MME vs. Cadillac Lyriq

[mkhuffman]

Well, LYRIQ losing 30% of its value isn't as bad as my Mach-E losing 60%. But I'm sure the LYRIQ will tank too. The 23 DE was loaded and that's what people are waiting for deliveries on.

The value of your car is not what the resellers are offering. The true value of your car is what it can be sold for to a user, not a reseller. And really to do an apples to apples comparison you need to look at what resellers are selling them for. Private party resale value is greater than trade in, but less than dealer value. You paid dealer value when purchasing new.

Sponsored

 

[kennethjk]

Might be better to buy a one year old Lyric. Good discount , let someone else take the hit.

1 year old Lyriq?,that’s a unicorn. I think they only sold 19 last year!

 

[mkhuffman]

1 year old Lyriq?,that’s a unicorn. I think they only sold 19 last year!

All of them are for sale on Autotrader for $20k!


?

 

[jmatero]

Just passed on my long-awaited LYRIQ Luxury 3. The values on used EVs has tanked over the past few months and there's no way I can justify losing $21,000. Seems to be really bad here in Silicon Valley. I'd sell it privately and get more but NOBODY is interested in buying a car with a lien and having to wait weeks until they get a clean title in the mail before they're able to register the car. Oh well. ?

 

[mkhuffman]

Just passed on my long-awaited LYRIQ Luxury 3. The values on used EVs has tanked over the past few months and there's no way I can justify losing $21,000. Seems to be really bad here in Silicon Valley. I'd sell it privately and get more but NOBODY is interested in buying a car with a lien and having to wait weeks until they get a clean title in the mail before they're able to register the car. Oh well. ?

The 2023 Jeep Grand Cherokee L I just purchased used from a dealer with 7k miles was $18k less than MRSP new. Can you imagine what they got when they traded it in, when they purchased it in Feb of 2023 and traded it in October of 2023? I am sure their trade in value was significantly less than I paid for it. Cars are not an investment.

 

[voxel]

The 2023 Jeep Grand Cherokee L I just purchased used from a dealer with 7k miles was $18k less than MRSP new. Can you imagine what they got when they traded it in, when they purchased it in Feb of 2023 and traded it in October of 2023? I am sure their trade in value was significantly less than I paid for it. Cars are not an investment.

With auto brokers you could have gotten 6-8% under MSRP back in 2022/2023 on GC orders plus some discounts on top of that... but yeah the previous owner took a bath.

My friend's wife just dumped her Wagoneer for an EQS. I was afraid to ask how badly they took a bath because the Wagoneer devalued the worst of all the Jeeps - but then I remembered they have 6 cars and fancy mansion and she's a bit of a trophy wife... so it barely mattered to their pocketbooks.

Regarding the Lyriq... it lost the $7500 tax credit but rumors have been floating around that Caddy would provide a $7500 incentive out of their own pockets for a few months. I guess that rumor is true.

 

[Guss-E 2021]

Original post was May 2022! I have yet to see a Lyriq in the wild. Even on the back of a truck. Way to deliver GM.

 

[smoke20]

The 2023 Jeep Grand Cherokee L I just purchased used from a dealer with 7k miles was $18k less than MRSP new. Can you imagine what they got when they traded it in, when they purchased it in Feb of 2023 and traded it in October of 2023? I am sure their trade in value was significantly less than I paid for it. Cars are not an investment.

Nice find. It took me 30 years of driving to figure out I did not need to be the guy who peeled the plastic off the seats after a (new) car purchase. Age has taught me to enjoy the hunt of a good deal on a late model very gently used car. And I have also learned not to check the 'book value' of my EV's to see what else I might trade for....heh...

 

[mkhuffman]

Nice find. It took me 30 years of driving to figure out I did not need to be the guy who peeled the plastic off the seats after a (new) car purchase. Age has taught me to enjoy the hunt of a good deal on a late model very gently used car. And I have also learned not to check the 'book value' of my EV's to see what else I might trade for....heh...

And I never, ever paid MRSP even when buying new. Until I purchased my MME (less the Mustang club discount). Because, well, I wanted it, and I wanted it now!!!! So of course it has depreciated significantly.

Who pays MRSP and expects it to keep the value? We got spoiled - because of high demand, some of our used MMEs were worth more than MSRP after we purchased. But that is NOT normal.

If I had been patient, I could have waited a couple years and picked up a slightly used GT for thousands (maybe $18k less like the GC) than MSRP. But I don't regret it at all. I have gotten so much enjoyment out owning my car for two years, I would not change a thing.

Now it is time for another WOT!

 

[KevinS]

My 0.9% financing is the only comfort I take away from my purchase in October 2021.

I like the car but have regrets about buying when I did, but like @mkhuffman it was about being able to purchase immediately and at MSRP.

 

[mkhuffman]

My 0.9% financing is the only comfort I take away from my purchase in October 2021.

I like the car but have regrets about buying when I did, but like @mkhuffman it was about being able to purchase immediately and at MSRP.

Some people paid over MRSP in order to get a MME when the demand was high and supply was very low. Imagine how they feel now. People who paid MSRP back then felt like they got a deal! Ha!

 

[KevinS]

Some people paid over MRSP in order to get a MME when the demand was high and supply was very low. Imagine how they feel now. People who paid MSRP back then felt like they got a deal! Ha!

Yes, the markups were obscene.

There are dealers in my area that I will never buy a car from because of the markups they were openly advertising on their cars - and that's across all dealers, not just Ford ones.

And some still are! I guess they're banking on low-informed buyers that still think that's where the market still is right now.

 

[AhardFSU]

Original post was May 2022! I have yet to see a Lyriq in the wild. Even on the back of a truck. Way to deliver GM.

Hehe! I saw one for the 1st time 2 weeks in my neighborhood. I've seen more Subaru Solteras than I have Lyriqs. Things aren't going well for your manufacturing and delivery processes when one can see more Solteras. Heck, I even saw the Lexus RZ and a Toyota BZ4x before I saw the Lyriq. That's wild especially when you consider that Cadillac was manufacturing the Lyriq long before the other cars I mentioned.

 

[mkhuffman]

Yes, the markups were obscene.

There are dealers in my area that I will never buy a car from because of the markups they were openly advertising on their cars - and that's across all dealers, not just Ford ones.

And some still are! I guess they're banking on low-informed buyers that still think that's where the market still is right now.

Personally I don't have any ill will toward dealers who are adapting to the supply/demand aspects of the car market. They have a business that exists to make money, and if they can make more than MSRP, good for them. That is also why their attempts to add extra crap doesn't bother me. As long as they don't try to trick me, and are up front with charges, fees and additions, all is good in my book. I have not dealt with a dealer yet who tried to trick me.

 

[AZBill]

Original post was May 2022! I have yet to see a Lyriq in the wild. Even on the back of a truck. Way to deliver GM.

I have been seeing at least one a month for the last 6-8 months. Just passed one on the freeway over the weekend. I have not seen a Blazer or Silverado EV yet.

Sponsored