Why do these cars have horrible resale value?

[viperaider]

Ive owned my sonic RS new since 2013 but now im looking to sell it. KBB says its worth 12.5k but ive listed it for 10k with no hits. Tomorrow I am going to carmax to give it away. This car is a great one and I never had any trouble out of it. It looks good and performs great but second owner resale is horrible. Is it the time of year? Ive tried selling my car for half a year with not a single person interested. NO one has ever even asked about it.

 

[ohio_grad_06]

We just got a new 2016, but maybe part of what was happening they were having rebates on 2015 models. I think for example you could get like 4k off the cruze. And used Sonics could be found at dealers for probably not much more than what you were asking which may have hurt you unfortunately.

We just got the 16 because the deal was just right for us.

 

[Natesriv]

what's CarMax offering?

 

[sonix13]

carmax is probably at like 8500

 

[Emersonic]

1st - why you want to get rid of it so soon? Wish TN wasn't so far away...I'd love an RS.

2nd - I've seen loaded 2 yr old LTZ hatches for $8500...and that's Canadian pricing...with low mileage...and they sell (maybe?) for $21g+ up here.

Local dealer has a brand new '15 RS (dragon green too...$exy (wow...that's censored! Sheesh) little thing) and they've not sold it either. On the lot over a year now. Still sitting at $23 grand. Now with the added benefit of hail damage! (they'll knock the damages off the price, but that's not enough in my books)

Sorry you have to give it away...that flat out sucks.

 

[XilliK]

For a big dude like me paying 31k for a tiny rs is madness no power or luxury good what gas mileage though?

 

[Wub2Dub]

RSs have terrible value imo. The LTZ is a bit better, but either way I have no intention of ever getting rid of it.


2012 Chevy Sonic LTZ (hatch)
MPFab CAI, Forge BOV, 2.5" SS turbo back, Trifecta Elite Tuned, bypass valve "bypass", MPFab FMIC, Ultra Gauge, ported intake mani

 

[gsfisher13]

Where have you tried to list it for sale? Craigslist? Ebay? Local paper? Cars.com? Maybe the problem is your audience, who saw the listing, is not big enough.

A dealer is not going to give you blue book, they want to buy it lower than that so they can resell it for closer to blue book.

A person to person deal is likely going to have to sell for lower because banks aren't as likely to give auto loans for used cars if the deal is purchasing from an individual (at least that was my experience a month ago, asking my bank for a loan). They gave me 2 options, buy it from a dealer, get an auto loan @2.99%, buy it from an individual, get a person loan @4.5%.

If you are buying a new vehicle of any kind these days I would not expect to keep it for a few years and then resell it for the value of that vehicle. If you want a new vehicle every 2-3 years, lease them. If you want to buy new, keep them for 5-6 years minimum. That's my opinion.

 

[ahtoxa]

- economy car
- sold in huge numbers
- high incentives when new
- higher trims of same car will depreciate much more. For example, an LS trim will depreciate less (in percentage) than an RS.

 

[dannyg]

- higher trims of same car will depreciate much more. For example, an LS trim will depreciate less (in percentage) than an RS.

Cool! (Said the guy who bought a bone-stock LS with zero options.)

 

[sonic_braaappp]

because **** box GM economy car made cheaply out of cheap materials produced in massive numbers due to high fuel prices. fuel prices are much lower now and thus the need/desire for a fuel efficient compact/sub-compact car is much much lower.

 

[The Champ]

The decline in fuel prices really does affect the value of vehicles with excellent fuel economy.

Back in '08 when fuel prices were spiking, the values of full size cars, SUV's and pickups plummeted. People were trading in really nice vehicles for $.50 on the $1.00 to save on fuel. Economically, their decision made no sense. They spent $1,000's to save $100's...

To get the best deal when you're buying - you want to buy opposite of the trend. We bought our Sonic last September (2014) when the trucks and SUV's were flying off the lots and saved $1,000's.

 

[sonic_braaappp]

The decline in fuel prices really does affect the value of vehicles with excellent fuel economy.

Back in '08 when fuel prices were spiking, the values of full size cars, SUV's and pickups plummeted. People were trading in really nice vehicles for $.50 on the $1.00 to save on fuel. Economically, their decision made no sense. They spent $1,000's to save $100's...

To get the best deal when you're buying - you want to buy opposite of the trend. We bought our Sonic last September (2014) when the trucks and SUV's were flying off the lots and saved $1,000's.

Same here. GM offered full payoff for my trailblazer SS and offerwd many incentives on a new car of my choice (my sonic obviously)

 

[The Champ]

I didn't trade anything in. I just wanted a small economical car as a "grocery getter" as an addition to my fleet.

Originally I was looking at leftover 2013's (this was September of 2014) looking for a super deal.

But then I found a dealer that had purchased 100 Sonics at one time (GM gave him special volume pricing) that only had about 6 left that he wanted to dump as the 2015's were coming in stock.

On top of the factory $1500 rebate, he added a $1500 dealer discount. As a veteran, I also qualified for a $750 USAA rebate. Using GM credit card cash rewards and ACDelco points (that I earn at work), I took nearly another $7000 off the sticker price.

That's how you turn a $20,355 sticker into a $9466 deal.

 

[sonic_braaappp]

I didn't trade anything in. I just wanted a small economical car as a "grocery getter" as an addition to my fleet.

Originally I was looking at leftover 2013's (this was September of 2014) looking for a super deal.

But then I found a dealer that had purchased 100 Sonics at one time (GM gave him special volume pricing) that only had about 6 left that he wanted to dump as the 2015's were coming in stock.

On top of the factory $1500 rebate, he added a $1500 dealer discount. As a veteran, I also qualified for a $750 USAA rebate. Using GM credit card cash rewards and ACDelco points (that I earn at work), I took nearly another $7000 off the sticker price.

That's how you turn a $20,355 sticker into a $9466 deal.

i didnt wanna trade anything in, and i could've afforded not to, but if i didnt do the trade in, i really would not have been able to afford to modify my car at all lol, and above all else, i really can't stand driving a bone stock car, i need noises and the vehicle to be a little different than everything else out there. i get stir crazy if i go to long without doing something new to the car

 

[The Champ]

and above all else, i really can't stand driving a bone stock car, i need noises and the vehicle to be a little different than everything else out there.

I have other vehicles that make better "noise"...

I'm sorry, but the sound of a very healthy 462 ci V8 is music to my ears...



That and melting rubber with well over 500 ft lbs of torque....:banana:

 

[mjd1001]

I think the long term value on most economy subcompacts isn't that great.

We have had our Sonic for a few years...taken care of it well...and I drive it not hard at all. Yet, once you get to 40,000 miles...you start to hear a few minor rattles...at 50,000 miles...the vibrations get a bit louder.

The car is a good car, but when you are selling cars for under $20,000...there just isn't as much noise insulation...the parts are not all top-of-the-line parts. I'm not saying the cars break down as much, but this segment has a reputation of not being rock solid/high mileage cars.

 

[ohio_grad_06]

Might disagree with you. Had an aunt who had an early 90s Toyota Corolla I think up until a few years ago, I want to say it had about 189,000 on it and she decided to get a Honda. But I know they kept it for a while as a spare car and my uncle would sometimes drive it our one of the kids if they needed to.

 

[rodslinger]

I think the long term value on most economy subcompacts isn't that great.

....

I sorta agree and it could always be worse. There are a LOT of cars out there that depreciate more than an entirely new Sonic costs. Look around the country and you'll find quite a few 2014/2015 premium models that are easily $20k to $30k less than new and they might only have 10-15k miles on them.

That's a sucker punch to the wallet right there. With that in mind I'm OK with where the value lies. So I lost $10k in value. At least I didn't lose $30k....

 

[mjd1001]

As others have mentioned, it also has to due with fuel prices.

Many cars like the Sonic will depreciate at a slightly higher percentage rate than other cars. When fuel prices are high (in a relative manner), that deprecriation will slow. However, if fuel prices fall again, the value of cars like the Sonic will often over-correct and they will lose a lot of value again.