Last post on Sep 21, 2013 at 8:51 AM
You are in the Smart Shopper
What is this discussion about?
Car Buying, Car Selling, Car Values
Feb 15, 2013 (4:07 pm)
If you have had a wonderful experience using Edmunds.com's True Market Value, and you recommend Edmunds.com to your family and/or friends, our media relations manager would like to talk to you. Please send your daytime contact info to predmunds.com.
If you have had a wonderful experience using Edmunds.com's Used Car Inventory, and you recommend Edmunds.com to your family and/or friends, our media relations manager would like to talk to you. Please send your daytime contact info to predmunds.com.
#300 of 335 Pricing a 1999 4runner Limited
Aug 28, 2013 (9:37 am)
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?
#302 of 335 Re: Pricing a 1999 4runner Limited [acemanhattan]
by MrShift@Edmunds HOST
Aug 28, 2013 (10:35 am)
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.
#303 of 335 Re: Pricing a 1999 4runner Limited [acemanhattan]
Aug 28, 2013 (7:41 pm)
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.
#304 of 335 Re: Pricing a 1999 4runner Limited [qbrozen]
Aug 29, 2013 (2:48 am)
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...
#305 of 335 Re: Pricing a 1999 4runner Limited [steine13]
by kyfdx@Edmunds HOST
Aug 29, 2013 (3:43 am)
If it was a stick, it would already be sold....
Aug 29, 2013 (6:13 am)
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:
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)"
#307 of 335 Re: Pricing a 1999 4runner Limited [steine13]
by MrShift@Edmunds HOST
Aug 29, 2013 (7:00 am)
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.