Although it is a sad fact that prices for used cars go down, lately the values for a used car has dropped exorbitantly. Have you guys seen blue book prices lately? Last night an 06 with 20k miles in good condition was 21750 excellent condition - 23500. Prices right now are 20750 in good and 21500 in excellent. This also seems to be the highest the value will go, as lowering the miles wont drop the prices. Raising the miles to about 30k however, only drops the value by about 500 dollars.

This was done using the zipcode from OC California.
What do you guys think about this? Is this fast price drop supposed to reflect the situation with the economy? That hypothesis would mean that the value of all cars in general should be dropping fast which I have not looked at. The other could be a loss of interest in sport cars in exchange for something more practical. I'd like to hear your opinions on this.

Lastly, this seems like a prime opportunity to buy cars, I just wish it was easy to find cars in that price range like that. Personally however, I think unless sellers really need money, its better to just keep the car and drive it at the moment considering how little it depreciates with more miles.

 

Thats kinda depressing. I bought my s2k for 200 under bottom kbb a month ago that was 15400 now bottom kbb for it is 13800. Also sold my rsx for about mid kbb was 13300 now top kbb for it is 13100.

I guess kbb is directly related to what ppl are selling cars for and we are not doing so great economically. but give it 5yrs or so and we will see a rise in value.

 

Remember the value is only what someone is willing to pay for it. KBB is a referance only.

I think part of it is
A. the price of any convertable goes down in the fall since it will be several months before the car is useful top down again.
B. the car is a MY older now. since all auto makers have new models out by now. Some earlier, but all 2009's are out now.

I also think there is some stagnation in all car sales, depending on physical location.

 

I paid about $1000 over kbb for mine several months ago. But it came with a hardtop (which kbb only puts at $800 [lol, yeah right]).

Personally I don't have a problem paying slightly over kbb if its a good car. IMO you get what you pay for.

 

Who cares what the book says, you can't get one for that. That is what a dealer would pay but johnny off the street can't find an S for BB value.

 

That's interesting. I wonder how often kbb updates their pricing.

 

KBB has admitted that they can't keep up with the market. KBB means nothing. The site serves it's purpose: Give you false hope about your car's value so that you can hit the new/used car market in hopes of replacing your vehicle, and thus adding another number to the vehicle consumer market.

Fact of the matter is The market turnover for cars is so high no online resource NADA, KBB, Edmunds can keep up with the real world.

KBB means nothing. The only number that matters is WHOLESALE numbers, which will be hard for you to find for free.

The pre-owned market is basically confined by the Banks. If the Cars are only worth what a bank will loan on them. Sadly it's seldom people pay cash for the cars.

Used cars are a risky market for Banks, so the cars are really worth only as much as what a bank will consider them collateral for. Add in what the dealers need to markup or invest in the car to make a reasonable profit and the trade in values or private party values continue to diminish.

Don't feel bad though. At least you own a Honda, the 350Z's, Z4's have considerably lower retained values.

 

[QUOTE=DDonovan,Oct 24 2008, 10:41 PM] Who cares what the book says, you can't get one for that.

 

Ya maybe in Canada but out here I see S2K's go for KBB value all the time...

 

Currently I don't see many that are selling exactly for blue book but I think that it takes a few months for the market to reflect the price. After all I think most buyers look at blue book prices before going online and cars that are way over just wont get any response to. In the end I think the it always comes down to something like "well blue book has this valued at..." and use that as their starting point when bargaining.