Used car prices are elusive, despite numerous attempts to harness them. Weve all heard of Retail, Private Party and Trade-in values. But do these help in determining a vehicles real value? When we turn to the web for prices, it gets even more elusive. One web site places a retail value on a car at $18,000. Another puts it at $21,000. What should we believe?
If sellers are looking to get the highest price for the car theyre selling, and the buyer wants to get the best deal possible, is there such thing as a fair used car price for both parties?
The answer is yes, but both parties have to be on the same page.
Well call this page Fair Market Value.
That being said, how do we interpret the market to determine fair market value? Since most sellers and buyers are going to try to interpret the market to his or her advantage, lets even the playing field.
One of the most profound remarks Ive heard to establish a better playing field for used car pricing comes from industry expert and owner of Medway Imports, Barry Roth. He states:
To find market value, you need to take all the pricing data you find for a particular vehicle and throw out the high...
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