I have a 2020 GMC Terrain SLE with about 900 miles on it. Yes, it’s pretty new. I bought it because of the huge rebates and plan on keeping it another 3 months or so before I sell it.
The MSRP on the vehicle was slightly over $30,000 when it was purchased 2 months ago.
Both Vroom and Carvana have offered me between $21,000 and $22,000 for the vehicle and ALGo has $24,000.
Is it safe to say that the $24,000 number is pretty useless since most people don’t get what ALGo is showing originally? They can’t say it’s because of “vehicle condition” since it has 900 miles on it and no scratches or damage.
I just checked Carvana again and they offered $23,350 for the vehicle so I went ahead and scheduled an appairal with ALGo for today to see how it goes.
They will do the appraisal, and then call you shortly after with your quote. You can negotiate. When they call, talk them up. “If you hit $XXXX, this car is yours today.” The market is in your favor right now.
Just had my virtual appraisal on a 2017 Honda Civic EX Hatch in excellent condition inside and out. Online appraisal was $17,700 (about 400 higher than Vroom). After the virtual showing, they came back with $15,000. Talk about a bait and switch. When I asked about it, they said because of market wholesale value and that Vroom and Carvana will offer higher because they do retail. I didn’t expect the full 17.7k, but I also didn’t expect them to drop 2.7k. I passed and told them I need them to match Vroom’s offer for me to sell to them. He said he can’t imagine his supervisor going much over 16k (still lower than Carvana) but that he’d be in touch.
They are deciding at the appraisal whether they can sell the car at their stores in South Jersey, or if it’s an auction car.
Yours was likely an auction job. The delta in revenue between those two options is significant—especially since they can’t sell warranty and financing at the auction.
Did the appraisal and they came in at $22,000 but obviously with Carvana coming in at $23,350 I told them i’d be dumb to accept their offer so they came back with $23,500. Gonna have to sleep on it and see if I want to pull the trigger right now or wait a few more months until 2021 models come in for a new vehicle.
The good thing is that it’s only $500 off what they originally had, the thing that’s a little annoying is that Vroom and Carvana give you numbers that are solid whereas it seems like you have to negotiate with these guys and the original number is just a “ballpark estimate”.
I live in South Jersey, and the Algo appraiser who looked at my car was in Florida. I think they bring pretty much everything to auction. They basically told me to take Carvana’s offer.
Thanks for the clarification. That’s helpful to know. But man, that delta is rough. Vroom has been taking forever to get me final documents, so I was hoping to speed the process up with ALgo and was excited by their higher offer.
Carvana is almost certainly a much higher volume business (and they have access to the public equities market—a totally different league from quaint mom and pop-like ALgo), so they can take on more risk with appraisals. They do so much business they have to be “right” less with what they pay you.
Still waiting for my payoff to post with Nissan. How long does it typically take? I got two different payoff tracking numbers, one showing delivery early last week, and one just a few days ago. I’m approaching late lease payment date for this month- should I pay it and hope to get reimbursed?
When did you guys get tracking numbers for the payoff checks? They picked up my car Wednesday. I got the email confirming pickup but no check tracking number email yet. Might call if I don’t get one today. Also got a email from my bank that sounds like they’re confirming the check before I get the funds. Never had that before for a mobile deposit but I don’t think I’ve ever done a mobile deposit that was more than a couple hundred bucks. So maybe just standard procedure for checks over X amount.
Process has been reasonably smooth. Just wish they had a better online record to monitor like Carvana had.
I agree that it’s frustrating. In my opinion it’s just the same old slimy car dealer tactics that have been around for ages. And I used to work in the car business so I know lol. Not sure why the same couple of folks keep making excuses for ALGo or provide guesses about why they operate this way and present them like they are facts. It’s great that some people got more money from them than their competitors even after the virtual appraisal, but does anybody think it’s a coincidence that many others got a great number (that just happened to be higher than Carvana or Vroom etc) and then were offered a lot less once ALGo got them “in the door” by way of the virtual appraisal?
Update: Had the video call this AM. The orig offer online was 27,400, and after the call, they offered 27k even. I thought this was weird bc my car is in immaculate condition, plus has features (like sunroof, heated seats, remote start) that were not included in the online appraisal.
I got the same excuse about what they’ll get at auction etc… But he said if I accept it, he can push for the original 27,400. I think it’s strange that I should have to “settle” and feel lucky to get the original offer. Strange business practice.
Im trying to get rid of my car since I work at home now.
I have a leased 2017 Jeep compass limited and I have about 6 months left on the lease.
The current buyout price as of today is $22692
on Vroom they offered me $18701
Am I losing money ?
or should I just sell it to vroom, carvana
this has been my first car, so Im not really sure how this works.
