Used Car Prices: Myths And Facts About Web-Based Used Car Values
Eighty percent of car buyers are using the Internet to research cars and used car prices. For vehicle research, the Internets great! For vehicle prices, the Internet sucks! It sucks because the prices do not reflect reality for the buyer or the seller. Web sites that place values on vehicles have created more confusion than ever.
My cars worth $25,800. I looked up used car prices on the web and my vehicles worth twenty grand. I hear quotes like these everyday. I wish, for the customers sake, that the values are real. By real I mean a viable number according to market value.
As hard as it is to accept, even for me as a dealer, what we think a car is worth, and what its actually worth according to market value is often drastically different.
To find a vehicles value the context must first be discussed. Whats context?
Context includes, but is not limited to:
1) Vehicle condition: mileage, maintenance, 1-owneretc
2) Desirability: new model, special editions, just plain cool
3) Seasonality: plow trucks, convertibles, 4-wheel driveetc
4) The Economy: factory...
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