I’m looking at 1995 Toyota Celica Convertible GT, with 134k miles, that a private party is asking $3800. The KBB says the price is 3,750, while Edmunds TMV gives me a much lower price of 2,200. Is TMV way to low, or should I make a significantly lower offer? Both searches were done with comparable conditions and for private parties.
I did some research, and found that locally (So. Cal. area), this seems to be on par, or a bit lower than most asking prices (both dealers and private parties). However, I did find one dealer in North Carolina, who was offering a very similar car (same year, same number of miles) for 3,250. This made me wonder if I should offer a lower price?
Thanks,
-Jonathan
I look at nada.com as well as KBB and Edmunds TMV. Check ebay motors for completed listed that actually sold. Also look at cars.com and autotrader.com to see comparable cars asking prices.
You also need to consider the local market – a convertible in S. Cal is probably worth more than it is in N. Carolina.
Twotone
In my experience KBB is too high and Edmunds is pretty much on target.
$3800 for ANY 15 year old vehicle is fairly high, unless it’s a Mercedes or BMW 7 series
With that car, the condition of the top and interior will determine the selling price…Location is also very important with convertibles. Book values are just averages.
Of course you should offer a lower price, why are they selling the car. If they didn’t like the trade in value on a new car the dealer probably offered them the minimum trade in value. So they are looking for something more than that, offer something more than that, once an offer is made you can go up a lot more easily than down.
Another approach would be to have the car inspected first and bargin based on that. If it has been well maintained, then you both are winners as they are rewarded for good maintence and you get a more dependable car. If it is not well maintained then you know not to buy.
But as was pointed out, start low and see what happens.
Right you are! Always get a car inspected unless you are good at it yourself. Brakes, tires, shocks/struts, alignment, trans, oil and coolant change, throw in some ball joints etc. can add up fast. Asking price many times is not the selling price.
I’d bet the owner can get closer to KBB for this car than TMV, and probably won’t sell at the lower TMV price.
I just sold my 97 Taurus less than 2 weeks ago - KBB private party was 4 TIMES what TMV ran on that car, and I sold it above KBB in under 24 hours and without even buying a “For Sale” sign, but just listing it online at work. So in at least my experience, KBB is more accurate for older cars. TMV seems pretty good for new cars, but then I got the replacement for the Taurus for more than 10% below TMV…