I have a 99 Trans Am. It has 68,000 miles and it's fully loaded with an auto. 3:23 and chrome wheels (everything stock).

Now, I am leasing the vehicle, but I am going to buy it for $16,800 since I am WAY over in miles.

So, I am thinking I will buy it, and sell it next spring to avoid paying over $4000 in mile fees!

So, how much can I expect to sell it for next Feb or March? The car is in great shape. However, I want to sell it and not be in the hole, at least too much. If I buy it now, my payments would be around $300 or so a month.

I live in the Detroit metro area.

Thanks.

[This message has been edited by davey (edited August 13, 2002).]

 

I think you could still get $16k-$17k for it. You might have to wait a bit for the right buyer to come along though... At least that way you'd save the milage costs..

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- Steve - 1998 Pontiac Firebird Trans Am
LS1 A4, 2.73's, Kumho Ecsta Supra 712 245/50/ZR16's, Direct Flow Lid, GMAF, !FRA, Loudmouth, 3" Y-Pipe, AIT Mod, Fan Switch Mod
13.774 @ 103.33, 300.5rwhp & 308.6rwtq, 97+ RPO Codes, Join The CamaroZ28.Com Users Webring

 

$16-17k might be a tad optimistic for a car with that number of miles on it -- especially if you plan on driving it at the same rate that you have been between now and then. Also, factor in the following:

(1) '04 models will be coming out shortly after you want to put it up for sale. Not that there will be any '04 Trans Ams, but it does make your car "appear" another year older to the buying public.

(2) When you buy out your car, depending on your state, you're responsible for sales tax on the "unpaid" portion of your car -- in other words, the total amount of you loan. So the amount you'll be borrowing will immediately increase by whatever the sales tax rate is in your area. Here in PA, that would amount to an additional $1k you'd have to roll into your loan.

(3) People get very nervous about high mileage American cars. Most folks seem to be willing to buy a Honda with 120k miles but when they see a Pontiac with 75k miles, they get very nervous. Right or wrong, it's something you'll have to consider.

(4) The good thing is that you'll be selling the right car at the right time. Spring/Summer is a great time to try to sell a muscle car -- kids are getting out of school, graduation presents are being bought, summer jobs are being had, people are forgetting about the woes of 300+hp in the snow... plus everyone who realized they waited just a bit too long to pick up the defunct f-body might be looking for a late model Trans Am.

In either case, good luck.

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Steve
2002 Trans Am WS-6
M6, Pewter, Flowmaster 80 Series, and CAGS eliminator (FINALLY!)

 

i Think you can't go wrong buying it, you can use it for 6 months more and sell it for 14 and you even the $. but i would buy it and just keep it. your going to pay the $4000 either way, you might as well get the car.

[This message has been edited by WhoBetter? (edited August 14, 2002).]

 

Ouch dude....perfect example as to why you can get killed leasing. I'm sure your lease payment was at least $400/month, so you have already put $14500 into this car and now with 70k your thinking of adding another $16.8 on top, thats over 30k without interest and in a year you'll be left with a car that you will be lucky if its worth $14k (next year according to your current usuage you will have 90k on the odometer). Lick your wounds and get out of this money pit, and never lease a car again if you plan on blowing the miles like you did... I hate to see people get killed like this, do the math.
A car near the 100k mark is looking at a drastic decrease in value, Americans just won't trust a car over 100k. I sold my vette for this very reason, I had 78k on it and sold it last year for 17,500 (94' yellow 6spd). Had I waited another year and drove the mileage up, closer to 100k, I would be lucky to get $14k.

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99 SS, Dark Metallic Blue, M6
SLP lid, KN, TBB, SLP Y-pipe, SLP loudmouth
ported MAFs, Nitto 315 DRs
Currently: 1/4 13.06@113.8, 0-60 4.77 (w/passenger) Gtech'd
12.99@110.2, 2.06 60ft - Tazzo.

 

I am thinking that if I sold my car now, I would have to eat $4000. However, I may only have to eat $1000-2000 in the spring if I sell it then.

I am only putting on 1000 miles a month now. So, in March, my car will have about 75,000 miles. Not too bad for a 99 (though not great).