The Most Overpriced Used Car game
- Thread starter Pajamarama
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my diesel is listed a little high however it has an extended warranty good for 12 months or 35k miles and I expect to drop my price a little.
One term that is overused so much as to be meaningless to me is "highway miles"
i.e. "180,000 highway miles"
Wow, I'm sorry your driveway connects directly to the highway. That must suck.
i.e. "180,000 highway miles"
Wow, I'm sorry your driveway connects directly to the highway. That must suck.
Topic drift, you guys. Pajamarama is talking about the rather ordinary used car offered for an absurd price. You are talking about cars in the incipient stage of collectability.
As to Pajamarama, I think a lot of it has to do with free advertising on Craigslist, or merely a "for sale" sign in the window. If you have to pay for a classified ad, that forces a small amount of reality testing.
I think also we just have a topsy-turvey market right now with used cars bringing high prices. People who paid top dollar for the hot new model two years ago may not realize that the now-discounted new model is almost the same price as the asking price on the used car.
I think also some people just have a extraneous psychological gratification in not coming to terms with anyone on a deal. About ten-15 years ago, My Dad went to sell his late sixties car which was beginning to attract collector interest. Dad had his price on the car, and that was it. No negotiating whatsoever. He seemed to enjoy telling people to get lost. The market was pretty indeterminate and it would have been easy to add a small fudge-factor just so people didn't have to feel like they were eating crow. No way.
As to Pajamarama, I think a lot of it has to do with free advertising on Craigslist, or merely a "for sale" sign in the window. If you have to pay for a classified ad, that forces a small amount of reality testing.
I think also we just have a topsy-turvey market right now with used cars bringing high prices. People who paid top dollar for the hot new model two years ago may not realize that the now-discounted new model is almost the same price as the asking price on the used car.
I think also some people just have a extraneous psychological gratification in not coming to terms with anyone on a deal. About ten-15 years ago, My Dad went to sell his late sixties car which was beginning to attract collector interest. Dad had his price on the car, and that was it. No negotiating whatsoever. He seemed to enjoy telling people to get lost. The market was pretty indeterminate and it would have been easy to add a small fudge-factor just so people didn't have to feel like they were eating crow. No way.
Originally Posted By: jimbrewer
About ten-15 years ago, My Dad went to sell his late sixties car which was beginning to attract collector interest. Dad had his price on the car, and that was it. No negotiating whatsoever. He seemed to enjoy telling people to get lost. The market was pretty indeterminate and it would have been easy to add a small fudge-factor just so people didn't have to feel like they were eating crow. No way.
How long did it take him to sell it?
About ten-15 years ago, My Dad went to sell his late sixties car which was beginning to attract collector interest. Dad had his price on the car, and that was it. No negotiating whatsoever. He seemed to enjoy telling people to get lost. The market was pretty indeterminate and it would have been easy to add a small fudge-factor just so people didn't have to feel like they were eating crow. No way.
How long did it take him to sell it?
You do see some absurd asking prices on CL and fleabay.
You also see some real deals, although maybe not as many as was once the case.
You want to see what used iron is really worth?
Go to an auction or just check some auction results.
Most of these cars and trucks have a market value that's a fraction of what some folks are optimistic enough to ask.
Overpricing any asset only ensures that nobody will even look, and this is true of a house, a car or a steak.
You also see some real deals, although maybe not as many as was once the case.
You want to see what used iron is really worth?
Go to an auction or just check some auction results.
Most of these cars and trucks have a market value that's a fraction of what some folks are optimistic enough to ask.
Overpricing any asset only ensures that nobody will even look, and this is true of a house, a car or a steak.
Originally Posted By: John_K
Pickups are the worst. Actually saw a 10 year old with 100000+ miles advertised for $17000! Yeah right.
John
I happened upon almost the same thing. Found a listing a few months ago for a 1997 Dodge Ram 1500 with 160k miles. Owner was asking $15,000. When I asked why he thought it was worth that, I kid you not, he replied that it was "low mileage, had an aftermarket cd player and a new paint job...from Maaco."
Hi, I'm reality! Have we met?
Pickups are the worst. Actually saw a 10 year old with 100000+ miles advertised for $17000! Yeah right.
John
I happened upon almost the same thing. Found a listing a few months ago for a 1997 Dodge Ram 1500 with 160k miles. Owner was asking $15,000. When I asked why he thought it was worth that, I kid you not, he replied that it was "low mileage, had an aftermarket cd player and a new paint job...from Maaco."
Hi, I'm reality! Have we met?
I have found all my cars from craigslist, and sold some with no problem.
There is a list of questions I ask but before anything I check the mileage on kbb to get a value based on the options offered with the car, if some options don't work, I take that off the value.
If the car is reasonably priced compared to it's KBB value then I move forwards with the questions and then go check it out and see if they have a title or not.
In the end I do a CarFax to verify mileage. Only if everything checks out do I buy a car, I refuse to buy cars with a prior accident history, even if it was suppose to be a scratch.
Compared to the KBB value, I have always bought my cars 500-1000 dollars lower, you just have to find a reasonable seller and all the things your looking for.
Right now I'm in the market for a 2001-2002 Toyota Corolla S, preferably Red in color with all the working options that came with the S model. There is one in Chicago at the moment that is reasonably priced.
There is a list of questions I ask but before anything I check the mileage on kbb to get a value based on the options offered with the car, if some options don't work, I take that off the value.
If the car is reasonably priced compared to it's KBB value then I move forwards with the questions and then go check it out and see if they have a title or not.
In the end I do a CarFax to verify mileage. Only if everything checks out do I buy a car, I refuse to buy cars with a prior accident history, even if it was suppose to be a scratch.
Compared to the KBB value, I have always bought my cars 500-1000 dollars lower, you just have to find a reasonable seller and all the things your looking for.
Right now I'm in the market for a 2001-2002 Toyota Corolla S, preferably Red in color with all the working options that came with the S model. There is one in Chicago at the moment that is reasonably priced.
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Originally Posted By: GreeCguy
And here I thought I was the only one in the "surf Craigslist used car" section.
I uhh will sometimes rip off pictures from CL or eBay. Once in a while I get nostalgic and look up old vehicles, and if I see a nice pic I'll steal. Put the year and model into the file name, store on my computer. I'll probably never buy a vehicle again that is over 5 years old, but it sure is fun to look.
And here I thought I was the only one in the "surf Craigslist used car" section.
I uhh will sometimes rip off pictures from CL or eBay. Once in a while I get nostalgic and look up old vehicles, and if I see a nice pic I'll steal. Put the year and model into the file name, store on my computer. I'll probably never buy a vehicle again that is over 5 years old, but it sure is fun to look.
Originally Posted By: supton
I'll probably never buy a vehicle again that is over 5 years old, but it sure is fun to look.
I don't know...at least when comparing daily drivers (vs. special cases...classics).
Cars made in THIS century are MUCH better than earlier builds...an 8 yrs/100k mile car now is the 4-yr/50k mile car of old.
It least that has been my experience...comparing 98k/8-yr Camry to 2 previous Altimas that @ 4yrs/55k miles when bought used that weren't as tight and smooth as the Camry is @ 10-yrs/123k miles.
I'll probably never buy a vehicle again that is over 5 years old, but it sure is fun to look.
I don't know...at least when comparing daily drivers (vs. special cases...classics).
Cars made in THIS century are MUCH better than earlier builds...an 8 yrs/100k mile car now is the 4-yr/50k mile car of old.
It least that has been my experience...comparing 98k/8-yr Camry to 2 previous Altimas that @ 4yrs/55k miles when bought used that weren't as tight and smooth as the Camry is @ 10-yrs/123k miles.
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Originally Posted By: dareo
No example but i frequently find the total base stripper Nissan Versa 5 speed, 2 years used, about 20k miles on it, and the used dealer wants more than Nissan's brand new MSRP for the same car.
Yep, they just price it a few k less than a current new one and that's really what drives used car prices, is the new car prices.
In the old tractor world, there are lots of used machines that sell for more than the original price, and not just ones from the 50's either.
No example but i frequently find the total base stripper Nissan Versa 5 speed, 2 years used, about 20k miles on it, and the used dealer wants more than Nissan's brand new MSRP for the same car.
Yep, they just price it a few k less than a current new one and that's really what drives used car prices, is the new car prices.
In the old tractor world, there are lots of used machines that sell for more than the original price, and not just ones from the 50's either.
Kestas
Staff member
Originally Posted By: Plumber
"easy fix"
This is a pet peeve of mine as well. If it's an easy fix - it never is - then why don't you fix it and advertise a car that needs nothing?
"easy fix"
This is a pet peeve of mine as well. If it's an easy fix - it never is - then why don't you fix it and advertise a car that needs nothing?
Used pickups are the worst, which is why I only buy new ones.
Originally Posted By: dareo
No example but i frequently find the total base stripper Nissan Versa 5 speed, 2 years used, about 20k miles on it, and the used dealer wants more than Nissan's brand new MSRP for the same car.
The buy here pay here lots have pretty much changed the used car business. The difference is an individual cannot get credit from Nissan or a bank, so they go to the used car lots and are able to get a loan. The total cost is irrelevant, this is why their credit is shot to begin with. They just know they can pay $80 a week for a new looking car.
This is why Japanese cars command such a premium because they are easy to sell, and the buy here pay here places can keep them on the road to get threw at least one note, if not a couple notes and repos! This is why they can pay $10k for an 8 year old Accord that cost $20k new, they plan on selling it for $15k at least once if not 2-3 times.
No example but i frequently find the total base stripper Nissan Versa 5 speed, 2 years used, about 20k miles on it, and the used dealer wants more than Nissan's brand new MSRP for the same car.
The buy here pay here lots have pretty much changed the used car business. The difference is an individual cannot get credit from Nissan or a bank, so they go to the used car lots and are able to get a loan. The total cost is irrelevant, this is why their credit is shot to begin with. They just know they can pay $80 a week for a new looking car.
This is why Japanese cars command such a premium because they are easy to sell, and the buy here pay here places can keep them on the road to get threw at least one note, if not a couple notes and repos! This is why they can pay $10k for an 8 year old Accord that cost $20k new, they plan on selling it for $15k at least once if not 2-3 times.
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I bought a 08 grand marquis 3 years ago for 10,200, with like 20k miles on it.
I sold it a few months back for 9700, with 51k on it.
Just threw a high number out on craigslist and someone almost paid it (was asking 10k)
I sold it a few months back for 9700, with 51k on it.
Just threw a high number out on craigslist and someone almost paid it (was asking 10k)
Originally Posted By: hattaresguy
The difference is an individual cannot get credit from Nissan or a bank, so they go to the used car lots and are able to get a loan.
I don't know, they probably can get credit from the Nissan dealer.
http://www.al.com/news/birmingham/index.ssf/2014/09/former_serra_nissan_manager_in.html
The difference is an individual cannot get credit from Nissan or a bank, so they go to the used car lots and are able to get a loan.
I don't know, they probably can get credit from the Nissan dealer.
http://www.al.com/news/birmingham/index.ssf/2014/09/former_serra_nissan_manager_in.html
Originally Posted By: Pajamarama
Originally Posted By: jimbrewer
About ten-15 years ago, My Dad went to sell his late sixties car which was beginning to attract collector interest. Dad had his price on the car, and that was it. No negotiating whatsoever. He seemed to enjoy telling people to get lost. The market was pretty indeterminate and it would have been easy to add a small fudge-factor just so people didn't have to feel like they were eating crow. No way.
How long did it take him to sell it?
At least five years. In other words, he sold the car about ten years ago and started fifteen years ago. He didn't get serious until he got real sick. The weird thing is by the time he did sell it he had almost everyone who was interested convinced that it was a complete rip-off, even though the market had moved well past his asking price errr... "demand" This is the car he sold for 25K: https://www.google.com/search?safe=off&a...389.wRsMNe4faXk He enjouyed every minute of it though.
Originally Posted By: jimbrewer
About ten-15 years ago, My Dad went to sell his late sixties car which was beginning to attract collector interest. Dad had his price on the car, and that was it. No negotiating whatsoever. He seemed to enjoy telling people to get lost. The market was pretty indeterminate and it would have been easy to add a small fudge-factor just so people didn't have to feel like they were eating crow. No way.
How long did it take him to sell it?
At least five years. In other words, he sold the car about ten years ago and started fifteen years ago. He didn't get serious until he got real sick. The weird thing is by the time he did sell it he had almost everyone who was interested convinced that it was a complete rip-off, even though the market had moved well past his asking price errr... "demand" This is the car he sold for 25K: https://www.google.com/search?safe=off&a...389.wRsMNe4faXk He enjouyed every minute of it though.
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