When you get an offer on your car, truck or van, it is ALWAYS less than you think it is… Why is that?
First, let’s talk about why the “Internet” always says your car is worth more than it is… because the Internet doesn’t buy cars!
None of the car valuation sites like Kelley Blue Book, NADA or Edmunds buys cars. They use statistacal informaiton to sell subscriptions to car dealers, insurance companies and banks for the purpose of determining a value of a car. Sure, dealers will use Kelley Blue Book RETAIL price to compare with what they are offering to sell a car for, but when determining the value of your car, it is only a slight guideline. The TRADE-IN number is used as a basis for negotiating what they will buy your car for.
Your car, if it is a “retail ready” vehicle, MAY be worth something close to what you see online, but if your car was “retail ready” why are you selling it? A lot of vehicles are classified as “junk cars” for one reason… THEY ARE JUNK. If a car is not running or has a salvaged title or severe damage, YOU WILL NEVER get what “the Internet” says your car is worth because Kelley Blue Book, NADAOnline and Edmunds.com do not show “junk” value. Most of the time, probably 80% of the time, a car is only worth scrap value for the metal on the vehicle.
Now let’s address how the insurance, automotive and banking industry use book value and the pricing companies’ information.
The insurance companies use this information to determine if a car has been totalled or not. An example is this: You are in an accident and your car has $5,500 worth of damage. If the value of the car is only $5,000, the insurance company will choose to “total” your car, (also known as a “total loss”,) because fixing it will cost more than car is worth.
For the banking world, to make a loan on a vehicle, they need to determine the “loan value” of the car. If your car has a loan value of $10,000, the bank may only finance 80% of that. If you have negotiated a sales price of $9,000 for that vehicle, you would need a $1,000 down payment to get to that 80% number for approval.
If you drive all over town from dealer to dealer, you will find that they all will offer about the same amount for your car, and it’s going to be $1,000 – $2,000 lower than what “the internet said.”
Now we come to the “Cash For Cars” and “Sell A Car” sites. Our company, www.rcocashforcars.com is ready to buy your car as fast as possible. We can make an offer without even looking at your car in most cases because we know what each car is worth in each market. Our goal is to get you the most money, with the least bit of hassle and pay you on the spot. It really is the fast, safe and easy way to sell your car today. Not only do we assist people living in Staten Island, Brooklyn, Queens, Bronx, Manhattan, Nassau, Suffolk, Westchester and Edison, we service all people residing all over the NY metro area including NY, NJ, PA, and CT!
