Last post on Sep 21, 2013 at 8:51 AM
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Car Buying, Car Selling, Car Values
#270 of 335 Re: I'm looking to sell my car at a good price at no cost [steine13]
by Kirstie@Edmunds HOST
Aug 08, 2011 (12:07 pm)
Yeah, I get annoyed by the "won't last long!" ads that are re-posted every day for months. Most of the marketing hype language that consumers ignore in dealership ads, for whatever reason, is irritating in FSBO ads.
#271 of 335 Re: I'm looking to sell my car at a good price at no cost [kirstie_h]
Aug 08, 2011 (12:09 pm)
When I see "won't last long" I always suspect it might be a Freudian slip revealing the car's health.
Sep 13, 2011 (1:28 pm)
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 predmunds.com with your daytime contact information by Monday, September 19, 2011.
#275 of 335 Contents of CARFAX Reports?
Sep 15, 2011 (10:38 am)
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.
#276 of 335 Re: Contents of CARFAX Reports? [wilcox]
Sep 15, 2011 (10:41 am)
If a dealer shares information with them, then the answer is yes.
#277 of 335 Edmunds use car pricing inaccuracies
Mar 02, 2012 (9:05 am)
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.
#278 of 335 Re: Edmunds use car pricing inaccuracies [sellorbuy]
by MrShift@Edmunds HOST
Mar 02, 2012 (9:29 am)
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:
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.