How accurate are Parkers used car valuations?

[Don Barzini]

So I had to sell my car as it died. I'm currently borrowing my father in law's to get to and from work. I have a day off tomorrow and want to get it sorted then.

Seen a car I like at an independent dealer. The asking price is £2495. When I feed the details into Parkers (adjusting for mileage, as the mileage is low for the age of the car) they give a price of £1380 at an independent dealer!

What are people's opinions? I mean I know that dealerships will try and screw you if they can. But over £1000 at that price level seems a big discrepancy. Are Parkers valuations realistic? Or do "the trade" genuinely believe otherwise?

 

[User62651]

Parkers are reasonably accurate. Sounds like you need to look elsewhere unless you can haggle the guy way way down. Buyers market so dont be weak!

 

[PhilTheFragger]

show them the Parkers valuation. and be prepared to walk away

 

[Lump]

I would ask the trader why he believes his price is so much over parkers valuation. Be prepared for a load of waffle. Buy on condition, not mileage.

 

[IanM]

I think it depends if you are buying or selling..... the dealer will give you some old nonsense regardless!

 

[Slime]

Compare it to similar models for sale on Autotrader.

 

[SaintHacker]

Probably building a big attractive trade-in into the price. Wave a few pound notes under his nose andand see what he says.

 

[Hobbit]

I used Parkers to get a valuation for the wife's car. I then used Webuyanycar and Evans Halshaw to see what they would offer. WBAC were £1100 less than the Parker valuation, and EH was £250 against the Parkers valuation of £7000. Bearing in mind there has to be a profit in it for the dealers, I'd guess EH aren't looking at quite so much of a margin. WBAC may well be selling on which maybe why their offer was so low.

 

[MadAdey]

Compare it to similar models for sale on Autotrader.

THat's what I do when looking at car prices.

IMO Parkers is a good guideline, but with older used cars the market tends to dictate the price. If your looking at something that is popular on the used market and hard to find good ones then you might find yourself paying a slight premium to get one as the dealer knows he will be able to sell it over book price.

Parkers look at the age and mileage, then feed that into a formula that then works out a price compared to it's original selling price. You need to decide how much you want it and how easy it will be to find another like it. If your looking at something like a standard Focus, then I would say leave it and keep looking as there are plenty of cars like that around. IF it's maybe something a bit harder to find then you might have to suck it up and open your wallet.

 

[jim8flog]

IMO Parkers prices are very much based upon locations with high numbers of prospective buyers and sellers. They are about 30% out compared to prices in the West Country.

One thing that does depress prices is what the traders do when receiving a trade in - they offer a low price and lower the price of the car you are buying. That low price then ends up on data bases of sold cars.

 

[USER1999]

I used Parkers to get a valuation for the wife's car. I then used Webuyanycar and Evans Halshaw to see what they would offer. WBAC were £1100 less than the Parker valuation, and EH was £250 against the Parkers valuation of £7000. Bearing in mind there has to be a profit in it for the dealers, I'd guess EH aren't looking at quite so much of a margin. WBAC may well be selling on which maybe why their offer was so low.

WBAC is owned by British car auctions. All the cars they buy go to auction, and are mainly then bought by car dealers for retail. They need to low ball to make a profit.

That said, I sold a Qashqai there recently, and was only about 500 off what similar cars went for on autotrader. I needed a very quick sale, so it had to go. They are picky about minor dings, and really try to knock you down.

 

[Smiffy]

Let me know the reg number and the exact mileage and I'll tell you if he is being greedy.
If you could also let me know what he is including with the sale, that would help.
Any warranty at all??? New MOT or service??? All of these things cost money.
And is that £1,380.00 you've seen the "trade" or "retail" price???

 

[Smiffy]

IMO Parkers prices are very much based upon locations with high numbers of prospective buyers and sellers. They are about 30% out compared to prices in the West Country.

One thing that does depress prices is what the traders do when receiving a trade in - they offer a low price and lower the price of the car you are buying. That low price then ends up on data bases of sold cars.

That's done to save a bit of VAT.

 

[PJ87]

I was always under the impression that the Parkers valuation is how much you could sell it for at a used car dealer etc... so if they are paying that for the car they have to make some kind of profit when selling it

 

[Smiffy]

I was always under the impression that the Parkers valuation is how much you could sell it for at a used car dealer etc... so if they are paying that for the car they have to make some kind of profit when selling it

Parkers (if I remember correctly) give you a trade AND retail price. That's why I asked the OP to confirm which price he was looking at.
If the £1,380.00 was a trade price, it's only fair that the garage have got the car up at £2,495.00.

 

[Bunkermagnet]

Surely it’s the garages prerogative to price a car at whatever they choose. If it doesn’t sell, then that’s up to them, but perhaps they also price in the knock down that all punters assume they can get.
However ultimately it’s their car to sell at what price they choose, and your money to spend what you want to pay. If the two don’t marry up, then no sale.

 

[Smiffy]

I love the generalisation that dealerships "will try to screw you".
Either the OP has been visiting the wrong dealerships, or I have been working in the wrong ones for 31 years....

 

[Deleted member 17920]

I love the generalisation that dealerships "will try to screw you".
Either the OP has been visiting the wrong dealerships, or I have been working in the wrong ones for 31 years....

That's been the generalisation of the motor trade forever, no matter how many training courses the manufactures do for the staff the outside world will always have the opinion.

The dealerships I worked for didn't make much profit at all on new cars but the assumption was always we were making thousands, if only they knew it was all reliant on back end bonus.

 

[MegaSteve]

I love the generalisation that dealerships "will try to screw you".
Either the OP has been visiting the wrong dealerships, or I have been working in the wrong ones for 31 years....

I reckon nearly everyone who's purchased a vehicle from a dealership has been [or feels they have been] 'turned over' at least once...
And, generally we remember negative experiences over positive ones...

Me, I'd never ever enter another NetworkQ dealership...
If they still exist that is...

 

[Bunkermagnet]

I reckon nearly everyone who's purchased a vehicle from a dealership has been [or feels they have been] 'turned over' at least once...
And, generally we remember negative experiences over positive ones...

Me, I'd never ever enter another NetworkQ dealership...
If they still exist that is...

I think it's more of not having a good relationship with a dealer. I personally don't like the large gym palaces that most manufacturers and multi brand chain dealers have, and prefer a more old school smaller dealer to deal with.
A good personal relationship is vital to keep me returning to give them the service work that I know makes them money.