What's a used car worth?

Gus Philpott
Woodstock Advocate
Woodstock Advocate
March 12, 2011

My friend who has the 2004 Ford Expedition for sale (see article and photo below) contacted Tom Peck Ford (in Huntley) about just getting rid of the car to them.

They apparently told her that they'd come to look at it earlier in the week and would bring a check for $6,500 and a second driver. They expected to take it; right?

I told her not to let them steal it from her. Car dealers are masters and "buy low, sell high." The vehicle had a retail value of about $10,000. With 110,000 miles on the odometer and being 6-7 years old, it's not a high-mileage vehicle. I told her they'd try to buy it for a whole lot less than it's worth, so that they could mark it up to about $13,000 and then "bargain" down to $10,-11,000.

I also told her that they would find "everything" wrong with it and would tell her that, basically, it was a piece of junk and that she would be lucky to get an offer as good as theirs.

But they didn't come up to look at it. At the end of the week their telephone offer had dropped to $3,500, sight unseen, because "there could be this wrong or that wrong since I didn't drive it and don't know much about the car." Well, duh.... come and drive it, and then make your offer!

And I had been concerned about whether they would try to "steal" it from her for $6,500!

When I lived in Denver, I sold new cars for two months in 1986. It was the worst two months of my life. I even designed a seminar called "How to Deal with Car Dealers." I had it all ready to go, when I was offered a job in Kansas City. So I gave the seminar to a public speaker I knew.

There is great car-dealing information on http://www.cars.com/. Whether you are trying to sell a used car or planning on buying a new or used car, you should really read and study the information there and on www.Edmunds.com and other places.

Remember, those car-dealer guys get a lot of practice every day. You get a little practice once every 3-5 years. Who do you think has the advantage?

I went with a woman years ago to the Saturn dealership in Dundee. The saleswoman there pointed out a new car and said, "You'll love the deal on this car. It's only $200/month for 36 months."

When I asked what kind of lease it was, she insisted it was not a lease. I had to demand to see the sales manager. He acknowledged immediately that it was a lease. Of course, it was! So I asked him to tell his salesperson that it was a lease!

never, Never, NEVER go to a car dealer alone. Do your shopping ahead of time. If you are going to buy, write down your final offer and put it in your wallet. Can't get there? walk out. Give yourself one hour to be worked over, and then leave. Just walk out. Go! You can always go back. And there will always be another car exactly like the one you were looking at. Or better than.