I bought a 2024 CR-V Hybrid (Sport L, AWD) brand new back in December 2023, and now I’m in a tough spot financially after losing my job. I’m also planning to move somewhere where I won’t need a car for commuting, so I’m trying to sell it.
Problem is, I’m getting super low offers from every dealer I’ve gone to (Honda and non-Honda). It’s practically a brand-new car, but none of them are offering more than $34,500. They’re all telling me there aren’t many 2024 CR-Vs out there, yet they still won’t give me a better offer. The car’s mileage is at 8,890 right now.
CarMax and Carvana aren’t any better, with offers around $32,000 – which feels like a slap in the face considering I just got the car a few months ago.
I’m based in Northern Kentucky/Cincinnati, where there aren’t a ton of Honda dealerships, and I feel like I’ve hit all of them. Does this sound like the normal depreciation for less than a year? What’s the best price I should realistically expect? Any advice or thoughts on this would be appreciated!
Yeah, unfortunately, you’re gonna lose a chunk of value just driving it off the lot. The first year can see depreciation of around 10-20%, so offers around $34.5K sound like they’re in that range. CarMax and Carvana are notorious for lowballing, so I wouldn’t be surprised about those offers. Maybe try selling privately?
Man, that sucks. You might be better off waiting if you can. CR-Vs are usually in demand, but with the market right now, even hybrids aren’t getting the offers they should. $34.5K isn’t awful considering you’ve already put some miles on it, but yeah, it still stings. If you can hold out for a bit, you might get better deals, especially from a private buyer.
Sorry to hear about your situation, man. Dealerships are always going to give you less than private buyers since they want to flip it for a profit. If you can, try listing it on sites like Autotrader or Craigslist, or even Facebook Marketplace. You could definitely get more than $34.5K there.
That’s rough, but sadly, depreciation hits fast with new cars. In your case, about 10% depreciation on a $40K car would bring it down to the mid-$30K range, which is where your offers are sitting. It’s not a great situation, but it sounds about right. You could maybe push for an extra grand or two, but you’re not far off from what’s expected.
I think part of your issue might be the location. With fewer Honda dealerships around, they know they’ve got the leverage. You might have better luck trying to sell in a bigger market, even if that means a little travel. Have you tried looking at offers from neighboring cities or states?