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If it was something I really wanted, I would pay what it cost to get it. Book values such as NADA are largely irrelevant in the real world. The price depends on demand and desire. Things that no one wants can be bought cheaply. Things everyone wants sell for quite a bit more. I believe it has to do with something called the law of "supply and demand".
If it was something I really wanted, I would pay what it cost to get it. Book values such as NADA are largely irrelevant in the real world. The price depends on demand and desire. Things that no one wants can be bought cheaply. Things everyone wants sell for quite a bit more. I believe it has to do with something called the law of "supply and demand".
My two cents
Very true.....but if said buyer is relying on the bank for funding, they will reference NADA on what they will loan.
Depends on the overall shape, if rust is setting in cut the price in half. I know in my area any 7.3 that isn't a beat up work truck is going for 8-10k with over 200k miles. I would never pay over 13k for a 10 year old truck. Low mileage can present issues as well.
Very true.....but if said buyer is relying on the bank for funding, they will reference NADA on what they will loan.
NADA is an interesting example. They did a recent piece in the magazine put out for RV dealers noting that the values they post on anything more than two years old has to be taken with a grain of salt as they are largely projections. That is because the majority of sales take place between private parties and are not accounted for by NADA.
The increasing role of private party sales would be an interesting topic for further discussion as it is having a considerable impact on pricing and the way business is conducted.
Many banks use a good deal of discretion in deciding on their loans and can base them on a number of things.
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