Some car buyers prefer to purchase used vehicles from private sellers. Purchasing from a private seller allows a buyer to avoid finance charges and dealership commissions. They also may be able to negotiate the price lower than a dealership will allow. Private sellers are often more willing to reduce prices to obtain the cash, whereas a car dealership has the ability to sit on a vehicle until it sells. Although purchasing cars from a private seller can offer many benefits, it can be more difficult to evaluate the true value of the vehicle. Consider the following characteristics of the vehicle to obtain its true value.
Why are they selling it? You may not be able to obtain the truth on this question, but request to know why the seller is selling the vehicle. Did something expensive break on it? Was it in an auto accident? Do they simply need the cash? Did they get or plan to purchase a new car? This question can help to determine the value of a used car by informing you if you will need to make any repairs immediately upon purchasing it.
How many miles are on the vehicle? The amount of miles on the vehicle is, perhaps, more important than the age of the vehicle. Vehicles with more miles tend to have more problems. It also reduces the value of the car. When comparing the vehicle to others for sale, you will also need to compare the amount of miles on it. You will notice that two similar vehicles will vary in price, depending on how many miles are on each vehicle.
What is the condition of the vehicle? This one is easy to see by viewing the vehicle. Evaluate the exterior and interior conditions of the vehicle. Are there any noticeable dents? Is the interior material torn and stained? All of these things will reduce the value of the vehicle, as most buyers are willing to pay more for a car with newer or cleaner interior and a spotless exterior paint job. Most Kelly Blue Book evaluations also include the condition of the exterior and interior of the vehicle.
Evaluate any technology in the vehicle. Many newer vehicles are equipped with technology. Technology in a car that is not working properly can be very expensive to repair, especially if there is no warranty on the vehicle. Considering that most private seller used cars do not carry warranties, you may have to pay a substantial amount of money to repair the electronics.
Part of buying a used car is testing all of the features that come with the vehicle. The Kelley Blue Book value may also be affected by the availability and functioning of any electronics. According to a J.D. Power 2015 U.S. Tech Choice Study, 40% of drivers describe blind sport detection and prevention features as their most preferred technologies. These features may value a vehicle higher in the Kelley Blue Book. In fact, Gen Y consumers, who have accounted for 27.7% of new vehicle sales thus far in 2015 are willing to spend an average of $3,703 on technology for their next vehicle.
Compare the brand and make of vehicle to the Kelley Blue Book. The Kelley Blue Book is a great way to find the true value of a vehicle. It compares recently sold vehicles with their values. It includes many aspects of a car, including the amount of auto body work needed, whether or not auto financing was used, the year and mileage of a vehicle, and the make and brand of the car. Some auto brands sell for more, regardless of their condition. For example, in 2014, General Motors (owners of Chevrolet and Cadillac) and its dealers delivered 9,924,880 vehicles around the world.
The car buying process can be overwhelming, regardless of where you purchase your vehicle from. Those who prefer to purchase their used vehicles from a private seller may find it difficult to evaluate the true value of the vehicle they are interested in. However, with tools like the Kelley Blue Book, you can come up with a fair asking price that will help you in the car buying process.
