2015 Chevrolet Colorado: Sold Back to Chevy
by Ronald Montoya, Senior Consumer Advice Editor on November 10, 2015
I was ready to take CarMax's offer of $27,000 on our 2015 Chevrolet Colorado when a colleague suggested I call Keyes Chevrolet in Van Nuys. It was close enough to my home and figured it couldn't hurt to give them a try.
I called Rick Alpern, the general manager. He put me in touch with Sergio, the used car manager. I gave Sergio the specs on our Colorado and kept quiet about the CarMax offer.
Sergio offered us $28,000 for the truck. This was $1,000 better than the CarMax offer and $1,159 better than Edmunds trade-in True Market Value. He said that the price would be good assuming that everything checked out with the vehicle when he saw it in person. I told him I'd be there the following day.
Sergio gave the truck a first look the next morning. He said the Colorado would need to be put on a lift and have a more detailed inspection from a mechanic. This is where the process differs from CarMax. The CarMax reps don't drive the car or put it on a lift when it still has a warranty. Their logic is that if anything is wrong with it, the warranty will cover it. But since Keyes planned on reselling this as a certified pre-owed vehicle, it merited the detailed inspection.
Sergio said he was going to offer us $27,000 originally, but once he factored in the fees of buying a similar Colorado at auction, he figured it would be about the same and was able to make us a stronger offer. Plus, "I really wanted this truck," said Sergio.
It should make a solid CPO vehicle. Assuming the dealership listed the Colorado at $30,000, it would be roughly $5,000 less than what we paid for it new last year.
We didn't get a check on the spot. It took the dealership a day or so to verify the condition of the vehicle, then another day to cut the check, at which point they overnighted it to us. The whole thing took about three days total. CarMax would've given us the check the same day, but then again, it would have cost us a grand for the convenience. It's another factor to consider if you want to follow in our footsteps.
The final depreciation on the Colorado was about 21 percent. This was a solid number and just shy of our fleet average of about 22 percent.
And so the Colorado leaves our fleet. It was "A" rated by our editors and will now leave a midsize hole in our truck lineup. Hmm, if only there were another standout truck in this segment that we could bring into the fleet. Stay tuned.
Final Odometer: 21,926
Ronald Montoya, Senior Consumer Advice Editor