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Old 09-22-2010, 09:33 AM
 
102 posts, read 367,392 times
Reputation: 100

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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!
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Old 09-22-2010, 09:42 AM
 
Location: Reality
9,958 posts, read 7,591,293 times
Reputation: 3309
Most private sellers will have an inflated idea of what their vehicle is worth, the same holds true for a lot of homeowners. Everyone feels they own something special, even if it is one of 13,000 silver Honda civics for sale on Craigslist right now.
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Old 09-22-2010, 09:43 AM
 
11,256 posts, read 43,359,526 times
Reputation: 14917
KBB doesn't make the market.

A sale doesn't take place until a seller and buyer agree upon a price.

If you don't like the seller's asked price, you're quite at liberty to not buy their product.

With a seller having only one item to sell, they only need one buyer. That seller may be in a position to hold out for the one buyer rather than discounting their price to your perception of value.
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Old 09-22-2010, 09:46 AM
 
175 posts, read 673,902 times
Reputation: 320
I think they are expecting to haggle and would like to ge at least KBB value. Depending on where you saw the ad-like craigslist for example. I have had people offer me 1/2 of what I was asking. Some people get ridiculous.

I just ask about selling my car. KBB is $28000 pp, $26000 trade in, and $24000 wholesale. I would like to get $26000. I will probably ask $29000 and expect to nego.
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Old 09-22-2010, 09:49 AM
 
102 posts, read 367,392 times
Reputation: 100
My perception of value is not 3 grand for a 1994 Jeep Cherokee with "decent" tires.

I know that I am "quite at liberty not to buy their product." I want to find sellers with reasonable pricing and expectation.

I would feel totally comfortable offering this particular seller $1800 cash which is the "good" rating for Kelley Blue Book. I'll bet you the person would take it right now. It's been for sale for 2 months. But I really can't be bothered. There are other fish in the sea.
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Old 09-22-2010, 09:54 AM
 
14,780 posts, read 35,977,311 times
Reputation: 14356
People pump the price so they have room to negotiate down to what they want. There is no harm in making an offer.

Other times people are selling something and they need a certain dollar amount out of the asset and that's what they need, whether it's realistic or not. Also, there are a lot of people out there trying to sell their car and need enough to cover their note and get out from under the payment. These folks usually can't take less as they don't have the cash to make up the difference.
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Old 09-22-2010, 10:05 AM
 
19,025 posts, read 22,217,105 times
Reputation: 7326
Any accessories? Maybe a snow plow, 9 ton winch, super great stero, awesum exterior lighting, and motorized back rub rollers in the seats?
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Old 09-22-2010, 10:08 AM
 
Location: Jollyville, TX
3,850 posts, read 9,436,581 times
Reputation: 4392
Sunsprit is right - KBB doesn't make the market. I have sold several vehicles and a lot more goes into determining the value than a website number. I sold a 2002 Tacoma for almost $2 grand over KBB because I knew it was an in-demand vehicle and it really was in excellent condition with low miles. I had someone offer me flat KBB private party value and I declined because I knew I could get more. I also sold a 2001 Rav4 for slightly under private party value for a variety of reasons, one of which was I really liked the person buying it - the transaction was easy and we were both happy with the outcome. I had someone previously offer me $200 less than his offer and I refused, partly because they were being real asses about it.

You're free to offer what you think is a fair price, but you can't control what people ask. Trust me, if they set their sights too high, they will soon find out that no one wants what they have at their inflated price.
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Old 09-22-2010, 11:25 AM
 
Location: Southern NH
2,532 posts, read 4,955,279 times
Reputation: 1721
There is a shortage in the used car market due to last year's cash for clunkers program which took 600,000 vehicles off the market. It is a theory..
Used Car Prices Rise, But Is Cash For Clunkers To Blame? | The Truth About Cars

I recently sold a 2000 Toyota Sienna minivan with 245,000 miles on it. I was considering donating it to charity. I doubted that anyone would buy it, but was overwhelmed with people who wanted the vehicle. Back in 2000, I sold an old minivan and got hardly any interest....
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Old 09-22-2010, 11:28 AM
 
14,780 posts, read 35,977,311 times
Reputation: 14356
I think a lot of the rise in older/cheaper used cars is a combination of cash for clunkers and the economy. Cheap used cars are in demand and there are less of them around. People may not be able to finance a purchase, so they are looking for cash deals and the sellers may take advantage of it to get an extra $500 or $1,000 for a good cheap used car.
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