Fair price for a 2003 E 500
Thread Starter
Almost a Member!
Joined: Feb 2006
Posts: 29
Likes: 0
2003 E-500, 2005 Mini Cooper S
Fair price for a 2003 E 500
I am buying a new car (BMW 335i coupe). I don't want to trade in my 2003 E 500 for the dealer price of $28,000 but I don't want to hold out for the last dollar in a private sell. What is a fair price that should result in a quick private sale? The E 500 is silver with black leather, premium package, and new Michelin PS2 tires. It only has 32,000 miles, is a California car, always garaged, hand washed and does not even have one dent or ding. I would be happy with 30-33K.
Super Member
Joined: Mar 2005
Posts: 560
Likes: 0
"but I don't want to hold out for the last dollar in a private sell. What is a fair price that should result in a quick private sale?"
It's likely that the best you'll see in a private sale right now is something less than 30 grand. For the tax benefits the 28k may be your best choice, 2003 E500's aren't exactly flying off the lot.
It's likely that the best you'll see in a private sale right now is something less than 30 grand. For the tax benefits the 28k may be your best choice, 2003 E500's aren't exactly flying off the lot.
Super Member
Joined: Sep 2004
Posts: 512
Likes: 0
I hope you Prove me wrong , 03's has reliability issues, plus theres a redesigned one out. Options doesn't affect resale value. your good points mileage and color . the new 07 ones come with better steering, front facsio, and new electronics setup for about 10-15K more. Whats 10K if your going to keep it for ever. Go and look at cars.com or edmunds.com ...
Last edited by sklasse; Nov 30, 2006 at 09:38 PM.
Senior Member
Joined: Oct 2002
Posts: 296
Likes: 0
From: New York
2003 E500
I am buying a new car (BMW 335i coupe). I don't want to trade in my 2003 E 500 for the dealer price of $28,000 but I don't want to hold out for the last dollar in a private sell. What is a fair price that should result in a quick private sale? The E 500 is silver with black leather, premium package, and new Michelin PS2 tires. It only has 32,000 miles, is a California car, always garaged, hand washed and does not even have one dent or ding. I would be happy with 30-33K.
I think the group has an interesting observation about the worthiness of 28, especially from a dealer, who in all likelihood would normally have quoted you 22 or 23k.
Trending Topics
MB World Stories
The Best of Mercedes & AMG
6 Mercedes Models That Did NOT Age Well (But Are Somehow Still Cool)
Verdad Gallardo
Manual Mercedes? 6 Times Sindelfingen Let Drivers Have All The Fun
Verdad Gallardo
Mercedes SLR McLaren 722 S Is Extremely Rare Example Modified by McLaren
Verdad Gallardo
8 Classic Boxy Mercedes Designs That Have Aged Like Fine Wine
Verdad Gallardo
Flawlessly Restored Mercedes 190E Evo II Heads to Auction
Verdad Gallardo
Electric Mercedes C-Class Unveiled: 11 Things You Need to Know
Verdad Gallardo
Mercedes EQS Gets A Major Update: Everything You Need to Know
Verdad Gallardo
5 Underrated Mercedes-Benz Models That Don't Get the Love They Deserve
Verdad Gallardo
Mercedes 300D Has Pushed Well Past 1 Million Miles and It Ain't Stopping
Verdad Gallardo
Member
Joined: Mar 2005
Posts: 108
Likes: 1
But the thing about private party, you need to be able to facilitate the sale to your prospective buyers. Find how you can offer them financing. Capital One has a blank check for example. I would of bought your car for those 29k Quick, Especially with the mileage it has.
Senior Member
Joined: Jan 2004
Posts: 311
Likes: 0
From: Atlanta suburbs
2008 Aspen, 1970 Corvette, 2000 Corvette and 2009 Legacy Limited
28K? I don't this is too low for a trade in. 9 months ago I trade a 2002 E320 SE with 28K miles loaded for $21. I know my body style is older but the new 2007 are driving down the 03-06 models.
Numbers from KBB.. and you know the dealership does not offer trade in... more like wholesale/trade in...
Trade In
Condition Value
Excellent
$27,500
Good
$26,090
Fair
$23,670
RETAIL IS LISTED
Condition Value
Excellent
$36,465
Of course, sell it for the most amount you can get. I have also found it is just easier to trade it. If you have the time and can wait... try private sale.
This time I went with a lease... NO TRADES... hahaah
Numbers from KBB.. and you know the dealership does not offer trade in... more like wholesale/trade in...
Trade In
Condition Value
Excellent
$27,500
Good
$26,090
Fair
$23,670
RETAIL IS LISTED
Condition Value
Excellent
$36,465
Of course, sell it for the most amount you can get. I have also found it is just easier to trade it. If you have the time and can wait... try private sale.
This time I went with a lease... NO TRADES... hahaah
Senior Member
Joined: Oct 2005
Posts: 352
Likes: 1
From: fl
1992 500E, 2006 E500, 2007 GL 450
Take it and run. With $10k in trunk you could buy a new loaded 2006 E500 for $50k in the Fl. market. E500 resale prices have plummeted. Edmunds and KBB way behind real market.
Last edited by nantucketsleigh; Dec 1, 2006 at 11:53 AM.
MBWorld Fanatic!
Joined: Mar 2004
Posts: 5,017
Likes: 16
From: Ft. Lauderdale Area, USA
2015 ML 350
Check www.Galves.com for the market value. Around here, that's the "book" the dealers really use. You'll have to pay for a 1 day subscription, but thats all you'll need.
Options really don't get you any money at trade in time except for Comand w/Nav.
Usually, your 1st offer is your best offer... & remember when you trade your car in, you pay less sales tax on the new one because the Sales Price is less. (NYState), so figure in the additional sales tax if you sell privately. Also when you trade, there is no chance of you being defrauded out of your car, money or both.
I'm afraid its finally getting to the point where leasing will make sense for everyone.
Options really don't get you any money at trade in time except for Comand w/Nav.
Usually, your 1st offer is your best offer... & remember when you trade your car in, you pay less sales tax on the new one because the Sales Price is less. (NYState), so figure in the additional sales tax if you sell privately. Also when you trade, there is no chance of you being defrauded out of your car, money or both.
I'm afraid its finally getting to the point where leasing will make sense for everyone.
Super Member
Joined: Sep 2004
Posts: 512
Likes: 0
just a rough estimation I am not trying to be exactly
MBWorld Fanatic!
Joined: Jan 2004
Posts: 1,461
Likes: 1
From: Baltimore MD
MB, BMW
i read on bmwusa.com 4 years ago that more than 60% of their new cars are leased, not financed. i bet that number is higher now among all luxury cars.
problem is that when these low mileage, 3-4 year old used cars come off the lease and flood the used car market, that'll drive down the already pitiful used car values on MBs and BMWs even lower.
MBWorld Fanatic!
Joined: Mar 2004
Posts: 5,017
Likes: 16
From: Ft. Lauderdale Area, USA
2015 ML 350
Things are different when you buy a car & keep it for 6-8 years... but I know I wouldnt keep any car that long. An old Luxury car is still an old car. Period. I don't want an old car. Not if new ones are so cheap monthly.
But tell me... where are these 3-4 year old off lease cars going? By the time the dealer preps them & CPOs them, they are not cheap anymore. New lease deals make buying them a questionable decision. So where do these cars go?
Last edited by Barry45RPM; Dec 1, 2006 at 02:19 PM.
Super Member
Joined: Sep 2004
Posts: 512
Likes: 0
seems to me, though after that aren't going any where or at least not flying off the shelfs if you know what i mean.
Last edited by sklasse; Dec 1, 2006 at 04:08 PM.
Senior Member
Joined: Sep 2005
Posts: 489
Likes: 1
From: 626/714
Gone but not forgotten C36
Off topic for a sec....didn't the 03's have the free scheduled maintenance for up to 5 years or something? sorry if I'm mistaken but what were the specifics on this warranty? thanks!
Senior Member
Joined: May 2006
Posts: 424
Likes: 0
From: So. Cal
1985 380 SL 2001 SL 500 2007 E350 Sport 2008 T & C Ltd.
"But tell me... where are these 3-4 year old off lease cars going? By the time the dealer preps them & CPOs them, they are not cheap anymore. New lease deals make buying them a questionable decision. So where do these cars go?"
I just rolled over my '04 for an '07 and asked my guy the same thing. The '04 was off a 39 mo. lease with only 22K miles and I would have been happy to buy it but $38K buyout wasn't enticing. He said they (the dealer) would have to pay corporate the $38K buyout so there was nothing in it for them. They just put in on a transport and ship it back to MB. Corporate goes through it and send it back out to auction (some kind of preferred network I presume).
It's the only way that makes sense. Corporate is the only one who has any $'s to play with because of their net cost factor. Tag on a couple of points going back out the door and still give the used car dealer a little wiggle room on the retail side.
When you think about it, it's a perfect way to keep new cars streaming out of the showroom:
(1) As mentioned earlier, takes us out of the used car market and keeps a preferred reseller/buyer market happy.
(2) MB makes the lease payments very enticing as compared to buying, and they rollover a customer into another lease cycle who may very well have kept his original car.
Makes perfect sense from a marketing standpoint. I'm not so sure I will want to buy again, even though I'm perfectly happy with the car I'm turning in.
I just rolled over my '04 for an '07 and asked my guy the same thing. The '04 was off a 39 mo. lease with only 22K miles and I would have been happy to buy it but $38K buyout wasn't enticing. He said they (the dealer) would have to pay corporate the $38K buyout so there was nothing in it for them. They just put in on a transport and ship it back to MB. Corporate goes through it and send it back out to auction (some kind of preferred network I presume).
It's the only way that makes sense. Corporate is the only one who has any $'s to play with because of their net cost factor. Tag on a couple of points going back out the door and still give the used car dealer a little wiggle room on the retail side.
When you think about it, it's a perfect way to keep new cars streaming out of the showroom:
(1) As mentioned earlier, takes us out of the used car market and keeps a preferred reseller/buyer market happy.
(2) MB makes the lease payments very enticing as compared to buying, and they rollover a customer into another lease cycle who may very well have kept his original car.
Makes perfect sense from a marketing standpoint. I'm not so sure I will want to buy again, even though I'm perfectly happy with the car I'm turning in.
Last edited by crb49; Dec 3, 2006 at 04:47 PM.
Member
Joined: Nov 2005
Posts: 194
Likes: 0
From: Wisconsin
C240
$28k...like somebody else said it here...take it and run madly. I had been offered anywhere from 20k-22k mostly from chicagoland dealers for my 03' E500. Given it had 56k not 32k. But as soon as i got 25k offered by the local MB dealer in wisconsin, i gave in without thinking twice. Regardless of the reason of plummiting resale values of luxury cars, ppl like myself who paid up cash for it are the biggest losers. These vehicles are only meant to be leased and only leased, for 2 great reasons
1- getting driven under warranty
2- Resale values (regardless of the residual value they show u on contract, my a$$)
1- getting driven under warranty
2- Resale values (regardless of the residual value they show u on contract, my a$$)
Super Member
Joined: Mar 2003
Posts: 957
Likes: 1
was '03 E320 - now - '04 S4
Kind of hate to say it - but I'm with the group here. If you have a dealer offering you 28K you shouldn't think twice about it.
My '03 was the kind of car that would drive the value of a car way down. Looking at a printout of the problems my car had... if you ran the VIN and printed it out at the dealer it would kill a tree it was so long.
Take the deal.
My '03 was the kind of car that would drive the value of a car way down. Looking at a printout of the problems my car had... if you ran the VIN and printed it out at the dealer it would kill a tree it was so long.
Take the deal.
Last edited by lig; Dec 5, 2006 at 01:36 AM.
