CX-7 losing value too quickly

[JR1]

I visisted my Mazda dealer over the weekend because my wife and I are considering trading out our CX-7 for a Mazda 3. We now have the Grand Touring AWD model with all options except the Navigation system. The sticker on the CX-7 was $30,600 when we bought it 11 months ago. The dealer tells us that our CX-7 is now worth $21,000.00 trade in value. That is a gigantic hit in eleven months. It only has 14,000 miles on it and we take super good care of it. If it has lost one third of its value in 11 months, what will it be worth in 3 years? It is a great vehicle as you all know. I think the biggest reason for the drop is the fuel prices and having to burn 92 Octane or premium fuel. I know that a car is a terrible investment, but this is ridiculous folks. Be careful before you take the CX-7 plunge.

JOE

 

[SuperStretch18]

Trade-in value is very different from the actual value of the car. The dealer needs to make a profit when they sell it and would likely mark it up to $26,000+, which is probably what you could get if you sold it privately. Any time that you buy a car and trade it a year later, you are going to take a pretty heavy hit. That said, you might want to have it appraised by a few other dealers to see if you can get a better offer.

 

[BLACKMS3]

Dealer is trying to hose you..

KBB says $25000 - $26775 TRADE IN

 

[tekkie]

of course they are going to try and screw you thats how they make money, goto another dealer and there might be a big difference

 

[JR1]

I definitely plan on checking with some other dealers. It seems like the dealers can't get rid of their NEW inventory of CX-7's so they don't want a used one on their lot, thus the low ball trade in figure.

JOE

 

[tekkie]

I definitely plan on checking with some other dealers. It seems like the dealers can't get rid of their NEW inventory of CX-7's so they don't want a used one on their lot, thus the low ball trade in figure.

JOE

for sure thats true as well, alot of dealers are just plain morons

but you are probably better off selling it privately anyway you will most likely get an additional 2k that way

 

[SuperStretch18]

I definitely plan on checking with some other dealers. It seems like the dealers can't get rid of their NEW inventory of CX-7's so they don't want a used one on their lot, thus the low ball trade in figure.

JOE

If necessary, call some dealers an hour or two from where you are. CX-7s are not selling poorly everywhere; you might just be in a bad locale. A couple thousand dollars is probably worth about five hours drive for me!

 

[mikey1981]

depending on how they are selling in your area and for what cost, you may or may not be able to sell it privately. If you are going to ask 26k for that with 14k miles on it you might as well hang on to it. I bought my GT AWD w/o nav with every access and option for 28,500. Just hang in there and play the game, maybe ull catch someone off guard and make a good sale.

 

[Vision67]

I visisted my Mazda dealer over the weekend because my wife and I are considering trading out our CX-7 for a Mazda 3. We now have the Grand Touring AWD model with all options except the Navigation system. The sticker on the CX-7 was $30,600 when we bought it 11 months ago. The dealer tells us that our CX-7 is now worth $21,000.00 trade in value. That is a gigantic hit in eleven months. It only has 14,000 miles on it and we take super good care of it. If it has lost one third of its value in 11 months, what will it be worth in 3 years? It is a great vehicle as you all know. I think the biggest reason for the drop is the fuel prices and having to burn 92 Octane or premium fuel. I know that a car is a terrible investment, but this is ridiculous folks. Be careful before you take the CX-7 plunge.

JOE

That first drive off the new car lot is indeed, a very expensive drive. But a 31% drop in one year does seem excessive.

But why would you want to trade after only 11 months?(uhm)

 

[JR1]

That first drive off the new car lot is indeed, a very expensive drive. But a 31% drop in one year does seem excessive.

But why would you want to trade after only 11 months?(uhm)

We are having a little financial difficulty right now and the payment is high, plus the price of premium fuel enters into the equation also. We like the CX-7, but we like the 3 also. The kids are now grown.

Just an update. I bought a Mazda 3S today over the internet. LOL. I never thought I would buy a car without seeing it. I checked with several dealers and found a much better deal than I described yesterday. You guys were right. There was a $4500 dollar difference in the figures. I guess I will move over to the 3 Forum now. Everyone have a good night and thanks again for all the good advice. It pays to shop around. $4500 is a BIG difference to me.

 

[jersey_emt]

Generally, a brand new vehicle loses about 20% of its value the second you sign the paperwork and drive off the dealer's lot. It's just the way things work...if you want to trade in a car after only a year, you are going to take a huge hit. Doesn't matter what brand or model it is, unless it is something like the freak occurences with, say, the PT Cruiser and Mini when they first came out and were impossible to buy.

 

[Scott]

That's why my MSP was the first and last car I have purchased/will purchase brand new. From now on, I'll let someone else take that initial punch in the proverbial kidneys.

 

[Talbot]

I saw a CX-7 in Houston that was still pretty much brand new, approx. 4500-5000 miles, navi, etc for about 22,250. I would jump on that but the premium gas turned me away.

 

[cruzdreamer]

The dealer will give you the lowest dollar amount and you can sell it for much more....the first year is the toughest and if you hang on to it for three years at least you may get close to your value. Any car will take a hit like that especially from a dealer. Don't be discouraged.....but you should never trade a car in the first 1-2 years if you can help it or sell it out right yourself.

 

[HeavyH20]

Interesting. I have the exact same car (AWD GT with all but NAV), but since there was a $3500 cash back, I was able to get it for $25,800. That incentive certainly increased the number of cars on my local dealer's lot to move nicely.

 

[jmhumr]

I saw a CX-7 in Houston that was still pretty much brand new, approx. 4500-5000 miles, navi, etc for about 22,250. I would jump on that but the premium gas turned me away.

Do the math. Using premium gas will only cost you $150 more per year than regular gas:

12,000 miles @ 20 MPG = 600 gallons consumed annually
600 gallons x $0.25 extra for premium = $150

You should jump on it.

 

[jmhumr]

but you should never trade a car in the first 1-2 years if you can help it or sell it out right yourself.[/COLOR]

Yeah, I'd always check Trade-In value vs. Privat Party Value before getting rid of your car. PPV is what your asking price would be if you sold it by yourself. Usually it is around 10% more. I ran my car through KBB.com, and I could potentially get more than $2k extra by selling it on the streets. I bought it for $27,100 in September with the employee pricing, and it appears it has only depreciated about $1500. Not bad when I've already paid off $5,000+ of it.

2007 CX-7 Touring, Bose+Sunroof, 10k miles

PPV: $25,730
Trade-In: $23,525

 

[papaalex]

Yeah, I'd always check Trade-In value vs. Privat Party Value before getting rid of your car. PPV is what your asking price would be if you sold it by yourself. Usually it is around 10% more. I ran my car through KBB.com, and I could potentially get more than $2k extra by selling it on the streets. I bought it for $27,100 in September with the employee pricing, and it appears it has only depreciated about $1500. Not bad when I've already paid off $5,000+ of it.

2007 CX-7 Touring, Bose+Sunroof, 10k miles

PPV: $25,730
Trade-In: $23,525

Just curious is the KBB pricing always followed when you decide to trade in your vehicle to a dealer when the time comes? (after paying off all the balance of the financed car)

 

[cruzdreamer]

Dealers will quote you the KBB price....to me it's a bit lower. I go with Edmunds and figure it out that way....KBB is used more for financing purposes I think. I sold my RX 8 outright after 3 years and that model had lots of issues(mine were corrected except for one). I only lost $300.....not bad on a car after only having it 3 years and it's a unique car with a rotary engine so it can be a tough sell.

 

[P5w3kids]

Dealer is trying to hose you..

KBB says $25000 - $26775 TRADE IN

KBB prices are based on California, where used values tend to be much higher for imports.

To get a sense of the actual value, look at the low end of asking prices on sites like autotrader.com and cars.com, with a nationwide search.

Based on this method, I'd expect $25,000, maybe $26,000 selling it yourself, with any extra possible but not certain. Dealers will probably offer a couple grand less, so about $23,000, maybe $24,000. $21,000 certainly seems low.

On the other hand, since someone here bought a new one for this sort of money, maybe all the sellers on Autotrader don't have a clue.