Every buyer wishes they knew the dealer’s cost of a vehicle. Here’s what it’s like to know that number.
This is the second article in a series about how the author found his current project car for a ridiculously low price. The previous article is entitled, The Hunt: How I found the Ultimate Project Car.
Part 2: The Number Every Buyer Wish They Knew
Before I left the used dealer’s lot the previous afternoon, I had taken a photo of the vehicle identification number (VIN) for some evening research. Later that night, I leveraged some of the market research tools available through my day job to learn more about the 516 lb-ft of torque silver beast.
One of the tools available to me tracks the values of all vehicles sold at wholesale dealer auctions in the U.S. Along with that program, unlimited lookups for both Carfax and AutoCheck are provided.
After punching the make and model information into the proprietary software program, I quickly realized something quite awesome: the transaction price of the car at wholesale auction.
“$9,600? Are you kidding me? Whoo hoo!” I said out loud from my home office computer.
You should know it usually doesn’t happen this way, even if you have access to automotive industry data and software. In general, the program is meant to track average transaction prices in the wholesale market so dealers know how much is a fair price to offer when they go to the bidding lanes. In a crazy order of events, however, I was clearly looking at the 6-day-old transaction price the used car dealer paid for the car sitting on his lot. Even the odometer reading lined up!
I thought to myself, “Wow, I’m totally going to steal this car!”
I went to bed that night with the excitement of a 5-year-old boy on Christmas Eve.
“Hopefully everything checks out when I have my mechanic throw it up on a lift,” I thought to myself as I drifted off to sleep.
Stay tuned for part three of, “How I Found the Ultimate Project Car.”