I'm sorry, but based on your description, this car has no value. The costs of repair will FAR exceed the value of the car. If it leaks TWO QUARTS of oil a day,it's a hazard to the environment!
"I'm sorry, but based on your description, this car has no value. The costs of repair will FAR exceed the value of the car. If it leaks TWO QUARTS of oil a day,it's a hazard to the environment"
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?
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
A lot of times new car offers and deals have an affect on used car values, like low monthly lease rates, rebates, etc...
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.
How much is the equivilant new version selling for?
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.
Plus, at least in my experience, late model used cars tend to be difficult to sell privately. Folks just seem to think they should get them from new car dealers.
The upgraded sound system would put me off. No telling what damage was done when that was installed. Also not a big fan of polished wheels, myself. But mainly it sounds like price is the problem.
I wouldn't be worried about damage from the upgraded sound system - it could just be a high quality stereo and speakers, and those are benign installations.
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.
Actually, I had an amp, component front speakers, rear speakers, and a new head unit installed by Circuit City.
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.
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
Well... I'm nearing 62K, and the noise is the same as at new. The ride is unnoticeably changed, I'd say insignificantly at most. I have had to spend less than a penny in repairs so far.
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
Price your Accord $500 cheaper, if you still get no calls then drop it by another $500, and so on until you do get some responses. and offer both stereos as an option.
I would say to put the factory radio back in. Your upgraded model means virtually zilch to a buyer. Remember, you have to look at this as a buyer...you want to get the most car for the least amount of money. it sounds like you have an emotional attachment to the vehicle (most people do) but you have to distance yourself from it emotionally and look at it through the eyes of a buyer.
In some ways I have looked at it like a buyer. I'm not a DESPERATE seller, so if the best offer I'm gonna get is the lousy low ball offer of 13,500 through email, then I'm just going to buy it from myself and outbid him for 13,501. I'll just keep it if it's that cheap to buy it from myself.
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
Isell, how many Hondas have you owned with more than 60K miles on them? Our family has owned 5.
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.
To answer your question, I've owned several that had in excess of 100,000 miles.
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.
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.
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 and perhaps the ash tray isn't clean and there is that scratch on the bumper... on so on.
In summary... The price is too high for a rational buyer to choose this car.
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.
True... because most buyers know that chances are there will be no repair costs for a Honda versus other vehicles. Most likely, I'd be willing to bet money that there will be no repair costs prior to 100K (39K to go). I'd be willing to bet at 2 to 1 odds. any takers? lol
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.
'21 BMW X3 M40i, '15 Audi S4, '16 Audi TTS, Wife's '19 VW Tiguan SEL 4-Motion
The fact that no one will even come to look at your car means the asking price is driving them away. It needs to be more realistic. Then "people will come, Ray, people will most definitely come."
Have you tried adding "OBO" to your ad? That indicates you are willing to negotiate on the price.
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.
That SHOULD tell you that your price is TOO HIGH. A Honda Accord at the right price sells in a few days.
You've got a bit of a white elephant there, so it will take some extra time to move. I'm sure it will sell, but give it time.
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...
When I tried to sell my car online, I never got any buyers either. Once I advertised in the local paper, I got lots of bites and sold the car within about two weeks. So the problem may be where you're trying to sell it, not just the price.
A Honda Accord at the right price sells in a few days.
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.
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.
Not just by $500, but try cutting by $501. It sounds stupid, even for private sales, but if it wasn't a technique that worked as an attention getter, nobody would use it.
Drop your price to $13,999 and expand your advetising. When people buy private party they expect a deal on the car. why because there is no warranty and it is a huge risk, no matter the model. If they went to a dealer, you pay more but you also get a warranty.
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.
It's a psychological thing. A car for $14995 seems much less than one for $15000 even though it's only $5 less. That's because people look at it as being a 14 thousand dollar car and not a 15 thousand dollar car.
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!!"
I agree with boom on the "psychological thing". While no sane person would think they would save a "thousand smackers", a car priced at $14,999 may get someones attention who is looking for a car in the 14's... as opposed to a car that is in the 15's.
2020 Honda Accord EX-L, 2011 Hyundai Veracruz, 2010 Mercury Milan Premiere, 2007 Kia Optima
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 that I'm right....
It is completely a psychological thing. Not in terms of saving money, but in terms of getting people's attention. People look at the first digits, and don't worry about the others *when they're browsing*.
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 am very sure of this point (and as post #553 makes clear): the only way to sell most any late model vehicle privately is for the buyer to think s/he is getting a deal.
Yes it works. 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]
I am trying to sell my car and know very little about them.
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.
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!!!!