Industry Standard for Used Car Prices
06-17-2003, 04:16 PM
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Industry Standard for Used Car Prices
All-
What is the industry standard for used car prices, NADA or Kelly Blue Book...or a mix of the two?
Thanks in advance
What is the industry standard for used car prices, NADA or Kelly Blue Book...or a mix of the two?
Thanks in advance
06-17-2003, 04:25 PM
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2002 C230 : 2007 C230
neither, they use Manheim Auction Reports
06-17-2003, 04:40 PM
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Kwik-
What I am trying to figure out is if I were to sell a car of mine, by myself to another consumer, what would I use. I consulted KBB and NADA and both gave me very different numbers, a difference of about $6K. Thats what Im really trying to find out here.
Thanks again.
What I am trying to figure out is if I were to sell a car of mine, by myself to another consumer, what would I use. I consulted KBB and NADA and both gave me very different numbers, a difference of about $6K. Thats what Im really trying to find out here.
Thanks again.
06-17-2003, 05:11 PM
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2002 C230 : 2007 C230
I would say the Edmunds.com "Private Party Value" is a good indicator of what you can get. It worked out well for me with the last 2 cars I sold, then I discovered Carmax
06-17-2003, 10:15 PM
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2002 CLK 55 AMG Coupe ;)
Lowell -
My auth. dealer states that "kbb trade in value" rules!
That, however is just the start of negotiation, because in order to make a deal, there are many factors and forces to consider:
LOCALITY -
going prices, per capita income - there are many distinct markets - hundreds - in the USA
APPETITE -
how hungry is buyer, seller and/or both
SUPPLY and DEMAND -
how many being sold (are available)
TYPE of Customer/Buyer -
return/established client, new local resident and/or foreign buyer
TIMING -
End of the month usually best for trade-ins; cycle of model year; and end of model style
EXPERIENCE -
There are more factors to consider, including experience in the art of negotiation.
ps:
How is the internship going?
My auth. dealer states that "kbb trade in value" rules!
That, however is just the start of negotiation, because in order to make a deal, there are many factors and forces to consider:
LOCALITY -
going prices, per capita income - there are many distinct markets - hundreds - in the USA
APPETITE -
how hungry is buyer, seller and/or both
SUPPLY and DEMAND -
how many being sold (are available)
TYPE of Customer/Buyer -
return/established client, new local resident and/or foreign buyer
TIMING -
End of the month usually best for trade-ins; cycle of model year; and end of model style
EXPERIENCE -
There are more factors to consider, including experience in the art of negotiation.
ps:
How is the internship going?
06-17-2003, 11:24 PM
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Kwik-Thanks for the advice, Ill loo at Carmax's inventory and see if I can come up with any numbers.
Karl- I have always used KBB, but then discovered www.nada.com (National Assoc. of Automobile Dealers) so I figured there #s should be pretty accurate, but they differed greatly compared to KBB. Thanks for all the ideas on the small parts of the sale (locality, time of month, etc.). I have generally just been looking in the Washington Post on the weekends to get an idea of what is a "fair market value".
Internships going well, getting more interesting by the day. Got taken to lunch today in the company car, a 2003 S600. I have never heard such an amazing sound from a car engine, or felt so much power in an amazingly luxurious car. It literally sounded as if there was a Rolls Royce airplane engine under the hood. Thanks for asking. Take care.
Karl- I have always used KBB, but then discovered www.nada.com (National Assoc. of Automobile Dealers) so I figured there #s should be pretty accurate, but they differed greatly compared to KBB. Thanks for all the ideas on the small parts of the sale (locality, time of month, etc.). I have generally just been looking in the Washington Post on the weekends to get an idea of what is a "fair market value".
Internships going well, getting more interesting by the day. Got taken to lunch today in the company car, a 2003 S600. I have never heard such an amazing sound from a car engine, or felt so much power in an amazingly luxurious car. It literally sounded as if there was a Rolls Royce airplane engine under the hood. Thanks for asking. Take care.
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06-27-2003, 02:45 AM
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Most dealers use KBB. However, realize whatever source that is used it is only a guide; the book tells you this up front. You have to take into account true market value. For example is there a glut of a particular model coming off lease, for example, Toyota Camry's, or Ford Taurus these car are readily available at auctions. If a dealer can get these models at dealer auctions below book value then don't expect to get any more than auction price or less. If the same model car has a huge rebate and 0% financing then it to will go way below book; it's hard to sell a used car when buying a new one looks much more attractive. On the other hand a CLK which has sold at sticker or over sticker and is a low production car can get much higer resale/trade-in monies.
