Upside down on a 2005 Grand Prix?

I've got a little bit of good news, the car's worth a little more than you thought it was. I'm getting $6,500 assuming base model with base options in good condition. Even in fair condition it's worth $5,800. (unless you're trading it in, then of course you're getting a terrible value--no need to ask questions about why you're getting the short end of the stick here, right?)

That being said, it'll still leave you with about two grand that you'd have to come up with out of your own pocket to sell it. In other words, it'd be a bad idea to sell it right now.

The loss in value is unfortunately not a huge surprise. The first issue is that Pontiac won't be a brand anymore by the end of the year. That, as you've noticed, really hurts resale value. The good news is that GM's not going anywhere so you'll still have parts for the next ten years.

The other aspect is that you put 26,000 miles on it in a year. That's more than double the average 12,000. A 46,000 mile car still feels pretty new to most buyers. But 70,000 just feels closer to that magic 75,000 mile where manufacturers suggest "high mileage" oil and the car just feels old.

The final issue that I've got an, umm, issue with is the $13,000 "value" that someone showed you last year. The car was only $18,000 brand new (see "market price" http://autos.aol.com/cars-Pontiac-Grand+Prix-2008/... and the car surely lost more than $5,000 over the first three years and that 46,000 well above average mileage couldn't have helped.

Don't feel too bad, at $10,000 it sounds like a fine deal and the biggest issue affecting you, Pontiac going out of business, is out of your hands. Sorry for the bad news, keep paying on that car until you've got some equity again and then you can think about selling it.

If you want to get the most money out of it, then you need to sell it yourself. I used www.autotrader.com to sell my car few years ago.

When you say it is worth $4-6K it is most likely a trade in value, something you would expect the dealer to pay you for it. If you sell it yourself, then you could get more for it:

For private party:

According to Edmunds.com, the car is worth between $7 and $9K;

According to kbb.com for private party, the car is between $6 and $8K.

You can also check autotrader.com to see how much similar cars are listed for in your local area. Good luck

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