Paul asks…
Will servicing my car myself affect its trade-in value?
A bit fed up with dealers charging excessive amounts of money for servicing. I am more than capable of performing them myself, but will this affect the trade-in value of my car when I come to part exchange it against a new car at a dealership?
CSC101 Customer Service answers:
Nope. Just make sure you keep all of the receipts for the oil/filters, etc. To prove you did the maintenance. This would be needed if you ever had a warranty issue come up.
Donna asks…
If I lease a new car, does trade in value have much effect when the lease is up?
I’m looking at a new Chevy Malibu or a new Accord and the Honda salesman brought up that GM cars don’t hold their value nearly as well. If I’m leasing the car, does this even matter since I’ll have no equity to put toward the next car? I really prefer the Mailbu.
CSC101 Customer Service answers:
You have some great answers already, which is No.
The only thing that matters is the payment and which vehicle you like better. The residual value will represent the price you can buy it for once your lease expires. If you were buying the car, then resale would be a factor to consider, so I would lease whichever vehicle you like better. That is one of the many benefits of leasing.
Also to clarify, just because a Honda has a higher residual value does NOT mean it automatically has a lower payment. There are also rebates, price reductions, and money factors which will dictate the payment, so get an actual quote on both cars.
In addition, GMAC does not negotiate buyout amounts whatsoever. I know BMW and a few others will talk with customers and possibly negotiate, however GMAC will not. Their policy also applies to any dealer who might want to purchase a lease return vehicle. If the residual value is more than what the car is worth, they will look for it on the smart auction because GMAC will not even negotiate with dealers. Good luck and you can email me if you have any questions.
Charles asks…
In bankruptcy, is your car valued by KellyBlueBook “trade in value” OR “retail value”?
wondering to see if I will be able to keep my car! Retail value is obviously a lot higher and that would prevent me from keeping it. However, the trade-in value is a lot lower and would allow me to keep it. thanks!
CSC101 Customer Service answers:
Ask the bankruptcy attorney you are consulting. The answer is NOT the same in all states. Any attorney that will not answer that question in a free initial consultation is a poor choice.
Courtesy of Y!Answers