Used Car Pricing - KBB, NADA, Edmunds?

Question

I am trying to sell my 98 Mits. Eclipse Spyder GS-T convertible that only has 66,000 miles. The car looks amazingly good. KBB Values range from 7900-9400 for private party sale. NADA "clean - good" value is ~8200. And Edmunds lowballs at 6800. Quite a huge range!! I have only been posting on craigslist and using a black/white "for sale" sign. But I have seriously gotten almost 0 interest in 3 weeks. I have a guy who is offering 7350, does this seem fair? Or should I wait longer / advertise in autotrader etc.?

Answer 1

forget the retail...that means zippo

based on those numbers I would list it at about $ 8490 and take anything over $ 8000

keep trying Craigslist.  Relist it at least once a week so it is at the top of the hits.

Answer 2

I would take $8k for that car if its as clean as you say. KBB is always high and just bonkers and should never be used by anyone, and dealers dont really use it, they may say they do as a sales tool but they really dont. NADA is used buy banks and is pretty good. I would counter offer they guy $7900, and probably take 7700 bottom line, especially if you want to get rid of it.

Answer 3

First of all you can forget retail.  Most likely you can ignore Private Party too.  The actual street value of your car is probably closer to the wholesale price.

If you feel the $7350 is a reasonable offer who cares what the guides say.  If you don't, turn the offer down or make them a counter offer.   That's what negotiations is all about.

But this is what you do.  Take all the prices you can find and come up with the average.  That way you'll probably be closer to reality.

Everyone knows KBB is High and Edmunds is lowball.  Look in the Autotrader for comparable cars and see what other people are asking.  Use these guides and determine the AVERAGE selling price.  

KBB

Edmunds.

msn.autos

Consumer Guide Auto (I find this one to be very accurate)

NADA (Retail only so this will always be high)

autotrader

cars.com

vehix

your local newspaper classifieds

local dealer ads

Answer 4

Kelly is the book dealers use; the price is inflated and they get to show a buyer a higher price in anticipation of giving a little.  

NADA is what most banks use to decide how much money they'll give you in a loan for a particular car...As banks don't want to take too much risk, the value will be lower.

Edmund's SEEMS to be based on what the car is going for at any given time...It seems to trend more for demand of any given vehicle at any given time.

"Fair" in a sale is dependent on the person offering and the person accepting.  If they're both happy, then the deal is fair; if one feels they were cheated then they didn't negotiate very well.  Given that you have received little/no interest in the car, and his offer is higher than Edmund's, perhaps you should seriously consider the offer.