kyle0k

So as my other thread says, im looking at is250s,350's, to purchase and ive came upon a HUGE discrepency between what kbb/edmunds has to say the car is valued at and what people are asking for theirs.

For example.
2006 with 55k is estimated to be worth 17.5 private party in clean condition.
2007 with 55k is estimated as 20.3k

Now when I look at autotrader/ebay/craigslist I cant find prices even NEAR that. 2006's only one or two are in the 19k's and the rest in the 20's and there isnt one 2007 under like 22k. Ebay its the same exact thing. Now if I look at completed listings I notice out of hundreds selling only four have sold, 3 of them being salvaged ones for a great deal. So does that mean people are just asking too much for them and buyers know that? So its basically a stalemate in the real world untill someone gives.... So its best to wait a month or two before buying?

Im getting really frustrated because its just insane what people are asking for it compared to its 'estimated value'! Ive never seen an estimated value be too far off than what people are selling the car for. I thought that was the standard to base what you are selling your car for.

any suggestions or thoughts on this?

djrobsd

The majority of sellers are probably like me, upside down on their vehicle and trying to get what they can in order to pay the vehicle off without taking a huge hit. In most cases, they probably came up with a number, i.e. "I'm willing to come up with 2k to make up the difference", and decided that is the max they are willing to pay to buy their way out, and are expecting you, the buyer to make up the difference.

Also, I think the books have unfairly hit Lexus values in the past several months due to all the recalls, so some sellers are probably just not willing to accept that reality.

Patience, Patience... And you'll find your car. Whatever you do, when you do find the deal you're looking for, get BOTH Carfax and Autocheck reports.. NOT just Carfax... And also have the car inspected... Put it up on a lift and look under it, check for repairs/etc.

mikez

Have you try offering them the price you want to buy their cars at?

Are two values in every person. They value they want to see it happen, the value deep inside you are okay with but will still be a bit sore.

What you stated is the two values, your value that you want to see it happen, and their value that they want to see it happen.

However, it is quite likely that the acceptable value you are willing to pay (a bit more than what you "feel" the car is worth), is within range of what they are willing to finally sell it for.

You won't know until you ask, and negotiate.

Goodluck

dojoman

iTrader: (5)

No one will list their car with exact amount from KBB. There's always a buffer amount to negotiate. That's when you gonna negotiate down to KBB price, in fact KBB value always too high.

kyle0k

Thanks for the replies guys! I realize the its not the lowest they will go, but I guess I just imagined that on a 20k car you negotiate 1-1.5k not the 3k huge difference that is going on right now.

Initial_K

iTrader: (2)

Most private seller and seller always mark up their asking price because they know car shopper will bargain.

greg0723

yes talk them down.

SoDiezl350

iTrader: (2)

I'm not sure what you are using for estimated value but in my experience the actual value is a lot lower than KBB.

Here is the estimated private party value of my loaded 07 IS350 with 50k on the odo.
Condition Value


Excellent
$29,355

Good
$27,855

Fair
$25,555

My car is in excellent condition and has many expensive mods. If I was to try and sell it I would be shocked if I got 28k for it. BTW if anyone wants to buy it for the KBB value I'm willing to be shocked =).

shadowman

iTrader: (2)

I don't think mods will increase resale value of your vehicle...it basically boils down to how bad the buyer wants your mods.

As for the resale value on KBB, I find that it is often overstated. KBB listed my Honda Civic as 8100... but I was only able to sell it for 7150.

@Initial K - LOL. I did the opposite. I was slashing prices until I got a response for my ad on my Civic. Damn... the economy stinks. I remember selling my previous car at the KBB price without slashing price. Oh well...

llamaboiz

haha no way i'd let my car go for under 30k hell~ theres no way i'd even consider letting her go at all, if someone offers me 50k then sure~ but even if someone walked up to me with 45k right now in cash, i'd say no.

SoDiezl350

iTrader: (2)

They might not increase it, but they certainly won't reduce it either. Regardless, the point was that KBB is overstated which is exactly the opposite of what the OP was saying.

kyle0k

I'm completely agreeing with u guys, and that's what I was trying to say... Asking way too much. I guess it's time to start bargaining.

Tungstn-IS

I don't think they are that far either. I bought my '06 w/ 29k miles with sport package, ML, navigation in perfect condition for about 4-5 thousand under KBB value. I looked forever and the price range around here, I never saw any over KBB, and I just held out forever to find one with the proper option on a decent color combo so I watched for quite some time. It is still worth more than I paid.

Initial_K

iTrader: (2)

LOl no one really buys used car at KBB value. I never did and none of my buddies have either. When i see the KBB value of the used car, I always offer the 10% lower price. Maybe I'm just a lowballer.

kyle0k

I'm usually the same way! But I've never seen a car where everyones asking literally 3-5k OVER kbb