Questions About Private Sale Transactions

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  • steverstever Guest Posts: 52,457
    A reporter is looking to interview someone in the greater Washington, DC area who unknowingly bought a car that had suffered flood damage. Please respond to [email protected] with your daytime contact information by Monday, September 19, 2011.
  • wilcoxwilcox Member Posts: 584
    edited September 2011
    I think they might document accident incidents, report recall information, and safety info.

    Do they supply maintenance records and routine servicing ?

    I'm asking because I do all the oil changes, and other operating maint. processes. I'm wondering if carfax draws off dealers records for servicing vehicles in those manners..

    Best Regards, wil.
  • robr2robr2 BostonMember Posts: 8,863
    If a dealer shares information with them, then the answer is yes.
  • sellorbuysellorbuy Member Posts: 4
    :mad: I've been buying used the last couple of years and at the moment I'm trying to sell a car private party for the first time in quite a while. As both a buyer and seller, I find the used car pricing on edmunds to be highly inaccurate for older low mileage vehicles. This is problematic as a buyer because it can be frustrating when no one will go near what we're being told by edmunds are "True Market Values". I'd like to see some transaction data to back up the numbers. What I think really goes on is that when there is no data available edmunds uses a flawed formula. For example, I found a loaded 1994 Mustang GT convertible just a year or two ago that was in mint condition with only 22K miles on it. Edmunds said it was worth about $5k. KBB and NADA both said $9-10K. The seller wanted $10k. I ended up buying it for $9k and ignoring edmunds, but it made me nervous. I've come to realize these numbers on edmunds cannot possibly be backed up by real sales going on. No car like that one in that condition was ever available that i could find in the US for $5k then or since. Now I find myself on the opposite end of the spectrum. I'm selling a 2002 vehicle with 42k mi in great condition that edmunds says is worth $8 to $10K. KBB says over $16K and Nada says $15K. More importantly the cars are actually selling in the $15K range. I can't find anyone anywhere selling even close to $8K for a vehicle in this condition. Edmunds cannot possibly have sales data to back up these numbers. This is a real disservice to the community and Edmunds should stop doing older low mileage used car estimates if they cannot be at all accurate. It hurts both sellers and buyers. I sent in a complaint and was told they would forward my comments to the pricing manager, but I wouldn't be surprised if he is a round basket. Personally I suspect Edmunds gets a lot of vendor support for new car data and probably gets nothing for used car data so there is little incentive for them to get it right.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    All used cars are different, and you need a very large database to make sense out of used car values.

    Price guides are only 'ballparks" that attempt to average out a lot of fluctuations.

    For instance, here's a decent 1994 GT convertible for 1/2 the price that KBB says:

    http://sfbay.craigslist.org/eby/cto/2877750776.html

    Now, if you feel the low miles are worth double the price, that's your decision to make, since such low miles are unusual. But to another buyer, low miles are not an asset, since a barely-driven car might have dried up seals, ornery brake calipers, or gummed up transmission.

    Keep in mind one important thing----price guides do NOT set the market. Sellers do not set the market. Appraisers do not set the market!

    It is the BUYER who sets the market. If your car is priced correctly, it will sell. If you cannot sell it after weeks of trying, this is not the fault of the price guides---your price is just too high for buyers.

    Prices are ultimately driven by a supply and demand equation. If, for instance, you had a very very low mileage pristine car, and you put a premium price on it because of the spectacular condition and low miles---that in itself doesn't mean the car is worth what you are asking. If all the people in your city already have a low miles X car, and there are more low miles X cars than buyers, then the price will drop.

    you've seen this yourself, in cars that are 'hoarded and put away" when new, because the owners think they will be instant classics.

    But, guess what? So many people hoarded them, that when they all decided to sell at the same time, there was a glut of them--and hence, the price dropped.

    So don't rely on price guides entirely---use them strictly as "ballpark" estimates to get you grounded in reality. That's really all they are meant to do.
  • qbrozenqbrozen Member Posts: 29,479
    It would help immensely if you share what this 2002 car is.

    Low mileage cars are always a crapshoot. Most guides either underallow or overallow for those miles. As shifty said, the market is set by the buyer. You were a buyer for your 'Stang at $9k. There are many who would scoff at such a price. When you go to sell it, you'll just have to wait for the right buyer, if you can.

    '07 ML63, '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c, '14 Town&Country Limited. 54-car history and counting!

  • sellorbuysellorbuy Member Posts: 4
    Sorry I didn't mention the 20O2 is a Honda S2000. I even made contact with someone who just sold one with 60K miles for $15K. I understand everything said above, but my point is that the condition and mileage seem to not be accounted for by edmunds properly. If this is imprecise, they should give a range or something. Having this popular site understating the value causes buyers and sellers to not match up. The buyer wastes time waiting for that good deal that never comes and the seller loses buyers who aren't better educated to what typical transaction prices really are. Worse yet, Edmunds claims to be based on real transaction data. I say show me the data and the cars to back it up because I don't believe it.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    edited March 2012
    yes all well and good but you are presuming that just because someone "sold one with 60K for $15K", that does not mean that someone else whom you never heard of sold one with 50K for $12,000. You don't know all the points of sale in other words, whereas Edmunds might.

    I'm sure you catch my drift here---a database of one is not much of a database.

    I also can't agree that buyers might not be 'better educated". The buyers ARE the teachers--they educate us!

    I think the confusion here is, at least partly, based on the concept of impartiality. Appraisers, and hopefully, price guide analysts, aren't supposed to be in love with a certain car---they should be completely impartial.

    As a seller, you can't be impartial. You would naturally have a bias toward higher pricing.

    You *should* ask whatever price you wish (your 1st amendment rights) :P

    But if you asked me (which you didn't) what I think the market for your car is, I'd both agree and disagree with you...I think Edmunds might be a bit low, but I think KBB is off the charts on the high end. I'm thinking around $12,500 would be fair market value for your car right now, based on comparables I've seen.

    Basically I'm giving you an extra $2500 for the low miles, which is generous.

    GOOD price guides are not about what people "think" a car should be worth---they are based on actual sales data---or should be.

    it's not what the 1% sells for, it's what the 99% sell for.
  • qbrozenqbrozen Member Posts: 29,479
    edited March 2012
    Ah, see now convertibles can vary widely depending on where you live.

    I do agree, though, that this is worth quite a bit more. I only have a couple of comps that went through dealer auctions and those still had more miles. One in above average condition with 56k miles fetched $12k in Florida. And one with 72k got $10,900 in Texas.

    So could you get $15k for yours selling it privately? Probably.

    '07 ML63, '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c, '14 Town&Country Limited. 54-car history and counting!

  • sellorbuysellorbuy Member Posts: 4
    Mr Shiftright: I totally agree with you on the going prices are what matters. But I've looked pretty hard and I don't believe there is data to substantiate the Edmunds numbers. Right now my dataset of 1 that I managed to get hold of after a sale is infinitely higher than what Edmunds has shown to me. All I know is that I have two occurrences where I searched the US for a car and could not find one in the stated condition close to the price listed by edmunds. The one shown by someone earlier from craigslist was not close to the condition of the GT I bought (I know I didn't go into details). So my point still stands: Edmunds is inaccurate. Maybe they don't have enough data for a particular model/year and so they try to extrapolate from a small sample, but they don't say that. They make a claim that their data is backed up by sales history. Honestly, I was surprised at what the S2K's seem to be going for. I went into it expecting less $, but i'm not going down on $15K for a couple of months (it's only been a day) because of spring coming and I'm in no rush.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    edited March 2012
    Sure--time of year really matters on a convertible.

    Now when you say 'what they're going for' are you looking at asking prices or selling prices?

    Asking prices are basically meaningless to an appraiser. When I'm appraising a car, I'll call up a dealer and push to know "what's your take price"?

    Again, if you're selling in the "pristine" category, that's not what price guides focus on.

    Okay I did a global (national) search for 2002 Honda S2000s, dealer and private party asking prices and got a national average asking price (over 100 hits) of $13,800. (To get this average, there were cars priced more than yours).

    If we presume that selling price is say 10% less than asking, then I'm right on the money here at $12,500.

    Even IF you sold your car for $15000, that doesn't mean that "all 2002 Honda S2000s with 42, 000 miles on them are worth $15,000".

    A good price guide would try to find many many low mileage examples and average them out.

    PS: I priced your car out using Edmunds, and got approx. $11,000 as value.
  • qbrozenqbrozen Member Posts: 29,479
    $12,500 would be dealer auction money if its clean, though. He may be able to go into Carmax and get that kind of money.

    '07 ML63, '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c, '14 Town&Country Limited. 54-car history and counting!

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    Well if a dealer thinks he could flip it for a few thou, sure, but the seller isn't a dealer and doesn't offer financing, showrooming, national ads, etc. Dealers can always get more for a car--that's why price guides have private party AND dealer retail pricing.
  • qbrozenqbrozen Member Posts: 29,479
    edited March 2012
    Of course. And private party is still above auction value. Where exactly on this car we won't know until it's sold, but I would definitely be asking $15k. i can bet a dealer isn't letting a pristine low mileage car going for less than $3k profit.

    '07 ML63, '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c, '14 Town&Country Limited. 54-car history and counting!

  • sellorbuysellorbuy Member Posts: 4
    Just as another datapoint I called one of the webuycars sites in my area. These guys prey on people who need money fast. They immediately emailed me an offer $1200 over the max mint condition number that edmunds shows. I still stand by the fact that edmunds has a problem here. I don't know if its older low mileage cars or just low volume cars they can't get data on, but they should be up front when they don't have concrete data to back it up.

    Steve
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    Again, there's a difference between the "market" and what you sell one car for, one time. And again, it's not the job of price guides to try and value exceptionally pristine, low mileage cars.

    Edmunds is a "guide" and as such, focuses on the 99%, not the 1%.

    It's been my experience that very rare, or very pristine low miles cars are not even reported in sales data available to price guides. Many cars of this type are sold privately among club members.

    I think the problem is that you are holding Edmunds to a standard that it never claims to cater to.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,350
    People are funny when they are selling cars.

    They will search high and low, looking at "asking" prices. If they see a number they think is too low, they will discredit that source. If they see a number they like then they will think the one they have is worth at least that much. They think that's what they are "going for".

    The market is funny and S-2000's aren't the best of sellers anyway.

    Some people think the miles on the car determine everything as far as value and this is NOT so. A car can have low miles and be a roach. A car can have a lot of miles and be in pristine condition.

    On S-2000's modifications kill the value. If it's been lowered, has the wrong wheels or it looks like it's had a hard life (as many have) the value go's in the toilet. Color is important on an S-2000 too. If it's white with that beige interior, it'll rot on the lot.

    Like our HOST says, all Price Guides are exactly that..." Guides" Your car may be worth more or less than that number.

    People overpay everyday for used cars...or do they? If they are happy, that's what matters. Sometimes cars are sold for less than they should have sold for.

    No different with houses, stocks or anything else.
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  • acemanhattanacemanhattan Member Posts: 79
    Hey everyone. I have a 1999 4runner limited with 165,000 miles on it that I am looking to list in the next 48 hours and I am trying to determine a price for it; I'm wondering if you all can help.

    I've searched Craigslist and Autotrader and found the following:

    15 makes and models that are similar to mine are being sold privately within a 200 mile radius. Of those 15, mine has the 4th fewest miles and, realistically, appears to be the 4th best vehicle of the 15. The 3 that seem to be in better condition have anywhere from 2k to 25k less miles and the average asking price is $9,000. Of the 11 that are in worse condition (mileage is, in most cases, about 40k more than mine), the average asking price is $6,000. Dealers in the same radius are asking an average of $9,900 for a similar vehicle. Edmunds lists the private party value at about $5,100.

    It is a mechanically sound vehicle -- not pampered, but taken care of, and is currently in the shop getting a $200 interior/exterior detailing to make it shine. It has a few cosmetic blemishes (front bumper parking garage dings) and the interior is in great condition except that the leather on the driver and passenger seats is showing some wear (no tears, just wear).

    So what should I ask? I'm thinking splitting the difference between the average asking price of the worse and better vehicles and going for $7,500, taking anything above $7,000. Thoughts?
  • Kirstie_HKirstie_H EdmundsAdministrator Posts: 11,132
    Try posting in our Real-World Trade-In Values discussion:
    http://townhall-talk.edmunds.com/WebX/.ee9c851/44046

    Don't bother with all of the comparables - just list the info requested in red text above the "post a message" box.

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  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    Sounds like pretty good market research, but with those higher miles, really, anyone who showed up with $6500 in real money....I wouldn't let them walk away.
  • qbrozenqbrozen Member Posts: 29,479
    wow.

    Well, I just replied to you in RWTIV, but these numbers are pretty out there.

    Manheim tells me that vehicle fetches about $4k at auction, though, which would put fair retail at about $6500 and fair private party more in the $5k-5500 range.

    '07 ML63, '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c, '14 Town&Country Limited. 54-car history and counting!

  • steine13steine13 Member Posts: 2,833
    There might well be a premium on that car due to two facts: It's popular with offroading types, and it's in Oregon. If it's as rust-free as I'd expect for a NW car, that would help the value.

    But even at Shifty's more optimistic valuation of "take $6,500," that's a LOT of bread for a 14-year-old car with a lot of miles. Yeah it'll run another 80k, probably, but it'll have needs along the way, and the 20 to 25 cents a mile in fuel costs ain't going away, either.

    If it can be made to look great in pictures, it might make good ebay fodder. This isn't going to bring top $$ as a beater to a local college students.

    The 4x4 crowd is the target audience. If they're still interested in the later ones, I'm not plugged in...

    Cheers -Mathias
  • kyfdxkyfdx Moderator Posts: 194,200
    If it was a stick, it would already be sold....

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  • acemanhattanacemanhattan Member Posts: 79
    edited August 2013
    Thanks for the responses everyone.

    Since I'm not in a big hurry and since there is 3 day weekend coming up (I'm just extrapolating that somehow that means more people will be shopping) I decided to put an ad up for $7350. I think that price is outrageous but if I price it too much lower it will be below quite a few 4runners that are 50,000 miles older and/or in nowhere near the condition of mine. If I don't get any calls I'll prob drop it to about $6500 and continue from there.

    For those playing along at home:
    http://portland.craigslist.org/mlt/cto/4032765439.html

    Also, from a tactical standpoint (not necessarily with this sale in mind, but all used car sales), when someone comes right out and asks "what is your bottom dollar" what is a good response? I feel like the price I post is my starting point and that a buyers responsibility (if they want to negotiate) is to make a counter offer, I don't want to post a price and then, without them making an offer, instantly drop it. Should I just say something like, "well I've priced it at what I believe is fair, but I'll entertain offers" ?

    And another question, is there some automated spam text message scam with regards to used cars? I know I've received emails in the past that are clearly automated responses to a craigslist ad, but I received two texts in the night that both make odd use of the english language and, with my exact craigslist title in the message, ask something sort of general about the purchase. For example: "Is it you still have........1999 4runner Limited 4WD - $7350 (SE Portland)"
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    edited August 2013
    I was suggesting $6500 as the "home run price", to take that offer, kiss the buyer profusely and run to the bank.

    High miles is high miles. Statistically, the modern car is used up at between $175K and $225K.

    To say that a vehicle with 160K on the clock is going to run another 80K is, in my opinion, possible certainly but I sure wouldn't take that bet.

    it all boils down to: Do you want to sell it right now, or do you want to market it for the next month or two?

    But as they say "You can always come down in price but you can't go up"

    RE: Your Ad ---nicely done but too much information IMO. Listing recent repairs suggests that the vehicle is becoming needy. Also no one cars about the lid for the sun glasses holder.

    If they like the good parts of the car, right off the bat (excellent idea to have the car detailed), they will forgive all the little blemishes out of hand.
  • acemanhattanacemanhattan Member Posts: 79
    Thanks.

    I'll make some adjustments to the ad.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    As you wish---I'm only offering my two cents about it. By all means, try to get as much as you can for the vehicle.

    I always try to focus on "the market" which is not always exactly the same as outlier sales---for every 4Runner like yours falling in the $5500 range, a couple will sell for more and a couple will sell for less. There's geography, luck, emotional buys, careless buyers, clever sellers---all kinds of factors that are much too out of control to pin down.

    My method of selling my cars is to hang it out for an attractive price, and on the other side, to buy at an attractive price...so maybe I "lose" $500 bucks for the sake of a very quick, convenient, no hassle sale to a rational, non-paranoid buyer, but I think I get it back by being an astute shopper for the next car.
  • steine13steine13 Member Posts: 2,833
    I like the ad, mostly.
    The pictures are good; they look they you want to inform, not deceive.

    Shorten the text by half. Cars with too much text are always overpriced.

    Don't list every little thing; "air conditioning" and "power steering" are kind of ridiculous; it's not 1978 anymore.

    "Clean" is wonderful. "Professionally detailed" says "I'm a slob but i paid someone to make it look nice." I don't think that's true, but that's my gut reaction when I read "detailed." The car is clean, the pictures show it, the engine looks good... I'm getting the warm fuzzies in that it looks "taken care of."

    How about "maintained on schedule; records available."
    If true. Never lie when selling a car. It's unsportsmanlike.

    And if I were in the market for something like this, $5 would be the absolute end-of-the-world for me. But there is a market for these, and there aren't many out there any more that look as nice.

    I stand by my "probably another 80k" remark, but of course, if the engine coughs up a lung in a few months, the surprise will be only mild. And there will definitely be "needs" along the way.
    And there better not be **any** rust on this thing.

    >> when someone comes right out and asks "what is your bottom dollar" what is a good response?

    I've had good success with: "I can certainly talk about the price, but you can't: You haven't seen the car yet." That shows there's room for negotiation without committing you to a new starting point for the inevitable chiseling.

    In person, I tell people to find out what I'll take, they need to tell me what they'll give... no haggling without an offer... otherwise you're just negotiating with yourself.
    For details on that particular pitfall, see our president's handling of budget negotiations... he needs help from a car dealer... but I digress...

    Regarding the text messages, disregard.
    Also, make your phone number so it's not easily machine-readable.

    Good luck, and let us know. I'll be watching with interest.

    Cheers -Mathias
  • acemanhattanacemanhattan Member Posts: 79
    Thanks a lot for the input. I've made some adjustments to the ad per your recommendations.
  • kyfdxkyfdx Moderator Posts: 194,200
    That is a good ad, and lots of good pictures..

    I think you can get $6K... It's the best model 4Runner, ever..

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  • acemanhattanacemanhattan Member Posts: 79
    edited August 2013
    In addition to selling my vehicle I am also looking into purchasing a used vehicle from a private party seller and I have a couple of questions about the process.

    The first would be about arranging pre-purchase inspections; is there a type of shop or mechanic that is better suited for the sort of "spur of the moment" inspections that might be needed should I spot a car on Craigslist that looks like a winner? What is the most efficient way to arrange the whole inspection transaction between the seller and myself? Obviously they aren't going to wait for my appointment date for me to come pick up the car and have it looked at and if it is a good car it wont be there in a few days to look at anyways, and if it's still there, it's likely that my mechanics inspection is going to find that there may be some things wrong with it (so on average I'm paying for inspections that tell me I probably don't want to buy this car).

    The other question is about price; I find that the cars, sort of across the board, are priced about 40% above KBB or Edumunds suggested price, should I expect to pay higher than those suggested prices? It just seems like it will be hard to get that price without making offers that are almost insulting (IE I offer below suggested price and I'm offering them like half of what they are asking).

    Thanks in advance.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    you never know how someone will react to an offer. The trick is to let them know that you are *really* going to buy it, right then and there. Naturally, on the first day the car appears, it's less likely that someone will take your offer, but after 2-3 days of the ad appearing on CL, sellers often start to bend.

    Remember, sellers don't set the market. Price guides don't set the market. BUYERS set the market. What you offer in good faith (presuming you aren't doing extreme lowballs) is reflective of what most people are willing to pay.

    I looked at a used truck yesterday. Very nice but it needed a few things. I think I know what it's worth, based on comparisons, age, mileage, etc. No way I'm going to pay his price. Somebody else might but that's their problem.

    Remember, a $5000 car that needs tires, plus the registration fees and sales tax, is really a $6000 car, or more.

    Pre-Purchase: you should line up the repair shop beforehand, but you will be the first "inspector". The idea is to only take a vehicle that performs well on your test drive, in for the inspection. You don't need a mechanic to tell you when a car isn't running right, making terrible noises, or lighting up every warning light on the dashboard.
  • acemanhattanacemanhattan Member Posts: 79
    Just had what appeared to be a savvy vehicle purchaser come and look at the 4runner. He gave the vehicle high praise and offered $6000 without test driving. I told him that I wouldn't feel comfortable letting it go for less than $7000 and he kindly told me that he hoped I got it. No counter offer, just a handshake and a little casual 5 minute conversation about New York.

    I have had about 4 people show interest since I put the ad up about 36 hours ago, one possibly coming by this evening, but he was the first one to come out and look at it thus far.
  • Sandman6472Sandman6472 Coral Springs, FLMember Posts: 5,864
    You actually turned down $6000 cash with no test drive necessary? Wow...I'd think quick cash in hand would be a winner. What happens if things don't work out the way you want? Good luck sir and I hope you get what you think you might but I think ya passed up something really good here! Hopefully I will be wrong...and I hope I am!

    The Sandman

    2015 Audi A3 (wife) / 2015 Golf TSI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2)

  • acemanhattanacemanhattan Member Posts: 79
    I did, Sandman. Perhaps it was a gamble, but I don't think it was an excessively risky one given how short the car has been on the market. I hear what you're saying though.

    If things don't turn out how I want, then I will have learned a valuable lesson about selling vehicles.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    Ah well, I think I would have "worked" that guy who made the offer---split the difference I mean. I believe I pontificated a $6500 target price, but then again, I'm pretty free with YOUR money--LOL!

    You still have his number? Call him up.
  • acemanhattanacemanhattan Member Posts: 79
    I think that would have required a degree of salesmanship I don't possess; I did drop the price by roughly 5% in response to his offer, and this was with the hope of getting something near $6,850. I did expect (I think this would be what anyone would expect in a negotiation) that $6,000 was simply a starting offer, and I thought that countering with $7,000 was the best way to get close to $$6,850 and I was a bit surprised that he didn't counter.

    I will say that, as a student, I am actually happy that he didn't purchase because I know I'll get to process more "data" as I have to continue with the selling process. But, I do have his number and, I think, a friendly enough relationship with him that I could (maybe at a loss) reach out to him if I start to think better of my decision .

    He did mention that at 6:00pm tonight he was going to look at a similar make and model that was offered for $6,000. Should I send him a text with some sort of adjustment to my counter of $7,000? Something that would get us closer to a price of $6,500+ in the event that he absolutely hated the vehicle he looked at tonight and has some regrets about leaving mine?
  • kyfdxkyfdx Moderator Posts: 194,200
    You really have to get them into the car for a test drive... Anyone that makes an offer without driving the car, has to be taken as an unserious buyer..

    Refer back to what to say to those who make offers over the phone...

    Otherwise, it's just noise....

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  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    Yeah, that's good advice. Don't start any negotiation with ANY buyer until they have driven the car.

    I like to use this analogy. Think of a pyramid, Inside that pyramid are various "floors" or levels, each one with a price. At the bottom of your pyramid is say the $5000 floor, and at the very tippy top, squeezed into the point, is the $8500 floor.

    Now visualize buyers on various floors---the higher the price, the fewer buyers there will be to occupy that space, and the longer you will have to wait until some of them, in theory, make the climb all the way up there.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,350
    You were being set up by the guy who didn't want to drive the car. Had you agreed to his offer, THEN he would have wanted to drive it and THEN he would have picked it apart or "found something wrong" and dropped his original "offer". The guy was a typical Craigslist flake.

    If you are asked what your bottom line is, NEVER suggest a number to the buyer..NEVER EVER DO THAT!. They will use THAT number against you.

    If they gripe about the miles just say.." I agree and that is why I priced it the way I did...if it had lower miles, the price would be higher"

    It looks like a nice Toyota. If you can find someone not afraid of those miles, you'll have a deal.

    Back in the bad old days, that car probably would have been "clocked" for an easy sale! A lot of cars were.
  • imidazol97imidazol97 Crossroads of America I70 & I75 Member Posts: 25,787
    > "clocked"

    What does that mean?

    2014 Malibu 2LT, 2015 Cruze 2LT,

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    odometer has been breathed upon.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,350
    Speedometer shops were everywhere and they did more than "repair" speedometers.

    In the "old days" there were no real laws much less enforcement.
  • acemanhattanacemanhattan Member Posts: 79
    I adjusted the price down $100 every two days and listed it today at $6,950. Guy offered $6,500 cash and I accepted. He was the second person to come check the vehicle out.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,350
    edited September 2013
    Good deal!

    Yep, for 6500.00 I would have taken his cash and ran like a thief in the night!

    Sounds like a win-win for both of you.
  • jprocjproc Member Posts: 135
    congrats-its amazing how much value used Toyota's and Honda's retain.
  • Kirstie_HKirstie_H EdmundsAdministrator Posts: 11,132
    Good job! Step 1 of your process is complete. As much research and feedback-seeking as you've done here, I predict you'll be in this discussion offering advice to other newbies soon :)

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  • acemanhattanacemanhattan Member Posts: 79
    Thanks! This forum has been invaluable and I'm grateful for all the help.
  • acemanhattanacemanhattan Member Posts: 79
    When looking over a car prior to purchase, how can I tell if it has ABS and Side Curtain Air Bags?

    Of course I can ask the owner, but if they don't know how can I tell?
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