Why Is My Car Not Selling? How do I price It?

Dear Miss Mota,

Why won’t my car sell? I have had it on Autotrader for 5 months and I really need to get it gone because the payments are killing me! It is priced the same as cars just like it online.

Benji, Connecticut

Dear Benji,

First of all- if it has been on Auto Trader for 5 months, you are asking far too much for it. KBB is not the schnizz- it is a guide for the industry to set retail prices! Do a search on eBay's completed listings for your car's make, model and trim (and look at mileage too) and the prices in green mean it sold. Prices in red mean that it didn't.

Why would you do this? Think about antique stores- they have stuff for a ton of money that your mom cannot sell at a garage sale, right? Just because someone puts a price on something, it doesn't mean that is what it is worth! Value is actually whatever a buyer is willing to pay so Auto Trader and the other sites are the same way. Cars identical to yours may be on there with a price that you would like to see but you don't know what people are successfully paying for cars like yours. Trying going to this site to get prices of cars just like yours that have successfully sold online: Price My Car

If you need the money badly, putting an unrealistic price on a car and letting it sit there for months is losing you more money. Cars can depreciate for as much as 3% every month for that year of car. Get aggressive with your pricing and get that car out of your life and money in your pocket!

Good luck!
M

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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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