The Washington Post's Annys Shin [via The News Tribune] wins the prize for the best parsing of the initials SUV: Simply Unwanted Vehicles. True dat. Full-sized SUV prices have dropped 24 percent since last year; used Chevy Suburbans have devalued as much as $8k in the past six months. With that in mind, SmartMoney has five ways to help panic-stricken owners unload their automotive albatross. First, "be your own salesperson." Since dealerships don't want SUVs and can't sell what they have, seems sensible enough. Next, "price it right." Just make sure you use chalk or pencil; values are still dropping like a stone thrown in a deep dark well. Then "advertise online." Don't worry about the fact that AutoTrader.com's SUV ads have jumped 18 percent. You should also "provide plenty of details." If you're selling something no one wants, drowning them in minutiae just might work. Finally, "build credibility" with prospective buyers by providing maintenance records (provided you had the foresight to keep them) and a Carfax report (provided you aren't selling a rebuilt wreck). Whatever you do, maintain a positive attitude. Make the [theoretical] buyer believe he really wants to assume your liability– in the same way a cheerleader tries to get the crowd on their feet when their team is down by 45 points in the fourth quarter. Hence the picture.
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did you use the redskins on purpose?
Is there any truth to the adage “the best car salesmen are women”? Perhaps we can higher the one in the picture. That way, even if the vehicle still doesn’t sell the adventure won’t be a total loss after all.
I thnk they just used ‘skin’ on purpose ;)
I gave mine away.
Frank Williams: First, “be your own salesperson.” Since dealerships don’t want SUVs and can’t sell what they have, seems sensible enough. Next, “price it right.” Just make sure you use chalk or pencil; values are still dropping like a stone thrown in a deep dark well.
I sure hope that these SUV owners are smarter than many homeowners have been…they are pricing their homes at “what they need to cover the mortgage” or “what it’s really worth” (which is usually based on prices valid in 2006).
Newsflash – potential buyers are under no obligation to help owners recover from bad financial decisions. If “what it’s worth” is less than “what you owe,” that is not their problem…
Or, you can be sensible. Taking an enormous loss on an SUV so you can afford that cutie-wootie new Corolla is just a knee-jerk reaction to high gas prices.
A better solution would be to keep your SUV as a back-up vehicle and buy a cheap, used, fuel efficient car. 15 year old Hondas are still dead-nuts reliable, get mid to upper 30MPGs, and will barely cost you $1000. As a matter of fact (as it has been stated on here) it is a prime time to buy that SUV that you have always wanted, just so long as you don’t plan to commute with it every day.
Did TTAC get a package deal at Cheerleader Stock Photos .com?
@factotum
I was about to ask something similar.
Too many hot babes in all today’s posts.
Marketing strategy to attract readers? LOL, J/K
I can understand homeowners doing that; they are also under no obligation to sell it for a loss.
But people around here are claiming to be spending 600 a month in gas just to keep one of these beasts running to work and back (long commute). At that point it starts being a tossup. So its not necessarily stupid to switch out, though I grant you it was stupid to buy a daily driver suv when you commute 100 miles a day.
And talking them down to a 95 Civic is pretty hard; people tend to dig in when you suggest that they are really 3 or 4 steps down the economic ladder than they think they are. There have been some studies that came out recently that show that poorer people spend more of their income on flashy things than wealthier people so they won’t look poor. And so they sign up for 20000 loans @ 20% interest…
Anyway, people are especially stupid when it comes to cars. I am a bankruptcy lawyer, and I swear if you were to judge the market share by my clients vehicles, you’d think the domestics ruled the market and foreign cars were novelty items.
toxicroach: I am a bankruptcy lawyer, and I swear if you were to judge the market share by my clients vehicles, you’d think the domestics ruled the market and foreign cars were novelty items. That reflects the "anyone with a pulse" financing deals the domestics tend to run more than the imported nameplates. The lower you drop your credit requirements, the deeper you get into the demographic that's likely to go the bankruptcy route.
toxicroach: I can understand homeowners doing that; they are also under no obligation to sell it for a loss.
Well, that depends if they really want to sell the house. Buyers are under no obligation to bail someone out of a bad deal (or too many HELOCs).
I guess the key question is – do they really want to sell it?
K. This one is my favorite.
I feel kinda naughty.
I guess the key question is – do they really want to sell it?
They probably aren’t willing/able to take the loss to do so, but at the same time it doesn’t cost the seller money to have a listing – just the PITA of keeping it show-ready.
A lot of sellers are in denial and/or desperate; doesn’t matter though – even if they found a sucker the bank wouldn’t write the loan anyway. It’s a waste of everyone’s time.
I’m just paying mine down as fast as I can which hurts, but it means when I upgrade to a better house it wont cost $500k either :)
So its not necessarily stupid to switch out, though I grant you it was stupid to buy a daily driver suv when you commute 100 miles a day.
Back when I was commuting 60 miles a day, I had a Civic. Gas was around $1.75/gallon and I still thought the Yukon Denali owners I worked with were nuts.
My advice, don’t sell your SUV.
Eventually, the depreciation will stop. Keep the truck until it starts to depreciate again.
Gas almost ALWAYS costs more than depreciation. If you actually drive so much that the math works the other way, then even consider buying an older economy car as a second vehicle. Or, be a conservationist rather than a green and actually do something good for pollution – move closer to work.
What’s this article about again? Man, I’m craving watermelons.
I’ll have to learn to like football.
There’s been a lot of sex around on this site lately. Nothing sells like sex they say. That parsing is SO not so. The brits coined the phrase Simply Unnecessary Vehicles years and years ago.
Go skin! I mean ‘skins!
Hey toxicroach, I want to be a bankruptcy lawyer. Last summer I worked for a lawyer filling out the petitions and most folk had pretty old high milage cars. One dude had a 2004 330i, and several folks had 2006 or so GM SUVs which last summer were bluebooking at about $26k and these broke folks owed over $40k on them. Too bad.
Just a suggestion but bring em to Canada and sell em here. Our gas is still 20% higher then your gas and there is no shortage of SUVs here on the road. Get out of the city and there seems to be nothing but SUVs and trucks on the road. Check autotrader.ca to see what your ASS-U-V is worth here in Canada it might be worth the while.
Last winter I drove a 4×4 Jeep 2,500 miles over snow and ice covered roads, something I’d never do with a small or midsize car. SUV’s still have their purpose and are fun to drive. I can see buying another one someday. In fact I need to buy a tow vehicle within the next year, so I’m looking forward to getting a deal as people or dealers panic. ;)