determining value when buying

[whoisjohngalt]

How did most of you determine what constitutes fair value when buying a used unit? My credit union uses JD Powers to establish lending values. JD Powers lists low value and average value when I am comparing. Not sure how they arrive at their values. I am currently saving class b vehicles I find on Facebook marketplace and when they sell transfer that information over to a spreadsheet. Is there a better way?

Thank you for your insights!

 

[booster]

Comparables are probably the best way. Scour the lots and websites to see what similar ones are listed for and on sites that show sold item, see what has actually sold too get an idea of their pricing.

The stuff like JD Power and such really aren't very useful, but it is easy for banks to use.

 

[youngnretired]

I think doing what you're doing is a great way to know more on values. It takes time, but you want to find a good unit at a good price and the whole search process will take your time. You may find vehicles listed for way under what you see the listed and sold for and want to move on it quickly, but be cautious. It could be a scam. But, you may be able to get a great deal on one too.

 

[whoisjohngalt]

are you comfortable buying from a dealer? I struggle with lack of history about a vehicle. I use carfax but that doesn't necessarily give me everything? I do acknowledge I need to be patient, LOL.

 

[jjrbus]

Big issue when looking at various sale listings is those are the ones that are still for sale. Have they been for sale for a day, a week, a year. One exception is FB market place which shows how long an ad has been up.Or did they cancel the last ad and start a new one?

 

[youngnretired]

I would prefer to buy from a private person. I think you can get a feeling for the person and what they're telling you to try to figure out if they're being honest or just trying to dump a problem vehicle. A pro for buying from a dealer is that if there's something majority wrong with it, you may have some recourse. No so with a private seller.

We bought our first RT 2 months ago from a private seller. Except for buying a beatup old popup, never owned anything like this before.. All of our vehicles I've purchased in my life have been from private sellers, except for 3 of them, and ive owned in excess of 30. It's just what I prefer, but it may not work for everyone.

Yea, patience is good to have.

 

[wmgeorge]

Most credit unions and I would guess banks also will not finance anything older than 10 years. If you own your home you can borrow against that. Our house we have lots of equity, but its tied up in a trust for our kids.
I was working on getting financing from Good Sam, and a really good RT came up with a dealer in Minn. Got financing there cheaper than credit union rate! PS Always do a Carfax.

 

[Doneworking]

I think value is very difficult to establish for used Bs. Our 2007 Roadtrek 210P was purchased custom ordered out by us and has always lived in a HVAC controlled garage at our home. It is low mileage and truly like new inside and out cosmetically and mechanically. We have meticulously maintained it. What's it worth?

I don't know but I do know it is worth a lot more to us than some of the high mileage poorly maintained rigs half its age that have been stored outside, had several owners and been generally treated poorly.

I guess what I am saying is when we eventually sell our RT we are going to be pricing it much differently than what JD Powers would indicate it is worth.