VY 2 SS Ute with HBD canopy - what's she worth?

[Vombil]

The golden rule in all used car sales, is that cars are worth what they actually sell for, not what somebody is asking.

Dr Terry[/QUOTE]

I had a WB van for sale last year. Got a few genuine offers around $9,000 but I wanted more. So i waited till $10,500 came along. Is it worth $9,000 which is what the bulk of the buyers wanted to pay or the $10,500 which it actually sold for because 1 bloke really wanted it?

asking price and selling price are not often too far away i've found. I wouldnt mind betting that the greater majority of cars sell within 10% of the list price. many people can do adequate homework prior to listing so it's not so much a suck it and see anymore. I bet in Sydney you get lots of private sales where they add $1,000 on top of the trade-in price they were given. Everyone one wins except for the used car dealers in that scenario

[Dr Terry]

asking price and selling price are not often too far away i've found. I wouldnt mind betting that the greater majority of cars sell within 10% of the list price. many people can do adequate homework prior to listing so it's not so much a suck it and see anymore. I bet in Sydney you get lots of private sales where they add $1,000 on top of the trade-in price they were given. Everyone one wins except for the used car dealers in that scenario

You've hit the nail on the head with that comment. Also it's often more like a 20%+ difference.

It goes like this. I guy has got a 1998 brand X & he wants to trade up to something newer, maybe even brand new.

He is offered a trade-in valuation of say $5,000 for his old girl, but has 2nd thoughts when he sees them on carsales & ebay for $$7,000 to $8,000, because that's the sticker price on Parramatta Rd. Never mind that the Parramatta Rd dealer, has to bring it up to scratch, warranty it, accept a trade-in loss & actually make a profit to pay his wages & overheads.

He then thinks "wait a minute, this dealer is ripping me off, it's worth more than $5,000". So he forgoes the trade-in & pays the dealer the full amount for the newer car, so for a short time he now owns 2 cars, while he attempts to sell his old one, for more than $5,000.

So, he advertises the old girl for $7,500 (ONO) & finds he gets virtually no response. He might actually ring one of the others advertised & ask them, "are you getting any response to your advert". Short answer is no ! Oh well, I'll reduce the price a bit & see how that goes, $7,000 = no response, 6,500 = no response, finally at $6,000 & he gets a few phone calls & after a few weeks of trying, a real person actually comes to look at the car. He walks around it, knocks the sh!t out of it & offers $5,000. He then says, "no way, too low, but I'll accept $5,500". so the looker walks away. After & few months & a few more knock-backs, the rego is running out & he's now got to get rid of it, regardless. The next looker offers $4,500, which he grabs with glee.

Moral of the story. Just because a car is advertised for $7,500, doesn't mean squat as to its real value.

Dr Terry