prius blue book values finally falling?

<div class='quotetop'>QUOTE(galaxee @ Feb 19 2007, 01:29 PM) [snapback]392916[/snapback]</div>

Thats okay, I'm sure the price will go back up once gasoline jumps a few cents and everyone else panics and runs to the lots for a Hybrid.

 

Interesting. Can you tell us where you are looking up the value?

I can't find the Prius 2007 on kbb.com.

 

<div class='quotetop'>QUOTE(galaxee @ Feb 19 2007, 04:29 PM) [snapback]392916[/snapback]</div>

Trade in value on mine has dipped to 13,890, but that's for good condition.

Which brings up a good point... How will dealers assess the condition of the car? We all know the center console cloth is kind of a dirt magnet and doesn't hold up well, and the dashboard is prone to scratches. Will I get dinged for those? It seems likely.

 

Only '07 Toyota that comes up on kbb.com for used car value is the Camry.

Just checked price for an '06 Prius in excellent condition with 18K miles and base level of equipment:$25,170(retail)

KBB takes zip code into account so there could be some variation in other parts of the country--but not that much.

 

<div class='quotetop'>QUOTE(galaxee @ Feb 20 2007, 11:20 AM) [snapback]393265[/snapback]</div>

I've got too much guilt to rate mine as excellent. There are a few paint chips, the cloth is dirty, and the dash has scratches... so to me, it's no longer excellent.

And I know I could make more in a private sale, but I prefer the convenience of a trade... just personal preference I guess.

 

My wife and I walked into Walnut Creek Toyota yesterday asking how much our 05 Prius is worth. My 06 was in for an oil change and my wife has considered getting an 06 or an 07 so she too can have a back up camera. After 40 minutes they said the car was worth 18,000 and only if used to buy a new Prius. I demanded to see the KBB but they did not want me to see it and just said that I have to take their word that market values dictate trade in prices not KBB. I once again stood fast and said that I wasn't born yesterday and that KBB is just that tool. I further stated that if they didn't show me the KBB the deal is off. They came back with KBB as saying the trade in value is 22,000. We walked out saying to the salesman that they are not honest and that I will go elsewhere to buy a car.
In all fairness however they were willing to take off 2500$ on the Prius sticker to make the deal but in offering only 18,000 they blew the whole sale. I do not like Walnut Creek Toyota.
-Paul R. Haller-

 

Personally, I find that the Kelley Blue Book has basically become an obsolete piece of history. Sure, you can find out some ballpark ideas for pricing (kbb.com) but really the way to price a car is to look at what's for sale both privately and from dealers. There are LOTS of cars that are priced too high and LOTS of cars that sit there and don't sell.

If you want to sell your car, go look at other cars that are for sale and price yours such that you are priced in the bottom third accounting for adjustments for condition, mileage, etc.

I would doubt that KBB takes into account the changes in tax credits or lack of HOV stickers (should they list those as a value option on the form--probably so).

 

Do you happen to know of a resource to find out where used Prius's are selling at their least expensive in the country as far as Blue Book goes?

 

From the 'Dark Side' allow me a little perspective on trade-in values. It's pretty simple really.

A. There is a sales market price for all vehicles. The newspapers, Craigs List, Ebay Motors, etc. If one were to have the time then doing a sampling of these values and then a regression analysis would come up with a 'Fair Market Value'. Let's say it's $19000 on a 2005 with 50K miles in average condition.

Here are the Cliff Notes: Toyota's and Honda's depreciate about 10% per year from the MSRP. Assuming average condition. A 3 y.o. Prius which sold for $27000 in 2005 should be 'worth' about $19000 today....retail.

B. Excellent Condition doesn't exist unless you drive a new car home and return it the next day. Think of buying something yourself and the owner says it's 3 y.o. and 50000 miles but it's 'Excellent' so I want $23000 for it. Woud you buy it.

C. The Retail Market Price determines everything else. Somebody is going to sell this 2005 Prius to somebody else for about $19000. That's the given fact.

So if you sell it; i.e. take the time to clean it up; advertise it; meet the shoppers; demo it 'x' number of times; listen to sob stories; wait for financing to be arranged then you certainly have 'earned' something for your time.

How much? In general it's about $3000. You have your direct costs and the cost of your time plus a profit on your efforts and entreprenurial spirit.

What if you don't want to make those efforts? What if you don't want to meet strangers at night at the local strip mall to show them your vehicle? What if you don't want them to come to your house? What if it's your daily driver and it's never in really good shape? What if.... For those who don't want to make the effort to sell it themselves how much of a discount is appropriate? Well it's about $3000.

In the end the vehicle is still going to sell for about $19000 so the dealer/buyer is going to look to buy it for $15000-$16000.

The bottom line is whoever does the work to sell the vehicle should make the $3000 'margin'. That's capitalism.

BTW, kbb hates most Toyota's.
kbb for a 2005 Prius with Navi is $14000 - $15000 Trade In
Edmunds for the the same vehicle is $14800 - $16000 Trade In
Black Book Auction values and Mannheim Online are other well known sources for finding the 'real value' of a vehicle.

What's the 'real value' of a vehicle? The price at which it can be turned into cash tomorrow; i.e. at auction. If you had to have cash on the barrelhead tomorrow what would your vehicle bring at auction? Not surprisingly that's the typical Trade In Value.

Aside: Horror story from today. Gentleman comes in late and asks about trading his 2006 Impala for something more fuel efficient. It has about 45000 miles on it and he owes about $16000 on an original loan of about $23000. Trade In value? $8000. Makes you glad to own a Prius.

 

DeadPhish,

I really enjoyed reading your post, but I hated the part quoted above. I had a dealer say something similar to me when I traded in my last car. KBB (and Edmunds and the trade-in worksheet at the dealership) have categories for "Year", "Mileage" and "Condition". Why should Condition be a function of Year and Mileage? Aren't they separate categories?

Condition, to me, means dents, rust, scratches on the exterior/interior and the mechanical health of the drive train and accessory systems. Maybe that's not what it means to dealerships, but if not I think the category name should change to "arbitrary aggregate of car age and mileage".