Recently after listing my 2006 Nissan Altima 2.5S for sale, I have come across some common questions related to the 'asking price' of this car.
I respect each of your concerns and this short post is an effort to address the 'pricing' of this car. Please allow me to explain clearly as to why the asking price for this is car is what it is.
There are three more popular auto websites that people generally refer to when trying to purchase a used car - Kelley Blue Book, Edmunds.com & Carsdirect.com. Then there are others like Nada, Black book etc. They all use different definitions & start from different assumptions. There are differences in the information these sites will ask for in determining vehicle value.
Although I do not discourage reasonable negotiation, I would like you to understand the pricing structure well before you strike a deal.
KBB online is an evolution of the printed KBB price guides that dealers use since 1913. One reason why their website gets more visits than any other auto website. I do not deny their authenticity nor doubt or defame their pricing methods. I have used KBB as a reference many times too. Kelley uses sales data from dealers, wholesale auctions & other sources.Their prices are very dealer-friendly. By showing consumers higher retail prices and, in some cases, lower trade-in values, Kelley's supposedly gives a dealer greater leverage.
Edmunds True Market Value (TMV) is an estimate of the current average selling price for this vehicle and is what you need to know about the fair price of the used vehicle. Their service is aimed strictly at consumers. Edmund's price is derived from a complex calculation using varied sources like transaction data from dealers, depreciation rates for individual models & historical data. There's also some forecasting involved. This is what works to establish the "True Market Value" that represents what used cars actually are selling for. Its staff statisticians construct models of how different prices affect each other based on the region that the car is selling, supply & demand & what's happening in the new car market.
Specific to the case in question (this car 2006 Nissan Altima 2.5S), Edmunds considers a complete 34-point list of standard equipment (default) and a 'beyond Standard Equipment' including 10 exclusive features for this model. Whereas KBB has a Standard equipment list of 9 & beyond standard equipment consideration of just 5 listed features. Even with asking for the 'condition' of the used vehicle, Edmunds has five categories but Kelley has four.
It is very obvious that Edmunds uses a very accurate and reliable pricing strategy than KBB.
In addition, none of these pricing methods accomodate other service charges, for example, specifically for my car, I have replaced two tires with new ones recently and this month, got a new engine cover/splash guard. Can you deny this is not a bonus to you? No two used cars are the same, so it makes sense if someone is quoting higher or lesser than the supposed Edmund/KBB value as the case may be.
(See images below for Edmund's Vs KBB pricing copy for this car).
I have researched same Make/Model/Year cars on Carsdirect.com (as of 04/14/08) and have the following results:
http://www.carsdirect.com/used_cars/listings?zip=30096&make=Nissan&model=Altima&x=10&y=7
Visit this link and you'll soon realise that my car is priced at the most consumer-friendly value than the other cars - given the mileage of 29262, excellent condition & clean vehicle history.
You have the information, you have my substantiation & I hope you also have good car sense to not let go of this opportunity just because you thought KBB is the God-mother of all used car values.
This is a stylish black, mid-size sedan 2006 Nissan Altima (as a Special Edition) being offered to you only because it does not fit in my suitcase.
It's your call whether to pass it on as just another car ad you looked up on internet for fun or to own it for what it's worth..!!!
I urge you to talk to me or email me and if you are serious about buying, we can negotiate a deal that works for both of us..!!
Note: Made available to you below, are copies of used car price value for my car (as of 04/14/08) from both Edmunds & KBB. Please take a closer look.
(Click on image to view full-size)
'Kelley Blue Book' Value
Edmund.com Value
