| The Internet has been touted as the
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| | car buying process - the buyer, the
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| greatest resource for the used car buyer.
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| | seller, and the lender, are all on
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| Prospective buyers can find trade-in,
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| | different pages. Each player wants the
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| private party, and retail values in a
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| | most advantageous price based on the part
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| heartbeat. The question to consider,
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| | he or she is playing. The market is the
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| however, is what Internet source is
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| | only element that evens the playing
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| right? The three major sites: NADA,
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| | field. The point here is to demonstrate
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| Edmunds, and Kelly Blue Book are
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| | that the market is the true source to
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| clamoring to be the Trusted Authority on
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| | determine a REAL and FAIR used car value.
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| used car values. Yet price discrepancies
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| | In order to get a fair price, according
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| are frequently in the $1000's from site
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| | to the market, a used car buyer should
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| to site. Which web site, if any, is the
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| | aim for the middle. Avoid the highest
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| most accurate source for the used car
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| | prices and be realistic and flexible
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| buyer? To illustrate the discrepancies,
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| | about the lowest. Stay somewhere in the
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| here's an everyday example: NADA may
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| | middle to get a fair deal. If you want a
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| retail a 2003 SAAB 9-5 Linear at $15,996,
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| | great deal, follow the market closely. If
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| Kelly Blue Book prices it at $17,456, and
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| | buying from a retailer, eBay and auction
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| Edmunds prices it at $14,800. These are
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| | prices don't count, as these are
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| all retail values, assuming excellent or
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| | wholesale venues. Check out Cars.com,
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| clean condition. $17,456 minus $14,800 is
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| | AutoTrader.com, and some of the other
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| a $2,656 difference. That's a huge price
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| | Used Car Sources. See what the vehicle
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| difference in the highly competitive used
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| | you want (including miles, equipment and
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| car market. The retail values placed on
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| | accessories) is being advertised for.
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| many vehicles by these web sites can have
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| | Again, shoot for the middle! Use the
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| even larger price differences - some as
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| | popular Internet resources, but don't
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| high as $4000 to $8000 dollars. These
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| | follow them blindly. You may actually pay
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| gigantic price fluctuations can leave a
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| | significantly more than market value.
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| used car buyer spending $1000's extra,
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| | Having said all this, this doesn't mean
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| depending on which guide he or she used.
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| | that used car dealers are going to stop
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| Moreover, private party and trade-in sale
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| | trying to low ball trade-in offers. And
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| prices do not accurately account for
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| | of course every dealer wants to sell its
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| vehicle condition, and less than 5%
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| | vehicles for a maximum. But remember, the
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| qualify as excellent. Vehicle condition
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| | same goes for car owners, but in reverse.
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| is a critical variable. An owner might
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| | They want the highest price for a trade
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| think his trade-in is in stunning
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| | and the lowest retail price on a vehicle.
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| condition and thus worth X, based on his
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| | When using Internet sources to determine
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| Internet research. An expert may know it
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| | a used car value, be sure to enter the
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| needs $1000's in repairs and
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| | correct information. This may sound
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| reconditioning costs. The answer to
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| | elementary, but option packages, models,
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| "whose prices are right" is that none of
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| | miles, color, equipment, engine,
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| the big three web sites reflect used car
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| | transmission, gear ratios...etc, can be
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| prices accurately. Most often, the prices
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| | confusing. Yet these are important
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| are too high on the retail side,
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| | variables that will affect prices
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| questionable on the trade-in side, and
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| | dramatically. In short, the wrong
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| confusing on the private side. So what or
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| | information skews the numbers. Finally,
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| who is the real authority? The answer is
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| | what really needs to be highlighted with
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| the Market! The market (i.e., the folks
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| | NADA, Edmunds, and Kelly, as well as
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| grinding it out everyday in the used car
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| | other Internet sources, is that they are
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| market place - sellers and buyers)
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| | GUIDES. They are excellent resources for
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| reflect true market value. Web sites are
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| | vehicle information, but weak resources
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| guides only. The used car prices from
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| | for prices. This is not to bad mouth any
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| these sources need to be measured against
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| | of these sites - they are great starting
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| the reality of the market. Here's a
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| | points. Remember, however, that these
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| scenario to illustrate the importance the
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| | guides may or may not be in the car
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| market plays on used car values. In the
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| | buyer's favor. Fair used cars prices are
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| Northeast, the banks rely on NADA, used
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| | dictated by the market. Yes, do your
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| car dealers prefer to use Kelly Blue
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| | research on the Net, but don't cling to
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| Book, and used car buyers are turning
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| | it. Use the Internet only to find the
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| more and more to Edmunds. Now the dealer
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| | used car market's middle ground.
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| will likely want to use the inflated
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| | Ted Olson is the founder of RepairTrust -
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| (Excellent condition) Kelly Blue Book
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| | a website dedicated to help the auto
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| value. The buyer wants an unrealistic
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| | consumer avoid the pitfalls of the
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| Edmunds price, and the bank wants to use
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| | automotive industry. Click Auto Repair
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| an under-valued NADA price. In other
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| | Costs to learn more...
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| words, the three primary people in the
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