What's it worth?

tradosaurus said:

Just for grins I requested value of my 2021 Bolt Premier with 15K miles through Driveway, carmax, and Carvana.
Range was $18K-$22K.

Fellow at work traded his 2017 Chevrolet 1/2 pickup with 150K miles for $22,500.

Hmmmm

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It’s difficult to know the real value of a vehicle taken in trade, the dealer may have simply inflated the value of the truck rather than discount the MSRP of the new vehicle. It’s also possible that your co-worker’s truck was worth more than $22k. A new 2017 Silverado could have cost more than $50k, depending on the exact trim and options.

The only way to find out what a used vehicle is actually worth is to sell it in a stand-alone deal.

tradosaurus said:

Just for grins I requested value of my 2021 Bolt Premier with 15K miles through Driveway, carmax, and Carvana.
Range was $18K-$22K.

Fellow at work traded his 2017 Chevrolet 1/2 pickup with 150K miles for $22,500.

Hmmmm

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All those companies (and Vroom) are having huge financial troubles because they're sitting on a lot of inventory that they overpaid for. The used car market is also still very uncertain right now so most offers are going to be lowballs.

With 2021 and older Bolts, you have the additional effect of the used EV tax credit where dealers feel like they have to sell under $25k, so they're going to build in their profit margin and offer around $22k.

One of the real downsides of the new used EV tax credit is that it's more difficult to get a higher selling price by private sale, since the $4000 tax credit is only available for purchases made through a dealer. That's a bummer.

I sold my Spark EV last month to our local Chevy dealer in order to make space in the garage for our incoming EUV. They gave me $9K for it. I had to jump on that. I would have been happy to sell it private party for $8K, and going through the dealer made the process much easier. What's crazy is that they have the car on the lot listed for $13990! I really miss the car and kind of wish I hadn't sold it so quickly, especially since there's been some delay getting the EUV, but no way is it worth that much.

During the Bolt "fire sale" (2020's and 2021's) ... I could've bought an LT for $18,000 OTD (after applying my $4200 in GM "points"). So they could be had for as little as $22,500-ish (but people were otherwise paying $23k, $24k, and even $25k).

The Premiers were running about $4k more ... so the range was typically $27k to $29k.

So a 2-year old (2021) Premier for $18k-$22k seems kind of on the low side, I'd say. You'd get more selling it yourself Private Party ... (I'm guessing) ... $3k-$4k more?

But like @FlashBoltEUV said ... the Dealer gets it for $18k-$22k, re-sells it for $22-$26k, and the Buyer "nets out" back at $18k-$22k with the $4,000 Tax Credit.

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@RSC : What did you pay for your 2015 Spark (brand new?), and how many miles were on it?

Colt Hero said:

During the Bolt "fire sale" (2020's and 2021's) ... I could've bought an LT for $18,000 OTD (after applying my $4200 in GM "points"). So they could be had for as little as $22,500-ish (but people were otherwise paying $23k, $24k, and even $25k).

The Premiers were running about $4k more ... so the range was typically $27k to $29k.

So a 2-year old (2021) Premier for $18k-$22k seems kind of on the low side, I'd say. You'd get more selling it yourself Private Party ... (I'm guessing) ... $3k more?

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@RSC : What did you pay for your 2015 Spark (brand new?), and how many miles were on it?

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I bought the Spark EV from a dealer in 2018 around October as a Certified Pre-owned lease return for $9600. The car now has 29K miles on it. So the value only dropped around $600 in 4 1/2 years.

mrcleop said:

All those companies (and Vroom) are having huge financial troubles because they're sitting on a lot of inventory that they overpaid for. The used car market is also still very uncertain right now so most offers are going to be lowballs.

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I was beneficiary of this fact. In November sold my 2018 Prius Prime to Carvana for more than 90% of what I originally paid for it. When I, out of curiosity, checked into its value, I knew that the bubble would not last. I was right.

Trucks are needed for tradesmen.

I bought a new 2020 LT for under $21,000 in the Fall of 2020. I drove it for 2 years (put about 5,000 miles on it) and sold it to Driveway for $28,000 last year. I thought they were nuts. They trucked it 2,000 miles out to Portland and sold it in 10 days for $32,000. Crazy.

Now I have no Bolt. I just hang around here waiting for the next fire sale.