Whatever someone is willing to pay for it…
Several weeks ago, someone called me to find out what a vehicle was worth. So I looked in several pricing books I have and did an online comparative search. I called him and told him what the book value was and what the online search had revealed. I also told him without seeing the vehicle or photos, this was only an estimate and it could vary greatly either way. He called back and told me that my books were all wrong – his vehicle was worth a lot more. A couple of years ago, I wrote an article called “Hey dude, what’s my car worth”.
“Hey, Dude, What’s my car worth?”
I get that a lot. People come up to me and ask me what is their car worth. I usually ask them, “What do you think it is worth?” Some already know, and some don’t.
Some people watch Auction TV Shows and think their car is worth what a similar car is worth. They might think their car is even worth more. Some people listen to a ‘car friend’ who will give them their opinion of what a car’s worth and most of the time they are way off on the value – too low or too high.
I had a long discussion with several people who are in the business for an extensive time. They say “Book Value” is one way to assess the value. Another is to go on line and do research and find something comparable. Some people I’ve spoken to will say, “As much as the market will bear”.
I am finding out with all the books and opinions of people who have been in this business for a long time, I have come to the realization a car is worth what someone is willing to pay for it. If someone wants a particular year, make, model, engine, transmission combo, RIGHT color and interior; they’ll pay whatever the cost is. It’s either a long time desire or a memory tribute to a family member or their own past which drives them to buy.
So that’s what a car is worth…
“Whatever someone is willing to pay for it”.
Keep them Rolling!