U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Automotive
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-18-2016, 10:31 AM
 
217 posts, read 167,557 times
Reputation: 100

Advertisements

Craigslist is full of BS. I was looking around just the other day and saw this 2008 BMW 535, 6 speed manual, 85k miles. Looked pretty good in the pictures. Asking price was $14500, KBB valued at around $10500-11000. Checked eBay motors, cars.com and something with the same/less miles, same options went for around $13900.

So pretty much you're paying fair DEALER market value for a car that DOES NOT come with lemon law buy back, warranty, vehicle recondition, or someone to handle the paper work for it. Fair market value for private party would be closer to the KBB value if anything. I figure $2000 is enough to cover dealer mark-up and handling fees etc., so a "fair" price on the upper end would be $12k.

I understand the idea of over pricing so there's wiggle room for negotiation, but $3-4k is too much. We're talking about a 8 year old car here. I also saw a 2008 Mercedes C-Class with 60k miles going for $16k...and fair market value would have been 12-13k.
Reply With Quote Quick reply to this message

 
Old 02-18-2016, 11:30 AM
 
Location: Pikesville, MD
2,983 posts, read 1,346,890 times
Reputation: 4552
Quote:
Originally Posted by Range View Post
Craigslist is full of BS. I was looking around just the other day and saw this 2008 BMW 535, 6 speed manual, 85k miles. Looked pretty good in the pictures. Asking price was $14500, KBB valued at around $10500-11000. Checked eBay motors, cars.com and something with the same/less miles, same options went for around $13900.

So pretty much you're paying fair DEALER market value for a car that DOES NOT come with lemon law buy back, warranty, vehicle recondition, or someone to handle the paper work for it. Fair market value for private party would be closer to the KBB value if anything. I figure $2000 is enough to cover dealer mark-up and handling fees etc., so a "fair" price on the upper end would be $12k.

I understand the idea of over pricing so there's wiggle room for negotiation, but $3-4k is too much. We're talking about a 8 year old car here.

You do know how supply and demand work, right? Look at my previous BMW examples to see how that works. KBB does NOT work well for specialty cars that are in low supply but higher demand. My examples were 14-16 year old BMWs that command prices in excess of double KBB and they GET those prices for Sport models due to the low supply and high demand for that desirable version. Same with your 535i/manual trans example. Dealers HAVE to stay a few dollars closer to KBB, but often don't. Private parties will often command much higher prices due to being able to get the car straight from an enthusiast with full records, instead of dealing with an auction car that has no warranty either.
Reply With Quote Quick reply to this message
 
Old 02-18-2016, 02:18 PM
 
1,235 posts, read 1,316,371 times
Reputation: 2273
Sometimes is not always correct and sellers are justified is asking a higher price. Whether the KBB is accurate or not really depends on the car make/model and local conditions. For some cars KBB will be dead on or close. For others, it will be way off.

Case in point is the car I just sold. It was a 1998 Toyota Corolla. Based on the condition, mileage and zip KBB stated that it should sell for $1650. Luckily I knew the market well enough to ignore that "accurate" price. I put it up for $3300 and had the car sold for $2700 on the first day.
Reply With Quote Quick reply to this message
 
Old 02-18-2016, 07:44 PM
 
2,615 posts, read 2,036,708 times
Reputation: 4781
You think buying a used car is bad with respect to pricing, try buying a Rv. You can get 25-30% off msrp when buying a new Rv. Imagine all those people who overpay and then try to sell.

Lots of times they want more money than you can buy new.
Reply With Quote Quick reply to this message
 
Old 02-18-2016, 07:55 PM
 
4,230 posts, read 5,752,855 times
Reputation: 10032
Quote:
Originally Posted by High Altitude View Post
You think buying a used car is bad with respect to pricing, try buying a Rv. You can get 25-30% off msrp when buying a new Rv. Imagine all those people who overpay and then try to sell.

Lots of times they want more money than you can buy new.

I have always found that RV's are the kings of depreciation. I had a salesman tell me that a lot of them are not designed to last more than 6-8 years before they start falling apart.

Short of the occasional vintage trailer or diesel pusher, there's a reason why you don't see many 15 plus year old RV's traveling the country. Most of them are ready for Road Kill or Dirt Every Day shows
Reply With Quote Quick reply to this message
 
Old 02-18-2016, 11:41 PM
 
2,615 posts, read 2,036,708 times
Reputation: 4781
Quote:
Originally Posted by Fargobound View Post
I have always found that RV's are the kings of depreciation. I had a salesman tell me that a lot of them are not designed to last more than 6-8 years before they start falling apart.

Short of the occasional vintage trailer or diesel pusher, there's a reason why you don't see many 15 plus year old RV's traveling the country. Most of them are ready for Road Kill or Dirt Every Day shows
They are a luxury item where you are just throwing your money away for whatever enjoyment you can get out of them.

Quality/reliability is terrible, they don't last, you have no lemon law, service from dealers is horrid and depreciation is like you say.
Reply With Quote Quick reply to this message
 
Old 02-19-2016, 06:52 AM
 
16,543 posts, read 17,618,250 times
Reputation: 23706
Quote:
Originally Posted by High Altitude View Post
They are a luxury item where you are just throwing your money away for whatever enjoyment you can get out of them.

Quality/reliability is terrible, they don't last, you have no lemon law, service from dealers is horrid and depreciation is like you say.

lol that about sums it up
Reply With Quote Quick reply to this message
 
Old 02-19-2016, 11:07 AM
 
Location: Fargo ND
809 posts, read 570,675 times
Reputation: 1235
this one is my favorite in my area.... I laugh every time he reposts it

a beautiful vette 70k mi

https://fargo.craigslist.org/cto/5438213516.html

using kbb's excellent condition (their highest rating) and automatically including every possible option as i cant tell which it might have....... and all i can get KBB up to is $8,428 for his $15,000 car... lol

http://www.kbb.com/chevrolet/corvett...&mileage=70000


nice car I'd pay $7,000-$8,000 depending on options

Last edited by azsportpilot; 02-19-2016 at 11:50 AM..
Reply With Quote Quick reply to this message
 
Old 02-19-2016, 11:40 AM
 
124 posts, read 98,712 times
Reputation: 104
Quote:
Originally Posted by Range View Post
Craigslist is full of BS. I was looking around just the other day and saw this 2008 BMW 535, 6 speed manual, 85k miles. Looked pretty good in the pictures. Asking price was $14500, KBB valued at around $10500-11000. Checked eBay motors, cars.com and something with the same/less miles, same options went for around $13900.

So pretty much you're paying fair DEALER market value for a car that DOES NOT come with lemon law buy back, warranty, vehicle recondition, or someone to handle the paper work for it. Fair market value for private party would be closer to the KBB value if anything. I figure $2000 is enough to cover dealer mark-up and handling fees etc., so a "fair" price on the upper end would be $12k.

I understand the idea of over pricing so there's wiggle room for negotiation, but $3-4k is too much. We're talking about a 8 year old car here. I also saw a 2008 Mercedes C-Class with 60k miles going for $16k...and fair market value would have been 12-13k.
There's lemon law and warranty on a vehicle that is 8 years old?
Reply With Quote Quick reply to this message
 
Old 02-19-2016, 11:48 AM
 
Location: Fairfax, VA
3,829 posts, read 2,662,316 times
Reputation: 3670
Quote:
Originally Posted by QERose View Post
I've been looking for another vehicle in the past week or so, and am put off by people asking $1000-2000 above Kelley Blue Book prices. What's up with that? One person even put "no low ballers" in their ad. Excuse me, but when you ask $2000 above the Blue Book something's up. Don't expect people to pay or even bite when clearly you're high-balling!


They may be upside down due to rolling in the payoff of their previous car into their loan. They need that much for the bank to release the title.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Automotive
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top