Used Car Pricing - Asking vs Selling Price

Status
Not open for further replies.
W

weebl

Joined
Jan 15, 2006
Messages
732
Location
Canada
I know this is driven by an infinite number of variables, but I am wondering if someone is aware of a statistic that is some sort of global average. I am using this as a basis to determine what I think is a reasonable value for my written off vehicle for insurance purposes. Looking for a simple % for modelling purposes (eg sell price = x% of ask price).

I can't seem to find anything definitive online, and I know this data can be skewed by unreasonable asking prices, but this is simply to determine if what I am being offered is within the ballpark.

I am also using vehicle valuation publications to determine this.
 
It's simple, just use nadaguide.com. That's what the insurance companies typically use to determine book value. Your book value is the retail value of the vehicle. It usually doesn't take into account various options the car might have so you could ask a little bit more for it. As for what's overpriced and what's not, the new car dealers that sell used cars seem to be more reasonable. The pure used car lots that sell really cheap cars or the buy here pay here types tend to be really overpriced.
 
I find cash talks. I stack of 20's. 8000 in 20's in a paper sack can usually buy you a 10000 to 12000 car from an individual.

Yes, I pack heat, and yes I know how to use it. No one has ever even make me think of needing it. Of course around here, it is kind of assumed you are carrying. armed society is a polite society. I never tell them I have it with me, if the car is good I bring out the sack. It has only failed once.

And the guys wife was angry at him.

Rod
 
Last edited:
When our van was totaled ~2 years ago, the adjuster searched local used car lots (online) for their asking price and based it on that. I'm not sure why you care what typical selling prices are because that is not in your favor.
 
Originally Posted by Mr Nice
Carrying that much cash is crazy !


01.gif
 
Originally Posted by hallstevenson
When our van was totaled ~2 years ago, the adjuster searched local used car lots (online) for their asking price and based it on that. I'm not sure why you care what typical selling prices are because that is not in your favor.

Yes the point of the insurance settlement is to "make you whole" -- you should be able to take it and go out to buy a car that is just like yours was before it crashed, with no obligation on your part to shop all over the place or haggle the price.
 
Last edited:
What we do in Oz is look on line, stealbay etc and take screenshots of sold vehicles similar to yours.
Present shots of asking/selling price and negotiate from there.
 
Originally Posted by weebl
I am using this as a basis to determine what I think is a reasonable value for my written off vehicle for insurance purposes. Looking for a simple % for modelling purposes (eg sell price = x% of ask price).

I can't seem to find anything definitive online, and I know this data can be skewed by unreasonable asking prices, but this is simply to determine if what I am being offered is within the ballpark.

I am also using vehicle valuation publications to determine this.


You're making this more complicated than it needs to be. Asking prices are irrelevant. Insurance companies generally go by what is in the NADA guide retail price for your car with some adjustment for miles. If you're a good customer you might be able to negotiate a little more if you installed brand new tires or a transmission.
 
Look at all the local/regional asking prices for similar vehicles, and adjust for mileage differences. Now only consider the lowest priced 10-15% of those vehicles....that's typically what sells. That's typically what you can get selling it via private party....or possibly dealer trade/in. Don't even consider the upper 75% of those listed as those tend to be dreamer prices.

If your car is stolen/lost/totaled, your insurance company could pay up to the highest selling prices in your region. Mine just did. I received $4400 for a car that I know I could not have sold for over $2000-$3000 if I did it on my own. And no dealer would have given me more than $1500 in trade in. The book values on lower mileage cars can be quite skewed. And that's one of the biggest errors you will run into when trying to stick solely to KBB/NADA and other guides.....they don't account accurately for low miles on cars more than around 5 yrs old. And the older the car, and lower the miles, the further off they are. Those make nice rips for dealerships when they are brought in for trade or sale.
 
Last edited:
Originally Posted by atikovi
Asking prices are irrelevant. Insurance companies generally go by what is in the NADA guide retail price for your car with some adjustment for miles.

Maybe we've got a good insurance company because they based our van's value on what similar ones are selling for locally. I have the file and it includes printouts/screenshots from nearby dealers that were selling Odysseys at the time he did his quick research.
 
Geico wanted to total my parents 2004 Grand Caravan and give them ~2500 for it, which was right around the higher end of KBB and NADA.
 
Geico just gave my friend $4900 for her 02 Rav4 which seemed like a good deal to me. I think it had about 75k on it so miles were low. Accident was her fault where she slid into a Tahoe. Which smashed in the front driver's side quarter panel, headlight, etc. It was still drivable although the plastic fender liner was rubbing against the tire.
 
" Yes I know what Kelley blue book says - 1970 Hemi Cuda convertible 4 speeds happen to be soft in the market right now. "
 
Originally Posted by weebl
I know this is driven by an infinite number of variables, but I am wondering if someone is aware of a statistic that is some sort of global average. I am using this as a basis to determine what I think is a reasonable value for my written off vehicle for insurance purposes. Looking for a simple % for modelling purposes (eg sell price = x% of ask price).

I can't seem to find anything definitive online, and I know this data can be skewed by unreasonable asking prices, but this is simply to determine if what I am being offered is within the ballpark.

I am also using vehicle valuation publications to determine this.


Since I see your in Canada, this is my only resource for Canadian spec'd and Canadian priced cars:
http://www.vmrcanada.com/
it'll give you the most unbiased prices based on condition, option levels and mileage.
 
Originally Posted by UncleDave
" Yes I know what Kelley blue book says - 1970 Hemi Cuda convertible 4 speeds happen to be soft in the market right now. "



If it's even possible for correct and original '70 Hemi Cuda Vert 4 spd to be "soft" at $1 MILL+. Truly correct and fully original cars bring the money....even in down markets....and despite what ANY price guide might say.
 
Originally Posted by Leo99
Look on Carmax. They don't haggle.



If you want high prices look there. I was looking and could not believe how high they were. And for what? I car faxed some and saw 2 and 3 accidents with paint work.
Many of the cars I saw that go through our auction (the biggest) for 3-4-5 thousand are on Carmax for 9 thousand.
 
I used Edmunds to get an idea of what a car was really worth but it seems that they no longer give "Your Car's Value"......
 
Status
Not open for further replies.

Similar threads

GON
Used Super Duty prices- what goes up must come down-- significant downward movement in used prices
Replies
16
Views
845
johnmyster
John105
Do you have an order or build sheet for any of your vehicles?
2 3
Replies
54
Views
1K
Nyati
Boomer
My Random Thoughts on Keeping a Car Running for a while
2 3 4
Replies
63
Views
6K
Sweetride
K
How the used-car price spike affected tax assessments in Virginia
2 3
Replies
48
Views
4K
NormanBuntz
cammyfive79
Using UOAs to find the best viscosity for your engine?
Replies
10
Views
398
cammyfive79
Back
Top Bottom