2011 Chevrolet Cruze LTZ: Solid Price
September 30, 2011
The Chevrolet Cruze and I are back from Carmax and I was surprised by the appraisal. It took longer than usual since we arrived at a busy time, but otherwise the service was great.
Carmax offered us $18,000. Mlowery85 was the closest with his guess of $18,300. I was expecting $17,000. Now that the guessing game is over, here are all the numbers to put things in perspective:
MSRP at the time: $26,085
We paid sticker price.
Our out the door price with tax and title was $29,085
Trade in TMV: $18,144
Carmax offer: $18,000
Edmunds trade-in TMV was once again close to the Carmax price. Edmunds private party TMV is $19,960 so the margin is small if we want to improve on the Carmax price. We can't list it at $20,000 because people will think "I can buy a new one for a couple of grand more." In these situations, you compare how much profit you think you will make versus the amount of effort it will take to sell it.
We're tapering our expectations, but it's still worth throwing up an ad on Craigslist and eBay Classifieds to see what happens. We will list it at $19,500 -- which is likely what Carmax will resell it for. If it doesn't sell within a week, we'll take it back to Carmax.
Ron Montoya, Consumer Advice Associate @ 27,335 miles