Did I lowball this person
02-27-09, 08:24 AM
#1
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Did I lowball this person
Looking at a 03 GS430 and private seller wants 16k with 61k miles. I offered KBB private party value of $13950 is that unreasonable. Here is a Link to the vehicle. Am I wrong? 
02-27-09, 08:31 AM
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I'm sure it will be around by the end of march.
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02-27-09, 12:20 PM
#9
Fair
That's fair. The dealer will only give this guy around $11,000 for his trade-in. Selling yourself you can always expect to get around $2000 more than if you traded it in. This might be a little off since good quality late model used cars are selling off dealer lots faster than new cars of late therefore they are giving more for trade-ins. I figure if this guy has a buyer at all he is lucky in this economy!
02-27-09, 01:10 PM
#12
When looking at a car I take the KBB trade-in value and add the private party value, then divide by two, thus giving you the mean. I'll then look at Edmunds TMV numbers, appraise the car accordingly and then add that number to the first number and divide by two, thus giving you another mean.
Sounds complicated but this method does two things:
1) Shows the seller that you want to offer them a fair price and have looked at both of the industry standards for the car
2) Prevents the seller from coming back and saying, "Well I think the car is really worth more because of xxx and xxx." If you fairly appraise the value and then get the mean between KBB and Edmunds, they can't really argue with that. Nobody is going to pay anyone more for their car than book value, especially in this economy, especially for a V8 lux car.
I haven't appraised the car myself, but looking at your numbers I think you are about dead on. If this guy thinks he is going to get $16-17K for that GS in this economy then he is sadly mistaken.
Sounds complicated but this method does two things:
1) Shows the seller that you want to offer them a fair price and have looked at both of the industry standards for the car
2) Prevents the seller from coming back and saying, "Well I think the car is really worth more because of xxx and xxx." If you fairly appraise the value and then get the mean between KBB and Edmunds, they can't really argue with that. Nobody is going to pay anyone more for their car than book value, especially in this economy, especially for a V8 lux car.
I haven't appraised the car myself, but looking at your numbers I think you are about dead on. If this guy thinks he is going to get $16-17K for that GS in this economy then he is sadly mistaken.
02-27-09, 02:41 PM
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Identical to mine, except the less desirable silver.
As to your offer... I would have replied declining as well. KBB pricing exemplifies the bottom of the barrel and has continuously proven to be worthless. Edmunds TMV prices this at $16,395, which is right in line with what he's asking.
Gas prices are down, and those people buying are content with driving big V8s again. The ONLY thing putting things in a pinch is the economy. You need to recognize that when cars get THIS cheap, people aren't pressed to sell them for a few grand. That's a lot of car for the money, and well worth it if properly maintained.
Good luck.
Got a blind offer on my car a few weeks ago for $18k after hinting that I might be selling for an M5. As I mentioned above, when cars get this cheap it's not worth taking a low-ball to sell fast. There are PLENTY of buyers out there for high-end luxury cars in their teens if your car is in mint shape.
As to your offer... I would have replied declining as well. KBB pricing exemplifies the bottom of the barrel and has continuously proven to be worthless. Edmunds TMV prices this at $16,395, which is right in line with what he's asking.
Gas prices are down, and those people buying are content with driving big V8s again. The ONLY thing putting things in a pinch is the economy. You need to recognize that when cars get THIS cheap, people aren't pressed to sell them for a few grand. That's a lot of car for the money, and well worth it if properly maintained.
Good luck.
Got a blind offer on my car a few weeks ago for $18k after hinting that I might be selling for an M5. As I mentioned above, when cars get this cheap it's not worth taking a low-ball to sell fast. There are PLENTY of buyers out there for high-end luxury cars in their teens if your car is in mint shape.
Last edited by PhoenixINX; 02-27-09 at 02:46 PM.