Quote:
Originally Posted by jefferios
Hey Minny, about your trade in...Were they fair?
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Hi Jefferios. Yes, they were fair. I used to sell cars at the 2nd largest Toyota dealer in the Country (it's near Boston). I pretty much knew what they would give me before going in. They even felt bad about it and didn't even want to tell me.. they simply suggested that I sell it on my own (which I was planning to do, and did that following weekend... sold in 4 days to the first couple to look at it via Craigslist.org). I begged them to tell me (because I love the data) and they said $1000. I expected that, and understood completely. My car was 13 yrs old with 182000 miles on it. It wasn't a car that they'd be able to resell, it'd simply go to the auction and they'd have to hope for the best in what they'd get back for it. There was no way they'd want to invest the recon costs into this car and lose money on it. Just not good business.
I always hear how "the dealer was way off base with my trade value" and people usually curse this process.
But it's really quite simple. Put it this way. Everyone thinks their car is worth more then blue book says it's worth because they know their car inside and out. They trust it. They know all of it's quirks. However, what's a buyer's first thought when they think of buying someone else's used car? "What's wrong with it?" "Why are they selling it?" The buyer is usually not looking to spend more than what blue book states it should be worth, and usually want to pay the lowest end of the range to get the car they want at a discount because they're skeptical of the cars true condition.
I had one guy tell me via email that I shouldn't be asking so much more then blue book for my car and if I came to my senses that I should contact him. I sold it the next day for $300 over blue book at "excellent condition," and a full $1000 more than he had offered, because it was the nicest car in it's price range in our local market.
So, you just really need to know the car market. Study it. Research what ALL cars are selling for in your area AND nation wide. Not just your particular model or area. Don't just go by blue book, either, although this is a good tool. Search all the car listings... see what people are selling their stuff for. It's just like real estate... Research the comps and price yours accordingly to attract buyers while maximizing your equity. It's really fun stuff!
Sorry for my long reply to your simple question. I simply love to buy cars and the strategy and knowledge behind it really is fun to me. Everyone I know comes to me for car buying/selling advice to make sure they're getting the best deal, and I always cringe when I find out someone I know paid more than they needed to, but I'd never say something after the fact and ruin their excitement. What's the point by then?
my smart is my 12th car in 15 years of driving (and only the 2nd new one). I kinda enjoy it.
Ok I'll calm down now.
Sonic
Hot Dogs & Ice Cream & warm hand shakes & free cars. No, no free car's BUT, all day fun. Lets all eat Smart Free food. MMMmmmmm........ 
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