So I was thinking that it would be nice to get a used M5. I went to the dealer to check this gray one out. It turned out to be in rough shape but they had a nice 1 year old 550 sport inside. I drove it and liked it. I wanted to see how much they would give me for a trade on my 08 GTS (Loaded). I paid $85,000 for the car last Mar. They claimed that because they dont sell Porsches they would have to take it to the auction. The offered me $58,000! I was pissed so I left the dealer. I went to Carmax to see if I was getting screwed and they offered me $59,000! WTF.... I know Im going to take a hit but not $25,000 for 1 year. Will a Porsche and BMW dealer do any better when I saw a used 09 GTS on Cars.com for $72K? Now I dont know what to do. I was hoping to drop my car payment (got f...ing laid off) and get a nice M5 but I cant take that kind of hit. Should I keep the GTS and suck up the payment for another year and try again? Thanks for the advice!

 

Be happy you are not trying to sell something even more high end as they are taking a much larger hit than you. A 07 Murci going for under 200. That is a 50% hit in 2 years Also remember that the dealers are seeling next to nothing so buying a used car is not that attractive.

 

Susoa,

I see you're in NoVa. Try taking it to Porsche of Tysons and see what they say. If you really want to sell it try craigslist or eBay. I just sold my '05 Cayenne Turbo on craigslist for $36k. Dealer was going to give me $30k and carmax, $25k. Good luck!

 

As big of a PITA as it is, the only option you really have is selling it outright. dealers in N. Va have too much inventory and not enough demand. Theyre going to give youclose to or less than manheim value for it so that they can get rid of the car at manheim. If youre set on trading it in, I do have a suggestion. Take it to eastern motors next to HBL porsche/audi. I would never buy from them (personal preferrence), but they have always given me good trade in appraisals based on market value. Its worth a shot. GL

 

I would recommend keeping the GTS iIf your gonnna lose 25K on it for just 1 year of use.

 

I know a guy who just bought a used cayenne turbo 2005 model with 18k on it for $43,000. The car is perfect and stickered for close to 100K. the moral of the story, buy a used one...that's what I will do when my '04 Turbo dies. Smart money.

 

+1

Buying used vehicles nowadays is the best way to go.

 

08 GTS's are only being offered for mid 60's now so high 50's is safe for the dealer. And these are with VERY low miles and offers from the dealerships. Not buy it now prices that don't close on ebay.

 

Yep, the market is terrible for high end stuff... just look at the 996 market! I just bought a 04 Cayenne Turbo with 79k miles and a 4 year aftermarket warranty for $27k total. A great deal for those of us who would not normally be able to afford high end cars but sucks for those that are trying to sell.

David

 

Despite what dealers will tell you (that Porsche cuts allocation, that they will not see new cars till August and the similar BS) -- they have plenty, and they are willing to sell. So these days you can get a nice equipped 09 GTS (with all possible electronics -- BT, iPod, XM, parctronic, all heated seats, and something else) for less than basic CS MSRP with almost no options. So out of 25K depreciation of the used 08, more than half is due to the real life reduction of the new car prices. It's crisis in action.

 

I saw a listing for 99 Ferrari 360 last week with 27900 miles for only $85000. That is a sweet deal. I actually considered buying one if I fall from escrow on my second house but escrow closed with no problem. So no Ferrari for me...

 

good luck, i am planning to buy either a cayenne or a x5 in the coming months and the prices are still high for these cars

 

I dont believe in buying New Cars Anymore.... and buying this Cayenne further proved it.... the truck is 3yrs. old (35k miles) I added 3yr Warranty Coverage and walked out
the dealer with a $70k truck for less the $28k..... my wife picked up a New Infiniti G35x last year for $38k, the car is worth .$25k only a few months later, f that!

 

58K is very low, here are the latest auction sales...

02/24/09 FAAORegular $65,0007,150AvgSILVER8GAYes
02/19/09 MANHEIMRegular $66,0008,695AvgWHITE8GAYes
02/19/09 AWSRegular $58,00014,521BelowBurgundyNONNYes
02/18/09 NADERegular $65,0005,974AvgBLK8GYes
02/06/09 MANHEIMRegular $70,500134AboveGOLD8GAYes
01/13/09 FAAOLease $65,0001,274AvgSILVER8GAYes

 

I was offered $19K off, for a brand new '08 GTS a couple of months ago, MSRP 88K. I think that GTS is still on the lot. It may be discounted even more now.