Used Car Pricing

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The Critic

The Critic

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One of my friends is in a market for an used car. We are likely looking at used, late-model Camrys and Accords.

I found a 2011 Camry LE with ~31,000 miles that is enrolled into the certified pre-owned program (CPO). They are asking 17,500 for it, but I am not sure how much the car is worth. New 2011 LEs are selling for 19k here, but Edmunds doesn't have used car values up for 2011 cars. Based on the history report, it appears the reconditioning that was done was an oil change and engine/cabin filters.

So how much is this car worth? Edmunds says a 2010 Camry LE with similar mileage should sell for 15k private party, not CPO.

Thanks.
 
Try NADA, it lists 2011 used prices by zip code. Should give you a ball park area to start.

31k on an 11, that unit never stopped!
 
If you can buy the car brand new, with 31K fewer miles on it for only 1.5K more, I would think this would be an easy choice.
What you could do is test the Toyota dealer by making a lowball offer, and seeing what they come back with.
Tell them the car books at 15K as far as you know, and see how much they'll come off of the 17.5K.
You might also look at allocable depreciation expense @ .10/mile, making the CPO car worth 19K-3.1K=15.9K.
You might share this calculation with the dealer, and you might also ask them what they charge for excess mileage on a leased car, which will of course be more.
I'd also like the story that goes along with the CPO car.
How did someone put 31K on a car in less than a year?
What was the car used for?
 
Offer then $12670. Tell them it's a fact that new cars drop 1/3 in value the moment you drive them off the lot. And you don't want a camry anyway, what with the sudden accelleration, and a Ford Fusion holds its resale value better. Mike Rowe says so.
wink.gif
 
What's the CPO warranty, and how does that compare with the new-car warranty? Also, consider any maintenance the car may need that won't be covered under warranty. That could easily eat into any purchase price savings over a new car.
 
No way Id buy a car that had 31k miles on it for a $1500 discount.

I thought that cars lost 33-50% of their value when they come off the lot?!? Oh that's right, that is just what a dealer will buy a car back at... Not its real value.

Still the used values of toyota and hondas are ridiculous and about the worst values in used automobiles.
 
Originally Posted By: JHZR2


Still the used values of toyota and hondas are ridiculous and about the worst values in used automobiles.


+1

I went car shopping with my son a few weeks back, and actually laughed at the asking prices of high mile Honda cars. We saw a few with over 200K miles on them and people would say when they quoted the price and miles, "But it's a Honda". That had me laughing for quite a while. I told my son people can ask what ever they want, its getting it that counts. Then I told him, there's an arse for every seat.
 
Originally Posted By: The Critic
.

I found a 2011 Camry LE with ~31,000 miles that is enrolled into the certified pre-owned program (CPO).
You do know that CPO is just a bunch of words that mean "Used Car". It's a selling gimmic and nothing more. I guarantee that the seller spent more time shampooing the carpet than they did with the hood up.
 
+2

I wish I had a dollar for every time I've looked at a high mileage badly negelected Honda and had someone tell me "But it's a Honda!".
The same line undoubtedly applies to Toyotas as well.
Used Hondas are in general a poor buy, although if you look long enough, you'll find the exception.
 
Originally Posted By: The Critic


I found a 2011 Camry LE with ~31,000 miles that is enrolled into the certified pre-owned program (CPO). They are asking 17,500 for it, but I am not sure how much the car is worth.


Down here Toyota of Hollywood is selling brand new 2011 LE Camrys for 16,888 and new 2010 LE Corollas for 12,777...The M.S.R.P. on the Camry LE is 21,854 according to Toyota of Hollywood.

The only cars worth buying [CPO] are Panthers as you can easily save 10K bucks or more on each and everyone of them by getting them that way...That is how we got all 3 of ours.
 
Originally Posted By: demarpaint
Originally Posted By: JHZR2


Still the used values of toyota and hondas are ridiculous and about the worst values in used automobiles.


+1

I went car shopping with my son a few weeks back, and actually laughed at the asking prices of high mile Honda cars. We saw a few with over 200K miles on them and people would say when they quoted the price and miles, "But it's a Honda". That had me laughing for quite a while. I told my son people can ask what ever they want, its getting it that counts. Then I told him, there's an arse for every seat.


I went looking with my 2 friends kids last year at used Toyotas and Hondas...Most had 200K miles on them and most of the power equipment did not work..They were asking top dollar for them...Most were being sold after the a/c went belly up...Alot of them had sludge.

They both ended up with late model C.H.P. cruisers for about 2500 bucks each...It worked out very well for them...Everything works and they run like new.
 
It would be foolish not to buy a brand new Camry for $19,000 verses the used one with 31K miles.
 
Originally Posted By: fdcg27
+2

I wish I had a dollar for every time I've looked at a high mileage badly negelected Honda and had someone tell me "But it's a Honda!".
The same line undoubtedly applies to Toyotas as well.
Used Hondas are in general a poor buy, although if you look long enough, you'll find the exception.


The same applies for Toyotas too, I saw them in the paper with off the wall prices. With the Honda we actually spoke to the owner and saw the car. I'm still laughing.
 
Originally Posted By: CROWNVIC4LIFE
Down here Toyota of Hollywood is selling brand new 2011 LE Camrys for 16,888 and new 2010 LE Corollas for 12,777...The M.S.R.P. on the Camry LE is 21,854 according to Toyota of Hollywood.


That's how I bought my Camry. 2011 model for $16,880. No way would I pay any more for a used one.

Toyota's CPO program is a fair deal, though. The powertrain warranty extends out until 7 years or 100,000 miles. Basic warranty remains through 3 years or 36,000 miles.

Carmax has a ton of 2010 Camrys for $17, 18 thousand dollars. I don't know how they sell them, when the Toyota dealer down the street is thousands less, even used.
 
Because the dummies go into carmax thinking they are getting a fair deal with the no haggle pricing. LOL.
 
I regularly see 4th gen Accords (1990-1993) for sale from $1K-$2K in the Greater Vancouver area. On the plus side, some of the these cars still have decent bodies and could probably run another 10yrs. But they do ask a lot, considering vehicle age.
 
I'd offer 13k-14k and see if they bite. Seriously if someone is selling a new one for 16-17k, why would someone buy a used one with 31k miles for 17.5k?

If not in a hurry to buy, look around and cross shop to make sure to wait for someone desperate to unload a car for a better deal.
 
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