'Book' Prices???
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Fleet Mechanic
Joined: Jul 2004
Posts: 1,988
Likes: 14
From: Travelers Rest SC
'Book' Prices???
I've been shopping for a '92-'96 F 150, and doing a lot of research. Whenever I look up book prices on various sites, they are always WAY lower the prices on the street. Example: I looked at a plain jane f 150, 6cyl, 5spd, in very nice (but not perfect) shape. It had 124K miles on it. They are asking $5000, which is a very typical price around here. I looked it up on KBB, and it came up $3800 retail; $2800 private party, in excellent condition. Boy, I wish! They ask for your zip, so why are they so far off? Has anybody else experienced this?
Posting Guru
Joined: Dec 2003
Posts: 1,651
Likes: 0
From: Maine
Not exactly the same, but I checked out what KBB had to say about the value of my '97 Ranger with 223k miles. The truck is an extended cab XLT, but it's still pretty plain: 4 cyl, 2wd, no A/C. KBB puts a private party value of $2265 on it in fair condition. Truck's not for sale, but I'd feel bad taking that much money for it, if I was to try and sell it.
Seems like they're algorithm to account for milage might be off a bit.
Seems like they're algorithm to account for milage might be off a bit.
Posting Legend
Joined: Sep 2001
Posts: 30,255
Likes: 37
The gas price increase is messing with used vehicle prices. Some areas have figured out that a gas guzzler just ain't worth as much nowadays. Some people are using OLD paper books also. That 97 Ranger with high miles but still running with a fuel sipping 4 cylinder is worth more now because of gas prices. Just show people the online listings. They are the most up to date. If they think their gas guzzler is worth 5K wish them luck!
Lead Driver
Joined: Jul 2004
Posts: 5,946
Likes: 62
From: in the woods of MA
I've always heard that KBB is mainly for dealers, so the prices might be a little higher than reality? You might try Edmunds and see if they are in line with KBB, or lower. Or higher even...
Also, if you think it's related to where in the US you are located, try pricing the same vehicle using a few different zip codes - it would be interesting to see how they varied and by how much.
Also, if you think it's related to where in the US you are located, try pricing the same vehicle using a few different zip codes - it would be interesting to see how they varied and by how much.
Post Fiend
Joined: Jun 2002
Posts: 13,873
Likes: 3
From: Atlanta GA
> It had 124K miles on it. They are asking $5000
After gas hits $4 a gallon they will asking $1000.
Model year is very important and the prices reflect six year old cars that can still be financed. After that it is pretty much guess work and not actual lot prices being surveyed.
Most people that have $5k to spend on a seven year old car or truck, they are going to use it to buy a brand new one even if their credit score is 300. Because with that size deposit, almost anyone will finance you on a cheap <$15k new vehicle no matter what the credit score.
Any vehicle, especially a large one, over six years old is a $2k vehicle and you will be lucky to sell it if you are asking more. The exception is a vehicle over 25 years old that does not have to met emissions in an emissions area.
After gas hits $4 a gallon they will asking $1000.
Model year is very important and the prices reflect six year old cars that can still be financed. After that it is pretty much guess work and not actual lot prices being surveyed.
Most people that have $5k to spend on a seven year old car or truck, they are going to use it to buy a brand new one even if their credit score is 300. Because with that size deposit, almost anyone will finance you on a cheap <$15k new vehicle no matter what the credit score.
Any vehicle, especially a large one, over six years old is a $2k vehicle and you will be lucky to sell it if you are asking more. The exception is a vehicle over 25 years old that does not have to met emissions in an emissions area.
Thread Starter
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Fleet Mechanic
Joined: Jul 2004
Posts: 1,988
Likes: 14
From: Travelers Rest SC
The truck I looked at is a '94- TWELVE years old! The thing that gets me is that this is a very typical price around here for these trucks. A used car dealer had a '94 Flareside w/ 160K on it. They wanted $7995! I laughed at him. Is there something magical about these trucks? I don't like the looks (and complexity) of the '97 and up. Maybe I should just finish my '64 and drive that!
Post Fiend
Joined: Jun 2002
Posts: 13,873
Likes: 3
From: Atlanta GA
> Maybe I should just finish my '64 and drive that!
Agree 100% with that.
On a lot that self finances the vehicle, or where they turn it over to a bank for a cut of the interest and fees, they make quite a killing at $8,000. A lot of places will over charge on a vehicle and when the person defaults, who had bad credit anyway, they sell it back to themselves at "auction" and then resell the "used" vehicle again.
I worked at a new car dealer that did that on both used and new cars. They basically are renting out the car for $160 a week without having to pay the insurance fees for the prices they charge for the car. When you are selling 800+ cars a month, it turns into a pretty interesting shell game.
Agree 100% with that.
On a lot that self finances the vehicle, or where they turn it over to a bank for a cut of the interest and fees, they make quite a killing at $8,000. A lot of places will over charge on a vehicle and when the person defaults, who had bad credit anyway, they sell it back to themselves at "auction" and then resell the "used" vehicle again.
I worked at a new car dealer that did that on both used and new cars. They basically are renting out the car for $160 a week without having to pay the insurance fees for the prices they charge for the car. When you are selling 800+ cars a month, it turns into a pretty interesting shell game.
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Post Fiend
Joined: Jun 2001
Posts: 5,228
Likes: 5
From: Running Springs CA
Around here KBB prices are much higher than "street" prices. Used car dealers tend to sell "wholesale" and offer much less than the listed trade-in prices. I had no takers for my F-150 at the listed "private party" price and ended up selling it for almost $2000 less. It depends a lot on the local market.
Jim
Jim
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