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I never really looked into car loans for private sells...
Though I have looked into it in the past. Generally lenders tend to stay away from private sales, but I just did a quick google search and I'm surprised to see PNC, and some other banks offering such service.
You can get a car loan without needing to open a new checking acct. Shop around. Try credit unions.
I sold a car private party to someone that got a loan. Went to the bank with them with the title.
You really should check Craigslist for private party sales. Actually, you should be on Craigslist evaluating this car (year/make/model) regardless if you plan to buy from a dealer or private party.You can learn market value by looking at Craigslist. You will see when a car sells quickly that they don't repost the ad after the first time. If it takes awhile to sell it, you might see if reposted again and again. They are supposed to delete the first post when re-posting, but sometimes they don't.
If you buy private party, have a list of questions to ask immediately. Always review the title before buying to make sure it wasn't totalled and refixed. Take to a mechanic for a full evalation before you offer. Ask them to evaluate mechanicals and if it's been wrecked/repainted. You should do this if buying from a dealer also.
Private Party sale will probably get you the car you want, at your price. Or haggle with the dealer for a better price and wait it out/try other dealers.
I realize KBB is just a guide, just don't agree with their separate pricing.
I think you are missing the point, their pricing is too high
Over the phone they prospected for me to come visit theme so they can "work a deal out".
Doesn't hurt to try
By the way, I have more than enough to buy this car, my budget is $15,000 (technically less, but all the $10,000 car suck).
No one really uses KBB for pricing. The dealers do not use it. Basically, KBB is little more than a way for people who don't have a clue about cars to get an idea of prices within a few thousand dollars. Beyond that, KBB is worthless. The same applies to Edmunds and the other price survey publications.
When a dealer or seller talks about Kelley Blue Book I tell them to sell it to Kelley.
KBB makes millions fabricating prices based on very little information. In lots of places, people who buy used cars via private party sales do not report actual sales prices, they adjust them to reduce their registration and tax burdens. KBB has no idea of what those cars actually sold for.
Uhuh.. so on a national average I take it over 10% of people pay cash.. so much for people not being able to buy something $15k without financing..
Btw I never said where I am at is average. It certainly is not. Most people around me dont buy anything they cant afford to pay cash for, cars or homes.
Maybe if you did as much research BEFORE you went car shopping you wouldnt be asking such ridiculous questions like "why would KKB place higher values on retail sales vs. private party sales".
Well, I did say "most"
I personally don't think one should necessarily limit themselves to private party, because that's a lot of missed opportunities if they skip dealerships. Then again, I'm not buying a Camry so it takes a little more effort.
This is a rant, if I hurt your feelings I can email you a cookie?
Dealership wanted $17,000
KBB Retail is $16,400
KBB private party (excellent condition) is $15,100
I have $15,000 liquid to buy this car. Wanted to buy the car, but its just too far out of my price range. This dealership likes to advertise some of their cars are priced "$100 below KBB", but of course this car isn't advertised as such.
I don't know how the majority feel about KBB prices, or the politics behind it.
oh well, I guess I will just keep moving on. Not in a hurry to buy a car.
I have to wonder what a $15,000 budget would buy, and a $10,000 budget would get you a car that sucks???
The prices being compared are within a few % points of each other. All three. define "sucks".
Whatzup?
Audi or BMW? Hummer? Range Rover? Astin Martin Lagonda?
What do you want in a car?
If you can't get a $17k car renegotiated to $15k cash sale, then something is fishy. Dealers want and NEED to move cars and often go much deeper than 10%.
When I bought my car a month ago the dealer was asking $16,995. I told them from the beginning that I had already found a similar one for $15k but it was 400 miles away. I told them I'd give them $15,500 and that was my one and only offer. They accepted it.
This is a rant, if I hurt your feelings I can email you a cookie?
Dealership wanted $17,000
KBB Retail is $16,400
KBB private party (excellent condition) is $15,100
I have $15,000 liquid to buy this car. Wanted to buy the car, but its just too far out of my price range. This dealership likes to advertise some of their cars are priced "$100 below KBB", but of course this car isn't advertised as such.
I don't know how the majority feel about KBB prices, or the politics behind it.
oh well, I guess I will just keep moving on. Not in a hurry to buy a car.
If you walk into that dealership with $15,000.00 CASH I bet you drive away in that vehicle. So take your cookie and head to the dealer and tell them this is the amount of CASH you have and that is ALL you have. They will either take the CASH or not but I bet they do.
A few months ago I purchased a vehicle that was listed for $18,000.00 at the dealer for $13,543.00 CASH and that included tax, title, license fees.
Is this regional? Every time I've every check KBB for my vehicles, it's always been "better" to sell to a private party. Dealer trade ins have always been a couple of thousand LOWER than private party trade in suggestions.
Currently KBB suggest that a dealer trade in on my car would be worth $27,500 (excellent condition). Where as a private party sale should go for $30,900 (excellent condition).
Let me clarify (apparently I didn't make it clear earlier).
There are 3 basic "price areas." There's Trade-In, Private Party, and Retail. Trade-in is what a dealer is apt to give you when you trade your car in. It is FAR less than retail, and usually quite a bit less than Private Party Sale.
Does that make sense?
Also, all this "book value talk" is a guide - not a mandate. Sometimes vehicles will sell far LESS than "book value" because nobody wants them. For instance, the first time the price of gas skyrocketed (2008?) big vehicles like Suburbans and Excursions were sometimes selling for half of Blue Book. Nobody wanted them.
This is a rant, if I hurt your feelings I can email you a cookie?
Dealership wanted $17,000
KBB Retail is $16,400
KBB private party (excellent condition) is $15,100
I have $15,000 liquid to buy this car. Wanted to buy the car, but its just too far out of my price range. This dealership likes to advertise some of their cars are priced "$100 below KBB", but of course this car isn't advertised as such.
I don't know how the majority feel about KBB prices, or the politics behind it.
oh well, I guess I will just keep moving on. Not in a hurry to buy a car.
Tell them 15K is all your willing to pay, its either they will bargain with you or you will leave. Moist dealership will come down if they see you are serious about buying. Make a printout of that same car elsewhere for sale as well and if you can show it is going for 15K elsewhere on a dealer lot, im sure they will come down if they really want to sell that car. If not just go buy the car elsewhere.
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