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Thread: Determine used car value

  1. #1
    Junior Member Limo Padawan
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    Default Determine used car value

    How do you determine a fair price when buying a vehicle? Not like you can go to edmunds.com

  2. #2
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    Try NADA used car price guides.
    They even list used limousine prices

    http://www.nadaguides.com/usedcars.a...item=270667572

  3. #3
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    Quote Originally Posted by joel yee View Post
    Try NADA used car price guides.
    They even list used limousine prices

    http://www.nadaguides.com/usedcars.a...item=270667572

    Wait a minute. You should know that there is a H U G E difference between NADA car & NADA limousine books. NADA Car & Light Truck books as well as other books, such as GALVES, are based upon the most recent auction results. With GALVES the books are updated every two weeks so that the action results are as current as possible.

    When it comes to the NADA Van/Truck Conversion & Limousine Appraisal Guide the numbers are based upon fairy tales. The publisher asks coachbuilders what they think their used vehicles SHOULD be worth; not even what they are worth. It gets to be a contest to see who can say that their used vehicles are worth the most.

    We have never bought or sold a used limousine based upon NADA. While we do subscribe to NADA we use it for documentation in attaining bank loans for clients and for insurance adjusting.
    Rick E.
    City Limousine Sales
    √XTS Livery Sedans√Escalade ESV Livery Package SUV's√Lincoln & Cadillac Limousines & Funeral Coaches by Federal Coach√GMC Professional Grade SUV's & 15 Passenger Vans√Cadillac & Buick Passenger Cars, Crossovers, and SUV's.

    ~Stupidity might be hereditary, but ignorance should be painful!~

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    Quote Originally Posted by Rick E. View Post
    Wait a minute. You should know that there is a H U G E difference between NADA car & NADA limousine books. NADA Car & Light Truck books as well as other books, such as GALVES, are based upon the most recent auction results. With GALVES the books are updated every two weeks so that the action results are as current as possible.

    When it comes to the NADA Van/Truck Conversion & Limousine Appraisal Guide the numbers are based upon fairy tales. The publisher asks coachbuilders what they think their used vehicles SHOULD be worth; not even what they are worth. It gets to be a contest to see who can say that their used vehicles are worth the most.

    We have never bought or sold a used limousine based upon NADA. While we do subscribe to NADA we use it for documentation in attaining bank loans for clients and for insurance adjusting.
    Rick,
    Galves prices are based on auction sale prices. & most car dealers use Galves as a base to value a trade in.
    The average car buyer is not going to be able to buy a car for auction or trade in prices.
    Also Galves is a subscription based service.

    NADA & Kelly blue book prices are available on the internet for free.
    And can be used by buyers as a base to get an idea of what prices are.

    In reality you can look at all the books you want but in the end .

    THE ONLY BOOK THAT MATTERS IS YOUR CHECKBOOK.

  5. #5
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    Quote Originally Posted by joel yee View Post
    Rick,
    Galves prices are based on auction sale prices. & most car dealers use Galves as a base to value a trade in.
    The average car buyer is not going to be able to buy a car for auction or trade in prices.
    Also Galves is a subscription based service.

    NADA & Kelly blue book prices are available on the internet for free.
    And can be used by buyers as a base to get an idea of what prices are.

    In reality you can look at all the books you want but in the end .

    THE ONLY BOOK THAT MATTERS IS YOUR CHECKBOOK.

    Actuallly Joel, NADA's online information isn't the same detailed information that they offer by subscription. But, that was not the point that I was making.

    I was trying to say that when a "book" is based upon "auction" results the values contained in the book are significantly more meaningful then when the "book value" is assigned by the coachbuilder.
    Rick E.
    City Limousine Sales
    √XTS Livery Sedans√Escalade ESV Livery Package SUV's√Lincoln & Cadillac Limousines & Funeral Coaches by Federal Coach√GMC Professional Grade SUV's & 15 Passenger Vans√Cadillac & Buick Passenger Cars, Crossovers, and SUV's.

    ~Stupidity might be hereditary, but ignorance should be painful!~

    www.citylimosales.com

  6. #6
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    Retail: The price you would expect to find on a car dealership lot.

    Wholesale: What they would auction a car off for.

    Trade-in: Somewhere between Retail and Wholesale pricing.

    Blue-book value: normally what you could sell the car to a private buyer for.

    Red-book value: What the dealers will give you for trade-in and wholesale prices.

  7. #7
    Junior Member Limo Padawan
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    I went to the library and looked at the nada limo book. The two problems I see are 1)except for Krystal and Tiffany there are no values newer than 2004. 2)I only saw values for 10-12pax; no stretch suv at all.

  8. #8
    Senior Member Cedar Mill Limousine's Avatar
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    Quote Originally Posted by Scottyard View Post
    I went to the library and looked at the nada limo book. The two problems I see are 1)except for Krystal and Tiffany there are no values newer than 2004. 2)I only saw values for 10-12pax; no stretch suv at all.
    Scott, basically you just have to search every avenue and see what people are selling them for. Limousines are frankensteins and there are a lot that are just abused to say it lightly, you can find a 100k '04 that would be worth more than a 20K '08. It all comes down to narrowing down what you want, what funds you have, and if you can make a profit out of it. Call the major coachbuilders and ask what they are asking brand new for something comparable to what you are looking for. This should give you a starting point. I believe you are starting to figure out what took me 6 months or so to figure out - there is no normal in this biz. Like my father has always said, "it is only worth what someone will pay for it". What is it worth to you?

  9. #9
    Senior Member Wade Randolph's Avatar
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    First rule of economics is something is worth what somebody will pay for it. Sounds simple but you have to find the right person. Car salesmen say there is a ass for every seat. You just have to find them.

  10. #10
    Senior Member LIMOJESS's Avatar
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    Make sure you shop around and look at http://limoforsale.com/ and similar websites. Regular black lincoln towncars are cheaper on the east coast than the west coast. But the time it will take to transport a car to the west coast and typically most of them have rust will have rust on the undercraige which is very uncommon on a California car, and it is not worth the trouble.

    Also a 120" Lincoln stretch made by a less known builder is not the same as a 120" stretch built by Krystal or ECB.

    Do your homework.

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