Valuing used cars

I'm just curious to see how most here assign a value to used cars you might be interested in. Do you use KBB, Edmunds, NADA or some other criteria as a baseline and then add/deduct from the value based on condition, maintenance records, etc?

I look at all three, as well as similar cars on ebay, craigslist, and/or Autotrader as appropriate. Then I make up a number of what I think a car in very good condition would be worth.

Once I look at a particular car, I deduct from my estimate whatever it will cost to fix anything I find. I don't typically worry too much about records because I only look at cars that have obviously been well cared for. Records are a plus, but not essential unless we're talking something like a Porsche. If I don't get records, I assume it needs everything in whatever the most significant past service interval was.

I think most of us don't really look for particular cars, just at a certain price point. Sub $2000, sub $1000, sub $500 then we figure out what we can do with it or what it would be good for.

But in all seriousness, with some cars, enthusiast cars, for example you can't go by what KBB says. When is the last time you saw a perfect condition Miata for 1200? That's KBB on it, likely it'll sell for close to $4500. The best thing you can do, I think, is what billy suggested. Take an average of the three. Also check out dedicated forums, if there are any. Hanging out on one of those for a while will give you a pretty good idea of a particular car's value.

Part of what I do for a living is value cars. I find that KBB.com is generally pretty reliable, provided you use private party and not retail value. It gets you in the ballpark of what most common versions of the car are going for. Realize that the older the vehicle, the less accurate the information, as there are fewer vehicles of that type sold to gain data from.

The GRM reader will, of course, use that as a mere starting point and with tenacity do whatever it takes to find vehicles far below what any guide may tell you.

billy3esq wrote: I look at all three, as well as similar cars on ebay, craigslist, and/or Autotrader as appropriate. Then I make up a number of what I think a car in very good condition would be worth. Once I look at a particular car, I deduct from my estimate whatever it will cost to fix anything I find. I don't typically worry too much about records because I only look at cars that have obviously been well cared for. Records are a plus, but not essential unless we're talking something like a Porsche. If I don't get records, I assume it needs everything in whatever the most significant past service interval was.

I follow this pretty closely. Where I am I look pretty hard at rust and walk away on rusty cars.

I should note that I consider what the cost or repairs would be at a shop, not me doing it, for the purpose of negotiating. That is how I got my latest DD for the price I did. It needed $2K in repairs at shop rates. I did it with used parts and my own labour for a lot less, but most PO's would have to pay full retail.

Carson wrote: I think most of us don't really look for particular cars, just at a certain price point. Sub $2000, sub $1000, sub $500 then we figure out what we can do with it or what it would be good for.

This is how I sell normal everyday cars I fix and sell. A running driving car is worth $XXXX in my area. Without rust, worth more. With no body damage, again, worth more. Low kms? More. Etc etc.

Rarely do I sell in the $10k range because there are a LOT more po' folk than rich folk. If I can make $500 profit on a $2k car vs $500 profit on a $8k car...

ameliahamilton wrote: The value of the used cars depend on how they are maintained and the above mentioned criteria are also important in all this.

Canoe right here.