How does CG know if the price is Fair, Bad or Good?
Asked by isaacgmotors Jul 28, 2016 at 10:27 AM about the 2002 Ford F-150 SVT Lightning 2 Dr Supercharged Standard Cab Stepside SB
Question type: Shopping & Pricing
I'm seeing values on NADA that suggest the truck I want to buy are $5K less than what is advertised on the truck, but CarsGuru.com says it is a fair deal and it is over priced by $68. Who, how, do you know if this is a good or bad deal?
3 Answers
Auto_Centric answered 8 years ago
Cargurus doesn't know (fair value) its simply an algorithm of cars listed on their site. Check locally for what a particular vehicle really sells for. NADA's a very rough estimation of value too.
isaacgmotors answered 8 years ago
I like your answer, but I'm still curious as to what does the algorithim take into consideration? Does it look at vehicles in a radius to price them out, does it compile list of prices from KBB/NADA/BlackBook, etc?
OK, it all depends on your location, just like real estate values... A car in SoCal is always going to command a higher price than one in Michigan...rust, road salt, harsh winters, etc. It's always about condition with any used car. SO, Auto Centric is absolutely correct, these numbers from KBB and NADA are guidelines. Also, it's very much a supply and demand thing.
