Last post on Oct 17, 2006 at 8:34 PM
You are in the Chevrolet Silverado & GMC Sierra
What is this discussion about?
Chevrolet Silverado 1500, Chevrolet Silverado 2500, Chevrolet Silverado 3500, GMC Sierra 1500, GMC Sierra 2500, GMC Sierra 3500, Truck
#2643 of 5688 GM Resale value faltering?
Dec 22, 2002 (10:47 pm)
We own a 2002 Silverado Z71 and a 2000 Toyota Tundra SR5 V8. The Silverado has 13,000 miles on it and the Tundra has 40,000. The Silverado has had one catastrophic failure (oil pump at 1200 mi) and a balky tailgate.
The Tundra has had two O2 sensors go bad, covered under warranty, and I expect the other two to fail soon too, if what I hear about them is true. But neither O2 failure has affected driveability short term. It also required a brake job at only 22,000 mi, but I use it hard towing. Other than that, pretty reliable.
My wife was driving the Z71 basically as a commuting vehicle, but, sigh, decided she wanted a car, so we put it up for sale. It was only 9 months old and perfect. A few lookers, but no takers at a price $4,000 less than we paid for it (paid $100 over invoice minus $2002 rebate), and best offer was $5,500 less than we paid for it. Kinda surprised, since here in Georgia Chevy's are quite popular and when we shopped used we couldnt' find one priced low enough to justify a used purchase.
In contrast, I drove my Tundra out for $25,000 and have lots of interest in it priced at $18,400. Even if I sold it for $17,400, that's only a $7,000 depreciation hit over 3 1/2 years. Very satisfied with that.
Since there is so little interest in the Silverado and I am NOT about to give it away, I will be driving the Silverado for the next two years and selling my Tundra.
My question is...has anyone else experienced a similar recent drop in Silverado resale values? I realize that heavy discounting and rebates hurt on such a new vehicle, but I was surprised how much. I drove a '98 F-150 reg cab 2wd flareside for 30K miles and 2 years and sold it for only $4500 less than I drove it out for to the first person who looked at it. I drove a previous Chevy C-1500 for two years and sold it for $5000 less than it drove out for.
This Silverado has apparently lost more value than that in just 9 months. Ours is black, well equipped (5.3L, Z71, sportside, etc) and looks great, so that's not the problem. I will probably try to sell it again before the warranty expires, since I don't find the risks of major repairs worth the depreciation savings and I work my vehicles hard anyway. What's with the lack of buyers? Are people becoming wary of used Chevy's?
#2644 of 5688 ? on Dexcool
Dec 23, 2002 (4:23 am)
Check the Impala board. There seems to be more info of composite intake manifold failures posted there just yesterday.
#2647 of 5688 03 Silverado
Dec 23, 2002 (6:11 am)
Traded my '00 Silverado for an '03 about a month ago.
A few comments:
Likes: Ride seems better, truck is quieter, steering wheel radio/info controls, better headlight/driving light controls.
Dislikes: GM is getting cheap on us - power seat on drivers side only, center console is larger in size but has less usable space inside and poorly designed cupholders, took away the extended overhead console, no lumber control on seats and little lower back support, and a couple of other minor items that I can't seems to recall at the moment.
Bottom line - feel better about this truck than my previous '00. I had quite a few of the usual problems with that one. Hopefully, GM is slowly correcting some of the issues with these trucks and each year they will be a little better.
Almost went with the Tundra but just didn't think I would like less interior room. Will be waiting to see when Toyota comes out with the crew cab Tundra and Chevrolet comes out with the previous mentioned crew cab with the shorter bed.
#2648 of 5688 03 brakes
Dec 23, 2002 (6:17 am)
I read that GM redesigned the brakes for a better feel.
My pedal seems "soft" - quite a bit of travel before I get to the stopping point. Definitely different that my '00 and I don't think it's a better feel.
Anyone else notice this on their '03?
Dec 23, 2002 (6:51 am)
Resale value: Could it be the economy? Right now people can buy a brand new truck for as much (sometimes lower) as a used truck so why wouldnt one go with a brand new? Lots of promotions (cash back, 0% apr). Its a bad time for used vehicles
#2650 of 5688 I wish the brake pedal
Dec 23, 2002 (6:52 am)
didn't stick out so far. I'm always banging my foot against the side of the brake pedal as I move it to apply the brakes. Some day it's going to cause me to hit something, or someone. And then you know I'll have to sue GM for a design that is such that those of with "lazy legs" just can't reach the brake pedal fast enough. After all that is the American way!
#2651 of 5688 chuckbender....
Dec 23, 2002 (7:08 am)
"Due to the larger dimensions of this vehicle,to be built alongside Silverados and Sierras, there is extensive work to be done."
I would hope the only "larger dimension" would be the cab. Keep the same WB (which is already too long), shorten the bed, and extend the cab ala S'Crew. I'd have bought a 1500HD except that it's too damned long. I would have bought a S'Crew except that it wasn't comfortable enough (compared to my GM X-cab). Am still considering an Avalanche as the GM 1/2 ton CrewCab alternative.
#2652 of 5688 MERRY CHRISTMAS GUYS!!!
Dec 23, 2002 (9:01 am)
I know this is a little early but I have to work tonight and ill be gone most of the day tomorrow so I just wanted to say Merry Christmas to all of you and your families. If anyone is traveling have a safe trip.
Only 1 more day until i get to unwrap my brand new 4 volume set of helms manuals for my truck !!!