2002 Corolla LE valuation

[MarkPhx]

Can someone give me some opinions on what you think this car is worth?

2002 Corolla LE
66k miles
Beige/beige
Automatic, PW, PDL, CC, AC, cassette
Better than avg condition (clean carfax, no dents/dings, shiny paint, PERFECT interior)
Brand new tires and battery

Edmunds.com lists the private party value at $8700, KBB lists it as $8750. I have it listed for $8900. The only other '02 LE autos with similar miles for sale in the area are all at dealers and they're asking $10-12k for them. Here in AZ, you don't pay sales tax (8.1%) when you buy private party so even if you get the dealers down to say $8k, you're still paying $8650 and you have to bother with cheesy salesmen.

I have an offer for $8k but I really think that's too low. Am I crazy to expect at least $8400-8500 for this car?

Thanks in advance...

[prophase]

Remember, what a dealer asks for on a used lot is much higher than what you would ask privately. It's just the way it goes.

Don't use the lot cars as a measuring stick for what you should ask.

Personally stick close to what the sites recommend but start a little higher so you can always negotiate down to what you really want.

Remember the people who want to buy it most likely have checked edmunds and KBB as well so they don't pay to much.

To me personally $500 less for the car would NOT stop me from selling it. The quicker you sell it the better so you can move on with other things.

[MarkPhx]

I guess I am having a hard time justifying selling a car that I know to be in really good condition with no problems below market value. We bought this car when it was 2 yrs old with 20k miles on it. I had to drive 12!!! Corollas to find one that wasn't beat to heck which is pretty sad considering it was only 2 yrs old. As much as I'd like to be done with this I have all the time in the world. This is just an extra car that keeps the mileage low on my main car so I'm definitely not desperate to get rid of it. I just don't need it.

[dgoodhue]

I just bought my 02 Prizm a few months ago (beginning of Sept), so I am familliar atleast with my market. I also looked a bunch of cars and my car was in excellent condition as well. Don't get too worried about dealer pricing they usually are flexible and they sometime are they are over pricing for to make it seem like your getting a good trade in value. Its just a numbers game. On my car, The sticker said $10,995 said , the internet said 9,995, I paid $8400, which was ~NADA pricing.

I looked up NADA on your car and it is $8975. This is suposedly based on dealer sales, this also is what my insurance company pays out in a loss claim. When I was looking I was willing to pay $1000 less for private party sales, its typically harder to get loan (and higher rates) and don't offer a warrenty that a dealer does.

You might want to try to talk him up a couple hundred $100's but I would move quick if you really want to sell it and not take a larger loss. If it truely is in mint condition the buyer knows it, so you might alittle flexibility.

I looked up my cars NADA and it has dropped $275 since I bought my car. Its depreciating every month you own it, I would expect your car to drop ~$75-100 each month for the next couple of years (based on the prices of the 98-99 Corolla's) Toyota will also be introducing a new model in 08 and our 02's are going to be 2 generations old, which won't help the price.

IMO $8000 is a fair deal, you might be able to get a few extra dollars for it but don't be penny foolish because if it takes you a couple of months $8000 might be top dollar.

[ghost_ryder35]

like prophase was saying you cant compare a private party to a dealer. Remember deals give at least some kind of warranty. If you have all the time in the world then wait it out and wait for someone to offer you what you want. Otherwise counter offer him $8300 and tell him you cant go a penny cheaper

[MarkPhx]

Just got an offer this evening for $8400. Finally. Actually there were 2 offers for $8k... one started at $7k (puh-leez) and the other started at $7750. I had gotten both up to $8k. $8k just didn't feel right. Maybe I got lucky... or maybe my gut was right... who knows?

[REN69]

look on autotrader.com to see what cars in your area are selling for, prices differ from city to state or province and Country as this is not just a US based site, lots of members are in Canada (TN was started in Toronto Canada actually) and around the world. Asking questions like this is usually pointless because of the many responses you get.

[falnfenix]

www.NADA.com provides information that BANKS use when financing vehicles. THEY WILL NOT FINANCE FOR MORE THAN THE PRICE LISTED THERE. keep this in mind when attempting to sell a grocery getter like a Corolla.

[ghost_ryder35]

glad to hear you sold it for close to what you wanted