Raucous laughter" to "Don't contact us again" range.
Eric @ opposite-lock.com
> Alfalfa
10/23/2020 at 22:48 |
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They offered $600 for my wife’s Mazda3 and we sold it in a day for $3750 with zero haggling. That was last year. Today we could probably have got $6000 for it with no haggling. Used prices are insane!
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Alfalfa
> Eric @ opposite-lock.com
10/23/2020 at 22:57 |
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Y eah its nuts. Like I get that for any car they'll send to auction they won't give more than a grand for but in this case that's a very, very steep price to pay for convenience.
Moltenburn
> 412GTI
10/24/2020 at 19:51 |
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Market is baller if you know your shit. Thats how I ended up in a new Benz. 2019 Renegade Trailhawk. 32.5k msrp. Bought for 22.5k in december. And rolled 9k. In equity. 9 months later Mercedes offered me 23k for it. So 10k equity up front off the new Benz
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412GTI
> Moltenburn
10/24/2020 at 20:27 |
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Good stuff. Yep SUVs and Trucks are where it’s hot right now. I toyed around with seeing if it would be worth selling my GTI and the market on it was still pretty soft.
Also, I must commend you for being the only person to have positive equity in a Renegade ha!
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Moltenburn
> 412GTI
10/25/2020 at 13:35 |
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Thats why I jumped. Bc I knew it would keep dropping and to get out 100% unscathed... win. Also the Trailhawk was a good little buddy. But this Benz is the bees knees. Wife just gave birth and thank God for the utility and size on this thing.
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UserNotFound
> 412GTI
10/26/2020 at 08:29 |
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I was prepared for this but it still stings a little.