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Looking for a used 03 Honda Accord. Seen a nice one but the owner wants 7k when the KBB value is around 6.2K.
I ask why owner wants so much over KBB. Owner says "KBB runs off of old data. I've shopped the market myself, asked car dealers, and on their opinion the car is worth 7k".
No enough details to give any kind of accurate assessment. Coupe? Sudan? V6? Milage? but if you shop around, you'll find prices are around that area. I don't think KBB could give you accurate pricing within a few hundred dollars, but certainly within a thousand dollars of true value. On the other hand, prices are often set at what the market will bare, and prices of used cars have been going up in the last few years.
FWIW, KBB/Edmunds/NADA guides are that - guides. They are NOT absolute figures, but rather are an amalgamation of used car sales data - selling prices/colors/conditions/locations, all of which come into play.
In this case, looks like the seller is hitting on the high side, but is most likely willing to negotiate that figure. I'd reply w/a figure just above KBB, say, 6.5 and see if the seller is serious.
Keep in mind that used car values are at/near all time historic highs, and that the guidebooks' updates are reflecting this. The next volume may indeed reflect higher $$$...
I would never use it for anything more than a ballpark figure. What I would actually count on is looking at what similar vehicles are actually selling for.
Well, to be that guy, KBB ultimately is not the one selling the car. A better assessment is to hit up craigslist or something similar and see what comparable vehicles are selling for. That makes better ammo to convince the seller with. I've spent way less than KBB on vehicles, and I've spent way more. In both instances, based on the research I had done, I paid a fair market value for the vehicle, at least in my opinion.
Looking for a used 03 Honda Accord. Seen a nice one but the owner wants 7k when the KBB value is around 6.2K.
I ask why owner wants so much over KBB. Owner says "KBB runs off of old data. I've shopped the market myself, asked car dealers, and on their opinion the car is worth 7k".
Is KBB data bad or is this car dealers B/S?
I'm in Houston if that make a difference.
KBB provides a ballpark figure. That's about all. Sometimes it's way high, and sometimes it's way low. Usually it errs on the end of being too high.
Looking for a used 03 Honda Accord.
Seen a nice one but the owner wants 7k when the KBB value is around 6.2K.
An 800 difference vs a 7000 ask? That's pretty close.
Close enough that the **specifics** of the car in question are what should matter.
It should especially matter when you consider all that could happen in 10 years of ownership.
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