landsteam

According to Edmunds pricing on a 2008 Z06 with options and low miles should be around 42k private party and 45K for dealer retail.
Most sellers are asking 50k and dealers asking 55k.
Is Edmunds so far off and there is such strong demand that the sell for a higher price?

Don-Vette

A low mile 2008 Z06,KBB says $46,958. They are selling around here mid fifties and up.

tomnan24

KBB states itself that it's price is a suggested listing price, not a suggested selling price. Edmunds claims it's pricing is actual average selling prices of cars sold. A lot of people have noted on various forums that they wouldn't pay above Edmunds prices. I am one.

whiteboy

KBB 's whole sale price is about what a dealer will have paid or allowed on a trade in. Add about $1500 to that and either buy the car or walk away. That is a tried and true formula that has worked for me. That is on a Vette. Dailey drivers add a $1000.

snowman0920

Kelley Blue Book, Edmunds, Black Book, NADA are all tools to help buyers and sellers determine market values, but only the market can determine actual prices, which are influenced by many factors including things like number of like vehicles in the market, time of year, fuel prices, the economy, geographic location, etc. The books try to keep up the best they can but they all lag the market at best, and sometimes aren't even close.

I'm in the car business, and people come in all the time trying to buy a car or trade one in based on a book valuation. But, I have to price vehicles and trades based on what the market will allow. If I sell cars below the market to match a book, I lose profit. And, if I overpay on a trade based on some bookout sheet a customer brings in, I may get stuck with a car I can't resell without losing money. It's a fluid business and vehicle pricing is always a moving target.

A book value on a vehicle is like an appraisal on a house. It's a starting point, but ultimately the buyer and seller determine the price, not the appraiser.

Offer what you think is fair, and if I can do it I will.

jaki30

I believe what you are starting to see is price compression. The Corvette hasn't changed in a while and there is little to no difference between the model years. With the heavy discounting by GM, the prices of a new one should have forced the prices of the used ones down. This is reflected in the low Edmunds and Black Book pricing. Unfortunately, there are a lot of owners that are now "underwater" and they would sustain a significant loss if they really want to sell. Similar to the housing problems. That is why you see 2008-2011 used Corvettes that are priced within $4k of one another.
It is a buyers market and anyone with cash can walk away from any deal they don't like.