01-29-2018, 11:16 AM | #1 |
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Bummed about the resale value....
i8 is a very nice car and the styling and looks specially when the door is up gives you a smile. However, I'm a bit bummed about the resale value.
Backstory.. I bought the car (2016 Giga) last year as CPO with 4k miles @ $120K out the door. Fast forward to today, I all of a sudden got interested in pursuing another car and wanted to trade-in the i8. Of course, I know I'm going to take a loss for this transaction but never imagined the severity of it. I took it in at McKenna Porsche since I was trying to make a move to a 991 GT3. Since they have a BMW dealership owned by the same group, they had the car appraised. It came back at whopping $65-$70K trade-in value. Ouch. The car has about 8K miles now. What gives ? Does this car really don't hold that much value considering this was a $150K car ? If I can turn back time, I would have opted for a brand new i8 and do a short term lease instead. Anyway, just venting.... :mad0 259:
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01-29-2018, 11:52 AM | #3 |
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Ha. I still have it. but I cam into a realization that with the depreciation incurred, I will be owning this car for a very long time...
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01-29-2018, 04:54 PM | #4 | |
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I do think that you overpaid at the time of purchase however you can still sell your car for around 90K. Our local Porsche dealership in GA wanted to pay me 43k for a M6 and a Maserati dealership offered 50K for the same car so you have to shop around. Unless you get a tax credit on your trade try to sell it yourself. You will have negative equity either way. I wish you all the best. |
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01-29-2018, 05:03 PM | #5 |
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Also remember that 1 year old car is the absolute worse time to buy since most of the depreciation happens within 1st and 2nd year. I will recommend that next time look for a car that's still under warranty but is at least 2 to 3 years old.
So this is how most luxary cars will depreciate. 25% withing the 1st year, 20% the 2nd year and 10% the third year. When you calculate these numbers here is what they look like on a 150K car 1st year -25% = 112.5K 2nd year - 20% = 90K 3rd year -10% = 81K so if you look at the BMW residual for i8 you will find that you will get to the same 3 year number of 81K with a 54% residual value. if you are looking to buy a new car next time call the dealership and ask them for lease residual so that you have a good idea of how much your car will depreciate. Hope this info helps for your future purchases. |
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01-31-2018, 10:50 AM | #6 |
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You can get a sense of current values by watching the price points at which cars sell on cars.com A CPO 2016 w 8k miles would go in the $90-95k range. That would give your dealer $25k profit. Nuts.
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01-31-2018, 12:36 PM | #7 |
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The situation would be so much better for the resale value if BMW would know how to execute a smart GTM a la Porsche. I for one hope that they stop building the car and it will allow values to go up. If you don't plan on selling its a moot point anyways.
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01-31-2018, 03:42 PM | #8 | |
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I'm giving them the benefit of the doubt but still, auction or not, the car is not holding its value.
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01-31-2018, 04:36 PM | #9 | ||
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01-31-2018, 06:07 PM | #10 | |
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And, condition also has a lot to do with it. If your car had zero miles, it would probably be worth a lot more even to the dealer now. But look at this: https://www.hagerty.com/apps/valuationtools/2003-BMW-Z8 $208K for a car that sold for $140K in 2003, dropped to around $75K a few years later and now is doing fine. |
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02-01-2018, 08:23 AM | #11 |
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if they stopped making the i8 (which should be pretty soon), it should creep up in value in the near future.
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02-01-2018, 08:32 AM | #12 |
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Since they release the update this year I expect that will be sold for a couple of years, and after that perhaps they release a fully electric? I dont see them stop making i8s..
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02-01-2018, 08:43 AM | #13 | |
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02-02-2018, 10:12 AM | #14 | |
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One could argue that's still in the same magnitude. Another BMW is the 2002tii. That one sold for $5K and an excellent conditioned one is up around $50K now. Just the round tail light tii brought into the US were similar numbers to the I8. Time will tell right? |
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02-02-2018, 02:53 PM | #15 |
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Don't feel too bad. I have a client who wants to trade in his 2017 Jaguar F-Type SVR with 3,500 miles to lease my Frozen Black i8. MSRP of the Jaguar was $148,000. The most I could get somebody to buy his car for on trade was $79,000. Ouch...
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02-02-2018, 03:40 PM | #17 |
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I think the issue was your purchase price. Many of us were leasing with capitalized costs (effectively the purchase price) new in the $120's back in 2016. 4,500 miles should have taken a 20% depreciation hit into the low $100's.
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02-03-2018, 09:06 AM | #18 |
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Hoovie is a doof on that video. Hollywood? 4 cylinder? Not comfortable? Should have followed his own advice about researching on Google first. 4.5 sec 0-60? Completely fake sound? Blech.
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02-03-2018, 10:12 PM | #19 |
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I suspect in a few years BMW will stop making them. In all, there'll be no more than 15000 world wide, which is still be 50% more than I'd have liked, and in 8 years' time values may begin to creep up. Our so I hope.
At any rate, love the car for what it is... a cracking good looking GT |
08-06-2018, 09:15 PM | #20 |
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My friend wanted this car, and I'm good at finding cars.
Got him a 2016 i8, dark grey metallic, super sharp color! 2,500 miles! $92k. Good deal? I think I did pretty good. It's still under factory warranty until 2021 and it wasn't registered until 2017! |
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08-07-2018, 11:47 AM | #21 | |
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totally agree. I still love looking at my car.
I loved looking at Ferrari and Lambos I had also but damn this is one comfortable GT that's ways more comfortable and easier on my wallet! Quote:
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08-17-2018, 08:52 AM | #22 |
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Dont fret it Mason. You probably lucked out on a few things:
1: You may have bought your car a bit on the expensive side, you were stopped making a even worse decision by the value drop. 2: The 991 GT3 is wildly overpriced, and many of them sold over sticker. They're sure to drop, much more so than the i8. 3: The i8 is a much better car, its more interesting, its prettier but it IS slower round the track. |
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