What is a Fair Price for a Used Car

Dear Miss Mota Mouth,

One of my clients has an used BMW X5 that he would like to sell. It has been immaculately maintained and has pretty low mileage I would love to have it but he said that the Kelly Blue Book on it is $17,000 and he wants another $3,000 because he added stuff like the stereo, tinting, larger wheels and more. I just want a safe car to drive my kids in and don’t know if it is worth spending the extra for the add-ons.

Jenni K, Ocala, FL

Dear Frugal in Florida,

Jus by virtue of the fact that you called premium customizations “stuff”, this may not be the X5 for you unless he seriously lowers his price and realizes that what he found necessary is not going to be the case with most buyers.

Keep in mind that if his ego is as big as his need to have a souped up SUV then the Kelly Blue Book price that he is referring to could be the retail and not private party. Retail is usually significantly higher than both private party (with trade-in value trailing in third place). You should check the KBB yourself and remember that Excellent condition means absolutely mint which most cars are not. Psst- You don’t need to tell him this but I doubt that his is either.

You should also check current and recently completed private party auctions on eBay to get an idea of a realistic price. Just do your research and then try not to be emotional about this particular car.

Once you have decided what you think is a fair price you might try making an offer or, if he is a client that you do not want to offend, consider letting him try to sell it himself at his unrealistic price. After a while when he doesn’t get any nibbles you can swoop from behind, offer to pay your researched price and learn how to work all of that extra “stuff”.

Lavishly,

M

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