My worst decision ever!

[Reaper]

A few months back I bought a Commodore Omega on factory LPG.

It was built in late December 2010 and first registered in Jan 2011.

I paid $24,000.

I put new tyres and mag rims on it and a few other minor mods.

I had re-badged it to a Buick, however, it's now back to being an Omega.

Both my wife and I are having problems getting in and out of the car, yes we are fools for not realizing we might have that problem.

I have been going around the dealers trying to get a decent trade price for the Omega, we are going to buy a new SUV.

Every dealer inclusive of Holden Dealers are all offering the same trade price of $14,000.

Redbook say the value for a trade is $15000 to $17900, the dealers all say Redbook is crap and they take no notice of it.

This is my first and last Holden, I have never owned a vehicle where the value has decreased so quickly and by so much.

No wonder GMH are putting off workers, why buy a Holden when the resale value is pathetic.

Caught once, never again! :undead:

It appears to me that you paid waaay too much for the car to begin with. Further to that, second hand Commodores are a dime a dozen and resale has been crap for many years. In some respect Holden are a victim of their own success. The Commodore was Australias most popular car for over 15 years. That means there are literally thousands of them on the second hand market. What do you expect? Further to that, study what the Mazda 3 and Corolla resale values have been doing over the last few years since they have become more popular with fleets and not just with owner drivers. The downward trend has started and expect them to nosedive in the next year or so as the fleet cars start coming out of contract.

If you want a car with good resale, choose something that is popular with owner/divers who tend to keep their cars 5 - 7 (or more years). Thus the supply on the second hand market is limited and values hold up much better.

I do find it hilarious when people blame the manufacturer/retailer for their own lack of research.

Reaper

 

[Wongy295]

Lol. Buying a Holden and complaining about depreciation...

$14,000 for a 2010? I got $10,500 3 weeks ago for my 2007 Lumina.

I don't feel so ripped off, all of a sudden.

 

[Sabbath']

Watch out guys. You might get a PM warning you of defamation....

 

[schwanm]

I got a trade in quote of $12000 on my 2009 sv6 sidi.. Paid $26000 18 months ago


That's life! Gonna keep it though

 

[Danielzke]

I have an 2002 commodore, so it's 10 years old. The lady owner said she paid $37k for it brand new, 10 years later she sold it to me for $4k. It was even looked after and looks brand new. That's just the way it is mate. There are 1000s of commodores on the market. If you want something with good resell value, i'd say buy a ute, but either way, you are probably always going to lose money on a car.

 

[Craigo8]

Hey Mate,
The first few lines of your post tell me everything.First you paid way too much for your VE.Secondly when you put rims & tint on a car it doesn't mean it's worth any more to a dealer or anyone out to purchase a car.Third to de-badge a LPG Omega then change it back WTF.....
Most of the users of this forum will put up with bad re-sale on their cars because it is more about lovin a good honest Aussie car than losing money.If you want to stop getting ripped off do some research on your next car & get reliable info like what is provided here in this site.You are quite within your rights to complain I would feel negative after your experience but just wait till you try & trade your SUV(the most crowded segment in the world)
Hope your next buy is a good one

 

[Sean880]

OLDSALT

1. You cannot blame the manufacturer for the wholesale prices of used cars. This is decided by the "market" - essentially supply and demand and we are not sitting in a really strong economy. The depreciation in raw dollar terms of luxury cars after a couple of years is very substantial so be thankful you did not buy one of those expensive items.

2. You cannot compare the full retail price of the car you purchased with the wholesale price now. The trade in prices you are getting are dealer wholesale prices not retail. The dealer will add about 6 thousand dollars or more on the car's cost to them after it is prepared for sale and placed on the lot. If they don't want it on their used car lot they have to dispose of it through the trade at a wholesale price and they know what they can get for it current market conditions.

You said you paid around $24000 retail for the car earlier in the year but the wholesale price/value back then for a quality low mileage factory LPG item like yours would have been around $17,000 - 18,000 approximately.

3. The way to get the best price for the car is to sell it privately and I would recommend carsales.com.au for that. Check out the prices of quality dealer cars and private sales cars with the same age, specs and kms as your car and price the vehicle below dealer asking prices. If your car is only 2 years old and low kms you should have no trouble selling it (provided it is not a terrible colour and is in very good condition). Buyers are out there for "as new" "low km" cars under $20000 with some factory warranty left on them.

4. Bear in mind that whatever large typical family SUV you buy new, the moment you drive it out the door the wholesale value will be about $10000 (or more) below the price you just paid retail . So choose carefully and make sure it is really what you can cope with for the next 3-5 years.

 

[Troy711]

Good resale value simply means that you paid too much for it to begin with.

 

[191kieran191]

thought i would post this for shits and giggle i traded my 2008 Lancer ES for $11500 with 40K kilometers then bought my Series 2 SV6 Thunder Ute
also paid $24K for my lancer in 08 was in mint condition when i traded it in as you can see all car values drop ALOT

 

[GRPABT1]

You don't buy a commodore to sell, you buy them to last you 20+ years