So I'm looking for a daily driver and I would compare KBB prices to those listed.

From what I remembered in the past, people would BASE their ASKING price on the KBB. In other words, ususally the asking prices are about the same as the KBB and the end sale value would be lower.

For some reason, I am noticing that people are asking like a good amount over what KBB is quoting. Does this have to do w/ the stupid gas craze that is going on?

I mean for example KBB quotes a car at 7,500 for excellent, people are asking 8999! WTF BBQ.

I always thought and I always did post my asking price similiar to KBB not so much over it.

Is there something I am missing?

 

KBB should track the market price, not the asking price. When is the last time you bought a used car w/o negotiating the price?

 

It would also help if we knew what car you're talking about.

 

Let me simplify this

- You're looking for used cars
- You use KBB as a initial point of what the car should be
- Asking price of seller should be around that
- You negotiate, end up ususally LOWER then KBB
- End of story

So KBB is supposedly the market price (which it is not btw for you guys who do not know ... KBB is inflated a little). So why would sellers ASK for more than market price for something that is not rare. (Sellers asking for MORE than KBB) - Not sure what you mean Chris S

Selling at KBB should never really happen. Case in point my S2000 has a KBB at 24,700. THERE IS NO way it'll sell for that. So what would you think if I set my asking price at 26700?!

There is no sentimental value here, so asking more than market price is stupid with something that doesnt have any sentimental value.

 

Sometimes a more desirable color combination would push the price up. It doesn't matter what the seller asks vs what KBB suggests, as long as there are people that are willing to pay for the car then there price is justified. Also, KBB rates some cars low such as NSX and manual TT supra. Those sell for $10k over KBB any given day of the week.

 

You appear to be missing common sense.

 

Who is doing the asking? Go to any used car lot and I can find you a 8 year old civic for 8-11,000. Used car prices are nuts anyway. I'll never understand how you can call up the internet/fleet sales manager and get a brand new Civic for the same price or often less than what people will pay for a used one.

 

your answer right there..

 

Most people say KBB is actually too high. That being said, certain cars, like the Prius are commanding premiums right now.

 

KBB's original purpose for existence was to serve as a guide for banks to use when writing car notes, it's a general measurement on the market value of a car but inflated for margin of error.
Kbb is completely useless once a car goes under the 5000 range imo, older hondas have appraised for much more than what kbb says, and if you got a gas saver (corolla, civic, etc), even more for a margin of error.
Me, I'd never buy a car over KBB unless the car is rare or exceptional relative to its competition (like finding an absolute cherry 240sx fastback).