Frustrated -Asking too much? -06 Megacab

[CMusgrove]

I sold my horses and no longer need my '06 Megacab. Started it out a few months back at a little over $30k and just lowered the price on autotrader to $27. 5k. It is the Laramie 2500 2-wheel drive model with 5. 9. When I compare it to the other trucks in the Tulsa area it seems to fit pretty good price-wise. 29,750 miles, Navigation, DVD, Leather, etc. I added the AMP power steps, Spray-in bed liner and truxedo bed cover. I bought the extended factory warranty. It gets a legitimate 22 MPG at 68MPH.



I saw on one of the threads that someone was offered like $7k for an ’06 in trade in. On the same thread someone had been offered $21k by a dealer for an ’06. I know the market is tight for big vehicles but I certainly thought that when compared to a big gas rig my truck should have sold by now. Of course when I do the Edmunds, blue book, etc. the price once again looks reasonable.



Do you guys have any idea if this price is reasonable compared to what you have been seeing? My prejudiced opinion is that it is but maybe I’m kidding myself? Thank you for your advice and you will not hurt my feelings by shooting straight.

 

[HBarlow]

The only certain determination of correct selling price for anything is the price an informed seller is willing to accept and an informed buyer is willing to pay in an arms length transaction. The only way to learn that figure will be to continue lowering your price until it sells.



In normal times NADA, KBB, and other pricing guides are helpful. Currently they are of limited value because of several economic factors. Price guides are primarily influenced by dealer activity and dealers can offer financing, warranties, and accept trades.



Many potential buyers were scared away from diesel light trucks earlier this year because of the recent price of diesel fuel so used diesel truck prices dropped. Others are affected by tightened credit. Still others have lost value in stock market investment accounts and feel less comfortable spending money. Many others feel uncertain about their jobs or the overal economy.



Few people have cash to buy an expensive item like your truck so must depend on financing. Most potential buyers have another vehicle to trade. Both these factors give the advantage to dealers and make it more difficult for an owner to sell a late model used vehicle.



The current turmoil in the home lending industry and financial markets has caused many lenders to tighten their lending standards. A year ago any yahoo with one paycheck stub in his back pocket could walk into the nearest Dodge dealer and put $500 cash down and buy your truck new off the lot. It was also easier to borrow from credit unions and local banks. Credit is harder to get now for many people and impossible for some.



Your truck, although it appears to be a very nice one, is a 2500 short bed which has a smaller potential market of buyers as a used truck. Duallies are often much easier to resell because they are more useful as a general work truck.



Low mileage late model trucks that normally command a high price are harder to sell than a high mileage dually that could be bought for cash and used by commercial haulers, cowboys, etc.



There are lots of late model used diesel light trucks for sale right now. It is a buyer's market.



In March I took delivery of a new 3500 chassis cab ordered in January. I had a very clean, well equipped, and very well maintained '06 Ram 3500 dually with complete maintenance records to sell. The truck had 229,000 miles on it but was only 21 months old. I expected to sell it myself for a good price. I had done the same with an '01 with 325,000 miles when I bought the '06.



What I hadn't counted on was the price of diesel fuel. It was at or near its peak in March.



As the arrival date for the new '08 approached I began considering the resale market as you are doing. I quickly realized that the market value of my truck had dropped like a rock in a pond. A couple of potential buyers didn't have cash and couldn't get financing money because of the odometer miles.



I got several wholesaler's bids and my selling dealer took it at the highest wholesaler's bid and passed it right through to a wholesaler. Somebody got a damned good truck with a complete DTT transmission at a very attractive price. That was the reality of the market.



Good luck on selling your truck.

 

[Hoefler]

When I traded my 05, I found that the KBB, NADA, Edmund's, and the NADA price I got from my bank was $5,000 to $7,000 higher than what any dealer would give me for trade. The bank would lend $5,000 more than my highest trade offer.