My Son-in-law manages a GM dealership. Recent trade ins included a Tesla and a McLaren. They will begin selling electric Cadillacs next year.

[Restorer32]

My Son-in-law manages a GM dealership.  Recent trade ins included a Tesla and a McLaren. They will begin selling electric Cadillacs next year.

[TerryB]

Yes people trade in cars for thousands of reasons. Was the Tesla traded in for a Chevy Bolt or a Silverado pickup?  Your point is way to open to have any logical conclusion drawn from it.  Maybe the McLaren was traded for a Corvette or two.

[padgett]

Last time I looked there were over 30 listings for Teslas on CraigsList.

[8E45E]

Were they actually a trade in by a customer for a brand new GM product?

 

I bet it was a wholesale (NADA Blue Book) buy from other car dealers to have something flashy on the lot.

 

Craig

[Restorer32]

No, were trade ins on new GMs.

[Steve_Mack_CT]

Well, why not root for GM to succeed, I for one, sure hope they do! 

[Matt Harwood]

I think an idiot trading in a McLaren says more about the idiot than what the dealership is selling. And why was your son-in-law foolish enough to take it? Selling exotics is incredibly problematic for a variety of reasons. I hope it wasn't his money that was being burned in the transaction.

[Restorer32]

He was not responsible for the trades. He did grab the Tesla as his personal (and free) ride for a week or 2.  He says he was very impressed with the electronics but not so impressed that it takes 24 hrs to recharge on his home 220.

[bryankazmer]

What Tesla - big differences among models.  There is no GM product that is comparable to a McLaren - sounds like more money than brains involved

[Matt Harwood]

1 minute ago, Restorer32 said:

not so impressed that it takes 24 hrs to recharge on his home 220.

 

That's likely because he doesn't have an appropriate NEMA 14-50R outlet or dedicated 50-amp circuit for charging (no house is equipped this way unless they've had an outlet for an electric car specifically installed). He most likely plugged it into a standard 120 outlet, which will indeed take a very long time to recharge (like 24 hours). It's possible he could have used a dryer or electric stove outlet (NEMA 10-30R), but no current electric car charger uses a 10-30R outlet so unless he used some kind of adapter box, he probably wasn't using 220V to recharge the car. And even if he did buy an adapter box for $800-1000, most household dryers are on 30-amp circuits so he was using only a fraction of the amperage he could have and it was only charging at 50% of its standard rate.

 

It's like he was using a soda straw to fill up his gas tank and then complained that the car didn't have enough fuel to get him to work.

 

 

[Restorer32]

That's the point. Buying an electric is just part of the deal. 

[alsancle]

Matt is correct.   If you are charging from a 10/20 amp wall outlet.   You better have a lot of time on your hands.

[ojh]

A McLaren?  Who trades in one of them?  I crewed an M-8C back in the day.

[TerryB]

55 minutes ago, ojh said:

A McLaren?  Who trades in one of them?  I crewed an M-8C back in the day.

They traded for a Chevy Bolt EV so they could enjoy the rapid acceleration of a an EV vehicle would be my guess🤷‍♂️.

[1912Staver]

Probably the payments on the McLaren were getting to be too hard to handle. Trade down on something more affordable. The guy probably didn't own much of the McLaren , junior partner with the Finance Co being the majority share holder.

Edited May 10, 2021 by 1912Staver (see edit history)

[1912Staver]

3 hours ago, ojh said:

A McLaren?  Who trades in one of them?  I crewed an M-8C back in the day.

 

 

M-8 C , the stuff of dreams ! The modern road cars really have no connection with the cars Bruce designed and built. Nice enough if you go in for that sort of things but really just a legendary name on a almost completely unrelated car . Bugatti, Maybach , Spyker etc.

Edited May 10, 2021 by 1912Staver (see edit history)

[Peter Gariepy]

Tesla is #1 in loyalty:

https://www.forbes.com/sites/jimhenry/2021/12/31/tesla-no-1-in-brand-loyalty-then-subaru-gm-also-scores-well-experian-says/?sh=46ab3c069ee4

 

Tesla Loyalty:  74.7%

Subaru Loyalty: 72.2%

GM (across all brands) Loyalty: 68.4%

Toyota/Lexus Loyalty: 65.8%

 

Mclaren is an oddity.

 

[mike6024]

This thread has got quite a title, makes your head spin, where is it going, what's it really about?

[8E45E]

2 minutes ago, mike6024 said:

This thread has got quite a title, makes your head spin, where is it going, what's it really about?

So does the electric meter on the side of your house when you recharge your Tesla!

 

Craig

[plymouthcranbrook]

10 hours ago, 1912Staver said:

Probably the payments on the McLaren were getting to be too hard to handle. Trade down on something more affordable. The guy probably didn't own much of the McLaren , junior partner with the Finance Co being the majority share holder.

Who would buy a McLaren on time payments?  

[1935Packard]

The Tesla Model 3 has had a remarkably high trade-in value so far: 3-year old models of the car are selling on the used market for about 90% of their initial purchase price, as compared to about 50% average. https://www.forbes.com/sites/brookecrothers/2021/01/24/first-electric-car-consider-these-four-big-upsides-for-a-tesla-in-2021-not-price/?sh=664b50993d7d

[Peter Gariepy]

4 hours ago, 8E45E said:

So does the electric meter on the side of your house when you recharge your Tesla!

 

Craig

The original topic title was click bait so as admin I replaced it with the first sentence.  

[Restorer32]

What do you mean it was "click bait" ? I posted because I thought there would be interest, not to accumulate clicks.

[ojh]

19 hours ago, 1912Staver said:

 

 

M-8 C , the stuff of dreams ! The modern road cars really have no connection with the cars Bruce designed and built. Nice enough if you go in for that sort of things but really just a legendary name on a almost completely unrelated car . Bugatti, Maybach , Spyker etc.

 

[1912Staver]

10 hours ago, plymouthcranbrook said:

Who would buy a McLaren on time payments?  

 

Probably more people than you think.

[prewar]

11 hours ago, plymouthcranbrook said:

Who would buy a McLaren on time payments?  

You're kidding right? 99% of the cars on the road (especially the high end stuff) are being "rented to own" from the bank, mainly because of peoples "want it now" mentality and their desire to impress others with shiny things that they can't really afford. I know a person that just leased a brand new Corvette. He tells everyone it's his and when the lease is up he'll trade it in on a new one and tell everyone he bought the new model. Fact is, he barely even owns the gas in the tank.

[alsancle]

Most high end new cars are:

 

1. Leased.

2. Owned by a business of some sort

3.  Both of the above.

 

No data other than empirical.

[Steve_Mack_CT]

2 hours ago, alsancle said:

Most high end new cars are:

 

1. Leased.

2. Owned by a business of some sort

3.  Both of the above.

 

No data other than empirical.

Love it when folks lease a nice car, especially the lower monthly payment options w mileage limits.  God bless them!! 

New is nice but off lease cars with under 10,000 miles and 2 years old for around 30% off has been working great! 👍😁😁

[plymouthcranbrook]

2 hours ago, prewar said:

You're kidding right? 99% of the cars on the road (especially the high end stuff) are being "rented to own" from the bank, mainly because of peoples "want it now" mentality and their desire to impress others with shiny things that they can't really afford. I know a person that just leased a brand new Corvette. He tells everyone it's his and when the lease is up he'll trade it in on a new one and tell everyone he bought the new model. Fact is, he barely even owns the gas in the tank.

I meant actually make payments to own it. To me leases are just long term rentals.

[prewar]

18 minutes ago, plymouthcranbrook said:

I meant actually make payments to own it. To me leases are just long term rentals.

Leases are even dumber, you're basically making payments anyway, yet you have zero equity when you have to get rid of it.

[alsancle]

24 minutes ago, Steve_Mack_CT said:

Love it when folks lease a nice car, especially the lower monthly payment options w mileage limits.  God bless them!! 

New is nice but off lease cars with under 10,000 miles and 2 years old for around 30% off has been working great! 👍😁😁

 

Have you looked at used car prices lately?   That 2018 Laramie 2500 Diesel I should have bought is now the same price but with 35k miles on it.

 

 

[alsancle]

1 minute ago, prewar said:

Leases are even dumber, you're basically making payments anyway, yet you have zero equity when you have to get rid of it.

 

Yes and no.  People often HAVE to buy a house even though renting one for 2 or 3 years sometimes makes more financial sense unless you are staying for the long haul.    If you are going to only keep the car for 2 or 3 years and then get a new one then it doesn't really make any difference.

 

Buying or leasing the costs are measured in time & miles.   When you are leasing,  you are paying for the most expensive time & miles - the first couple of years.

[8E45E]

1 hour ago, prewar said:

Leases are even dumber, you're basically making payments anyway, yet you have zero equity when you have to get rid of it.

If one is using to run a business, leasing could be more advantageous for tax and licensing purposes.  Of course, it depends on the line of work, and the business and tax laws in each jurisdiction.  That is what one pays their accountant the big bucks for to inform one which way to go.

 

Craig

[TTR]

What does this topic has to do with antique/classic/old cars ?

[8E45E]

Ask Matt. 

 

He's in the business and earns his living dealing in antique/classic/old cars.   

 

Craig

[md murray]

1 hour ago, alsancle said:

 

Have you looked at used car prices lately?   That 2018 Laramie 2500 Diesel I should have bought is now the same price but with 35k miles on it.

 

 

I have friend who is a wholesaler. He pulled in my driveway just last week with a yr old GMC diesel w 11,000 miles that had an original window sticker MSRP of 76K. He paid 78K! Where does the dealer he sells it to end up? Asking $84k at least? He also offered me about the same money for my F-350 than I paid when I bought it used 3 yrs ago. The market is absolute insanity right now.

[md murray]

7 minutes ago, TTR said:

What does this topic has to do with antique/classic/old cars ?

Well truth be told I'm actually surprised something along these lines hasn't been posted already. I for one was hoping to update my tow rig before Hershey this yr but with supply being what it is I can promise you that just won't be happening! Maybe this would be better posted in the towing section of the forum but it's certainly a relevant issue that many of us will be dealing with for the next yr or two here. 

[Steve_Mack_CT]

1 hour ago, alsancle said:

 

Have you looked at used car prices lately?   That 2018 Laramie 2500 Diesel I should have bought is now the same price but with 35k miles on it.

 

 

Yeah no new used cars for a while.  Bought caddy as a throwaway about the same time as I was driving a hard 100 miles a day commuting to the worst job I was ever dumb enough to sign up for, then found something closer, and now am permanently WFH.  So my miles are just 30,000, cannot justify a change just now.  

Another thing with trucks though, trying to talk dad into replacing his 97 F-150.  Bought new, looks like a 5 year old truck, but it's time.  Very hard to find a basic, standard cab pick up these days.  Most are so loaded up and expensive one wouldn't want to dirty the bed with some topsoil..

[padgett]

Remember last year when the lots were full and plants shut down. Prices tanked. This year most everything is back including pent-up demand. It can't last but for now...

 

Classic case for demand prediction - one of my classes at GMI.

[Frank DuVal]

8 hours ago, Steve_Mack_CT said:

Bought new, looks like a 5 year old truck, but it's time. 

If it does not have salt issues, then why is it time? Has the need for a truck changed? Need more carrying capacity or lots less?

 

To get an 8 foot bed two door pick up you need to order new, or buy a commercial vehicle trade in. May as well keep what he is driving.  I bought a 2011 Sierra 1/2 ton "work truck" that means no power windows, locks, etc with almost 200K on it! Anything with less miles and more doors/4 wheel drive, etc, was three times the money (5K to 15K difference), up to the 70K mentioned for diesels.