Car Pricing
Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
Car Pricing
I started a thread regarding the pricing difference between KBB and Edmonds and it drew a lot of replies.
Well here is another,Two weeks ago I looked up my car "2003 Z06, 18,900 miles". It gave me EX 30,214 and VG 29,664. CarMax has the same car for $29,900.
Today I looked up pricing on Ebay and their KBB link had my car at $18,915!
Holy Shxx I dropped $11,000 in two weeks?
I still think that your best bet is to look at the Dealer pricing and price yours lower. In my example above, CarMax is $1900 above my price and having bought cars from them, they do not deal!
Well here is another,Two weeks ago I looked up my car "2003 Z06, 18,900 miles". It gave me EX 30,214 and VG 29,664. CarMax has the same car for $29,900.
Today I looked up pricing on Ebay and their KBB link had my car at $18,915!
Holy Shxx I dropped $11,000 in two weeks?
I still think that your best bet is to look at the Dealer pricing and price yours lower. In my example above, CarMax is $1900 above my price and having bought cars from them, they do not deal!
Pro
Joined: Jun 2007
Posts: 544
Likes: 33
From: SW of Chicago Illinois
Another good idea for pricing a vehicle. Bring it into CarMax and get it appraised. Take their offer and add another $2K - $3K and you will be in the ball park on what you can expect private party value to be.
As you found out 'book' values are all over the place and not necessarily up to date. The offer CarMax puts on the car is what the cars are actually trading for then they take into account the actual condition, mileage, market demands, trends and even time of year. BTW, another year and your car will be too old for CarMax to sell.
As you found out 'book' values are all over the place and not necessarily up to date. The offer CarMax puts on the car is what the cars are actually trading for then they take into account the actual condition, mileage, market demands, trends and even time of year. BTW, another year and your car will be too old for CarMax to sell.
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Drifting
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I have found NADA to be closer to reality than others.
KBB is way off as is Edmunds. Can't figure out why their value determinations vary so much.
I am not sure about Car Max. They offered me 9K for an 07 Merc GM LS 2 years ago when all the lots had them retail at 14K and would take 13K, a 4k-5K diff.
NADA has my 01 at about 22 which I know I can get for it today with like new 18500 mi on it. In fact, a Vette only dealer told me he could get 24 for it if he had it. He knows---I bought it from him. He will give me 19 for it--a 5K diff.
Nice little profit for him.
I am not sure about Car Max. They offered me 9K for an 07 Merc GM LS 2 years ago when all the lots had them retail at 14K and would take 13K, a 4k-5K diff.
NADA has my 01 at about 22 which I know I can get for it today with like new 18500 mi on it. In fact, a Vette only dealer told me he could get 24 for it if he had it. He knows---I bought it from him. He will give me 19 for it--a 5K diff.
Nice little profit for him.
Last edited by David Shiel; Feb 25, 2013 at 07:47 PM.
Pro
Joined: Jun 2007
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From: SW of Chicago Illinois
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Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
In answer to my other respondent Yah why not pick on it some more! Besides it is raining so no golf today!
As for the CarMax quote. I took my 2008 Coupe to them a couple of years ago with 6000 miles on it and they appraised it at $30,000. At the time these cars were KBB at $38,000. I asked why the difference, their reply it had a CAM and Headers. I said OK, I then sold it private party for $38,000. And by the way I was told their target is to make $5,000 on a car. Last year I traded in my wife's 2009 Cadillac CTS for $25,000. A week or so later I checked the CarMax website and there was my car listed at $30,000!
Another by the way if you want to see high asking prices for Corvettes look at "usedcorvettes.com". They are way up there and their postings are up to date.
As for the CarMax quote. I took my 2008 Coupe to them a couple of years ago with 6000 miles on it and they appraised it at $30,000. At the time these cars were KBB at $38,000. I asked why the difference, their reply it had a CAM and Headers. I said OK, I then sold it private party for $38,000. And by the way I was told their target is to make $5,000 on a car. Last year I traded in my wife's 2009 Cadillac CTS for $25,000. A week or so later I checked the CarMax website and there was my car listed at $30,000!
Another by the way if you want to see high asking prices for Corvettes look at "usedcorvettes.com". They are way up there and their postings are up to date.
Last edited by lwise4; Feb 26, 2013 at 10:13 AM. Reason: spelling
Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
A I said in another thread. I took a couple of cars to CarMax for appraisal. My 2008 Vette was way off but my 2009 CTC was spot on. Another factor they look at is how many of a certain model that they have. ie; They do not want 50 Red 2006 Corvette coupes at one time even though they are a large organization. They may appraise it and if their appraisal is accepted, the car would likely go to auction.
Instructor
Joined: Jan 2013
Posts: 115
Likes: 1
KBB and Edmonds prices are usually hit or miss. In my opinion, the best way to determine a fair price is to look at the completed listings on eBay and see what has sold. Add about 5-10% of the sold price of a comparable car to your car, and you have a fair asking price. The reason I say add 5-10% is because eBay has fraudulent ads and bidders, and people tend to pay less online for a car than they would if they could see it and drive it.
