I recently sold our 2002 Mazda 6 Luxury Hatch ($45K new) with just over 90,000klm on the clock. Getting old but only averaged 7,500klm a year and there was nothing to fix/fit bar a set of the new front shocks that were sitting in a box in the boot. I’d broken a finger and couldn’t do the work at the time of sale. Sold it to the first person to see it three days after the first advertisement.
So how did I work out what it was worth rather than what I thought it was worth with the emotional attachment involved in a sale?
I looked at what was the average price for the model. All the 6’s had more kilometres on the clock than ours. Some with 240,000klm.
Did I think they were overpriced? Yes, cars almost always have an asking price that’s too much.
Was I prepared to sell it for what owners with 240,000 on the clock were asking just to move it? Yes.
3 days later the car was sold for double the price I was offered for it as a trade in.
Happy ? Yes.
Fair price? Yes.
So I agree, a lot of people are asking WAY too much for their 5’s. Especially when you see dealers’ selling the same model for less than the private seller, and the dealer gives a warranty!
The best example of overpricing generally comes from stock 2005 SE and NC limited edition owners, and I’m not picking on anyone here when I say this.
Some SE owners want more for their car than the equivalent kilometre NC. As much as they beat their chest and say the SE is better than a NC, it isn’t. They don’t, or don’t want to, acknowledge that their SE was the run out model. Sure it had a low boost turbo but it was in a 16 year old chassis. The price brand new was $39,990 drive away.
The stock NC in September 2005 came out at $43K, another $1,650 for the “leather”/Bose package and the Ltd. Ed. set you back $46K plus o.r.c. Today I’d expect to pay no more than $15K for a pristine “leather”/Bose package NC but looking in Carsales some Limited Edition owners are asking over $30K!!!
A 15K premium for paying an extra $1,200 when new? I think not.
Best advice I can give is to forget those high priced vehicles. Look at the ones that are around the average price for the model. Look at a lot, don’t buy the first one you see. Negotiate, especially if it’s been for sale for some time. Buy the best for the least amount but remember that a well maintained 100,000klm car is better than a poorly maintained 60,000klm car.
