| tygger |
I need help in pricing a used MDX. I’m basing my numbers off KBB, but don’t know if those numbers are reflective of the current market.
Here’s an example:
2005 MDX w/ Nav & RES, 50k miles for $21,500 (private party)
Should I take their asking price into consideration or just base my price off of KBB? According to KBB, trade-in is worth about $17k (using “good condition” numbers), and Private Party is about $21.5k. Suggest Retail is about $26.5k.
If this were a private party sale, how should I approach this? Offer a little more than trade-in value? I would assume that if the seller could get just a bit more than from selling it privately vs to the dealer or Carmax, they would do it. Problem is… I have no idea how much dealers are offering to buy MDX’s (or any SUV) right now (?)
And what if this were a dealer sale? What numbers should I base my offer from?
Thanks for any suggestions. :) |
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| BillHeart |
quote:
Originally posted by tygger
I need help in pricing a used MDX. I’m basing my numbers off KBB, but don’t know if those numbers are reflective of the current market.
Here’s an example:
2005 MDX w/ Nav & RES, 50k miles for $21,500 (private party)
Should I take their asking price into consideration or just base my price off of KBB? According to KBB, trade-in is worth about $17k (using “good condition” numbers), and Private Party is about $21.5k. Suggest Retail is about $26.5k.
If this were a private party sale, how should I approach this? Offer a little more than trade-in value? I would assume that if the seller could get just a bit more than from selling it privately vs to the dealer or Carmax, they would do it. Problem is… I have no idea how much dealers are offering to buy MDX’s (or any SUV) right now (?)
And what if this were a dealer sale? What numbers should I base my offer from?
Thanks for any suggestions. :)
Color? Location?
Right now MDX prices are weird, if I buy my lease returns from American Honda Finance I can steal them, now, if I have to go to the auction, then I have to pay.
But $21,500 for an 05 Nav + RES with 50k? I wouldn't pay that Private party in most cases. But then again, they are worth $15-20k wholesale, depending on a myriad of factors.
Need some more info to help ya. |
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| tygger |
Sorry, I guess I should update my profile.
Location I'll be looking would be in the Washington D.C. Metro area (Va, Md, DC). The car in the above example is black, but I'll consider both black and silver.
Thanks! |
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| BillHeart |
quote:
Originally posted by tygger
Sorry, I guess I should update my profile.
Location I'll be looking would be in the Washington D.C. Metro area (Va, Md, DC). The car in the above example is black, but I'll consider both black and silver.
Thanks!
Realisitcally, right now, I think you can get an 05 Nav+RES with miles in the 40s for around $22k Certified. So $21,500 for a Private Party one is too much. Right now a CPO one will have the special financing, the warranty, and ideally should need nothing.
Again, mileage plays a part, I just kept a lease return with 15k miles on it, that was expensive, but how often do ya get an 05 with 15k miles? On the other hand, we just delivered an 05 for real cheap money, it had just shy of 70k miles.
But We're just stealing our lease returns right now, for quite a bit under Auction values for the right ones.... works for me, I can sell em cheap and they are flying out the door so shop carefully. |
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| wasjr |
quote:
Originally posted by BillHeart
But We're just stealing our lease returns right now, for quite a bit under Auction values for the right ones.... works for me, I can sell em cheap and they are flying out the door so shop carefully.
I am just curious as to roughly how much under the residual are you paying? Also, I have a buddy who is about to come out of an 05 base lease. He would like to buy the vehicle, but it is worth no where near the residual. Can he cut a better deal with the dealer at its true value? |
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| BillHeart |
It all depends on the MDX in question. However, I have converted 3 lease buy out customers last month, they all bought their cars certified and got the special rate, new brakes, new fluids, new tires, etc and were still an average of $2,000 UNDER their residuals.
One guy complained that he owed $300 in mileage... I mentioned that he saved thousands, got $1700 worth of work done to his MDX and the warranty and the 2.9, he felt it was worth it :)
Bear in mind, if your friend is over the miles or has chargeable wear and tear that he will be billed for it if the dealer buys the car out. |
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| wasjr |
quote:
Originally posted by BillHeart
It all depends on the MDX in question. However, I have converted 3 lease buy out customers last month, they all bought their cars certified and got the special rate, new brakes, new fluids, new tires, etc and were still an average of $2,000 UNDER their residuals.
One guy complained that he owed $300 in mileage... I mentioned that he saved thousands, got $1700 worth of work done to his MDX and the warranty and the 2.9, he felt it was worth it :)
Bear in mind, if your friend is over the miles or has chargeable wear and tear that he will be billed for it if the dealer buys the car out.
Thanks for the response. This is his first lease (he did the $399 base special in 05) and the wife wanted out of their Odyssey and into the X so bad he did not consider the mileage factor. He is probably 10k over in mileage. He has extended the lease for a couple of months and just needs to bite the bullet. The problem is that the local dealer, while great with service is very proud of their vehicles and may not be of much help. |
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| BillHeart |
quote:
Originally posted by wasjr
Thanks for the response. This is his first lease (he did the $399 base special in 05) and the wife wanted out of their Odyssey and into the X so bad he did not consider the mileage factor. He is probably 10k over in mileage. He has extended the lease for a couple of months and just needs to bite the bullet. The problem is that the local dealer, while great with service is very proud of their vehicles and may not be of much help.
Well, if the dealer does this then he will be liable for the excess mileage, which would be about $1,500 if he's at 15c/Mile.
Also, if the dealer is selling the car certified, then they have to put it through a CPO inspection and take it into inventory. When I do this we usually have the car out of the customer's possession for 3-4 days.
Tires, Brakes, service history, etc, these must all meet CPO standards, I assume he has 45-55k on it, figure tires, perhaps brakes and if the VTM4 Fluid and ATF have not been done then they will need to be done. Regardless of what Acura may call for at a certain mileage, CPO cars are technically held to very strict standards. At a bare minimum, it's an oil change (Even if he had it done 50 miles ago), Wiper blades and floor mats. |
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