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Underpriced my car, what's reasonable etiquette?

Discussion in 'Dealers & Pricing' started by adriennepratt, Apr 29, 2020.

  1. adriennepratt

    adriennepratt Junior Member

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    Hi folks, the time has come to sell my beloved 2010 Prius as I'm moving overseas. Clearly I underpriced it though, as after posting on Craigslist and FB market place last night I have been INUNDATED with enquiries, including from people pushing for the earliest viewings and promising to buy it for cash on the spot. I've had to switch off notifications on my phone from all the pinging.

    On one hand this is great because I'm under some time pressure to sell (I have about 10 days, though a friend has also agreed to help after I leave as well if it hasn't sold by then). On the other hand, though, I'm kicking myself because I really need the money right now and obviously I didn't ask enough.

    What would you advise? Does etiquette here (I'm a foreigner in WA state) clearly mean that I have to stick to my first price ($5.5k, vehicle in good shape, 103.5k) and agree with the first person that comes up with the cash? Or is there room to go back to, say, the first 5 that contacted me and ask them to make me their best offer? Or even relist?

    Appreciate your advice!
     
    #1 adriennepratt, Apr 29, 2020
  2. The Electric Me

    The Electric Me Go Speed Go!

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    Interesting.
    I'm no expert in online automobile private party selling etiquette but I feel that if you haven't responded to any of the inquiries you're under no obligation to sell at the advertised price. People are allowed to make pricing mistakes, learn and go on.
    I think you can't communicate with potential buyers and admit you believe you under priced your vehicle and ask them to make a better offer. BUT..
    I think you can ignore incoming offers and existing offers on that listing and RE-LIST at a higher price.
    The challenging thing of course then being, potential buyers are going to probably recognize your vehicle from it's previous posting. So it may slow down the selling process.
    2nd at bat you might get a lot of "Isn't this a vehicle you offered for less?" inquires. But so what? You're the seller. You can be honest and say, you just felt you made a mistake pricing too low, and now this is a more representative value.
    You might lose interest, it may take you longer to find a buyer, but I think that would be the way I would handle it.
     
    #2 The Electric Me, Apr 29, 2020
    adriennepratt likes this.
  3. bisco

    bisco cookie crumbler

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    what is the kbb.com value?
     
    #3 bisco, Apr 29, 2020
  4. adriennepratt

    adriennepratt Junior Member

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    Kbb is 5-6.8k for fair, 5.6-7.7 good. I'd say my car is somewhere in between fair and good but the mileage is pretty low and it might be more towards good. I was also comparing with other online listings, but I have no experience at all in private selling so clearly I got it wrong!
     
    #4 adriennepratt, Apr 29, 2020
    bisco likes this.
  5. egg_salad

    egg_salad Active Member

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    I can't help you, but gosh, I think I might have to sell my car in WA. $5.5k would be above the top end of what that car would sell for here!
     
    #5 egg_salad, Apr 29, 2020
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  6. TrailRider

    TrailRider Junior Member

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    You need the money. Delete the post, and repost with a higher price. You don't owe anything to these other people.

    In fact, many of them will likely "flip" the car for more. Lots of car sharks out there looking to buy low.

    I can't find a nice Gen3 Prius in SoCal for anything under $8k... most are ex-uber cars with 175k miles and in rough shape.
     
    #6 TrailRider, Apr 29, 2020
    Last edited: Apr 29, 2020
    adriennepratt likes this.
  7. adriennepratt

    adriennepratt Junior Member

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    Great advice, thank you all!
     
    #7 adriennepratt, Apr 30, 2020
    Raytheeagle likes this.
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