wireman67

The private party used car market must be very hot, since I see excellent condition one owner private party very low mileage (less than 5 years old with around 5k miles per year) Toyota Camry and Lexus ES350 with asking prices of $1k-$2k over Blue Book price excellent price. I know that cars are a depreciating asset and that it's not good to overpay for them, but I only drive about 5000 miles per year myself, so in the future, I predict that I won't have as much depreciation as others who will put more mileage on a car and it will likely make it easier to sell down the road, justifying paying a higher than Blue Book price, but would like to get other opinions. Would you also compromise on color on a very low mileage car? Are people really paying those premiums in this high priced used car market and is it financially wise to do so on a low mileage vehicle?

jbjones85

iTrader: (20)

at the end of the day people will pay what they feel it is worth. I have been in the market for a current generation 4 runner the last month or so and what I have seen is that for a 1-2 year old vehicle with ~20-30K miles the prices of the used ones are pretty much the same (or in some cases even more???) than I can get a brand new one for after some pretty good negotiating with a few dealers. I put a deposit down on a new one last week that is on the way over from Japan.

A lower milage vehicle will always be worth more than the same vehicle (options, condition, ext) with a higher milage.

I think you have to evaluate the situation and see if it makes sense in your particular situation or not.

Diesel350

Pricing guides are usually wrong. You just need to see what the market is for the particular car you are looking to buy. I would check out www.cargurus.com to give you a better idea of the market value of the car you are trying to buy.