Price Limit on Used Car from Private Party

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dubsem
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Price Limit on Used Car from Private Party

Post by dubsem » Thu Jul 21, 2016 2:44 pm

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Last edited by dubsem on Tue Aug 15, 2017 1:55 pm, edited 1 time in total.
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Jack FFR1846
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Re: Price Limit on Used Car from Private Party

Post by Jack FFR1846 » Thu Jul 21, 2016 2:51 pm

Nope.

I bought my Lotus Elise from a private party for $30k 5 years ago. I sold it 2 months ago to a private party for $32k. I can't remember a more expensive private party car that I've bought.
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123
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Re: Price Limit on Used Car from Private Party

Post by 123 » Thu Jul 21, 2016 2:52 pm

Personally I would probably limit private party purchases of this type to $ 5 K. Could be more if there's a clear and complete manufacturer's warranty transferred with it. A lot of things are not covered by the manufacturer's warranty like battery, tires, etc. How much of the manufacturer's warranty is left?
Last edited by 123 on Thu Jul 21, 2016 2:54 pm, edited 1 time in total.
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sterlingcooper05
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Re: Price Limit on Used Car from Private Party

Post by sterlingcooper05 » Thu Jul 21, 2016 2:54 pm

Make the sale contingent upon an inspection, do not overpay, then the dollar amount should not matter.

campy2010
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Re: Price Limit on Used Car from Private Party

Post by campy2010 » Thu Jul 21, 2016 2:57 pm

dubsem wrote:I'm considering a used car from a private party. It's a 2013 Subaru Impreza with 25K miles priced around $14.5K, and appeared in great condition when I checked it out. I've also checked the KBB value.

Do you have an arbitrary maximum for which you would pay for a used car from a private party?


I don't have a suggestion on price but be sure to check out whether this particular car has the engine oil burning issue that affected the latest version of the Imprezas. The worst year was 2012 (about 10% of cars had excessive oil burning according to Consumer Reports) and the percentage went down in the following years as Subaru worked to fix the problem. Avoid Imprezas with a Car Fax that says "engine compression test". Or oil changes that occur very close together. But these things don't always show up on a Car Fax if they were done independently or at a non-reporting dealership. The seller may be honest with you about it or maybe not.
Last edited by campy2010 on Thu Jul 21, 2016 2:59 pm, edited 1 time in total.

Jack FFR1846
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Re: Price Limit on Used Car from Private Party

Post by Jack FFR1846 » Thu Jul 21, 2016 2:59 pm

Not me but a neighbor bought a Maserati from a private party for $90k. I personally would not have made that purchase but only because the value of these cars is like a falling knife where in 5 years, they can drop from their selling price of $130k to $25k.
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trirod
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Re: Price Limit on Used Car from Private Party

Post by trirod » Thu Jul 21, 2016 4:30 pm

Jack FFR1846 wrote:Nope.

I bought my Lotus Elise from a private party for $30k 5 years ago. I sold it 2 months ago to a private party for $32k. I can't remember a more expensive private party car that I've bought.


I did the same last fall - bought an Elise from a private party for $28k. I would be more concerned as the seller (he was happy to accept my Capital One cashier's check - I might have wanted to wait until it cleared just in case of forgery etc.)

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ladders11
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Re: Price Limit on Used Car from Private Party

Post by ladders11 » Thu Jul 21, 2016 5:21 pm

Whatever limits or conditions I would apply to a Private Party, I would also apply to a Dealer. The Dealer just got their car from a Private Party, or an Auction, which is worse. Personally, I feel like $15-20k for a 3 year old car is fine, these days it is often fair, but I wouldn't want to pay more, because that defeats the purpose of buying used.

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BolderBoy
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Re: Price Limit on Used Car from Private Party

Post by BolderBoy » Thu Jul 21, 2016 5:27 pm

dubsem wrote:I'm considering a used car from a private party. It's a 2013 Subaru Impreza with 25K miles priced around $14.5K, and appeared in great condition when I checked it out. I've also checked the KBB value.

Do you have an arbitrary maximum for which you would pay for a used car from a private party?

No. My ladyfriend bought a 1 year old Toyota RAV4 with 7k miles on it and minor hail damage (imperceptible) for $22k (owner had paid $32k for it new). It is still running fine 9 years and 100k miles additional on it.
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dm200
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Re: Price Limit on Used Car from Private Party

Post by dm200 » Thu Jul 21, 2016 6:39 pm

What I would also do, if you are not acquainted with the seller, is verify that he/she is telling the truth about the car; that is, if the seller claims to be the "original owner", you should be able to see documentation (such as the date the title was issued) of that alleged fact.

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whodidntante
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Re: Price Limit on Used Car from Private Party

Post by whodidntante » Thu Jul 21, 2016 7:11 pm

Why do you think buying from a dealer is any less problematic? A lot of used cars are taken on trade, and many are purchased at auto auctions. And they don't know the history of the car, or really care as long as they can sell it for a profit. I'm very comfortable buying from a private party. You can also get a much better price that way.

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