how to determine fair market price when selling to someone you know (vehicles, best)

[FelixTheCat]

If i go to kbb, put in year, make, model, options, mileage, zip code and condition for a private party sale, is that a reasonable amount to expect for true market value in a private party transaction?

[Me007gold]

Dont do it, if and when the car goes bad it will ruin the friendship. But if you must why cut them a break? The car is worth what the car is worth, just because you are friends that means you should take less?

[FelixTheCat]

Originally Posted by Me007gold

Dont do it, if and when the car goes bad it will ruin the friendship. But if you must why cut them a break? The car is worth what the car is worth, just because you are friends that means you should take less?

we aren't friends. so is kbb accurate?

[Alley01]

I would go by the KBB and if you wanted to give a discount, go for the lowest price based on condition, but I personally could never sell a car to a friend. If something goes wrong with that car, it is possible that you will have to deal with it. I witnessed it with my co-workers. It was a nightmare filled with allegations and hard feelings.

[M3 Mitch]

Depends on the car - for later models KBB is OK, older higher mileage rigs they tend to value way low. Condition is very subjective, what you call "good" I might call "fair" and that depends on what parts of the car are in what conditon. I'd be open to a very clean car that has one badly dented fender, but no other damage - I'd get a fender from a yard, get a shop to paint it and put it on, and would then have a car I could probably sell for more than I had in it if I wanted to do that.

If you have a CarMax nearby, you could go with your friend to that, and ask them what they would buy it for.

I have "car guy" buddies I would not hesitate to sell a car to, or buy a car from, but we both know what we are doing, and would both honor the UFO principle once the deal is done.

[FelixTheCat]

it's a very low mile late model toyota long bed pickup with some dents to the bed. kbb says 3,500 for fair and 4,000 for good.

[manderly6]

The same way when selling to someone you don't know.

[Brian_M]

KBB and NADA have never, not in one single instance (I'm on there a lot as a mechanic) had an Accurate valuation for whatever local market I've been in. The best way to determine value is to watch the used market to see what you're interested in is selling for. For instance, KBB is saying that my personal truck (1997 Toyota T100) is "worth" between $5700 and $6200 (good to excellent range, I'd put mine somewhere in the middle). A substantially similar truck has been sitting on the market at $5000 for over 3 months and another at a dealer has been sitting for over a year at $5799, most of them seem to sell for around $3500~4000. That's a difference of nearly 1/3rd the price.... a HUGE gap.

Thankfully, sometimes the swing is the Other way and people will list at KBB and local value will be a third Higher. Love it when I come upon those as it's pretty much always quick/easy money. My point is, though, that KBB and NADA aren't very good for local pricing. You *might* get into the ballpark if you really have no clue about a vehicles worth, but most of the time you'll be asking too much and unable to sell with a very few instances where you'll give it away.

It takes time to learn a real valuation, there's no instant gratification here. At least not with any tools I know of.

[FelixTheCat]

Originally Posted by Brian_M

KBB and NADA have never, not in one single instance (I'm on there a lot as a mechanic) had an Accurate valuation for whatever local market I've been in. The best way to determine value is to watch the used market to see what you're interested in is selling for. For instance, KBB is saying that my personal truck (1997 Toyota T100) is "worth" between $5700 and $6200 (good to excellent range, I'd put mine somewhere in the middle). A substantially similar truck has been sitting on the market at $5000 for over 3 months and another at a dealer has been sitting for over a year at $5799, most of them seem to sell for around $3500~4000. That's a difference of nearly 1/3rd the price.... a HUGE gap.

Thankfully, sometimes the swing is the Other way and people will list at KBB and local value will be a third Higher. Love it when I come upon those as it's pretty much always quick/easy money. My point is, though, that KBB and NADA aren't very good for local pricing. You *might* get into the ballpark if you really have no clue about a vehicles worth, but most of the time you'll be asking too much and unable to sell with a very few instances where you'll give it away.

It takes time to learn a real valuation, there's no instant gratification here. At least not with any tools I know of.

thanks, that's what i was looking for. are you a dealer?

i was thinking to put it on the market on the higher end of valuation, then gauge it by the responses. it may just sell on the market anyway. the good news is that the construction industry is up here. contractors are busy and this is a good truck for them. it's low miles, decent on gas and a long bed

[Siobjuan]

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