buying How Do They Come Up With Used Car Prices?

03:06  10 february  2017
03:06  10 february  2017 Source:   U.S. News & World Report

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How Do They Come Up With Used Car Prices ? U.S. News & World Report - Cars 12/19/2016 John M. Vincent. How do you know what you should sell your car for, and what price you should pay for a used ride?

How Do They Come Up With Used Car Prices ? By John M. Vincent. 01:13PM Sep 23, 2016. Bruce Laurance / Getty Images. Pricing is one of the great mysteries of the used car world. How are they set?

  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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How Do They Come Up With Used Car Prices ? By John M. Vincent. 01:13PM Sep 23, 2016. 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 They Come Up With Used Car Prices ? September 23, 2016. 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?

“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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How Do They Come Up With Used Car Prices ? U.S. News & World Report - Cars 2016-12-19 John M. Vincent. How do you know what you should sell your car for, and what price you should pay for a used ride?

MSN AutosHow Do They Come Up With Used Car Prices ? - MSN.comMSN AutosPricing is one of the great mysteries of the used car world. How Do They Come Up With Used Car Prices ? – MSN.com – MSN Autos. adminJanuary 11, 2017.

  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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The wholesale price is what dealers use to determine how much they should pay for a car . After paying the wholesale price , dealers jack the price up for retail. You want to buy the used car for as close to the wholesale price as possible.

“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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