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Edmunds, KBB, NADA pros and cons

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Comments

  • jeffyscottjeffyscott Posts: 3,855
    Used cars sell for what the market dictates.

    The problem is the dealer knows what the market is dictating and I, as a used car shopper, have no idea. I have been told by sales person that a car on a new car dealer's lot with a price tag of $7995 can be bought for $3000. I've been told that a car on a used car dealer's lot with a $3300 price tag can only go down a couple hundred.

    For a given car, Edmunds will give a dealer price of $1600 average, $2300 clean. Then go to KBB and it's $2850 for private party price in fair condition and $3285 for good condition.

    New cars are much easier to figure out and new is also much easier because one can get competing bids to sell you the exact same car.
  • joel0622joel0622 Posts: 3,302
    Until I started hanging out here at Edmond's I had no idea how much the market fluctuates depending on what part of the country you are in.

    We encourage people to go to KBB and check the trade in value of there vehicle prior to coming to the dealership. Average KBB is within $500 one way or the other 90% of the time in my area for the average trade in we receive. it is wrong as rain sometimes, usually with higher end or newer stuff. But it is usually real close on the average 50K mile car.
  • nortsr1nortsr1 Posts: 1,060
    I notice that Fitzmall has you use KBB. I have never purchased from them, so I really don't know if they honor that trade-in value or near that amount....as they usually sell BELOW invoice on most of their vehicles.
  • rroyce10rroyce10 Posts: 9,359
    **.. Until I started hanging out here at Edmond's I had no idea how much the market fluctuates depending on what part of the country you are in. ..**



    Sorry Joel I just gotta ask,

    How could you "not know" a simple fact like that.? ... it ain't like Nashville is some buried little town off the map next to Fargo North Dakota .. you have one of the largest import auctions this side of the Mississippi -- and you see all types of trades there from Miami to Minnesota, what's up.?



    Terry :confuse:
  • joel0622joel0622 Posts: 3,302
    No problem Terry. I don't work in the used car department. I work in Finance, all that I am concerned with is warranty penetration, GAP penetration, and what the car NADA's for because that is what the bank is going to base there advance on. What is going on 12 miles down the street at the auction is really no concern with me. It is hard enough keeping up with the 13 pages of incentives, and chasing stips all day to worry about what a 2005 Honda is bringing at the auction.

    Just like when I sold cars, could have cared less what the pay off on the trade was, what the UCM put in the trade, or what we were selling it for. Just give me a differences number and let me go to work, it was the managers job to put me on a number making money.

    I do know this, on the days my UCM goes to sell cars he always comes back saying they were not bringing crap today, on the day he goes to buy he always says they were higher then a cats back. Sounds to me like he needs to switch his days up. :D

    I promise ya i am in the car biz, ask jescue, he saw me in my work shirt and everything when he bought a truck from me a few weeks ago. :D
  • im_brentwoodim_brentwood Posts: 4,883
    That's always the case.

    When I send stuff to the sale, nobody bites. But god forbid I gotta go after something, then everyone else in the lane has to have it.

    Of course, this is true of every single person with an access card, right Terry? ;)
  • rroyce10rroyce10 Posts: 9,359
    **.. Just like when I sold cars, could have cared less what the pay off on the trade was, what the UCM put in the trade ..**

    So you're saying .. you're kinda like a cloistered Nun..?



    Terry. :shades:
  • rroyce10rroyce10 Posts: 9,359
    It "seemed" like everytime I went north in the winter (how I loved that!) .... there would be these 2 brothers and their dad owned a tiny little Nissan dealership outside of Penn State, sold maybe 40 new, probably 30 used ..

    ...anywaaaay, I would be on the hunt for, let's say clean Altima's or Maxima's - and then, "they" would show up at the auction ... if the super cleans were doing $10,000 they would buy out of the book, I would see them roll $1,200/$1,500 over Xtra clean, it made me nuts - these were Nissans, not Lambo's ...

    I had to ask em' - WTF.? .. "where do you go with these things, you got customers in Cambodia, France, Pluto..?" ..l.o.l..

    Terry. :surprise:
  • joel0622joel0622 Posts: 3,302
    You may be the first person in history to compare a car dealership to a Convent :D

    But it would make for great adds

    "Here at St Mary's Convent and used cars we promise a good truthful deal or we will go to hell" :D

    I just ignored the things I had no control over. I see average sales people get so caught up in the stuff they can't control. It effects them, the sale, and the gross.
  • im_brentwoodim_brentwood Posts: 4,883
    Terry,

    Oh yeah.. I remember sloshing around Manheim in the snow... boy was that a joy. And then I had to drive back to North Jersey in the snow.. yuck. GM: "Why do you want to a Navigator as a Demo? You're in the Jaguar department, don't you want to drive a Jaguar?" to the GM: "Uhh, because I don't want to drive a Jag through a Blizzard in PA!"

    Well, I used to buy tons of Program Volvos from the closed sale.. ya know, same year leather/roof/alloy/cold weather S70s with 20k on em, still with the Hertz keychains..etc. I couldn't get enough of 'em, same model year as the new one on the showroom floor for 32+++ and I'd grab em for 20/21, ship em, run em through the shop and for 24,9 they'd sell like bandsaws at the prison commissary.

    This was also back in the days when GECAL was still around and strong.. we used to lease 15 of 'em a month, awesome switch car. Volvo used to do a $299 sign and drive but it was on the hubcap car with no leather, roof or CD. Through GECAL I could do the $299 sign and drive for 36 months, still make an OK deal and put the customer in the same year car with all the goodies.

    Now, I'd be able to buy em for 20/21 Unless these two nitwits from Virginia/DC area would show up. Now, we got 300 of these units running, look! One's Black, no, there's a Blue one! A Silver one!.. you know the deal but to the civilians.. 300 cars running, other than color, identical cars.. mileage +/- 600 or so. The first 20-30 cars would run and these two would bid against each other on the first 20-30 units, pay $23k per car, and then run off with their green and yellow copies all smug in having restocked their lots. I'd just sit back, fire up a smoke and watch em, chuckling to myself along with the other 25-30 Volvo dealers in the lane.

    Then the rest of us would buy em up for $20-21k.

    Then they'd take their 60-day units to the open sale and wonder why they could only get 20-21k for em... "But you guys pay $23k for these"

    Uhh, no. We don't, you do.
  • Is there any way to search for what a vehicle was worth 6 months ago on KBB ?

    Thanks
  • jeffyscottjeffyscott Posts: 3,855
    I don't know about KBB, but I think the last time I checke a used car value, I saw something like that is now available on edmunds.
  • Thanks....We had a 1999 Tacoma that passed frame inspection in June and then failed in Nov....Checking up on the difference in value.
  • I am no car expert. I would like experts opinion on best used car to buy::
    (1) GMC Envoy SLT
    Year: 2006
    Mileage: 90000 miles
    Visible damage/dents: Few cracks on front and back bumpers,
    Known Issue: Low beam light go out and come back
    Price: $8000.00
    Accidents: None

    (2) Toyota Corolla LE
    Year: 2007
    Mileage: 55153
    Visible damage/dents: Few scratches and dings
    Known Issue: None
    Price: $9575.00
    Accidents: None

    Which is best to go with as for as re-sale value or best price for purchase?

    Thank You
    --James
  • Welcome!

    Since this discussion is pretty inactive, I'd encourage you to visit our Real-World Trade-In Values discussion and post the same details, plus the city/state where you're located. It's a great place to get opinions like those you're seeking.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

  • bar20bar20 Posts: 15
    edited January 2012
    Seems like this thread has gone off topic. I have never seen a dealer pull out an Edmunds used car directory.Ever! They all use the Kelley Blue Book for used car values when trading iin your car or buying a used car. If used car values are higher in Edmunds it might be good for the seller if you can convince a buyer that is what the value is. Every library where I live carries the Kelley Blue Book that the dealers use. If you are buying a car whether from a private party or dealer use Kelley Blue Book. But remember it's supply and demand.
  • qbrozenqbrozen Posts: 16,897
    That's definitely not universal. Almost all of the northeast US dealers use Galves (paid subscription only). Some use Black Book. Some use Manheim data. Some use a cup full of bones.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

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