# How far upside down am I?



## BaadFLGoat (Nov 16, 2010)

Let me start off by saying i plan on keeping the car and not tradeing it...

06 GTO 6 speed, 68K miles,(custom rims,headlights,cai,full exhaust) bought the car for 16.5K last october, I recently added an extended warrenty to it (4 years 48k miles) which brought my total financed amount to 19.1K

Am i in bad shape? I dont think these cars will depeciate anymore than they already have...I am happy with my monthly payment, low interest rate (4.9%) etc... But if push came to shove and i had to sell the car i think i would be screwed...


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## BaadFLGoat (Nov 16, 2010)

Furthermore, The extended warrenty seems to be bad ass, it is through my bank and is a factory type coverage, (pretty much everything under the hood is covered and tranny...)


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## RJ_05GTO (Jul 6, 2008)

I think the trade in value on it is right around $13500 and the private party value is right around $15,500. That is in betweeen good and excellent condition. If you sold it yourself right now you might get a little more than $15500 if the warranty is transferable and the car is in great shape but probably not much more. This is figured with 68000 miles on the car so if there are more miles on the car it will be worth less. You have to get on kbb or nada get the value of the car and subtract it from what you owe and that will be how upside down you are on the car. Another thing... mods do not necessarily add value to the car


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## jpalamar (Jul 22, 2008)

You will be lucky to get $16k private sale. Dealers offered me $9-11k trade for my 04 w/ 71k miles. Private I could maybe get $12 if I was patient.


Where did you finance your car from to get that low a rate on a 5 year old used car? Most places arround me tier the rates based on the cars year.


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## BaadFLGoat (Nov 16, 2010)

I got it financed at the bank i have been at for ages...The car is in almost perfect condition and yes the warrenty follows the car...Like i said i am not planning on selling so i guess it really doesnt matter...But it was just something that crossed my mind today...Hopefully the value of these cars will go up...After all they are kinda rare...


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## 68OldGoat (Nov 23, 2009)

The way I figure it is that there were a total of 40K made in the 3 years of production. This made them a specialty and somewhat limited production car but not all that rare. Starting in 2007, figure how many have been totaled or are no longer on the road. (As a side note, the insurance companies are helping to get that number down by seemingly "Totaling" a lot of these modern GTO's for very little damage .... so don't get into an accident ... even a small fender bender). The depreciation of the cars reflected in the kbb & NADA Trade in values don't necessarily reflect the actual value the dealers are asking on the retail and even the private sale market . I was told by a dealer that these cars are not following the wholesale/trade-in pricing guide they usually follow. The same dealer said that he really can't find an Excellent car (low mileage & unmolested) at auction for less that 15-16K. The really BIG factor is the mileage on the cars up for sale. Lower is better and most dealers only go after cars under 50K miles. Retail prices for GTO's are going for 04's-$15K & UP 05's-$16K & UP 06's-$17K & UP based on some continuing research I have done nationally on the popular websites like autotrader.com, cars.com & vehix.com.

I think it will be a few years before these cars will be stabilized and increase in value ..... the more that are wrecked the more valuable yours becomes.


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## BaadFLGoat (Nov 16, 2010)

I like your logic...Thankfully i have GAP on a side note!


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## Indecision (Oct 24, 2010)

I would say you are 2-5k upside down, and basic mods are irrelevant. Unless you just happen to find someone that REALLY wants exactly what you have, it's worth the same as stock. Especially to a dealer.


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## Poncho Dan (Jun 30, 2009)

Yeah I've been seeing what people are generally asking for them, doesn't seem like I could get more than $16,000 area if I sold mine at 43,XXX miles. I bought it (100% stock) a little before I signed up here (was a long time unregistered lurker) for $18,100 w/ around 32k on the clock with a check.

I figure at this point it certainly isn't worth getting rid of, since it never costs me anything in parts, which was the whole reason I got rid of my classics and moved to this thing. I was kicking around the idea of selling it to finance a set of professional tools, but for the price hit I'd take, there's other ways of raising cash that don't hurt so much..


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## jetstang (Nov 5, 2008)

The GTO will rebound, like the G8 will once people find out that you can't get a GM product like this anymore. The Mustang success won't help GM value, but car show value, you will be in a class by yourself. 
When you buy a new car, you lose $6K on it when it roles off the lot, so take that in account. I bought my 99 Vette for $23K in 05, now in '11 it's still worth $13K or so, they hold their value better, but still drop, just not as much as others. I went back to old cars because if you fix them up wiselly they should appreciate, not depreciate. My newest car is an 01 and I have no intention of ever getting a new car again. I would rather invest in my old cars and maintain my drivers--no car payments.


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## youngGoat (Aug 14, 2010)

maybe I have over paid but Ive bought 2 gtos with in the last year and i paid 24k for a 2006 m6 with 32k miles from car max in july and traded it in and got $19k in November for it, and i just bought another 2006 m6 gto with 50k miles for $18500 this week. and most of the gtos Ive seen are around this price maybe its just New Mexico


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## BaadFLGoat (Nov 16, 2010)

Young Goat, you just made me feel better....


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## MorpheusRS (Mar 5, 2009)

the ins will total these babies for a minor accident, mine did  had some bumper damage, no frame, headlight, hood and rad were gone.. long story short, the ins gave me a check for 22k.. amazing, considering i got mine almost 2 years ago for 17,900 at 27k. and totaled it at 34K after enjoying the car for 2 years. i actually made money on the accident, and with accident forgiveness, my rate didnt even go up! i am still in shock from the whole ordeal..


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## BaadFLGoat (Nov 16, 2010)

Its always a sad day when we have to put down a goat...


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## Weisberg16 (Jan 5, 2011)

Yea don't forget that the insurance company is also looking at time spent in searching for parts. They don't make OEM parts for these cars anymore so the company does not want to spend the extra money in getting them refurbed. I payed 16900 flat on my 05 with 34000 miles. I had an 04 and when I lost it I got 16800 for a car with 42000 miles on it. Not to bad. In fact the guy from the company called me to tell me he felt really bad for me and he is going to give the most he can because it was such an amazing looking car. Nothing like a goat!


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## Northeast Rod Run (Oct 29, 2008)

Weisberg16 said:


> Yea don't forget that the insurance company is also looking at time spent in searching for parts.


The insurance companies don't figure that, AT ALL, into their cost estimates, just as they don't figure shipping costs to get the parts. All that falls onto the bodyshop's shoulders and the shops don't get compensated for that type of stuff.


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## jpalamar (Jul 22, 2008)

Weisberg16 said:


> Yea don't forget that the insurance company is also looking at time spent in searching for parts. *They don't make OEM parts for these cars anymore *so the company does not want to spend the extra money in getting them refurbed. I payed 16900 flat on my 05 with 34000 miles. I had an 04 and when I lost it I got 16800 for a car with 42000 miles on it. Not to bad. In fact the guy from the company called me to tell me he felt really bad for me and he is going to give the most he can because it was such an amazing looking car. Nothing like a goat!


You must be the only person they don't make parts for.


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## HP11 (Apr 11, 2009)

jpalamar said:


> You must be the only person they don't make parts for.


:rofl:


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## Weisberg16 (Jan 5, 2011)

I just talked to the GM dealer ship today and they guy told me that parts for our cars are hard to come by. In fact he told me that the crank vent hose for my car might have to be made for the car. I believe him because I had trouble getting parts for my 04 also.


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## Weisberg16 (Jan 5, 2011)

Oh and insurance companies do send out a rep to look over the car before any money is spent and some companies one insurance rep deals with your intire claim. Remember that you pay the deductible and they pay the rest.


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## RJ_05GTO (Jul 6, 2008)

Weisberg16 said:


> I just talked to the GM dealer ship today and they guy told me that parts for our cars are hard to come by. In fact he told me that the crank vent hose for my car might have to be made for the car. I believe him because I had trouble getting parts for my 04 also.


The Corvette LS2 uses the same hose. The Corvette has not been discontinued. They still make parts for the Corvette so you can get a crank vent hose. It will be a long time before you wont be able to find parts for the GTO. As long as Holden and Chevy is around parts will be around. They might not be cheap but they will be available.


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## 68OldGoat (Nov 23, 2009)

:agree
No big deal just rebuild the wreck as a Holden ... and the parts should still be available for a long time .... even body OE parts. :cheers


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## HP11 (Apr 11, 2009)

Wiesberg16, it looks like you need to find a different dealership and perhaps a different insurance company.....


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