BodybyFisher

Market Value for Refurbished Cadillac

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I recently came upon a 98 STS that was in awesome condition, here are the details

  1. STS, black with black leather interior
  2. 85,000 miles (typical mileage according to KBB 108,000)
  3. Dealer service, all maintenance records
  4. One owner, Cadillac nut, belonged to local Cadillac club
  5. Garage kept, good paint no dents, interior perfect, back seat never sat in, trunk spotless
  6. Head gasket tested and no combustion by-products
  7. No codes
  8. New tires, battery

Owner wanted $5,000.   According to KBB in excellent condition it is worth $3,249.

Question 1, does KBB set the market for a car like this in excellent condition?   Is there a time where you would pay $5,000 or $4,500 for a car like this if it were in excellent condition?, or do you throw KBBs price in the sellers face and say not a penny over $3,249?

Question 2, if this car were totally renovated with rebuilt transmission, rebuilt engine with timeserting or Norms inserts, suspension rebuilt, brake lines replaced, basically a mechanically perfect new car with no codes, with high performance mufflers and detailed would you pay more than KBB?

Does KBB set the market?, and why should they?


Pre-1995 - DTC codes OBD1  >> http://z-cut.de/US/dtcobd1.html

1996 and newer - DTC codes OBD2 >> http://carprogrammer.com/Z28/PCM/OBD2/On-BoardDiagnosticTroubleCodes(OBD-II).mht

How to check for codes Caddyinfo How To Technical Archive >> http://www.caddyinfo.com/wordpress/cadillac-how-to-faq/

Cadillac History & Specifications Year by Year  http://www.motorera.com/cadillac/index.htm

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Here is some discussion on the subject

http://www.mojomotors.com/review/is-kbb-accurate/

Some KBB prices are too low

Kelley Blue Book prices are definitely not perfect and while they tend to skew higher than lower, there are times when they actually under-price a vehicle by a lot of money. On classic or nice cars and/or vehicles with high mileage, KBB should not be your source of valuation.

Take a Saab 9000, for example. This quirky Swedish hatchback from the mid-1990’s has a cult following. While KBB values a 1994 Saab 9000 with 165,000 miles at $1,240, a quick search online reveals a Saab 9000 from that year will fetch well over $5,000. KBB under valued a car by $4,000!


Most accurate car pricing guide

The most accurate car pricing guide is YOU. The best way to find out the right price for a car you’re selling or a car you want to buy, is comparing prices online.  This will give you an idea of what’s happening in your market and how dealers are actually pricing vehicles. Simply looking at the mileage, price and trims will help you determine what the most fair and accurate prices should be. You should also read this before buying a used car. It’s a crash course on pretty much everything you need to know about buying a new or used car.


Pre-1995 - DTC codes OBD1  >> http://z-cut.de/US/dtcobd1.html

1996 and newer - DTC codes OBD2 >> http://carprogrammer.com/Z28/PCM/OBD2/On-BoardDiagnosticTroubleCodes(OBD-II).mht

How to check for codes Caddyinfo How To Technical Archive >> http://www.caddyinfo.com/wordpress/cadillac-how-to-faq/

Cadillac History & Specifications Year by Year  http://www.motorera.com/cadillac/index.htm

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I may have answered by own question upon further research.   

What is the Suggested Retail Price?

The Kelley Blue Book Suggested Retail Price is representative of dealers' asking prices. It assumes that the vehicle has been fully reconditioned and has a clean title history. This price also takes into account the dealer's profit, costs for advertising, sales commissions and other costs of doing business. The final sale price will likely be less depending on the vehicle's actual condition, popularity, type of warranty offered and local market conditions

The same 98 Eldorado ETC in my first post if sold by a dealer in refurbished condition and I assume a warranty of probably 90 days would be sold in a range of $2,848 to $5,099 with a suggested retail price of $5,073.   So the asking price above was reasonable if it were sold by a dealer with a warranty most likely on the powertrain.   If the powertrain were totally rebuilt, its not likely there would be any issues during the 90 day period. 

Any ideas or anything to add would be greatly appreciated.


Pre-1995 - DTC codes OBD1  >> http://z-cut.de/US/dtcobd1.html

1996 and newer - DTC codes OBD2 >> http://carprogrammer.com/Z28/PCM/OBD2/On-BoardDiagnosticTroubleCodes(OBD-II).mht

How to check for codes Caddyinfo How To Technical Archive >> http://www.caddyinfo.com/wordpress/cadillac-how-to-faq/

Cadillac History & Specifications Year by Year  http://www.motorera.com/cadillac/index.htm

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I would say KBB doesn't set the market, it tries to reflect the market.

For used cars they note:

Used values are determined by a proprietary editorial process. This process starts with a thorough analysis of all collected data along with historical trends, current economic conditions, industry developments, seasonality and location. The resulting values reflect the most current representation of a changing marketplace and are therefore relied upon by a variety of leading organizations as well as the average consumer.

 

If I were buying to enjoy, I would be willing to pay based on condition.   If I were buying to resell, I would want to pay much less than market in order to maximize profit potential.


Bruce

2016 Cadillac ATS-V gray/black; 2013 Cadillac ATS 2L Turbo Premium (Wife's)

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Thank you Bruce, a private sale is quite a bit lower than a dealer value.  I think if someone wants something bad enough, if you can illustrate that the vehicle has been refurbished mechanically, it makes a difference.    The problem with the 98 above is that as awesome as it is, its got 85,000 miles on it and I could have a head gasket problem on it the next day the first time I do a WOT getting on to the expressway.   If an engine is refurbished, with NORMS, the engine would be much more reliable. 


Pre-1995 - DTC codes OBD1  >> http://z-cut.de/US/dtcobd1.html

1996 and newer - DTC codes OBD2 >> http://carprogrammer.com/Z28/PCM/OBD2/On-BoardDiagnosticTroubleCodes(OBD-II).mht

How to check for codes Caddyinfo How To Technical Archive >> http://www.caddyinfo.com/wordpress/cadillac-how-to-faq/

Cadillac History & Specifications Year by Year  http://www.motorera.com/cadillac/index.htm

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This is a very difficult discussion. You yourself have to be the judge. 

It simply comes down to 2 things

buying to resell

or buying it for you

for buying to resell you have to look at what you will pay and what repairs will be needed, then figured into what kind of profit could be made.

when buying to keep you have to figure in how long you plan to keep it and how much money you wil want to invest in the period of ownership. If it is in favor to purchase it then it is worth it. 

A great example is the 1997 Deville I bought in December of last year. It really should have went to the junk yard. It had so much wrong with it I wish the seller gave it away(not going to happen) I easily have twice into the car than what KBB values it as. 

But for me and my soft spot for the model, size and generation I wanted it. I have a mint Seville but instead drive the deville every day. Why because I love it.  That is what makes it worth it to me. Now if I went to look at my 97 Deville in its current state being sold by someone else for 5,000 I would likely walk, although I feel it worth a decent amount it is hard to get someone that has no idea to consider it. 

I have bought and sold alot of vehicles and have gotten good money for almost every one of them because of the way I take care of them. (picky down to the smallest item).

I personally never even consider any other source for vehicles other than myself when buying or selling.


GM FAN FOREVER

Nice, clean, luxury= fine automobile

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