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Used Car Prices: Myths and Facts

Eighty percent of car buyers are using the Internet to research cars and used car prices. For vehicle research, the Internet’s great! For vehicle prices, the Internet sucks! Web sites that place values on vehicles have created more confusion than ever. “My car’s worth $25,800.” “I looked up used car prices on the web and my vehicle’s worth twenty grand.” By “real” I mean a viable number according to market value.

To find a vehicle’s value the context must first be discussed. What’s context ?

Vehicle condition: mileage, maintenance, 1-owner…etc

Seasonality: plow trucks, convertibles, 4-wheel drive…etc

The Economy: dealer and factory incentives, gas prices, hybrids, SUVs

Vehicle condition is extremely relative. One person may think there vehicle is perfect, someone else states it needs $1000 worth of work.

Economic recessions, exorbitant gas prices, combined with manufacturer incentives can shift new and used car prices all over the map.

Location has a major effect on used car prices. To summarize, context funnels down to market value. Web sites such as Edmunds, NADA, and Kelley have drastically missed this mark, creating a host misinformation.

Note: eBay used car pricing is generally wholesale. Price is one thing-value is the real key to a great car”

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Used Car Values