buying How Do They Come Up With Used Car Prices?

03:06  10 february  2017
03:06  10 february  2017 Source:   usnews.com

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How do you know what you should sell your car for, and what price you should pay for a used ride? There are lots of factors involved, but it comes down to this: The market sets the price , and the numbers that you see quoted are generally linked to the price that that model is selling for at auctions

What to Look for in a Used Car . The Inspection and Test Drive. How to Negotiate Prices . Now comes the real challenge: negotiating the purchase price . Here’s where your bargaining skills come into play.

  How Do They Come Up With Used Car Prices? © Provided by U.S. News & World Report, L.P.

Pricing is one of the great mysteries of the used car world. How are they set? What’s the difference in the terms you hear – Blue Book, retail, trade-in, or wholesale? How do you know what you should sell your car for, and what price you should pay for a used ride?

Research

Research

There are lots of factors involved, but it comes down to this: The market sets the price, and the numbers that you see quoted are generally linked to the price that that model is selling for at auctions in your area. That’s not to say that you will be able to buy or sell your car at the average auction price, but it forms the baseline from which other prices are set.

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Buying a new or used car can be intimidating, and you might be wondering how you can negotiate with the salesperson and still end up with the lowest possible price . As they come down substantially in price , you inch up your offer very "painfully."

“The findings show trends in regional economics, and potential opportunities for well-planned ‘carbitrage’,” wrote Nicholas Wells in The regional variation of used - car prices at CNBC.com. “While staying local makes sense for most car shoppers

“It is all based on the market, and market data,” says Alec Gutierrez, an analyst for Kelley Blue Book.

Many factors figure into the price of an individual car, including its condition, options, mileage, and whether it can be sold as a certified used car by a franchise new car dealer. Pricing is sensitive to your location and the time of year; for example, it’s tougher to sell a convertible in Michigan in February than it is to sell it in Miami.

Used car dealers try to buy cars at close to or under the average auction price, whether at auctions, from private parties (trade-ins), or other dealers. As a buyer, you’ll almost never be able to buy a car at this “wholesale price,” but it’s a good number to know when you start negotiating. Wholesale price information is available online, and many lenders can also provide it.

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Get the invoice prices and MSRPs for each of these cars , and print them out (along with the details of the configuration you want). Shrewd salespeople will come up to you and ask you how much you want to pay a month for a car . How to. Buy a Used Car With Bad Credit.

How much can you negotiate off a used car ? Have auto dealers stopped negotiating used car prices ? When shopping used always be willing to walk away if you are not getting the deal you want. There will always be another one coming up soon.

  How Do They Come Up With Used Car Prices? © Provided by U.S. News & World Report, L.P.

Once they have a wholesale price, dealers will mark it up to include the cost of reconditioning the vehicle, marketing it, an allowance for profit, and a pad to negotiate. While dealers or private-party sellers would love to get this “asking price” or “dealer retail price,” they know they will probably have to negotiate, and that’s why they include some padding in the number.

Your goal as a buyer is to get as close to wholesale as possible. The goal as a seller is to get as close to retail as possible.

So what’s a fair number?

That’s where valuation services like Kelley Blue Book, Edmunds, and Black Book come into play. They research the market to see what cars are selling for, broken down by model, options, mileage, con

dition, and location. Using U.S. News & World Report’s What’s My Car Worth tool, powered by Black Book, you can see a range of prices for the car you are considering.

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Once you've determined which used car you wish to purchase, use multiple car pricing services As for dealer auctions , dealers also and up with some lemons as the other guy above stated. How often does that happen? on 2002 car ? come on! paid around 700 in taxes.. on this car too!

The shop gets a discount on these parts and then marks the price up to cover shop overhead and My shop labor is /hr, and I never install reman parts unless they come with a lifetime warranty How do I negotiate with a salesman at a car dealership for the lowest possible price on a used car ?

“The number one factor is getting as much rich data as possible, so that we have a holistic view of the marketplace,” says Gutierrez, “to ensure that a fair transaction can be made.”

You can ensure that you get top dollar from a car you’re selling by keeping it in good condition and making sure you have a complete set of service records. Mileage affects vehicle value, but it can be hard to keep miles off a car that you have to use every day. When you purchase a new vehicle, you should know that some features, like panoramic sunroofs, hold their value well, according to Gutierrez. Others, such as navigation systems, do not.

If you’re in the market for a used car, check out some of the newest ways to buy, and avoid making mistakes by using the rankings and tools available from U.S. News & World Report.

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