Whether you intend to buy or to sell a used car establishing a fair market price for it is essential. Information is the key. Prices for used cars are controlled by the basic market forces that control prices on other goods and services. Supply and demand are important to success in selling your vehicle. Ignore them and you may find yourself in possession of the vehicle far longer than you wanted to.

Information sources on vehicles are everywhere today. The key resource that virtually everyone refers to is of course the N.A.D.A blue book. The name is of course a misnomer. Generally the book is a little orange book about 3 inches by 4 inches which you can pick up at almost any book store. Inside there are tables for just about every car on the market today and just about every car that used to be on the market.
There are always exceptions. They also have a web site which you can visit and which may provide the same information. An important issue is that the tables set a range of potential values for a car. People tend to look at that range and assume that their car will sell at the top range without considering the other aspects which are mentioned in the blue book. For one thing not every car is in mint condition. Condition will affect sales price. Also mileage is considered. Look at the fine print in the blue book and you will find that there is a mileage penalty that you are supposed to apply in determining the range of sales price for a specific car.

While blue book is one consideration there are other things you should think about in setting prices on used vehicles. For one thing you should check your local papers, auto trader magazines and web sites that sell used autos in your area. Regions can differ and some vehicles go for more in certain parts of the country than they do in others.

Do not rely on what used car lots are asking for vehicles. Those prices are rigged and outrageous. No one but a complete idiot pays the asking price for a used car at a car lot. Do not expect that idiot to come looking for you to pay a ridiculous asking price if you really want to move your vehicle.

Setting a selling price depends greatly upon your motivation. If you need to move the vehicle now then you need to set a price that will bring buyers looking. You can guarantee that most of your buyers are going to take the steps that I mentioned above. If your vehicle is outside of the expected range of prices they aren't going to come around and they will not call. They will just go looking for a car being sold at a realistic price somewhere else.

If you have the space and the time to sell then you can ask a bit more for a vehicle. You may be able to afford to let the vehicle sit for a while. Most people don't but it really depends on your needs and motivation to sell. Certainly there are people out there who are willing to pay a bit more for a vehicle that has been shown good care. In the end it is up to you.

Learn more about this author, Joseph Mohr.
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