Just wanted to say thanks for the great help you gave us on our '03 Sentra and '05 Mazda 3. It's time for me to basically leave Edmunds, but I just wanted to convey to you the great job you do here and say a simple thank you. Good luck and G-D bless!
Northern Virginia area 2003 Honda Civic EX 2 door coupe 5 speed manual 33,000 miles Beige exterior and interior All the standard EX stuff (sunroof, 15 inch alloys, etc.) Exterior is decent. A few door dings, but cleans up nicely. Interior is in good condition except for one small burn on the side of the drivers seat. Tire and brakes still over 50% there. All maintenance up to date.
would you give me a trade-in value, please for the following:
El Paso, TX 2001/Toyota/Highlander V6 Limited AWD SUV 78300 mostly highway miles 3.0 engine White exterior/gray leather interior leather seating/sunroof, 6 disc cd/cassette minor scratch on driver side mirror 1 year old tires brakes- good all regular maint done
Atlanta, GA 2003 Porsche 911 coupe (just the C2) 3.6L, RWD, manual tranny 20000 miles black/black full factory aerokit, euro sport suspension, nav, full power sport seats,factory short shifter, cd changer, Bose tires 25% worn - michelins all maintenance records and extra oil changes with receipts, no known issues when i say excellent, i mean excellent condition - no dealer would have to "prep" the car. it is professionally polished & glazed every 6 mos and i wash/wax monthly
want to buy 2003-2004 Porsche 911 turbo X50 package(more horsies) manual or tip (gasp!)with less than 20000 miles. Looking for silver/white with black interior. How much would i be looking at getting private party for my car and then buying the turbo from a private party - looking all over the country?
ok Terry - here is a more accurate description of the car that I'm considering...located in NY/NJ area
2003 Porsche 911 turbo Polar silver/black leather 13500 miles X50 package(larger turbos - more HP) manual excellent condition CPO warranty - car is at a porsche dealer new tires no paint or body work
Location: Atlanta, GA 2001 BMW 540i 6-speed manual Sport package/Premium package 91,000 miles Silver exterior/black leather interior Options: Usual 540 stuff. Leather, roof, etc. Condition: Interior is in very good condition for the mileage. The exterior is also in good condition for the mileage. Didn't notice any major dings or scratches. It does have some paintwork on the front end but it's close to BMW quality and not easily to detect. Maintenance: New tires, runs great, no records though.
He can buy it for around $17,500 all taxes included. What do you think?
Oh god of the vehicles and the grassy links...need you expertise on a trade in value for the following....
Tampa, Florida 2005 Acura TSX 4 door sedan 4 cylinder 200 hp, Auto/Sequential SportShift 3400 miles Meteror Silver (Shade of blue), Quartz leather interior Typical stuff that comes standard on the TSX...Leather, sunroof, abs, cd changer, full tint, spoiler (Acura spoiler) Outstanding shape...always been garaged since day one....bought new... With only 3400 miles on it I'm sure you can see it is in outstanding shape... No McDonalds...no KFC...No Burger King...natta...
May the lord of the links provide you with your next hole in one on that par three!!! Thanks my lord!
I live in the DFW area and I am interested in trading a 2003 Ford Expedition on a QX56. It is in great shape with 32k miles. Navigation/4X4/cooled seats/quad captains/power rear folding seat/sunroof/dvd entertainment/AdvanceTrac. As well it has a custom monochrome paint job (all black) with chrome 20" Helo Skid wheels/tires, custom grills, chrome step bars and performance Gibson exhaust.
Do the custom pieces add or detract from the value. I know it cost a lot to get the custom done, and I do not expect it to pay for itself, but I would like to get something for it. Thanks for your help. Randy.
I am attempting to trade my 02 Windstar SE. I received a very low trade value on it. Can I get a candid assessment of its value? 2002 Windstar SE (53,000 miles) All Standard equipment Dual Power doors Rear entertainment package adjustable gas and brake peddles power driver seat quad seating one accident (over $4000 damage) clean well kept interior
Until Terry chimes in, with a $4,000 worth of significant damage and no way to see the repair work, I'm thinking somewhere in the range of $5500 give or take.
Ditto--it depends entirely on the repair work. If there's paint on the black trim pieces, the panels don't line up correctly, or the color doesn't quite match, start deducting...
Windstars have a nasty reputation... my guess is some of them are trouble, but many are just fine... if yours is one of those, you might want to hang on to it. As far as snow country, don't sweat it. Unless you're going along unplowed dirt roads all the time, you need two things to get just about anywhere: ground clearance (check) and snow tires. After years of slipping and sliding, we finally put Blizzaks on our '03 Sienna. What a difference. Good luck, -Mathias
I just picked up my next winter beater. $1000 plus ttl. 1998 Buick Skylark Custom, 3.1L V6, 115K PW, PDL, A/C, Cruise. Condition: Everything works (including A/C), runs and drives strong. Mechanically just needs 2 tires and alignment. I will have all fluids replaced. Total expected mechanical bill, ~$100. I will probably not have to buy the tires by would wind up with a set of really low miles used ones for little cash.
One small dent on drivers fender from blow out from truck semi tire. $75 to have ding king fix it (if I would have to pay for it). Broken right front side marker light, $30. Misc little scratches that would be expected for the age and miles. The grille should be replaced to make it show like it was dealer lot ready, $70. One Buick logo center cap on the alloy wheels missing, $25.
Total $1300 to have a really good clean car to drive for the winter and maybe longer. I will stil be able to afford another $700 or so in repairs and still be under the $2000 car price.
As for the Saturn SL2, a bottle of throttle body cleaner $5.00, some well placed lubricant $25, a new set of tires and alignment $200, super self done detail inside and out. Then an asking price of $2000 is on the money. But like you said, take whatever if you don't have to work for it.
Now, it's like I said. No Maaco. And no KFC boxes. I should have posted a picture for you. You could have seen what a beauty she was. (I probably could have traded her for somebody's ex.)
In addition, I posted a private sale ad, and got no interest at $13,500.
Furthermore, when I took it to the first dealer, he knew that I was a Web-reading, well-informed, ready buyer. I spent hours with him, and the price I talked about above is what he gave me in the last minutes before I left. In addition, I asked that dealer to justify his price, and he printed some Manheim Auctions results, which I believe are genuine. The print-outs are too long to post here, but here is some key information:
Region: West Coast Seasonal Adj: No Average Results
At the time, I did not understand the effect of location and 2WD.
My interpretation was as follows. Dealers had told me over the phone that they would not pay more than KBB, Good Condition price: $11,115. I figured that was a fib, and I should probably get at least KBB, Excellent price: $11850. And shoot for more like Edmunds, Excellent: $12057. That would seem to leave plenty--even too much--spread for the retail prices I was seeing. But, because of my ad response, I took $13,500 as an upper limit on a private party sale. I figured it was lower, maybe $12,750. But I expected a greater spread between trade and private, so $12,000 seemed high for trade.
Also, it was confusing that the dealer showed me auction information contradictory to his trade-in price. However, I felt that I had haggled him to the limit, and I took that as strong evidence that $11,000 was the max trade-in value, possibly lower, since I thought the vehicle could be had for invoice, or maybe a little better. I later suspected that the dealer thought that just the act of showing me the auction info would convince me of his position.
The auction information was doubling confusing because the regional price difference seemed to be so high as to create an arbitrage opportunity. I figured vehicles could be shipped from OR to CA for about the price of a destination charge, $500. If so, then my vehicle could be bought in OR for $11,000, shipped to CA for $500, and sold for low to mid $12k to net $700 to $1000.
Later, another dealer, knowing that I had information and had been shopping, gave me the same deal but $100 or so better before I hardly asked, and wouldn't budge. I finally decided that the region and 2WD issues could account for the price confusion, and that the dealers' behaviors, given the circumstances, were highly indicative of the true price. I concluded that the deal was plenty good, and the $11,000 trade-in was pretty much the limit. Oddly, the KBB, Good price that the dealers were talking about seems not to have been a fib.
I'm still wondering if there is an arbitrage opportunity in car auctions.
BTW Dealers, I don't mind if you guys make money. It's the 30%, $6,000 sucker mark-ups that bother me. If I could trust you more, I would not have spent nearly so much effort finding the true price, and would have happily paid you a bit more. But I figured, once I found the price, I might as well get paid for my work.
Also, I answered a few of my own questions about auctions. Dealer auctions, ones that I figure would be indicative of the market, seemed to be open to dealers only. Also, they might not even be selling a car like yours the day go. Aggregate information is far more useful but not freely available. And as woodyww pointed, this forum seems to be a place to get essentially that information.
Also, I had the auction results before I asked Terry how to get them. I asked because I was surprised that I had gotten them, and I didn't think I could do it again. I wondered what Terry's reaction would be, and if there are any "magic words" that will get a dealer to give up auction results, as I would expect them to be valuable information.
Oh god of the vehicles and the grassy links...need you expertise on a trade in value for the following....
Tampa, Florida 2005 Acura TSX 4 door sedan 4 cylinder 200 hp, Auto/Sequential SportShift 3400 miles Meteror Silver (Shade of blue), Quartz leather interior Typical stuff that comes standard on the TSX...Leather, sunroof, abs, cd changer, full tint, spoiler (Acura spoiler) Outstanding shape...always been garaged since day one....bought new... With only 3400 miles on it I'm sure you can see it is in outstanding shape... No McDonalds...no KFC...No Burger King...natta...
May the lord of the links provide you with your next hole in one on that par three!!! Thanks my lord!
....... Let me start out by saying, that the car business is not a science, it's based on the likes and dislikes of the buying market ... besides all that I don't think I followed all of your post ..l.o.l....
Auction figures give dealers a ballpark figure to work with ... so here's a ballpark for you to work with ..... like I said before - $11,000 is All the money for a Limited with no "moo juice", because it's "at least" a $600 deduct ..... using averages can only mess up the total figures .. all you would need is for a lease company in San Fran to drop 10 Limiteds in and then take average book at the auction and the numbers get skewed .... it's the history, not what happened last week .. also keep in mind, dealers on the Left Coast pay the same amount of $$ for a 40k vehicle as East Coast dealers pay for 20k vehicles ......
09/06/05 RIVRSIDE Lease $12,000 23,172 Avg PX8 BLK 6G A Yes 09/06/05 RIVRSIDE Lease $12,300 31,150 Avg PX8 BLK 6G O Yes 08/31/05 CADE Lease $13,100 31,753 Above BLUE 6G O Yes 08/30/05 SAN DIEG Regular $11,600 33,816 Avg SILVER 6G A Yes 09/13/05 RIVRSIDE Regular $11,300 35,928 Avg SILVER 6G A Yes 09/21/05 CADE Regular $9,800 37,640 Below BLUE 6G A Yes 09/22/05 SO CAL Lease $12,800 39,562 Above SILVER 6G A Yes 09/06/05 SAN DIEG Regular $12,200 43,169 Avg SILVER 6G A Yes 09/28/05 CADE Lease $12,000 43,438 Avg GREEN 6G O Yes 09/06/05 SAN DIEG Lease $9,700 49,016 Below SILVER 6G A Yes 08/31/05 CADE Regular $11,700 54,049 Avg BLACK 6G A Yes 09/27/05 SAN DIEG Regular $6,500 55,674 Below SILVER 6G A No 09/06/05 RIVRSIDE Lease $11,000 57,185 Avg PR4 RED 6G A Yes
Oct 01 - Oct 08 2005 Above -- Average -- Below Auction $12,600 $11,400 $10,100 Est. Retail $14,100 $12,750 $11,400
PS: **It's the 30%, $6,000 sucker mark-ups that bother me* ........ what mark-ups are we talking about ...??
I'm trying to decipher your post, & I can't figure out: Did you trade the Jeep? Did you get a new car? That's the point to all this right? (There is a point?) No offense, but I've seen people sweat buying & selling $500,000 houses less than this amount of worrying & theorizing over a couple hundred $$ on a $12K Jeep......
terry - scratch that request about the porche turbo X50 pricing - i've found something more pallatable for my pocketbook. If you could tell me what price this would come home with me I'd sure appreciate it...
2003 Porsche turbo Polar silver/black leather 91xx miles manual at a lamborghini dealer in N.C. since 4/05 so hopefully they want to dump it??? not many options w/ original MSRP ~$125K dealer website asking $109K but found online asking $99K carfax clean FWIW
this is the car that i'll be selling - maybe just trade it in to get the tax savings but i'd appreciate any private party data as well:
2003 porsche coupe (just a C2) 20,000 miles stunning condition - no dealer "prep" needed black/black tires with 80% tread remaining manual will take out nav and carbon fiber steering wheel and put in new car carbon fiber shifter/ebrake stay in car, euro sport suspension, FACTORY aerokit(looks like GT3), red calipers, inside still smells new(no eating or drinking or smoking), factory sports exhaust with "regular exhaust available to install if buyer prefers
Can I please get your insight on the above vehicle. In the ATL, 56K miles. Biege PL, PW, PS, PM, AC, Keyless entry, CD player. 4 banger FWD Decesent tires. Car in fair condition.
Since Terry seems to be back from his extended toenail waxing session :P , I'll do a repost on something I put up the middle of last week.
North Jersey 2003 BMW 330i 4 door sedan 3.0 I-6, 6 speed manual rear drive 39,500 miles metallic black over black leather options: Performance Package(6 speed, 10 more hp, shorter rear gears, plus Sport package stuff), Premium Package (roof, leather, etc.), Harman Kardon single CD
Haven't seen it in the flesh yet. Of course, in the pictures it looks stunning...
Sitting CPO on the used car side of a highway BMW dealership, advertised for $31,995. I'm thinking with the miles they are a little strong with what they are asking, probably by about $2k.
I may be looking for one of these, and would prefer 25-30k on the odo and a color other than black, but this one is reasonably local and I will likely check it out. What does the sage Terry say it could be brought home for? TIA
Cary, NC 27616 2003 Ford Mustang Cobra Convertible 2dr convertible 4.6L supercharged RWD 22,000 miles White/Parchment Pristine condition Other: ford dealer offered $23,500 wholesale black book, carmax $23,500, all the trade-in sites say between $24,500-$26,000. >Want to trade it in for a new mustang GT convertible.
Thanks a bunch for some unbiased information!!!!!!!
Let me answer rroyce10 and woodyww at the same time as there is a common thread to my answers.
First, my deal was done before my last post. I was following up out of interest, and to help myself and possibly others understand the process better for the future.
Also, I wasn't sweating a couple hundred dollars. I was sweating not understanding what was going on. This was my first trade-in experience, I really didn't know what I was doing when I started. I was totally blind. At the beginning of the process, and until I visited the second dealer and heard Terry's opinion, I really believed that my Jeep (personally knowing its top condition) might be worth somewhere between Edmunds-excellent or better, even up to the NADA value. That would have been between $1000 and $2500 more. If that had been the case, a couple of hours of research would have paid handsomely. That amount of money would have caused me to sweat, but what drove me so far was understanding.
Also, in my experience, informed market values are often second order in a car deal. First is psychology. Car dealers use every trick in the book and always present sucker prices. In my case, the first price I was presented from one dealer was $6000 or %30 more than the final offer. Many people go for sucker prices, some not realizing that even after bargaining down several thousand dollars, they are still a sucker. After bargaining down the first dealer, I still was not sure, because of the market data I had at that time, whether I was at a $1000 or $2000 dollar sucker price. I have several other pieces of anecdotal evidence that sucker pricing, other tricks, and buyer's willingness to believe what is not true leads to deals that would not occur if buyers had full information and were not subjected to various forms of psychological pressure and tricks. But everyone has their own experiences. Maybe some dealers sell cars the way grocery stores sell bread.
As Terry mentioned, inexperienced people can get confused at a car auction. And an inexperienced or naive person can easily get confused looking at just one new car when a very experienced salesdude is trying everything in his power to get the person to do whatever is best for the salesdude.
As for the nature of car buying, it certainly is not an exact science. And I'm not really trying to apply scientific principles to it. But I was trying to understand it to a certain degree. And it's important to note that what I was willing to pay depended on what I believed was approximately the general market value, that is, in general on what others were willing to pay. You know, if I paid $1000 more than my buddy on the same day for the same car, then I figure I probably got suckered, and I wouldn't have been willing to pay it if I had known better. In fact, I overheard the terms of another deal the same day I bought my car, and I'm pretty sure someone else got suckered pretty bad that day.
It's because car dealing is not an exact science that it is hard to understand. I believe that Terry provided me with good information about my Jeep trade value, but I was even uncertain about the depth of his knowledge of local markets at first. And I think I got closer to the top limit of what Terry was talking about. If I had listened only to Terry, I probably would have accepted a lower price. Also, before Terry's explanations, I would have placed higher value on auction results reports. My point is that no one source is definitive. In the end, the most important source was what the dealers offered to pay. And Terry's information was valuable corroboration with my theory that the dealer's were not still in sucker price territory even though Edmunds and other sources contradicted that theory.
My point really is that it is very hard to know, and I wanted to know. I valued knowing. And for quite a while, before I decided which sources of information to believe and how to sort out the contradictions, I thought I could be off by $1000 to $2500, too much for me.
Woodyww, I don't think you would want to see me buy a house! :-) And if it's not clear yet, besides knowing and getting an acceptable price, getting a car was also part of the point. We got one, and we are enjoying it.
Also, I'm sweating because of the nature I perceive in car dealers. I assume they are always lying, until I walk out the door. Not a source of information at all, except for their about-to-leave-and-not-buy final offer. Like I said, I would have happily paid more to have sweated less. But, uh, I don't think it's possible to trust a car dealer. That's what I would pay for. Then it would go like this: "What's your price?" "Okay, I'll take it." Instead of, okay, let me see if I can bargain you for three hours into my price range while you try your best to sucker me.
The dealers are not competing on the quality of the car or service. They are competing on how much they can hoodwink and pressure you. Not a very efficient system, as you can see how much time buyers (and dealers) waste trying to make a deal. Think of how many Web sites with car buying tips would not have to be maintained if dealers would just offer no haggle prices. Look how well no haggle employee price plans have worked--how much people value straightforwardness. Shizit! If I was a Senator, I would write a law mandating it. That would make the market very efficient. A dealer would only be allowed to make you one offer. Then he wouldn't fizuck around with you. He'd get straight to it, knowing the next guy could easily beat his offer. Anyway, I'm getting off track, into the theory of market efficiency ...
Oh god of the vehicles and the grassy links...need you expertise on a trade in value for the following....
Tampa, Florida 2005 Acura TSX 4 door sedan 4 cylinder 200 hp, Auto/Sequential SportShift 3400 miles Meteror Silver (Shade of blue), Quartz leather interior Typical stuff that comes standard on the TSX...Leather, sunroof, abs, cd changer, full tint, spoiler (Acura spoiler) Outstanding shape...always been garaged since day one....bought new... With only 3400 miles on it I'm sure you can see it is in outstanding shape... No McDonalds...no KFC...No Burger King...natta...
May the lord of the links provide you with your next hole in one on that par three!!! Thanks my lord!
Terry, you helped me once before in selling a car now looking to buy. Found a 2002 Nissan Se-R with 52K miles in Baltimore, MD. It's got the 6-speed manual, sunroof, CD, power w/dl, etc., dark Blue (maybe Teal), Tires look good. All accessories work. Inside is not torn or anything but not real clean (dealer says he needs to detail the vehicle yet).
The front of the car is a little disturbing. The plastic of one headlight is loose + there's about 1/2 of rust at the edge of the hood by the center of the grill. I looked and didn't see any structural damage + radiator appears to be original (thus not broken in an accident).
I like these cars and was wondering a fair price to offer. It has been MD inspected.
They usually do, just go in and pay the price they ask! Seriously, I didn't negotiate on the last car I bought, just got quotes from a dozen or so dealers. When I saw one that was about $1000 cheaper than the rest, and knew it was a fair price, I took it.
Excellent Condition - it better be an 05 SLK or CLS with less than 5K on it. A use Liberty isn't considered excellent unless you drove it off the lot and tried to trade it in an hour later.
Arbitrage - there are price differences on 2wd and 4wd between snow and non-snow areas. Could you make money at it? Perhaps but you have to keep in mind transport costs (which you did) detailing, repairs, rent, warranty costs, license costs, et al. As Terry has noted before, a little inventory and some costs can eat you alive. The inventory is a depreciating asset.
Terry, First time at this and hope to get it right.
Location: Houston, Tx. 2004 Toyota Tacamoa Prerunner Ext. Cab. Body Style: 2 door Engine: 3.4L V-6 Driveline: RWD Mileage: 24,000 Color: Silver/Grey Major Options: Automatic, anti lock brakes, A/C, AM/FM/Cassette/CD, cruise, power locks/windows/mirrors, bucket seats, alloy wheels, bedliner, sliding rear window, tow package, airbags both sides. Also a CPO. Condition: A few very minor dings, tires about 50%, assume brakes are also about 50%. Interior is in good condition. Maintenance: unknown Other: Toyota vin stickers on all major body panels. I would guess no prior body damage, but will run a carfax to confirm.
Local dealer has it listed for $20,488.00. What would you think they have in it? Also, what would be a fair offer?
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Location: SF Bay Area CA Year/Make/Model: 01 Mercedes Benz E320 Wagon Body Style: Wagon Engine: V6 3.2 Liter auto Driveline: RWD Mileage: 38000 Color: [Gold/tan] Major Options: [CD changer Leather.] Condition: Good, one owner, dealer serviced
I understand you are VERY knowledgeable about trade-ins. I have a 2003 white chevy avalanche, 70,000 miles, no addders other than rear differential and towing pkg. The odometer says 1750 hours on the engine. Tires all have under 1,000 miles. Carpeting has had removeable husky liners over it since day one, so it looks brand new. Oil changes done religiously and it runs great. What is this vehicle worth? The dealers are saying $14k but I'm thinking $18k is more accurate....
Muscatine, IA 2004 Jeep Grand Cherokee Special Edition 2WD, 6 cyl, auto Miles: 26,500 Silver Exterior/Black Leather Interior Non-standard options: Leather Trailer Tow Prep Convienence Package Keyless Entry Perfect Interior Like New Exterior No mechanical issue Lot's of life left on the tires No accidents/non-smoker
corvette, depending on exactly what you are saying, you have an important point.
My experience does seem to show a pattern where if a dealer believes that you are knowledgeable and experienced and confident, have been or are planning to shop around, and are ready to buy at the informed market price, then he will get straight to it.
However, about "knowing" fair prices, I would be careful. Unless the Sales Manager is giving up on you, maybe because he thinks you don't realize that he's hit his lowest price, and you are moving towards the door, you might not be at the lowest price. And if you don't know what his lowest is, it's probably hard to know what is fair (which is subjective anyway).
In many cases, dealers have refused to give me quotes. They say, "Come back when you are ready to buy." "Come on in, I don't give quotes on the phone." In this particular case, I also got 4 Internet quotes, and 4 of them were about $200 to $300 higher than the 3-hour haggle price I got. For the fourth, I was guessing that I'd get a real hard sell on some other aspect of my deal to make up for it. Depending on your idea of fairness, those higher prices might have been fair. But note that they were higher.
Depending on the details of your case (you haven't given many), it is possible that their was hidden information about your deal that you did not know. For example, I once had a Honda dealer try to sell me a "new" car that had been damaged in transit and had some repair work. He gave me a disclosure, and I refused the car. But an unscrupulous dealer having a hard time moving the vehicle might "forget" to mention the disclosure. Anyway, I have no idea what happened in your case. But just the fact that a particular deal is out of the norm might be cause for suspicion.
My point remains, there is thinking you know, and then there is being honest with yourself about how much you really know.
With respect to car deals, the real price is what the dealer is willing to do. And that may depend on how he perceives the buyer. In that case, knowing you got the best price (if that's what you are looking for, or if you think that is fair, not that I'm saying you do) in a sense means reading the dealers mind. Simply, general or average market price, something that might be "fair", depends on willingness of buyer and seller, which depends on motivations and all sorts of thoughts and ideas they might have. And knowing someones willingness, motivations, thoughts, and ideas can be dubious.
Anecdotely, in my first new car deal ever, I'm sure that I was haggling in a very inexperienced way, and partly out of anger at the way I had been treated buy him and other salesmen. I kept him there for some time bickering, and it was getting late. I think he finally gave me another $100 because he wanted to go home, and he believed I just wouldn't sign until he gave me "something", you know, just so I could get my way. In that case, the dude's desire to get home and the fact the he was getting sick of me factored into the price. Not a big deal looking back. But the point is that perceptions and ideas can factor, often heavily, and they are hard to know.
Excellent Condition - it better be an 05 SLK or CLS with less than 5K on it. A use Liberty isn't considered excellent unless you drove it off the lot and tried to trade it in an hour later.
Not the idea one get's from KBB's definition of excellent. But I wouldn't quarrel with it. I really dont' know enough about people's perceptions.
Arbitrage - there are price differences on 2wd and 4wd between snow and non-snow areas. Could you make money at it? Perhaps but you have to keep in mind transport costs (which you did) detailing, repairs, rent, warranty costs, license costs, et al. As Terry has noted before, a little inventory and some costs can eat you alive. The inventory is a depreciating asset.
You have to consider detailing, repairs, rent, warranty costs, license costs, etc. in any market. The main cost difference between markets is transportation, and maybe differences in state DMV fees, I think.
If there is an arbitrage opportunity, dealers, take advantage of it. Then the market would be more efficient, and people up north with 2WD's would get closer to CA prices for their used cars.
Terry also mentioned price differences from East to West. Is there an arbitrage opportunity there?
Somehow, though, I doubt there are arbitrage opportunities. Some smart guys would probably already have taken advantage of them.
Also, I wouldn't worry too much about what a dealer is "thinking"--they could be thinking about kumquats, or the cute receptionist for all you know.
I would tend to disagree with you completely on this point. It seems to me that when you are dealing with a car dealer, they basically just trying to figure out what you are thinking and other some facts about you financials (which may be related to what you are thinking). Or else, they are trying to influence what you are thinking. Like, maybe, you read about prices on Edmunds, and they want you to believe Edmunds is all wrong. They may be trying to figure out how strongly and confidently you believe what you read on Edmunds.
On the other, if you are a savvy car buyer you are doing just the opposite, trying to figure out what they are thinking and what their financials are (which may be related). For example, if you discover that your potential purchase might give your salesmen the sales lead and bigger bonus, you might starting thinking that your salesmen is willing to sweeten your deal. (Now, I'm not advocating squeezing pennies out of people. It's just that the car business seems to work that way, and I'm trying to illustrate my point.) Any you might even be trying to influence what the salesman is thinking. Perhaps that you have been to many dealers already, and have gotten some good prices, even thought he is only your first or second visit.
In summary, if you knew what the dealer was thinking, that's pretty much all you'd need to get whatever deal you wanted (up to the limit of what he was thinking that he would do).
If there are other dealers nearby selling the car you want, go to all of them with your trade & pick the best overall deal--it's not rocket science.....just takes time.
Well, it does take time, and it is not rocket science, and you can keep it pretty simple if you know what you are doing. But, as you probably know by now, I suppose that their can be all sorts of complexities to car dealing (some worth thinking about, and some maybe not).
Oh Terry....O'where could Terry Be???? (Anybody check the 19th Hole?) Your expertise is much needed...can you help a soon to be retired sailor out??? You da man!!!!
Tampa, Florida 2005 Acura TSX 4 door sedan 4 cylinder 200 hp, Auto/Sequential SportShift 3500 miles Meteror Silver (Shade of blue), Quartz leather interior Typical stuff that comes standard on the TSX...Leather, sunroof, abs, cd changer, full tint, spoiler (Acura spoiler) Outstanding shape...always been garaged since day one....bought new... With only 3400 miles on it I'm sure you can see it is in outstanding shape... No McDonalds...no KFC...No Burger King...natta...
May the lord of the links provide you with your next hole in one on that par three!!! Thanks my lord!
2000 Mercury Villager Estate Gray-green with two-tone and the icky gold package. I call it "overstated elegance".
86,500 miles Tires only so-so; won't replace them myself cuz I got snows that'll fit.
Tan leather, quad seating, no roof. All power, dual air, memory seats etc.
Non-smoker, sort-of-clean when you compare it to "most" minivans No mechanical issues at all, and was never hit or repainted. Rides fine, but rear shocks might could be replaced.
Looks good, but when it's on a lift you can tell it's from Akron... rust is attacking the underbody. Welcome to the rust belt.
It's been a good summer car for me but it's time to batten down the hatches. What should I ask for it in the paper?
Off-topic, but, I special-ordered the car, so it wasn't driven around and damaged at the dealership (it had 2 miles on it at delivery). I say I knew the price was fair because I was comparing it to what others were paying (for pre-orders) here at Edmund's and on another board.
It's been a while since I had a car shipped, but I think it was about $700 to have it sent half way across the country. Probably less if you're a dealer, and less than that if you own your own car carrier and hire a driver. Then there is the paperwork to transfer the vehicle's title from one state to another, and the shipping damage insurance (extra on top of the hauling fee), etc... So, if there's $1000 difference in the price of a 4x4 from Florida to Delaware, it's not really worth it to ship said 4x4 from Florida to Delaware. I think the market is basically efficient with respect to transaction prices (but definitely not with respect to the choices people, myself included, make).
Comments
Good luck and G-D bless!
the Sandman
Looking for trade-in value:
Northern Virginia area
2003 Honda Civic EX 2 door coupe
5 speed manual
33,000 miles
Beige exterior and interior
All the standard EX stuff (sunroof, 15 inch alloys, etc.)
Exterior is decent. A few door dings, but cleans up nicely.
Interior is in good condition except for one small burn on the side of the drivers seat.
Tire and brakes still over 50% there.
All maintenance up to date.
As always, thanks in advance.
El Paso, TX
2001/Toyota/Highlander V6 Limited AWD
SUV
78300 mostly highway miles
3.0 engine
White exterior/gray leather interior
leather seating/sunroof, 6 disc cd/cassette
minor scratch on driver side mirror
1 year old tires
brakes- good
all regular maint done
2003 Porsche 911 coupe (just the C2)
3.6L, RWD, manual tranny
20000 miles
black/black
full factory aerokit, euro sport suspension, nav, full power sport seats,factory short shifter, cd changer, Bose
tires 25% worn - michelins
all maintenance records and extra oil changes with receipts, no known issues
when i say excellent, i mean excellent condition - no dealer would have to "prep" the car. it is professionally polished & glazed every 6 mos and i wash/wax monthly
want to buy 2003-2004 Porsche 911 turbo X50 package(more horsies) manual or tip (gasp!)with less than 20000 miles. Looking for silver/white with black interior. How much would i be looking at getting private party for my car and then buying the turbo from a private party - looking all over the country?
thanks Terry!
2003 Porsche 911 turbo
Polar silver/black leather
13500 miles
X50 package(larger turbos - more HP)
manual
excellent condition
CPO warranty - car is at a porsche dealer
new tires
no paint or body work
thanks!
Location: Atlanta, GA
2001 BMW 540i
6-speed manual
Sport package/Premium package
91,000 miles
Silver exterior/black leather interior
Options: Usual 540 stuff. Leather, roof, etc.
Condition: Interior is in very good condition for the mileage. The exterior is also in good condition for the mileage. Didn't notice any major dings or scratches. It does have some paintwork on the front end but it's close to BMW quality and not easily to detect.
Maintenance: New tires, runs great, no records though.
He can buy it for around $17,500 all taxes included. What do you think?
Tampa, Florida
2005 Acura TSX
4 door sedan
4 cylinder 200 hp, Auto/Sequential SportShift
3400 miles
Meteror Silver (Shade of blue), Quartz leather interior
Typical stuff that comes standard on the TSX...Leather, sunroof, abs, cd changer,
full tint, spoiler (Acura spoiler)
Outstanding shape...always been garaged since day one....bought new...
With only 3400 miles on it I'm sure you can see it is in outstanding shape...
No McDonalds...no KFC...No Burger King...natta...
May the lord of the links provide you with your next hole in one on that par three!!!
Thanks my lord!
Do the custom pieces add or detract from the value. I know it cost a lot to get the custom done, and I do not expect it to pay for itself, but I would like to get something for it. Thanks for your help. Randy.
I am attempting to trade my 02 Windstar SE. I received a very low trade value on it. Can I get a candid assessment of its value?
2002 Windstar SE (53,000 miles)
All Standard equipment
Dual Power doors
Rear entertainment package
adjustable gas and brake peddles
power driver seat
quad seating
one accident (over $4000 damage)
clean well kept interior
So what was the trade value you were given?
As far as snow country, don't sweat it. Unless you're going along unplowed dirt roads all the time, you need two things to get just about anywhere: ground clearance (check) and snow tires.
After years of slipping and sliding, we finally put Blizzaks on our '03 Sienna. What a difference.
Good luck,
-Mathias
$1000 plus ttl.
1998 Buick Skylark Custom, 3.1L V6, 115K PW, PDL, A/C, Cruise.
Condition: Everything works (including A/C), runs and drives strong.
Mechanically just needs 2 tires and alignment. I will have all fluids replaced.
Total expected mechanical bill, ~$100. I will probably not have to buy the tires by would wind up with a set of really low miles used ones for little cash.
One small dent on drivers fender from blow out from truck semi tire. $75 to have ding king fix it (if I would have to pay for it). Broken right front side marker light, $30. Misc little scratches that would be expected for the age and miles. The grille should be replaced to make it show like it was dealer lot ready, $70. One Buick logo center cap on the alloy wheels missing, $25.
Total $1300 to have a really good clean car to drive for the winter and maybe longer. I will stil be able to afford another $700 or so in repairs and still be under the $2000 car price.
As for the Saturn SL2, a bottle of throttle body cleaner $5.00, some well placed lubricant $25, a new set of tires and alignment $200, super self done detail inside and out. Then an asking price of $2000 is on the money. But like you said, take whatever if you don't have to work for it.
John
Now, it's like I said. No Maaco. And no KFC boxes. I should have
posted a picture for you. You could have seen what a beauty she was.
(I probably could have traded her for somebody's ex.)
Here's what I had on the price.
Excellent
Trade-in Private Dealer Certified
Nada 13,500 16,100
Edmunds 12,057 13,295 15,485 16,664
Kelly 11,850 14,160 16,535
Avg 12,469 16,040
Good
Trade-in Private Dealer Certified
Nada 13,500 16,100
Edmunds 11,394 12,594 14,649 15,811
Kelly 11,115 13,275 16,535
Avg 12,003 15,761
In addition, I posted a private sale ad, and got no interest at
$13,500.
Furthermore, when I took it to the first dealer, he knew that I was a
Web-reading, well-informed, ready buyer. I spent hours with him, and
the price I talked about above is what he gave me in the last minutes
before I left. In addition, I asked that dealer to justify his price,
and he printed some Manheim Auctions results, which I believe are
genuine. The print-outs are too long to post here, but here is some
key information:
Region: West Coast
Seasonal Adj: No
Average Results
Condition
Above Avg Avg
Mileage 25,085 45,690
Price $13,286 $11,346
Transactions from CA (apparently there were none for Oregon), showed,
for example, from September:
Type: Lease Regular
Price: $12,800 $12,200
Mileage: 39,562 43,169
Cond: Above Avg
At the time, I did not understand the effect of location and 2WD.
My interpretation was as follows. Dealers had told me over the phone
that they would not pay more than KBB, Good Condition price: $11,115.
I figured that was a fib, and I should probably get at least KBB,
Excellent price: $11850. And shoot for more like Edmunds, Excellent:
$12057. That would seem to leave plenty--even too much--spread for
the retail prices I was seeing. But, because of my ad response, I
took $13,500 as an upper limit on a private party sale. I figured it
was lower, maybe $12,750. But I expected a greater spread between
trade and private, so $12,000 seemed high for trade.
Also, it was confusing that the dealer showed me auction information
contradictory to his trade-in price. However, I felt that I had
haggled him to the limit, and I took that as strong evidence that
$11,000 was the max trade-in value, possibly lower, since I thought
the vehicle could be had for invoice, or maybe a little better. I
later suspected that the dealer thought that just the act of showing
me the auction info would convince me of his position.
The auction information was doubling confusing because the regional
price difference seemed to be so high as to create an arbitrage
opportunity. I figured vehicles could be shipped from OR to CA for
about the price of a destination charge, $500. If so, then my vehicle
could be bought in OR for $11,000, shipped to CA for $500, and sold
for low to mid $12k to net $700 to $1000.
Later, another dealer, knowing that I had information and had been
shopping, gave me the same deal but $100 or so better before I hardly
asked, and wouldn't budge. I finally decided that the region and 2WD
issues could account for the price confusion, and that the dealers'
behaviors, given the circumstances, were highly indicative of the true
price. I concluded that the deal was plenty good, and the $11,000
trade-in was pretty much the limit. Oddly, the KBB, Good price that
the dealers were talking about seems not to have been a fib.
I'm still wondering if there is an arbitrage opportunity in car
auctions.
BTW Dealers, I don't mind if you guys make money. It's the 30%,
$6,000 sucker mark-ups that bother me. If I could trust you more, I
would not have spent nearly so much effort finding the true price, and
would have happily paid you a bit more. But I figured, once I found
the price, I might as well get paid for my work.
Also, I answered a few of my own questions about auctions. Dealer
auctions, ones that I figure would be indicative of the market, seemed
to be open to dealers only. Also, they might not even be selling a
car like yours the day go. Aggregate information is far more useful
but not freely available. And as woodyww pointed, this forum seems to
be a place to get essentially that information.
Also, I had the auction results before I asked Terry how to get them.
I asked because I was surprised that I had gotten them, and I didn't
think I could do it again. I wondered what Terry's reaction would be,
and if there are any "magic words" that will get a dealer to give up
auction results, as I would expect them to be valuable information.
Tampa, Florida
2005 Acura TSX
4 door sedan
4 cylinder 200 hp, Auto/Sequential SportShift
3400 miles
Meteror Silver (Shade of blue), Quartz leather interior
Typical stuff that comes standard on the TSX...Leather, sunroof, abs, cd changer,
full tint, spoiler (Acura spoiler)
Outstanding shape...always been garaged since day one....bought new...
With only 3400 miles on it I'm sure you can see it is in outstanding shape...
No McDonalds...no KFC...No Burger King...natta...
May the lord of the links provide you with your next hole in one on that par three!!!
Thanks my lord!
Terry :surprise:
Auction figures give dealers a ballpark figure to work with ... so here's a ballpark for you to work with ..... like I said before - $11,000 is All the money for a Limited with no "moo juice", because it's "at least" a $600 deduct ..... using averages can only mess up the total figures .. all you would need is for a lease company in San Fran to drop 10 Limiteds in and then take average book at the auction and the numbers get skewed .... it's the history, not what happened last week .. also keep in mind, dealers on the Left Coast pay the same amount of $$ for a 40k vehicle as East Coast dealers pay for 20k vehicles ......
09/06/05 RIVRSIDE Lease $12,000 23,172 Avg PX8 BLK 6G A Yes
09/06/05 RIVRSIDE Lease $12,300 31,150 Avg PX8 BLK 6G O Yes
08/31/05 CADE Lease $13,100 31,753 Above BLUE 6G O Yes
08/30/05 SAN DIEG Regular $11,600 33,816 Avg SILVER 6G A Yes
09/13/05 RIVRSIDE Regular $11,300 35,928 Avg SILVER 6G A Yes
09/21/05 CADE Regular $9,800 37,640 Below BLUE 6G A Yes
09/22/05 SO CAL Lease $12,800 39,562 Above SILVER 6G A Yes
09/06/05 SAN DIEG Regular $12,200 43,169 Avg SILVER 6G A Yes
09/28/05 CADE Lease $12,000 43,438 Avg GREEN 6G O Yes
09/06/05 SAN DIEG Lease $9,700 49,016 Below SILVER 6G A Yes
08/31/05 CADE Regular $11,700 54,049 Avg BLACK 6G A Yes
09/27/05 SAN DIEG Regular $6,500 55,674 Below SILVER 6G A No
09/06/05 RIVRSIDE Lease $11,000 57,185 Avg PR4 RED 6G A Yes
Oct 01 - Oct 08 2005
Above -- Average -- Below
Auction $12,600 $11,400 $10,100
Est. Retail $14,100 $12,750 $11,400
PS: **It's the 30%, $6,000 sucker mark-ups that bother me* ........ what mark-ups are we talking about ...??
Terry
2003 Porsche turbo
Polar silver/black leather
91xx miles
manual
at a lamborghini dealer in N.C. since 4/05 so hopefully they want to dump it???
not many options w/ original MSRP ~$125K
dealer website asking $109K but found online asking $99K
carfax clean FWIW
this is the car that i'll be selling - maybe just trade it in to get the tax savings
2003 porsche coupe (just a C2)
20,000 miles
stunning condition - no dealer "prep" needed
black/black
tires with 80% tread remaining
manual
will take out nav and carbon fiber steering wheel and put in new car
carbon fiber shifter/ebrake stay in car, euro sport suspension, FACTORY aerokit(looks like GT3), red calipers, inside still smells new(no eating or drinking or smoking), factory sports exhaust with "regular exhaust available to install if buyer prefers
thanks a ton Terry for any guidance!
I have been looking for something like that but I am only allowed one beater at a time.
In the ATL, 56K miles. Biege
PL, PW, PS, PM, AC, Keyless entry, CD player.
4 banger
FWD
Decesent tires.
Car in fair condition.
North Jersey
2003 BMW 330i
4 door sedan
3.0 I-6, 6 speed manual
rear drive
39,500 miles
metallic black over black leather
options: Performance Package(6 speed, 10 more hp, shorter rear gears, plus Sport package stuff), Premium Package (roof, leather, etc.), Harman Kardon single CD
Haven't seen it in the flesh yet. Of course, in the pictures it looks stunning...
Sitting CPO on the used car side of a highway BMW dealership, advertised for $31,995. I'm thinking with the miles they are a little strong with what they are asking, probably by about $2k.
I may be looking for one of these, and would prefer 25-30k on the odo and a color other than black, but this one is reasonably local and I will likely check it out. What does the sage Terry say it could be brought home for? TIA
2003 Ford Mustang Cobra Convertible
2dr convertible
4.6L supercharged
RWD
22,000 miles
White/Parchment
Pristine condition
Other: ford dealer offered $23,500 wholesale black book, carmax $23,500, all the trade-in sites say between $24,500-$26,000. >Want to trade it in for a new mustang GT convertible.
Thanks a bunch for some unbiased information!!!!!!!
common thread to my answers.
First, my deal was done before my last post. I was following up out of
interest, and to help myself and possibly others understand the
process better for the future.
Also, I wasn't sweating a couple hundred dollars. I was sweating not
understanding what was going on. This was my first trade-in
experience, I really didn't know what I was doing when I started. I
was totally blind. At the beginning of the process, and until I
visited the second dealer and heard Terry's opinion, I really believed
that my Jeep (personally knowing its top condition) might be worth
somewhere between Edmunds-excellent or better, even up to the NADA
value. That would have been between $1000 and $2500 more. If that had
been the case, a couple of hours of research would have paid
handsomely. That amount of money would have caused me to sweat, but
what drove me so far was understanding.
Also, in my experience, informed market values are often second order
in a car deal. First is psychology. Car dealers use every trick in
the book and always present sucker prices. In my case, the first price
I was presented from one dealer was $6000 or %30 more than the final
offer. Many people go for sucker prices, some not realizing that even
after bargaining down several thousand dollars, they are still a
sucker. After bargaining down the first dealer, I still was not sure,
because of the market data I had at that time, whether I was at a
$1000 or $2000 dollar sucker price. I have several other pieces of
anecdotal evidence that sucker pricing, other tricks, and buyer's
willingness to believe what is not true leads to deals that would not
occur if buyers had full information and were not subjected to various
forms of psychological pressure and tricks. But everyone has their own
experiences. Maybe some dealers sell cars the way grocery stores sell
bread.
As Terry mentioned, inexperienced people can get confused at a car
auction. And an inexperienced or naive person can easily get confused
looking at just one new car when a very experienced salesdude is
trying everything in his power to get the person to do whatever is
best for the salesdude.
As for the nature of car buying, it certainly is not an exact science.
And I'm not really trying to apply scientific principles to it. But I
was trying to understand it to a certain degree. And it's important
to note that what I was willing to pay depended on what I believed was
approximately the general market value, that is, in general on what
others were willing to pay. You know, if I paid $1000 more than my
buddy on the same day for the same car, then I figure I probably got
suckered, and I wouldn't have been willing to pay it if I had known
better. In fact, I overheard the terms of another deal the same day I
bought my car, and I'm pretty sure someone else got suckered pretty
bad that day.
It's because car dealing is not an exact science that it is hard to
understand. I believe that Terry provided me with good information
about my Jeep trade value, but I was even uncertain about the depth of
his knowledge of local markets at first. And I think I got closer to
the top limit of what Terry was talking about. If I had listened only
to Terry, I probably would have accepted a lower price. Also, before
Terry's explanations, I would have placed higher value on auction
results reports. My point is that no one source is definitive. In
the end, the most important source was what the dealers offered to
pay. And Terry's information was valuable corroboration with my
theory that the dealer's were not still in sucker price territory even
though Edmunds and other sources contradicted that theory.
My point really is that it is very hard to know, and I wanted to know.
I valued knowing. And for quite a while, before I decided which
sources of information to believe and how to sort out the
contradictions, I thought I could be off by $1000 to $2500, too much
for me.
Woodyww, I don't think you would want to see me buy a house! :-) And
if it's not clear yet, besides knowing and getting an acceptable
price, getting a car was also part of the point. We got one, and we
are enjoying it.
Also, I'm sweating because of the nature I perceive in car dealers. I
assume they are always lying, until I walk out the door. Not a source
of information at all, except for their about-to-leave-and-not-buy
final offer. Like I said, I would have happily paid more to have
sweated less. But, uh, I don't think it's possible to trust a car
dealer. That's what I would pay for. Then it would go like this:
"What's your price?" "Okay, I'll take it." Instead of, okay, let me
see if I can bargain you for three hours into my price range while you
try your best to sucker me.
The dealers are not competing on the quality of the car or service.
They are competing on how much they can hoodwink and pressure you.
Not a very efficient system, as you can see how much time buyers (and
dealers) waste trying to make a deal. Think of how many Web sites
with car buying tips would not have to be maintained if dealers would
just offer no haggle prices. Look how well no haggle employee price
plans have worked--how much people value straightforwardness. Shizit!
If I was a Senator, I would write a law mandating it. That would make
the market very efficient. A dealer would only be allowed to make you
one offer. Then he wouldn't fizuck around with you. He'd get
straight to it, knowing the next guy could easily beat his offer.
Anyway, I'm getting off track, into the theory of market efficiency
...
Tampa, Florida
2005 Acura TSX
4 door sedan
4 cylinder 200 hp, Auto/Sequential SportShift
3400 miles
Meteror Silver (Shade of blue), Quartz leather interior
Typical stuff that comes standard on the TSX...Leather, sunroof, abs, cd changer,
full tint, spoiler (Acura spoiler)
Outstanding shape...always been garaged since day one....bought new...
With only 3400 miles on it I'm sure you can see it is in outstanding shape...
No McDonalds...no KFC...No Burger King...natta...
May the lord of the links provide you with your next hole in one on that par three!!!
Thanks my lord!
The front of the car is a little disturbing. The plastic of one headlight is loose + there's about 1/2 of rust at the edge of the hood by the center of the grill. I looked and didn't see any structural damage + radiator appears to be original (thus not broken in an accident).
I like these cars and was wondering a fair price to offer. It has been MD inspected.
Thanks in advance.
Mark
They usually do, just go in and pay the price they ask! Seriously, I didn't negotiate on the last car I bought, just got quotes from a dozen or so dealers. When I saw one that was about $1000 cheaper than the rest, and knew it was a fair price, I took it.
Excellent Condition - it better be an 05 SLK or CLS with less than 5K on it. A use Liberty isn't considered excellent unless you drove it off the lot and tried to trade it in an hour later.
Arbitrage - there are price differences on 2wd and 4wd between snow and non-snow areas. Could you make money at it? Perhaps but you have to keep in mind transport costs (which you did) detailing, repairs, rent, warranty costs, license costs, et al. As Terry has noted before, a little inventory and some costs can eat you alive. The inventory is a depreciating asset.
2005 Chrysler 300C
Sunroof
Deep Lava Red
16,200 miles
Trade in: $28,000.00
Original Purchase Price: approx. $31,000
First time at this and hope to get it right.
Location: Houston, Tx.
2004 Toyota Tacamoa Prerunner Ext. Cab.
Body Style: 2 door
Engine: 3.4L V-6
Driveline: RWD
Mileage: 24,000
Color: Silver/Grey
Major Options: Automatic, anti lock brakes, A/C, AM/FM/Cassette/CD, cruise, power locks/windows/mirrors, bucket seats, alloy wheels, bedliner, sliding rear window,
tow package, airbags both sides. Also a CPO.
Condition:
A few very minor dings, tires about 50%, assume brakes are also about 50%.
Interior is in good condition.
Maintenance: unknown
Other: Toyota vin stickers on all major body panels. I would guess no prior body damage, but will run a carfax to confirm.
Local dealer has it listed for $20,488.00. What would you think they have in it?
Also, what would be a fair offer?
Thanks for your time.
MODERATOR /ADMINISTRATOR
Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
Review your vehicle
Year/Make/Model: 01 Mercedes Benz E320 Wagon
Body Style: Wagon
Engine: V6 3.2 Liter auto
Driveline: RWD
Mileage: 38000
Color: [Gold/tan]
Major Options: [CD changer Leather.]
Condition: Good, one owner, dealer serviced
Whats a fair price Wholesale and retail road
Thanks
Steve
Trucks vary widely by market area, since only you know where it lives, Terry will be hard pressed to get an accurate value for your specific truck.
2wd...
4wd...
location...
etc.....
Just use the form!!!!
Repost from earlier. Thanks for the help.
Muscatine, IA
2004 Jeep Grand Cherokee Special Edition
2WD, 6 cyl, auto
Miles: 26,500
Silver Exterior/Black Leather Interior
Non-standard options:
Leather
Trailer Tow Prep
Convienence Package
Keyless Entry
Perfect Interior
Like New Exterior
No mechanical issue
Lot's of life left on the tires
No accidents/non-smoker
Thank you in advance.
My experience does seem to show a pattern where if a dealer believes that you are knowledgeable and experienced and confident, have been or are planning to shop around, and are ready to buy at the informed market price, then he will get straight to it.
However, about "knowing" fair prices, I would be careful. Unless the Sales Manager is giving up on you, maybe because he thinks you don't realize that he's hit his lowest price, and you are moving towards the door, you might not be at the lowest price. And if you don't know what his lowest is, it's probably hard to know what is fair (which is subjective anyway).
In many cases, dealers have refused to give me quotes. They say, "Come back when you are ready to buy." "Come on in, I don't give quotes on the phone." In this particular case, I also got 4 Internet quotes, and 4 of them were about $200 to $300 higher than the 3-hour haggle price I got. For the fourth, I was guessing that I'd get a real hard sell on some other aspect of my deal to make up for it. Depending on your idea of fairness, those higher prices might have been fair. But note that they were higher.
Depending on the details of your case (you haven't given many), it is possible that their was hidden information about your deal that you did not know. For example, I once had a Honda dealer try to sell me a "new" car that had been damaged in transit and had some repair work. He gave me a disclosure, and I refused the car. But an unscrupulous dealer having a hard time moving the vehicle might "forget" to mention the disclosure. Anyway, I have no idea what happened in your case. But just the fact that a particular deal is out of the norm might be cause for suspicion.
My point remains, there is thinking you know, and then there is being honest with yourself about how much you really know.
With respect to car deals, the real price is what the dealer is willing to do. And that may depend on how he perceives the buyer. In that case, knowing you got the best price (if that's what you are looking for, or if you think that is fair, not that I'm saying you do) in a sense means reading the dealers mind. Simply, general or average market price, something that might be "fair", depends on willingness of buyer and seller, which depends on motivations and all sorts of thoughts and ideas they might have. And knowing someones willingness, motivations, thoughts, and ideas can be dubious.
Anecdotely, in my first new car deal ever, I'm sure that I was haggling in a very inexperienced way, and partly out of anger at the way I had been treated buy him and other salesmen. I kept him there for some time bickering, and it was getting late. I think he finally gave me another $100 because he wanted to go home, and he believed I just wouldn't sign until he gave me "something", you know, just so I could get my way. In that case, the dude's desire to get home and the fact the he was getting sick of me factored into the price. Not a big deal looking back. But the point is that perceptions and ideas can factor, often heavily, and they are hard to know.
Not the idea one get's from KBB's definition of excellent. But I wouldn't quarrel with it. I really dont' know enough about people's perceptions.
Arbitrage - there are price differences on 2wd and 4wd between snow and non-snow areas. Could you make money at it? Perhaps but you have to keep in mind transport costs (which you did) detailing, repairs, rent, warranty costs, license costs, et al. As Terry has noted before, a little inventory and some costs can eat you alive. The inventory is a depreciating asset.
You have to consider detailing, repairs, rent, warranty costs, license costs, etc. in any market. The main cost difference between markets is transportation, and maybe differences in state DMV fees, I think.
If there is an arbitrage opportunity, dealers, take advantage of it. Then the market would be more efficient, and people up north with 2WD's would get closer to CA prices for their used cars.
Terry also mentioned price differences from East to West. Is there an arbitrage opportunity there?
Somehow, though, I doubt there are arbitrage opportunities. Some smart guys would probably already have taken advantage of them.
I would tend to disagree with you completely on this point. It seems to me that when you are dealing with a car dealer, they basically just trying to figure out what you are thinking and other some facts about you financials (which may be related to what you are thinking). Or else, they are trying to influence what you are thinking. Like, maybe, you read about prices on Edmunds, and they want you to believe Edmunds is all wrong. They may be trying to figure out how strongly and confidently you believe what you read on Edmunds.
On the other, if you are a savvy car buyer you are doing just the opposite, trying to figure out what they are thinking and what their financials are (which may be related). For example, if you discover that your potential purchase might give your salesmen the sales lead and bigger bonus, you might starting thinking that your salesmen is willing to sweeten your deal. (Now, I'm not advocating squeezing pennies out of people. It's just that the car business seems to work that way, and I'm trying to illustrate my point.) Any you might even be trying to influence what the salesman is thinking. Perhaps that you have been to many dealers already, and have gotten some good prices, even thought he is only your first or second visit.
In summary, if you knew what the dealer was thinking, that's pretty much all you'd need to get whatever deal you wanted (up to the limit of what he was thinking that he would do).
If there are other dealers nearby selling the car you want, go to all of them with your trade & pick the best overall deal--it's not rocket science.....just takes time.
Well, it does take time, and it is not rocket science, and you can keep it pretty simple if you know what you are doing. But, as you probably know by now, I suppose that their can be all sorts of complexities to car dealing (some worth thinking about, and some maybe not).
(Anybody check the 19th Hole?)
Your expertise is much needed...can you help a soon to be retired sailor out???
You da man!!!!
Tampa, Florida
2005 Acura TSX
4 door sedan
4 cylinder 200 hp, Auto/Sequential SportShift
3500 miles
Meteror Silver (Shade of blue), Quartz leather interior
Typical stuff that comes standard on the TSX...Leather, sunroof, abs, cd changer,
full tint, spoiler (Acura spoiler)
Outstanding shape...always been garaged since day one....bought new...
With only 3400 miles on it I'm sure you can see it is in outstanding shape...
No McDonalds...no KFC...No Burger King...natta...
May the lord of the links provide you with your next hole in one on that par three!!!
Thanks my lord!
Gray-green with two-tone and the icky gold package.
I call it "overstated elegance".
86,500 miles
Tires only so-so; won't replace them myself cuz I got snows that'll fit.
Tan leather, quad seating, no roof.
All power, dual air, memory seats etc.
Non-smoker, sort-of-clean when you compare it to "most" minivans
No mechanical issues at all, and was never hit or repainted.
Rides fine, but rear shocks might could be replaced.
Looks good, but when it's on a lift you can tell it's from Akron... rust is attacking the underbody. Welcome to the rust belt.
It's been a good summer car for me but it's time to batten down the hatches. What should I ask for it in the paper?
I don't have pics without the christmas ornaments, so here goes:
http://www.msu.edu/~steine13/canoemerc1.jpg
http://www.msu.edu/~steine13/canoemerc2.jpg
No, the canoes aren't included in the sale.
Sheesh.
TIA as always,
-Mathias
Hopefully you already have it's replacement in the stable already lined up.Maybe something with a little less bling?