The last time we took our 2011 Chevrolet Volt for an appraisal at Carmax, the used-car superstore offered us $32,000. It was a solid price, but at the time we just wanted to get an idea of what the car was worth. That was about two months ago and we've put 2,000 more miles on it since. Now we are going to move forward with selling the car and this quote will serve as a reference point for our listing price.
This is the first time that we’ve taken a car for a second appraisal at Carmax and we weren't sure what to expect. Would it drop in price? Would it keep its value? Would the price go up?
"I'm going to have to do some research on this one," the Carmax appraiser said. "This is only the second Volt I've done."
"That other one was ours," I responded. "We brought it a couple of months ago."
My guess was $31,000 and I was right on the money -- for about five minutes. The $31K was the price on screen when the Carmax representative showed me the offer. But when he brought back the printout, he said the appraiser had made a mistake, and that the actual offer was $32,000.
The Volt held its value despite the added miles and recent negative publicity. But I wonder if this had more to do with the lack of a sample size of comparable vehicles than the retained value.
We're going to see if we can improve on the $32K and we have seven days to do so.
What would you do? Take the $32K or sell it on your own?
Ron Montoya, Consumer Advice Associate @ 14,860 Miles
ctpaul says:
09:17 AM, 02/ 3/12
Isn't there some sort of unused tax credit that has to be figured into the equation too?
_feloniousmonk says:
09:19 AM, 02/ 3/12
Is there much demand for these on the secondary market right now? I think it could go either way, but I don't see many taking the gamble on a used 'technological marvel" that's been getting a fair amount of scary bad press.
rm2008 says:
09:19 AM, 02/ 3/12
ctpaul,
The company will claim the tax credit when they file their taxes. But it has no bearing on the selling process. It will not be available to the second owner.
-Ron
stromson says:
09:22 AM, 02/ 3/12
I'd take the $32,000. I'd be surprised if you're able to find an independent buyer that quickly.
bassrockerx says:
09:27 AM, 02/ 3/12
For the sake of journalism do you think you can take the volt to a Chevy dealer to get a quote and then take it to a Nissan dealer to get a quote I would LOVE to see how those two prices differ!
greenpony says:
09:34 AM, 02/ 3/12
Take it if you're lazy or overworked. Seek out better offers if you're neither.
bimmerjay says:
09:40 AM, 02/ 3/12
I have to imagine that Volts in CA that don't qualify for the HOV stickers are going to drop considerably in value compared to the latest enhanced AT-PZEV versions that do.
jeepsrt says:
09:42 AM, 02/ 3/12
I took my '11 Jeep Overland to Carmax for a quote and they offered me 34k, I'm going to trade it in instead to save on the taxes.
throwback says:
10:35 AM, 02/ 3/12
Take the 32K. The Volt's base price has been reduced for 2012 and IF you deduct the rebate from the price, you end up with 32K for a brand new car with true keyless entry. Obviously you still have to finance or pay outright the full list price and apply for the rebate, but some folks will just deduct the rebate off the top.
cjasis says:
11:01 AM, 02/ 3/12
@jeepsrt - there is no tax advantage in CA for trading in or selling private party. Our wonderful state ensures that someone pays the full load of taxes each and every time the car is sold.
sharpend says:
11:04 AM, 02/ 3/12
That's not a bad price.
The very cheapest used ones on the national market right now are around $34k - and one has only 2,800 miles.
You could put yours on the market priced to move at $33k and be the cheapest one in the marketplace but who really knows what the demand is for a used Volt right now?
Probably not worth the trouble for a grand or so.
ed124c says:
11:11 AM, 02/ 3/12
@cjasis: Wait a minute. Are you saying that, if you trade in a car in California, that you don't get the trade in value to reduce your state taxes? Let me make this as clear as I can. You want a $50,000 new car and you trade in your Volt. Dealer gives you $32,000 for it, and you owe $18,000 plus tax, title, etc. But, you pay the state tax on the $50,000 selling price, not the $18,000. Is that right? If so, I am glad I don't live in California,
No wonder Edmunds never does a trade in.
jdubbs115 says:
11:18 AM, 02/ 3/12
@jeepsrt - If you don't mind my asking, why are you selling your Overland? My mom bought a GC Overland Summit in 2011 and seems quite smitten with it (I just like looking at it, especially with that saddle leather and those slick running boards)
sniperruff says:
11:31 AM, 02/ 3/12
Is "drive it into the ground and see how the battery holds up" an option?
ptcdawg says:
12:17 PM, 02/ 3/12
I like sniperruff's idea. Not everyone trades a car every 2 years.
stovt001 says:
12:52 PM, 02/ 3/12
I'm not sure how much the bad press will really affect this. The Volt "fires" received less press than the Toyota "unintended acceleration" and after that debunked debacle I'm betting people are a little more skeptical of the scares of the week trumpeted by the media and Congress.
mfennell says:
01:24 PM, 02/ 3/12
IMHO, you'd be wasting your time trying to match that in the private market. Take it.
cjasis says:
01:34 PM, 02/ 3/12
@ed124C: that is correct. California requires state tax be paid on the sales price of a vehicle. Not the sales price less trade in, downpayment, etc.
explorerx4 says:
06:17 PM, 02/ 3/12
When I brought a car to Carmax for a sell quote, they said whatever their system came up with for a price was the number I would be offered.
After you pointed out a previous quote they changed it?
jeepsrt says:
06:39 PM, 02/ 3/12
@jdubbs115
I have a lot of build quality issues, rattles, squeaks and just dislike it. I freaked out last year when we were having a baby and felt I needed a family SUV over the Raptor I really wanted. After about 2 months I realized I made a mistake and finally ordered a Raptor in November and will get it in a few weeks.
jeepsrt says:
06:52 PM, 02/ 3/12
@jdubbs115
I have a lot of build quality issues, rattles, squeaks and just dislike it. I freaked out last year when we were having a baby and felt I needed a family SUV over the Raptor I really wanted. After about 2 months I realized I made a mistake and finally ordered a Raptor in November and will get it in a few weeks.
carchatter1 says:
06:51 PM, 02/ 4/12
Shoot, as far as taxes are concerned we have it great in Georgia. You don't pay tax on the full price, only the overage after the trade in. Also you pay NO TAX if you buy a used car from a private seller from anywhere in the country. ie, I could buy your volt and have it shipped here and pay no taxes at all. That's a huge selling point for used cars from a private seller in our lovely state. Of course we'll see how much longer that holds true as the state legislators are being bought by the PAC funds of all the dealer organizations.