Fair market value for new vehicles
When it comes to new vehicles, we hardly
get any option to negotiate with the sellers. There are only a few chances of
negotiation, if you can smartly grab them you can seriously be a winner. The
key to getting a discounted price in a new vehicle is focusing on the dealer’s
cost. You can surely ask for a discount of up to 2% on the invoice price. This
will be a fairly decent negotiation. Just make sure that you appear to be
confident inside the showroom. The sales representatives do not like to
entertain or offer any discount to a customer who has neutral responses.
But, how will you have an idea of the fair market value of the vehicle you
have chosen? For that, you need to compare among different dealers or review
online and get a fair idea of the market value, beforehand. These are some of
the tricks that you can apply to determine the fair new car price.
Fair market value for used vehicles
Unlike first-hand cars, second-hand cars give
much more opportunities to negotiate. In this case, it is actually very hard to
determine the accurate valuation of the car. Generally, buyers have to agree to
the quoted price of the sellers, believing that the stated condition of the car
is true. But, how can you be sure about the condition and the price of the used
car or get some kind of guarantee? Is it even possible to term ‘this is the
fair market value of the vehicle’? Yes, now there are innovative and fruitful
ways to determine the accurate desired car price, after evaluating all
the factors associated with the used car.
A seller needs to submit all types of
information and a professional even inspect the vehicle. On the basis of the
info, Orange Book Value (OBV) calculates the price of the vehicle and it is
truly the fair price bracket of the car. Though sellers get the leverage to set
the price of the used car as per their choice, a buyer can easily negotiate and
lower the car price up to the level of OBV set price. It is a free tool
that can be used anytime irrespective of the fact that you are using Droom as a
platform to sell or buy your vehicle. OBV is an independent tool that allows
you to evaluate the right price of your car so that you never get cheated or
exploit someone else with a higher market value of your car.
For example, you have a Toyota Innova car
with 2.5 G trim of 2012 model. As per your provided info, OBV may rank your
resale value between 5.77 – 6.13 lakhs. You are supposed to fix your car price
within this price bracket. But, you may even price it at 8 lakhs. But in such a
situation, the buyer has the right to negotiate up to 5.77 lakhs and purchase
the car at the most fairest price.
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