Helpful Facts for Buying a Used Car from a Private Party - By: IsaacBouchard

Used cars are in high demand, and buying a used car from a private party can be a great way to get a good deal. What many people don’t realize when they are shopping for a used car is that the market is more complex than they imagine. Here are some facts that may surprise you, but could also help when you are looking for a used car.

The Average Car Sells in 40-50 Days

The length of time that a car is on the market is important. Many people see a car that has not sold for a month as potentially problematic, but it turns out that it is perfectly normal. Private party owners are much less open to negotiation in the first week or two that their car’s been on the market than they’ll be after a month. The longer you are willing to wait and watch the market, the more likely you will get a reasonable when buying a used car from a private party.

Kelly Blue Book Prices are a Starting Point, Not a Final Number

Many people don’t really know what their car or truck is worth—they check for the blue book value, and perhaps some locally advertised prices, and assume that this is an accurate reflection of real transaction prices. It turns out that the final sales price of many listed used cars is very different from the initial listing price. Buying a used car from a private party can give you a negotiation advantage if you know what the real value of a car is and can explain your reasoning to the seller.

Details Make Buying a Used Car From a Private Party Easier

Valuation of a used car is based on a wide number of details. The number of similar vehicles available in the immediate area, a 50-75 mile radius, can have a huge effect on local prices. Condition, mileage, options, NADA, and Kelly Blue Book values, as well as vehicle history will all play into the value of an individual car. If there are only a handful of a certain make and model of car and it is a desirable model, expect little room for negotiation; if there are a slew of these vehicles—as when batches of program (rental) cars come onto the market, expect more room in the negotiation process. You will probably realize quickly that the more facts you know about buying a used car from a private party, the better your position when it comes to purchasing the car you want.

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