Hello. I've been looking for a car for quite awhile out here in west Texas. I feel confident on what I want to look at and all, but one thing I really need help with is determining the value of a used car. Everything I look at is private sale, by the way.
To give one very specific example, one car I've been batting my eyes on out here is a 1994 Lexus es300. I believe it's about 175k miles. Clean title (supposedly), but the guy did hit a dumpster with the side of the car, so the rear right door is dinged a bit, along with the front right side of the car. I've been told it has a coolant leak issue (he doesn't know where, and I haven't inspected it yet), and the paint is in fair condition. That's all that I know about, and that's all he says is wrong with the car at the moment. However, there could be more issues potentially, as he says the car has given him issues for a couple years now. I haven't called him or anyone up or inspected anything extensively yet because of one problem: I don't truly know how to value a car, let alone on the spot.
Now that's just one example among many. It's hard to tell how to value a car as a buyer, because I understand that book values are a sham and it seems like private sale prices are all over the place. I tend to look at cars that might need a little bit of work, as to work the price down and to do some work on the car myself. Some help on the matter would be greatly appreciated, as I don't want to lose money on my behalf or have every offer I throw be rejected as "low ball". I appologize if this has already been asked before, but I haven't found anything here to help myself
Wonder how he hit a dumpster?
leaving a tennesee football game 😆
Just keep looking. When you look at a listing, you can think to yourself "oh I saw a very similar car over there for $1k less, so why would I pay this. Also, don't just look at listings. Contact each seller, and make an offer that is, oh lets say 30% lower than then what they're asking. Sometimes people are too proud and they'll complain, but just forget about them. But some people will give you a counter offer. This is valuable information because it tells you how much lower they're willing to go. You can then use this information to negotiate with other sellers. Just do this over and over , and gradually you will build a sense of value. These are still hypothetical values based on the perceived condition of the vehicle (based on what they told you). If you show up and there are surprises, then the price has to be renegotiated.
I would avoid cars that need too much work. You just never know what you're getting yourself into and you can get burned. Just take that right out of the equation,.
do all the research that you can
i get a good or bad feeling when talking with the seller as to how to make an offer, no one has been offended with a serious offer yet, just be ready to buy if they say yes
most people advertise a higher price than they expect to get is my experience
i have purchased 5 cars in the last 2 years, two that i paid asking price, three took less (private party)
The best method:
Research similar cars in your area to get a feel for the market.
Then, make your offer based on research and the condition of the car you are looking at. Any vehicle is only worth what someone is willing to pay for it, like anything else.
It all comes down to this - it's only worth what someone is willing and able to pay for it. If it's worth it to you, buy it. If not, move on to something else. If you wait long enough, another bus WILL come along.
