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Smart Shopper Got a Quick Question for a Car Dealer?
2394 messages, Last post on Nov 03, 2009 at 11:03 AM
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Replying to: boomchek (Jan 23, 2009 3:06 pm) I have not bought at 50% since 1972, when I paid 750 for a 67 Chevy II marked 1495, so that agrees with boomchek, although back then, you could buy a new VW Bug for 2K. In today's market, 3 year old low end commuters should be easy enough to buy very cheap. The Corolla example was 55% of an asking price that was already too high. I buy my wife new cars and usually get used for myself. The used have been just as reliable as the new. And sometimes when I've walked, I haven't gotten that call back - we only report our negotiating successes, not our failures! |
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Replying to: volvomax (Jan 23, 2009 7:26 am) That is sure true with car sales, and maybe other types of sales as well. I just have to wonder how many times you could have moved a unit at a decent price but the asking price chased a potential buyer away. Here's an example. I'm checking out Craigslist for a basic transportation car for my son who doesn't have a lot of money. Today I spotted an older low milage Buick that looked promising. Trouble was, the asking price was twice TMV and about $500 over KBB "excellent". Seller stated he was firm on the price. I kept looking. Now maybe there are some Jipster's or jmonroe's or even a snake out there who would take that "firm" price as a challenge and call the guy up but me, I look elsewhere. I realize I may be the odd ball here but I do have cash.
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not a complete list by any means, but I like: 1. Complete inspection for any repaired accident damage. If I can fit, I crawl under the vehicle from one side with a flashlight and out the other (This can be entertaining to the salesman and break the ice). If ground clearance does not allow for that - squeeze as much as possible under the car to try to reach anything that may need to be reached for service - drain plugs, filters etc. I leave even the minor fender-benders for somebody else. 2. Discount Carfax reports - unless they report damage. Wife's car got T-boned once and I traded it in with full disclosure to the dealer with all receipts includede as it never appeared on Carfax. 3. service records/book. Anything unusual - just walk. Don't fall in love with a piece of machinery. |
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Replying to: oldfarmer50 (Jan 23, 2009 3:42 pm) I prefer to buy used from new car dealers because then I'm dealing with professionals and we can negotiate without emotion. After all, you're buying a used tool. Long ago, I worked in real estate and the key to pricing a property for sale is to undercut your competition just enough... |
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Replying to: oldfarmer50 (Jan 23, 2009 3:42 pm) Sounds like my 99 Buick Regal LS with 86k miles... not for sale mister!  I use to buy solely from private owners, usually friends of family members. I think dealerships are the way to go now though. They may ask double the TMV, but at least they have a realistic idea on how much the car is worth, and will negotiate accordingly.
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Replying to: jipster (Jan 23, 2009 6:37 pm) TMV on that is $3773 in outstanding condition. On Craigslist it would probably list for 5K. I'd give you $3500 because I hear you change the oil every 1500 miles. 
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Replying to: boomchek (Jan 23, 2009 10:02 am) Just because a dealer has overpaid on the car, it doesn’t mean that the customer has to step up and save them by paying more than it is worth. That is absurd. Dealers don’t care what customers owe on their trade-ins. Why should customers care about what dealers owe on cars that they sell? Black Books (i.e. auction values) are very relevant to the value of a car. Auctions truly determine the true wholesale market value of the car. If the car is popular, it will be bid up higher; and if it is a dog, it will sell for less. My rule of thumb is; take the current wholesale book value of the car, add about $1500 for newer cars and $2500 for older units. That should cover transport, reconditioning and profit.
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Replying to: exb0 (Jan 24, 2009 7:56 am) If we paid over book for a car becaue it's truly and excellent example, then we'll wait for the right buyer to see that as well, and willing to pay that premium. And we will hold off for the right buyer, instead of taking a loss on it. If someone doesn't see the value then they're not obligated to pay X amount, just as we're not obligated to sell it for what a "price guide" says it should be sold for.
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Replying to: boomchek (Jan 24, 2009 9:51 am) Look the discount really depends on how much the dealer is into the car for. If they paid too much for it on a trade either because it's a museum quality piece worth every penny, or because they needed to make a deal happen, there's not going to sell it at a certain price because black book says this or that. The highlighted clause was what I was referring to. Just because a dealer over allowed on a car to make his monthly bonus goals, that doesn’t mean that a customer should pay more for this car when they buy it used. Another thing that fascinates me is when salespeople complain about the cost of the repairs and reconditioning. If the dealer didn’t notice those problems at trade-in time and paid too much for the car; it is dealer’s problem, not customer’s.
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Replying to: exb0 (Jan 24, 2009 7:56 am) Sounds reasonable. I think that would generally put the value of a car between Edmunds trade-in value and private party. |
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