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Comments
And yet, they paid $550 for it. Woohoo!
2003 Honda LX V6 Coupe with 61K miles.
I'm asking for 15K/obo? It has added polished Honda alum. alloy wheels, and an upgraded sound system. It has dealer installed fender, door protection trim, along with 4 mud guards behind all of the wheels. It's in very good condition.
What is the problem here in San Diego?
If you have no calls or visits on the car, try putting up a picture in your ad, and see the response you get. Drop the price by $500 and see if the repsonse changes.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
Alternately, people could be scared by the 61k miles in 3 years. And, as a note, most add-ons don't add-on very much at selling time, except maybe to other dealers.
A quick search on Edmunds finds that an 06' LX with the v-6 goes for ~21500. There is some dealer cash on that car right now.
Edmunds TMV aside, $15k for a 03' car with 61k miles just sounds a bit steep to me.
If I was driving my Dodge Neon still.... I'd know that 61K was about 99% of its useless life, and there was no useful life.
I'd say this Honda still has 150K good miles left. It's held up very well. Also, I bought it in 11/02, so its almost 4 years for that 61K.
From my experience with Hondas, I don't think that is true.
When they get past 50K miles, they make more noise, the ride is rougher, and you start having to make repairs, and no repairs are cheap these days.
But the truth is that most people see those as the moral equivilant of dealer VIN-etching and other add-ons; extraneous bits that don't add value to the car.
The true stereo fans have their own preferences as to what's good or not, and if you choose incorrectly (Bose vs Blaupunkt vs some obscure name), it's just something they'll want to replace anyway.
When figuring out how to sell your car, don't include the price of everything you've added - because most people don't care.
I can (under their rules and deal agreement) make them return my car to "factory specs" free of charge.
Since the component front speakers required putting a hole in the top of the door, those have to stay, besides, the stock Honda speakers are the weakest link in Honda's sound systems. But should I have CC remove the amp and the head unit and sell them on Ebay? I could get maybe 150 bucks for both combined, along with all the associated wires and power cables. There was no "visible" damage from the installation. Also, removing the upgraded head unit would return the 6-CD changer capability of the stock head unit.
Should I do that? I asked my first 3 callers/inquiries about what they'd prefer, and all 3 said they'd take the better sound quality over the 6 cd changer and added storage compartment.
However, during the next 62K miles there will be lot of repairs and none of them will be cheap. That scares off a lot of people.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I totally disagree with you.
Hondas simply don't cause trouble expect in isolated cases.
150,000 miles is NOTHING for a Honda.
It almost sounds like you are talking about Volkswagens.
Have you ever spent $800 just to get the check engine light to go off and then have it come back on again?
By the way, you may want to do a Google search on "Honda Accord" "Check engine light" to find the website where lots of people complained about the problems with the dreaded CEL.
Replacing the timing belt along with the water pump and the other drive belts ain't exactly cheap either.
Of course if you don't take your car in for the preventative maintenance at fairly frequent intervals (at a considerable price) try filing a warranty claim.
Check engline light problems can be expensive on ANY car and Hondas don't have a big problem with this. The internet forums attract people with problems and reading them will cause someone tho think something isolated is a major problem.
The newer 4 cylinder Hondas don't have a timing belt. Replacing a t-belt isn't a "problem", it's routine maintenance.
If you want real problems, buy a European car!
I once owned a Volvo, so I agree with your comment about European cars.
So if someone has trouble selling their Honda, that means it's too expensive, or there's something wrong with it.
There is no way I'd pay $13 for a 61k Accord. Them's the best 61k miles of that automobile, and for $13-$16, there's a host of decent new cars I can buy. Or I can step up to a new Accord, that's a good deal, too.
Houses, cars, stocks, bonds, or second-hand underwear: If it isn't selling inside a decent amount of time, it's too expensive. It is that simple.
-Mathias
If the car is good for 200k miles until a major repair costs more than the car is worth then....
If I depreciate the current new car selling price by the miles used versus those expected I get.
$21500 * ((200k - 61k)/200k) ==> $14942
However the depreciated price indicated above of ~$15k is good only if there were absolutely no repairs or expensive maintainance items. So, knowing that there will indeed be repairs and maintainance the used price of the car SHOULD reflect those expected expenses and must therefore be reduced.
One should also consider that the car no longer has that very expensive new car smell
In summary... The price is too high for a rational buyer to choose this car.
The good news is, there are (what I feel) an abundant number of irrational Honda buyers so you might just wait it out and see. Some folks think Hondas are worth far more than any other vehicle, regardless of miles/condition/math.
I've lowered my asking price to 14,700. The only thing that irks me, is that no one has even come to see and look at how nice the vehicle has been kept. I haven't got a visitor, which is quite strange. I think the vehicle sells itself (I've kept good care of it and maintained it well, with records). If people saw the vehicle and still made low ball offers, I'd be more willing to come down.
Have you tried adding "OBO" to your ad? That indicates you are willing to negotiate on the price.
That SHOULD tell you that your price is TOO HIGH. A Honda Accord at the right price sells in a few days.
First of all, a coupe limits your market. Throw in the fact that it's not a real sporty coupe and it adds to the mix. Young buyers (prime market for this price range) aren't drooling over 2-door Accords. The V6 also is a bit of a oddity, particularly since this is an LX. If I'm going to buy a V6 Accord, it's going to be completely loaded. The thrifty buyers that don't want all the options of the EX, will be shopping for a 4cyl. If this was a 4cly 4-door, or a totally loaded 2-door EX, you'd have more interest price regardless of price.
I personally think your price is ok, it just isn't a vehicle that has lots of demand so you'll have to wait it out. If you want to move it quickly, EBay...
Anything priced "right" usually sells...but Accords and Camry's are like a bad rash on my lot. They just don't sell for some reason. Just because its a Honda doesnt mean much its gold, it's just another car.
It is VERY difficult to sell any late model vehicle privately at "book." Period. That's why folks trade them in!
Cutting a $15,000 price by $500 isn't going to make any difference. Now, if you reduce it to 12K, that's another story....
Don't be so sure of yourself..We read on here that people walk over $50...so clearly, $500 does make a difference. Almost all buyers are payment buyers and $500 is real money. sometimes a $10-15 per month drop sells the car.
The other thing is the 61k miles. No matter how trouble free the vehicle is, there is a ton of maintenance to do on this vehicle come 100k miles. Also you are in that gray area mileage wise when parts start to go and need replacing. The Edmunds TMV is simply a guide, nothing more. The fact that no one has even called to inquire about the car should tell you something. Your car is only worth what someone is willing to pay for it.
i sold a 1994 Accord back in 1997 also over 60k miles and I had an extended warranty good to 150k. Several others in the newspaper that were right around my price. No takers after a month. then I dropped the price a bit and advertised in a bi-weekly automotive classified paper that reached out further then my local area. Guy bought it for his wife. They lived about 50 miles away. Sold it for $11,800. About $3k less than a dealership asking price. funny thign is he sold it 2.5 years later with about 90k on the clock for just under $10k. We both got our money's worth out of that car.
Good Luck.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I think that is a myth perpetuated by the retail industry. People can and certainly do recognize the difference between $5 and $1,000. No one says "Gawd! I got this for only $14,999.99 and saved a THOUSAND SMACKERS! That poor sap over there paid a full $15,000!!"
tidester, host
I believe it works on 95% of the buying public... No, they don't consciously think they are saving $1000.. but, they definitely put it in a different category...
I have no proof of course, but I'll bet you $99.95
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It's why you have $0.99 stores, it's why gas is rounded to the nearest 9/10ths of a cent, it's why auto ads still advertise cars at $14995 instead of $15000.
Nobody is really looking at the ad thinking they're saving money, but it tends to get them to look at the ad in the first place.
I catch myself being drawn in by it... it's not that I can't do numbers, it's that I have to *think* a split second to get it straight.
Two things accomplished: I noticed the *LESS THAN TEN GRAND* message, plus I had to stop and think.
Insidious, ain't it?
-Mathias
[who is supposed to be good with numbers]
An LX coupe is such an oddity that in 11 years I have never sold one and I sell a lot of Hondas!
You are correct for all of the reasons you mentioned!
LOL... stupid marketing gimmicks.
If they don't mention price, I'll assume they are asking 10K over book.
I just listed my 98 Civic EX with 92,000 miles for $5,500. A few people have looked at it and made some comments such as, it needs the timing belt replaced, the 2 front tires may be a bit worn, which would be a sign of an alignment issue, and the CV boots may need to be changed.
My question is: it is a 9-yr old car, so obviously it is not in perfect condition. Although these may be things that may need to be done at some point, it is a used car. I am guessing that any mechanic that the car is brought to by a buyer will say that it needs to be done, even if it can go longer without it -- it is their livelihoods.
How much should I lower the price of the car to be fair based on any necessary repairs? How does one determine if it is necessary or something that will need to be done at some point in the future?
Edmunds specified a price of $5,500 based on it being in the best condition, and the dealer price is $6,500 so that is how I arrived at my price, I just figured the body was in great condition and it was lower than the dealer price.
Thanks for any advice!!!!