2008 Cadillac CTS: Finding a Buyer -- It Only Takes One
July 01, 2009
Early in the selling process for the 2008 Cadillac CTS we wrote about how a woman emailed us with an offer for $20,000.
She wrote: I could/would go 20k on the cad. off the mark I know, but what the hell.
Some of the people who commented agreed with this woman saying that our Caddy wasn't worth anything close to the $28,500 we were asking.
Well, I'm here to seek vindication for Edmunds.com TMV and for the "Cad." We just closed a deal for it at $27,500.
Here are the details.
The Cadillac was a perfect storm of options and all those bells and whistles that cost so much when it was new (we bought it for $42,272) had largely lost their value in the 18 months that we owned it. As a friend of mine has observed, used cars are helped most by "the big three" options: leather, sun roof and CD changer. Our red Cadillac was also helped by having the 3.6-liter direct-injection V6 and 18-inch wheels.
So while TMV with all options was still around $30,000, we decided that with the current incentives on a new CTS driving the price down, we would offer ours for $28,500. We advertised the Caddy in Craigslist and on Autotrader and waited for the phone to ring.
Except for the woman who offered $20K, we also had a local guy sniffing around for $28,000. Finally, we got another offer from an insurance broker from the Bay Area for $27,000. With these two offers in hand, I did a quick email negotiation and closed at $27,500. A day later, I picked up our buyer (who bought it based on pictures and good faith) at the airport. He gave us a cashier's check and drove off an hour later heading north.
A few days later I got this email from the new owner: "I think Cadillac had me in mind when they built the CTS. It was a sweet ride home and only took 4 hours. I loved every minute of it! I thought of going all the way to Sacramento just to keep driving, but I got hungry."
As a footnote I should add that the buyer told me he had been looking for this trim/color for a long time and had even hired a broker to get him one at auction. But then he saw our ad and jumped on it. We're glad he did because they weren't exactly beating the door down to buy it. But then, as they say about buyers, "It only takes one."