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Discussion Starter #1
I just checked again and there's some info for 2002 MDXs. For my vehicle, 2002 Nav/Touring w/3700 miles in excellent condition, they claim trade in should be $35,305 (I was offered $31,200) and retail value is $44,310. And that doesn't include most of my options. I think that's high - I've only gotten 2 calls in 6 weeks listing mine at $39,900. Now that my H2 is expected in a month, I'm dropping the price to $37,900.

Kim
 

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The last SEVERAL vehicles I have traded-in/sold and used KBB they always seem to be high... And wearing the buyers hat, vehicles I have looked at have all been cheaper... So I neverknow what to believe.

Good Luck and I know you will enjoy you H2...
 

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KAC,

There was a time when the MDX was simply hard to get. Dealers did not have inventory (except those changing MSRP +++ LOTS OF $$$). This kept the prices VERY HIGH. Times have changed. Dealers now find themselves with 02s on the lots, 03s on the lots, and more 03s coming in. Instead of a long "waiting list of buyers", dealers now have no lists and vehciles to sell.

Soooo:

** You've got a $40,000 MSRP 02 MDX Touring with a bunch of options.

** Options depreciate VERY VERY QUICKLY. In fact, most buyers simply ignore the value of options when buying (but they do like them).

** Dealers are selling BRAND NEW 02s at $2,000 under MSRP (and I suspect that this will increase until the 02s are gone).

Soooo, you are trying to sell a used 02 for $37,900 when a smart buyer can get a brand new 02 for the same amount AND for a little more they can get an 03:

** That Acura promises is a better vehicle.
** Acura promises new toys.

I suspect that you are going to have difficulty finding a buyer at that price. Of course, the RIGHT BUYER may come along. Really wants your color, really wants the options, really knows what the options are worth, etc.

I suspect that a price of $36,000 [maybe lower] will be necessary to move the MDX quickly. If you don't need to sell quickly, then heck, try for the big bucks.
 

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srpbep said:
KAC,

There was a time when the MDX was simply hard to get. Dealers did not have inventory (except those changing MSRP +++ LOTS OF $$$). This kept the prices VERY HIGH. Times have changed. Dealers now find themselves with 02s on the lots, 03s on the lots, and more 03s coming in. Instead of a long "waiting list of buyers", dealers now have no lists and vehciles to sell.

Soooo:

** You've got a $40,000 MSRP 02 MDX Touring with a bunch of options.

** Options depreciate VERY VERY QUICKLY. In fact, most buyers simply ignore the value of options when buying (but they do like them).

** Dealers are selling BRAND NEW 02s at $2,000 under MSRP (and I suspect that this will increase until the 02s are gone).

Soooo, you are trying to sell a used 02 for $37,900 when a smart buyer can get a brand new 02 for the same amount AND:

** The Acura promises a better vehicle.
** Acura promises new toys.

I suspect that you are going to have difficulty finding a buyer at that price. Of course, the RIGHT BUYER may come along. Really wants your color, really wants the options, really knows what the options are worth, etc.

I suspect that a price of $36,000 will be necessary to move the MDX quickly. If you don't need to sell quickly, then heck, try for the big bucks.
Good advice! I think $5000 is the breaking point in this case. When buyers are not saving at least that much over buying new one, they will tend to pass it up.
Not all, but with your situation, time becomes the factor.
KBB not withstanding, the real world is often different.
 

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Discussion Starter #5
srpbep said:
** You've got a $40,000 MSRP 02 MDX Touring with a bunch of options.
No, I have a touring/NAV with a bunch of options, including a good aftermarket alarm w/remote start. While I agree that the other options are of minimal value, I think the Nav system and alarm are worth something.

Dealers are selling BRAND NEW 02s at $2,000 under MSRP (and I suspect that this will increase until the 02s are gone).

Soooo, you are trying to sell a used 02 for $37,900 when a smart buyer can get a brand new 02 for the same amount AND:
I recently found that locally, a touring/nav w/no options and no alarm is going for $38,900. Add in all of the dealer fees and you're significantly over the price of mine. My local dealer had one on the lot last weekend and I couldn't tell if it was even for sale (we didn't stop). A couple of weeks ago, they had 4.

I probably have another 2 1/2 months until I'm desperate to have it sold so I think I'll stick it out a bit longer. I've done searches on Autotrader and cars.com and, for the mileage, mine is right in the ball park. There are several with more miles and fewer options that are listed for more.

Kim
 

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Dreaming

If you get 33k for your X you are lucky. When you can pick up an 02 loaded for the same and 03 darn close to the same.

I just made a deal for an 03 X and was given 31k for my 01 X (touring no navi).

Good luck!:4:
 

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What???

MSRP for the 02 Touring/NAV is under 40k.... not 42. I was offered a new 02 Touring Nav with running boards for 37. I know you feel like you deserve more money because the car is so nice but here are the facts:

You can now get an 03 1000 under sticker. It's true, I'm about to do it, and I know it's happened as of late.

The NAV system is already old.

Drive-off fees. As much as it stinks, and your car is really brand new, it's depriciated quite a bit. It happened the second you left the lot.

The options on it are worthless. I think someone mentioned it in this post, but you are going to have a rough time selling the added stuff at the price you paid. I had a 4k+ stereo in my honda when I traded it in... brand new. You know what the dealer said? He didn't even want it. They took it out for me and handed it to me in a box.

The sad truth is, your making a bad move getting the H2 so soon. It's a horrible waste of money. Your MDX won't depriciate much further this year... you should keep it... ITS BETTER THEN THE H2 ANYWAY!!!!:cool:
 

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Just my opinion, but I think the major price guides (such as the ones with blue covers) have turned into complete jokes, at least for newer cars. I think the books represent themselves as presenting average retail and wholesale prices as reported from actual sales. Some have a statement like that in the front of the book. Yea, right. Have you ever found a used car dealer that didn't have advertised prices where everything is below book price? And if NOTHING actually sells over book, how can book be average? Dealers in my area are now posting blue book prices on the windows, along with the dealer's price. That's to convince the buyer that everything on the lot is a great deal. If you assume that the books are completely legitimate, everything looks more than fairly priced. Guess where the price book companies get their income? It's primarily from car dealers. So, to keep their sales up and keep everybody happy, the book companies have created greatly inflated retail prices for the cars. Just looking through car ads in the local paper, there are newer SUVs with a book "value" of $38K that the dealer is advertising at $31K. There's obviously a problem there. (It's not just SUVs). $31K is actually under the book wholesale price for the vehicle, and you know they're not taking a loss on their cars.

What I've found is that you can get a lot closer to the real value of the vehicle by assuming it's one year older than it really is. In other words, if you have a 2002, look up a 2001. The only real way to find out what it's worth is from actual offers, or find out what dealers are REALLY using to price their vehicles. I looked up the value of my 2002 MDX touring/Nav, assuming 8K miles last night. It came out 33.5K WHOLESALE, assuming it was a 2001 model. That might be a fair value. If you look up the value of a year or two old car, retail, frequently you'll find that you can easily buy a brand new model (e.g., a 2003 of most models) for the pretend retail price of a 2001 or 2002. For many cars, it's easy to buy them retail for less than the book wholesale values. (Ford Taurus used to be this way, for one).

It at least used to be that the Edmunds guides, as available on the newstand, were more realistic. I don't know if that's still the case. Edmunds.com on the web shows a similar value to kbb.com for my MDX (assuming 2001).

I understand why retail values would be inflated by the books. But why do they also inflate the wholesale numbers? It would seem like it would be in the dealers' interest to have lower than real values in the books on that side of things. It can cost them business to have inflated wholesale values, because customers want "book" value out of their car, or more than book wholesale if it is in exceptional condition.
 

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KAC,

I know you took exception to my post but I was only trying to help. Interestingly, others have voiced similar concerns.

Please remember that the MARKET HAS CHANGED. MDXs are now available where they were not 10-12 months ago. Before the MDX was "defying logic" in pricing, now the market has adjusted and the pricing is adjusting. The market for a used MDX is going to become "more normal" than the weird market we have seen in the past.

Again, you have a $40,000 MSRP car (2002) that today is $41,000 MSRP (2003) but the 03 has a lot of new enhancements.

If you want to compare your 02 against an 02, looks like a BRAND SPANKING NEW 02 Touring/Nav can be had for $38,000. If I were in the market, NO WAY would I pay $38K for an 02, nor $37K for that matter. There might be a price I'd pay, but I don't know what it would be.
 

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The Proof is in the Pudding!

Let us know what you end up getting for your 02 X and then we'll know who had it right! Good luck...:1:
 

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I had the same problem as you. . . I spent around $200 advertising my Jeep Grand Cherokee and I received 1 call in 6 weeks. I eventually put in on ebay and I sold it $3,000 over the trade offer in 5 business days.

Just make sure you put extensive pics and lots of description. BTW, the e-bay add cost me $150 altogether. Well worth it. . .
 

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Dale MDX wrote:
... I understand why retail values would be inflated by the books. But why do they also inflate the wholesale numbers? It would seem like it would be in the dealers' interest to have lower than real values in the books on that side of things. It can cost them business to have inflated wholesale values, because customers want "book" value out of their car, or more than book wholesale if it is in exceptional condition.
Dale MDX,

The "books" are created for lots of users not just car dealers. Users include:

** Car dealers (used car managers).

** Car wholesalers.

** Auto finance companies.

The books contain two numbers:

Retail (high book): Gives a car dealer a guess of what a "cherry" used car might bring. Also provides auto finance companies with a guide as to the "max" they will finance. Note that value is affected by color, mileage, condition, geographic region, etc.

Wholesale (low book): Gives a used car manager a guess of what the car will bring if the dealership elects (or has to) wholesale the car. The dealer can expect to get less than wholesale (because wholesalers typically buy "back of low book"). Also gives a wholesaler a guess what the "right dealer" will pay for a vehicle (e.g. a Toyota dealer typically will pay more for a used Sienna than a Chevy dealer, etc.).

Most consumers NEVER GET TO SEE a bluebook, they simply are "told by the dealer" what the car books for.

Some tricks happen here as well:

** If you trade-in a used car, the dealer NEVER "adds" for low miles but they ALWAYS subtract for high miles.

** If you buy a used car, the dealer ALWAYS "adds" for low miles and NEVER subtracts for high miles.

get the picture????
 

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Depreciation

The following was obtained from the Honda website!!

Honda estimates the residual value over time as follows:

................... 03 Pilot .. 03 Pilot ... 03 MDX .. 03 MDX ......03 MDX
....................... LX ........ EX-L ....... Base ......Touring ... Touring/Nav
.................. ---------- .. ---------- .. ---------- .. ---------- .. ---------------
After 3 yrs: .... 58% ...... 57% ........ 58% ........ 56% ........ 55%

After 5 yrs: .... 45% ...... 45% ........ 46% ........ 45% ........ 45%


Please note that the "base" versions do better in the first 3 years.

The 1st three years have the biggest depreciation. Using the examples above, the depreciation is 42% - 45% in the first three years or an average of 14% - 15% per year in each of the first 3
years.

The depreciation slows in years 4-5. The cumulative depreciation is 54% -55% (an average of approx. 11% per year). However, noting the rapid depreciation in the 1st three years, acutual depreciation in years 4/5 averages about 5% per year.

Given the above, the real world situation generally reflects highest depreciation in the 1st year with decreasing depreciation is subsequent years. Thus a true depreciation picture MIGHT LOOK like the following:

Year-1: 19%
Year-2: 15%
Year-3: 11%
Year-4: 07%
Year-5: 03%

Hope this is useful .... Steven
 

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KAC and Trade-In

KAC,

Some comments:

** Using the above figures, specifically a 1st year depreciation of 19%, you can figure a depreciation of $7,600 in the 1st year.

** I suspect that the low miles will help you more selling to a private party.

Additionally, I don't doubt that the book pricing was higher. However, a number of things have happened since then:

** The 2003s are out (this has a significant hit on value).

** The worst used car months are November, December, and January. Christmas shopping takes its toll on budgets.

** The auto market recently took a hit. Car sales are down significantly from a year ago.

** The MDX was once a "real hot commodity" (lack of supply). This seems to have changed. Dealers now have 02s and 03s sitting on the lots (this was SIMPLY UNHEARD OF 1 YEAR AGO!!).
 

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Discussion Starter #15
MDX sold

My MDX has been sold! I got $36,200, $5k more than I would have gotten for trading it in. And with about 15 days to spare before the H2 arrives!

Kim
 

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Re: MDX sold

KAC said:
My MDX has been sold! I got $36,200, $5k more than I would have gotten for trading it in. And with about 15 days to spare before the H2 arrives!

Kim
Wow, that rocks! I don't remember the details of your MDX. Touring, Navi, miles, condition? Sure would be interesting to know.
 

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Edmunds used car price service seems fair

Having used several of these "blue book" services over the years, I find that Edmunds' used car pricing service is quite fair. In fact I just sold my '93 Grand Cherokee at close to the value described there. Another point to consider is the differing values from East to West coast. The concept that being West coast cars may be in better shape as the roads are not salted in the winter (for example in Colorado the use pebbles rather than salt).

In any case, it's all just a starting point for negotiating the sale of the vehicle which ultimately just comes down to how much the buyer wants to pay, what they are looking for and what kind of cars are popular at that time.
 

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Discussion Starter #18
Re: Re: MDX sold

jonnygoodboy said:
Wow, that rocks! I don't remember the details of your MDX. Touring, Navi, miles, condition? Sure would be interesting to know.
2002 Touring/Navi, 3700 miles, perfect condition. Bought 5/16/2002. Options in sig file. I'd like to have gotten a little more but time is becoming an issue so I'm happy to have it sold.

Kim
 

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KAC,

Glad to hear the news, congrats ... Sounds good to me. Your MDX was over $40,000 plus you had a lot in options ... so, figure starting point of over $41,200 for 02 (I know that this is conervative). Buyer picked it up "almost new" for $36,200 (thus saving $5,000 for a vehicle that only had 3,700 miles).

Sounds to me like you both are winners.
 
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