Used car prices

[eng2d2]

Where do someone get a price of a used car that is one year old. My friends mother died and she left a Lexus. They want to price the car to divide the equity in the car.

 

[Ns1]

some combination of craigslist/autotrader/kbb

 

[SKORPI0]

https://www.kbb.com/whats-my-car-worth/
https://www.edmunds.com/appraisal/
https://www.autotrader.com/car-values/
https://www.cargurus.com/Cars/instantMarketValue.action
http://www.nadaguides.com/Cars

 

[highland145]

Sell the car 1st and split the $$ unless someone in the fam wants it the see above. FWIW used car prices will be at a premuim for the next couple of months. The tax man cometh, so to speak. The EITC Sugar Daddy.

 

[allisolm]

If she bought the Lexus new and has had it for only one year will there be any equity or will she be upside down on the loan?

 

[eng2d2]

If she bought the Lexus new and has had it for only one year will there be any equity or will she be upside down on the loan?

She put a considerable downpayment on the car which now has a balance of only 10k.

I know of all the links provided on this thread I just wonder if there is one that is the most reliable. We have been through all the links provided here but it seems like its all over the board on the prices. Some of the links provided here does not even let you list the option.

One relative is arguing that the vehicle 9k miles is only worth 23k per kbb but other site says 30k. Then the other one took it to carmax. I told my friend who takes cars to carmax to get the truevalue of the car? For sure it will be lowballed.

 

[allisolm]

"She put a considerable downpayment on the car which now has a balance of only 10k."

Okay then.

 

[pete6032]

She put a considerable downpayment on the car which now has a balance of only 10k.

I know of all the links provided on this thread I just wonder if there is one that is the most reliable. We have been through all the links provided here but it seems like its all over the board on the prices. Some of the links provided here does not even let you list the option.

One relative is arguing that the vehicle 9k miles is only worth 23k per kbb but other site says 30k. Then the other one took it to carmax. I told my friend who takes cars to carmax to get the truevalue of the car? For sure it will be lowballed.

I believe the reason you're getting such a substantial range in values is because its not common for a new car to be sold after only one year, so the market is apprehensive to pay the true value of the car minus one year of depreciation, since many cars sold after only one year of ownership tend to be lemons. Obviously yours is not a lemon, and you are selling for other reasons, so I would value it at the higher end of the values you see online.

 

[zinfamous]

Mechanics will do an inspection to make sure everything is fine with the car (I imagine the Lexus dealership would do this as well?). Should be a $30-50 fee, IIRC. With that, you could at least have some paper that nothing is wrong with the car.

But definitely get a consensus from CL and KBB and other dealerships. LOL--do not go to Carmax, though.

 

[herm0016]

Check for the model and year on car guru, that way you can see the real prices they are selling for in your area. Carguru.com

 

[boomerang]

Stay out of this. You've already told us that the parties involved cannot agree on the value. I know you'd like to help a friend but there is no winning on this. This is their battle to fight out. You have by way of friendship, provided links, the ball is now in their court. You can't decide the best course of action, only they can.