Not a chance in France I would take the deal.
$10.5K CAN loss on trade-in ; should I cancel ?
Hi guys
My 2023 Macan S has arrived at the dealer
Problem is my trade-in value is WAY less than what I was expecting (10.5K less than the amount I owe)
I don't think it is a good idea financially to go through even if I will feel bad if I cancel as this would be my first P car
I know I would probably be toasted for any future order if I cancel
Have I known that from the get go I do not think I would have ordered the car but you can never know what the used market will be in a few months time...
I have overestimated the used market value for my car, that's what's creating this loss and I am fully aware of it
Yes I still would get the tax rebate for the trade-in value but it still is a 10.5K net loss
I know some of you will tell me that I have ordered the car and that I should live with it
What would you do ? Have you ever been facing the same problem ?
My 2023 Macan S has arrived at the dealer
Problem is my trade-in value is WAY less than what I was expecting (10.5K less than the amount I owe)
I don't think it is a good idea financially to go through even if I will feel bad if I cancel as this would be my first P car
I know I would probably be toasted for any future order if I cancel
Have I known that from the get go I do not think I would have ordered the car but you can never know what the used market will be in a few months time...
I have overestimated the used market value for my car, that's what's creating this loss and I am fully aware of it
Yes I still would get the tax rebate for the trade-in value but it still is a 10.5K net loss
I know some of you will tell me that I have ordered the car and that I should live with it
What would you do ? Have you ever been facing the same problem ?
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@yrralis1 I blame you and this forum for making me want more ;-)I read these two posts back to back and had to laugh .
It’s not me. Once you have that first Porsche if it touches your heart, you will find it hard to become Porscheless ever again.@yrralis1 I blame you and this forum for making me want more ;-)
Can you sell it privately to get the difference? If Porsche is lowballing you, then get the value elsewhere .
having said that, I agree with others. Just walk away given that it’s a lease deal.
having said that, I agree with others. Just walk away given that it’s a lease deal.
Did you use online tools to check on trade value? I've gotten wild differences (over $6K) using various tools and going to various dealers to see what my car's true value is...
Use the instant buy tools where they connect you with a dealer; will be annoying as you'll get contacted but it's well worth it to know your cars true value
KBB
Truecar
Edmunds
Autotrader
Luther (a local dealer here)
Morries (a local dealer here)
Carvana
Vroom
Carmx
to name a few...
If you're getting cash offers or trade offers significantly better than Porsche, tell them to match or you'll walk.
Use the instant buy tools where they connect you with a dealer; will be annoying as you'll get contacted but it's well worth it to know your cars true value
KBB
Truecar
Edmunds
Autotrader
Luther (a local dealer here)
Morries (a local dealer here)
Carvana
Vroom
Carmx
to name a few...
If you're getting cash offers or trade offers significantly better than Porsche, tell them to match or you'll walk.
I imagine you weren’t in the position to trade your car in back in January.Yes I was looking at 57-58k value on the market for my trade-in but that was in January when I ordered the car
My current car is a 2018 Audi RS3, 22k miles, mint condition
I would think you’d have missed the way your SR3 drives. Taking it up the wazoo would only have made the loss of the SR3 more painful.
I really like my new S but I kept my sporty sedan 17 years for a good reason. Now my son gets to drive it and that has its own positive return.
I really like my new S but I kept my sporty sedan 17 years for a good reason. Now my son gets to drive it and that has its own positive return.
Did you use online tools to check on trade value? I've gotten wild differences (over $6K) using various tools and going to various dealers to see what my car's true value is...
If you're getting cash offers or trade offers significantly better than Porsche, tell them to match or you'll walk.
Yes I did try a few of those
The cash offers I get are even lower than Porsche; in fact Porsche did match the cash offers I got but I am still with a 10K loss on my loan
I think the used market for my car has dropped quite a bit even if it is in mint condition; a friend of mine who works in wholesales was not able to get a better price than what I get at dealers
I'm trying to sell it independantly but so far it is a loss of time with people who are not really serious and just want to enquire about the car
No as I would have been without a car for 6 months...I imagine you weren’t in the position to trade your car in back in January.
And they just put a trade-in value on my car that was equal to the amount I owe when we ordered the car just to get some nice numbers which is a classic trap I fell into I guess
Of course they also put a sentence on the order sheet: trade-in value to be reevaluated at the arrival of the new car; no trade-in price guaranteed
So I guess part of the problem from the beginning as well...
Usually the number the put 6 months before is close , This time it was different for me too. There was one time they even gave the exact price 3 months later . They don't deliberately make up bad prices . I know it feels that way but it really is the market value with some aggressiveness . The probably wont explain it to a Macan shopper but I learned a lot back in 2022 with my 911. You could skip to the last paragraph to get the cliff note version .Yes I did try a few of those
The cash offers I get are even lower than Porsche; in fact Porsche did match the cash offers I got but I am still with a 10K loss on my loan
I think the used market for my car has dropped quite a bit even if it is in mint condition; a friend of mine who works in wholesales was not able to get a better price than what I get at dealers
I'm trying to sell it independantly but so far it is a loss of time with people who are not really serious and just want to enquire about the car
No as I would have been without a car for 6 months...
And they just put a trade-in value on my car that was equal to the amount I owe when we ordered the car just to get some nice numbers which is a classic trap I fell into I guess
Of course they also put a sentence on the order sheet: trade-in value to be reevaluated at the arrival of the new car; no trade-in price guaranteed
So I guess part of the problem from the beginning as well...
Late 2021 / early 2022 was the height of the shortage . Not only did dealerships have no cars but people were in a buying frenzy. Rates were still low , inflation was soaring , and in 911 land guys were throwing money like it was water . Some dealerships went for pure greed . They charged huge ADM's . Canada doesn't allow ADM (where you live ) but they did other shenanigans . They insisted that a buyer had to build a car at higher price or lose the slot . They had one poor guy who has a purchase order changed to a lease and were trying to force him to lease it or lose the car . They claimed the fear was that he would flip the car for a profit . California was hard hitting US state where the going rate for a 911 GTS was 35K over or no slot but they weren't the only ones . Some guys felt they could wait and Porsche would raise the price anyway . They paid the ADM .
My dealership took a different approach . With used cars they sell at market price so if someone wants a car today he has to pay , However with new cars everything left the floor at MSRP . That even includes Gt3's and turbo S . They looked at every buyer , when he placed the deposit , how many cars he bought from them , and his overall relationship with sales and service . When it came time to trade I felt my offer was low . I priced my car at 3 independent dealerships and none beat the dealership by enough to level the 7 percent tax credit . They weren't even close . When it came time to hand my key I felt like you . I felt my car was too low but to my surprise they made money on meh car but not a huge profit .
This is the part I learned . After the deal was over and I had the first 911 GTS in Miami the GM came to me and said " Larry you see we have no new cars and thats why we have to make as much as we can with each one. thats pre sold We picked our most loyal buyers and didn't charge ADM . I know we were slightly aggressive on trade but I am hoping that guys like you understand why we had to. be this time . One day this will all blow over and when that happens you will go right back to getting that 8 percent discount on a Macan for the wife . In the meantime , thank you , and enjoy your 911 . " I looked at the used cars in his showroom . Gt2 RS , Gt3, Cayenne Gt, Spyder , and I said to him " did you have this conversation with the guys who had those cars ?" He said "yes . Much like you they listened , accepted it , and traded the car . You guys are our best customers ."
Agree 100%. Plus, I've added a Cobb tune to my '21 GTS to give it the power of a '23 GTS!There is no reason on earth to "trade up" to a 2023 from your 2021. I, too, have a '21 GTS. The end of the "cycle 2" Macan, 2019-2021, appears to be a nice spot to be in. No "throttle lag" requiring a Pedal Commander or the like. Buttons instead of the touch pad, electrically adjustable steering column, etc. Keep your 2021 GTS.
And, it seems the best time to do the trade in is when you make the deal. Rent a junker until your new car arrives.
Not the same problem, but dealers always make more than you think they should on the trade-in. I bought a '23 Macan S in November and am loving it. The first dealer I went to low-balled my '19 Macan base by about $5,000, so I just went elsewhere, but I was armed with information about comps for my car. They gave me $4-5k more than the first dealer offered, and offered it on their web site for about $10k more than they paid me, but that profit margin is just part of the new car buying experience. See if you can sell your car directly, otherwise, you just have to accept that the price you get on trade in will suck.Hi guys
My 2023 Macan S has arrived at the dealer
Problem is my trade-in value is WAY less than what I was expecting (10.5K less than the amount I owe)
I don't think it is a good idea financially to go through even if I will feel bad if I cancel as this would be my first P car
I know I would probably be toasted for any future order if I cancel
Have I known that from the get go I do not think I would have ordered the car but you can never know what the used market will be in a few months time...
I have overestimated the used market value for my car, that's what's creating this loss and I am fully aware of it
Yes I still would get the tax rebate for the trade-in value but it still is a 10.5K net loss
I know some of you will tell me that I have ordered the car and that I should live with it
What would you do ? Have you ever been facing the same problem ?
You're using the highest used car values in history and thinking you're going to get MSRP $ for a 5 year old car. I wish I purchased google stock at $1 a share and not at $100. I think you have very unrealistic expectations and you ordered a car that was built on your word, not contingent on used car values. Ultimately you put yourself in this position not the dealer so I'd say you owe them. Sucks, but that's where you can take ownership in this misstep.
Well, you didn't plan that out very well ...
IMO; from studying how money works, economics, and learning how to invest, You missed the window to sell your Audi around max value at about December 2022. Consumer spending in the US gave it's best shot at spending like there's no tomorrow during the Xmas season, and into January, and IMO ran out of gas in February 2023. Just all sorts of factors, such as a shift in spending and consumer sentiment.
So you now know that you should of traded the car the day you signed the contract for the Macan S. And you would be square overall in your deal to trade. Your on the down slope side of the COVID rewind, and many things are going down in price right now, like they are suppose to, to stomp out inflation.
I think perhaps you should rethink the question of "How can I afford this", at this moment in time and see if you can think of something clever to make yourself feel better or get a better result, and buy that Macan S anyways.
Some things I do know, or suspect ...
The conclusion you came to with the current value of your Audi, if it came from a published source such as Kelley, is just a published prediction of value, that guides the used auto industry for those in the industry that can't predict values. This company sells data as a subscriber service, and sort of manipulates the difference between what a dealer will pay you versus what a consumer will buy it for, and builds in a margin of profit. They run computer data models to generate these numbers, and if you simply agree to the number, then you will lose 10K. There is also another set of numbers for banks and insurance companies as well, that are totally different in values.
Consider going to the Audi dealer and seeing how hard it is to purchase a car like yours right now. If there is a wait list, and someone in line may rethink there new car purchase, and consider yours as an alternative, then you can get more value for your car at this moment in time.
You may want to hesitate a day or two, in picking up the Macan S, or ask the salesman what the penalty would be to cancel, and see if you can get a small discount to lower the difference more on this side. Or see if they will throw in more stuff at no cost for the purpose of retention.
You have some time and the deal is not finished yet, do some more homework and see what you can come up with.
IMO; from studying how money works, economics, and learning how to invest, You missed the window to sell your Audi around max value at about December 2022. Consumer spending in the US gave it's best shot at spending like there's no tomorrow during the Xmas season, and into January, and IMO ran out of gas in February 2023. Just all sorts of factors, such as a shift in spending and consumer sentiment.
So you now know that you should of traded the car the day you signed the contract for the Macan S. And you would be square overall in your deal to trade. Your on the down slope side of the COVID rewind, and many things are going down in price right now, like they are suppose to, to stomp out inflation.
I think perhaps you should rethink the question of "How can I afford this", at this moment in time and see if you can think of something clever to make yourself feel better or get a better result, and buy that Macan S anyways.
Some things I do know, or suspect ...
The conclusion you came to with the current value of your Audi, if it came from a published source such as Kelley, is just a published prediction of value, that guides the used auto industry for those in the industry that can't predict values. This company sells data as a subscriber service, and sort of manipulates the difference between what a dealer will pay you versus what a consumer will buy it for, and builds in a margin of profit. They run computer data models to generate these numbers, and if you simply agree to the number, then you will lose 10K. There is also another set of numbers for banks and insurance companies as well, that are totally different in values.
Consider going to the Audi dealer and seeing how hard it is to purchase a car like yours right now. If there is a wait list, and someone in line may rethink there new car purchase, and consider yours as an alternative, then you can get more value for your car at this moment in time.
You may want to hesitate a day or two, in picking up the Macan S, or ask the salesman what the penalty would be to cancel, and see if you can get a small discount to lower the difference more on this side. Or see if they will throw in more stuff at no cost for the purpose of retention.
You have some time and the deal is not finished yet, do some more homework and see what you can come up with.
My son owned an AMG GTS for two years. Daily driver. Sold it to a VW dealership for…$7,000 more than what he paid for it.Not the same problem, but dealers always make more than you think they should on the trade-in. I bought a '23 Macan S in November and am loving it. The first dealer I went to low-balled my '19 Macan base by about $5,000, so I just went elsewhere, but I was armed with information about comps for my car. They gave me $4-5k more than the first dealer offered, and offered it on their web site for about $10k more than they paid me, but that profit margin is just part of the new car buying experience. See if you can sell your car directly, otherwise, you just have to accept that the price you get on trade in will suck.
I don’t think Macan worth losing 10k on day 1. Reality is that Macan is overrated, it’s not a special, not sport, not performance car. We are at Macan forum, certainly many members will praise their macans as best things ever made. U really paying for the entry level Porsche branding and expensive maintenance. Want real P driving experience, then spend extra money on 911. If you feel it’s worth to you to loose 10 K, well it’s your $$$. But for me, after I am done with my Macan I won’t certainly be getting another one, and would spend that extra 10k on nice vacation.
Walk away!Hi guys
My 2023 Macan S has arrived at the dealer
Problem is my trade-in value is WAY less than what I was expecting (10.5K less than the amount I owe)
I don't think it is a good idea financially to go through even if I will feel bad if I cancel as this would be my first P car
I know I would probably be toasted for any future order if I cancel
Have I known that from the get go I do not think I would have ordered the car but you can never know what the used market will be in a few months time...
I have overestimated the used market value for my car, that's what's creating this loss and I am fully aware of it
Yes I still would get the tax rebate for the trade-in value but it still is a 10.5K net loss
I know some of you will tell me that I have ordered the car and that I should live with it
What would you do ? Have you ever been facing the same problem ?
1. Sell your car yourself to minimize any loss or break-evenHi guys
My 2023 Macan S has arrived at the dealer
Problem is my trade-in value is WAY less than what I was expecting (10.5K less than the amount I owe)
I don't think it is a good idea financially to go through even if I will feel bad if I cancel as this would be my first P car
I know I would probably be toasted for any future order if I cancel
Have I known that from the get go I do not think I would have ordered the car but you can never know what the used market will be in a few months time...
I have overestimated the used market value for my car, that's what's creating this loss and I am fully aware of it
Yes I still would get the tax rebate for the trade-in value but it still is a 10.5K net loss
I know some of you will tell me that I have ordered the car and that I should live with it
What would you do ? Have you ever been facing the same problem ?
2. Pay off your current car and buy the Porsche
3. Keep your current car and pay it off, buy a Porsche later
4. Ask the dealer to split the difference and pay $5K + min 20% DP on new car and have them come up $5K. That way you don't end up in the same situation 3-5 years later.
The issue is the new car's depreciation would compound the issue you'e already experiencing on your existing care. Look at how long you think you'll have the new Porsche and look at the spread between what used ones the same age command for trade-in.
That's your total cost of ownership (downpayment + depreciation + maintenance + finance costs/payments). On a Porsche Macan I find that you lose about $7-10K/yr for base & s models and $10-15K on GTS, etc.
Hope it all works out for you.
@BMSchoedel what's the time frame w/ this statement? "On a Porsche Macan I find that you lose about $7-10K/yr for base & s models and $10-15K on GTS, etc."
Here's a question: You say that your RS3 was offered as at $10.5k CAD less than you owe. How much less is that than you were expecting? Those are very different things.Problem is my trade-in value is WAY less than what I was expecting (10.5K less than the amount I owe)
I just take the difference from new car costs to the amount approx. trade-in of the time I keep the car & divide by year so you can determine what's the best time to hold the care to minimize your total cost of ownership compared to your preference. Hope that makes sense. My calc was based on me buying 3 year old and owning for 3 years out of warranty repairs & maintenance, etc.
Who is responsible for tracking vehicle trade in value between the time of ordering a new vehicle and its arrival at the dealership?
There should be no surprises.
If the deal doesn't suit you (OP), then simply walk.
If you're agreeable to losing $10.5K CDN in addition to having lease payments then, by all means, move ahead with the deal.
The forum members have provided several options. It's not their money or finances, it's yours.
The decision rests with you.
There should be no surprises.
If the deal doesn't suit you (OP), then simply walk.
If you're agreeable to losing $10.5K CDN in addition to having lease payments then, by all means, move ahead with the deal.
The forum members have provided several options. It's not their money or finances, it's yours.
The decision rests with you.
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