2011 Chevrolet Volt: Researching the Used Car Price
December 07, 2011
Our Chevrolet Volt is nearing the end of its long term test. At this time, we typically research a car's value to estimate what we'll get and what we'll sell it for. So far, Edmunds (or any other pricing guides for that matter) does not have any used car pricing data on this car. We were one of the first to buy a Volt, and will probably be one of the first to sell it at the used private party price when the time comes. We are in uncharted waters and we need a point of reference. So we decided to take the Volt to Carmax and see what they offer.
The 2011 Volt presents a few unique challenges when trying to determine its value. As a potential buyer, you'll have to assume that the prior owner has taken the $7,500 tax credit. As a seller, you'll have to realize that this tax credit is still available to new buyers and adjust your price accordingly. Plus, you may have to discount it even further, because not only is the 2012 Volt about $1,000 cheaper, it also now qualifies to travel in California's carpool lanes.
Our Volt has roughly 12,850 miles on it, 40 percent of which have been on the electric engine. This is great information for our fuel economy updates, but can we use that as a selling point for a potential buyer? Would they feel better knowing that although this car has 12,850 miles, only 7,710 have been on the gas engine? For warranty purposes, the only miles that matter are whatever the odometer says.
When we bought the car new, we paid $44,695 (plus tax and title). Subtract the $7,500 federal tax credit and this leaves you at $37,195. But where do you go from there?
We'll have the answer for you tomorrow, but in the meantime, what's your prediction for the Carmax offer?
Ron Montoya, Consumer Advice Associate @ 12,850 miles