NADA values... are they consistent with market or useless?

[Dadnatron]

I've been looking for a used 1T pickup/flatbed for a tow vehicle for my farm. Just want something to get the job done, nothing fancy.

I've settled on a 1T DRW 4x4 of any type, as long as its solid and have a budget of $20K at least trying to stay in that range because I 'think' (and here is where I might be wrong) that I could get something which would be reliable for a few years of 'close to farm' towing.

As I've looked... I've been SHOCKED at the price of used higher mileage (>100k) trucks. So, I've been trying to get a grip on either my irrational thinking of 'truck worth' or whether everyone is asking far too much for their vehicles.

I tried the KBB site, but it has so much 'crap' loading on the screen and has to load 6-8 pages in order to finally get to a $number, that I then moved to NADA website. This website is much smoother and more functional, in my opinion, but the final numbers it gives is always about 70% of what people are asking. ie $17K on a truck that the owners are consistently asking $25-27K.

So, my question to you is... are owners artificially inflating the initial asking price and dropping significantly to get a sale? Or is the NADA website useless because its numbers don't reflect anything real?

 

[RPW]

Trucks are one area that like tractors hold there value unless abused. Especially diesels as they "usually" are built more rugged. That being said you can find good deals in your area. You will need patience though. It also depends on your area and time of year. You will generally be able to make a better deal towards the end of year when the new models are coming on the market. Certain brands tend to hold a higher value too. Once you find your deal do some investigative work to see what if any problems are inherent to that particular manufacture / model.

Good luck on your search.

 

[MORRISONSTEEL]

I could be wrong but I am under the impression that the used values like what nada publishes is coming from a reporting system from actual dealers when selling used units. But like any used pricing tool it can't be nailed down completely and the most accurate value guides are not available for free they must be purchased, its a big industry (but I know more about tractor guides than automotive). Myself, I like to compare to new equivalent pricing as well to help in evaluating what I am willing to spend on used. In our part of the country big heavy pickups are coming down in price partly to blame on the coal and energy sector coming to a screeching halt which directly affects all of the operations that support that industry. But late model pre ft4 pickups still bring premium $ for obvious reasons. Good luck

 

[TheMadOne]

I've been looking for a used 1T pickup/flatbed for a tow vehicle for my farm. Just want something to get the job done, nothing fancy.

I've settled on a 1T DRW 4x4 of any type, as long as its solid and have a budget of $20K at least trying to stay in that range because I 'think' (and here is where I might be wrong) that I could get something which would be reliable for a few years of 'close to farm' towing.

As I've looked... I've been SHOCKED at the price of used higher mileage (>100k) trucks. So, I've been trying to get a grip on either my irrational thinking of 'truck worth' or whether everyone is asking far too much for their vehicles.

I tried the KBB site, but it has so much 'crap' loading on the screen and has to load 6-8 pages in order to finally get to a $number, that I then moved to NADA website. This website is much smoother and more functional, in my opinion, but the final numbers it gives is always about 70% of what people are asking. ie $17K on a truck that the owners are consistently asking $25-27K.

So, my question to you is... are owners artificially inflating the initial asking price and dropping significantly to get a sale? Or is the NADA website useless because its numbers don't reflect anything real?

What's happening is a combo of factors. A big one is that private sellers tend to overestimate the worth of...well, pretty much anything they own. I've had much better luck over the years going through dealers when buying used, because they know what they have, and have no sentiment towards the vehicle. There are always exceptions, of course. You might find an owner who wants to be rid of the truck for whatever reason.

 

[TheMan419]

Interestingly NADA will say a private sale vehicle has a lower value than that on a dealer lot. That is to cover dealer advertising.

However most private sellers will over-estimate the condition of the vehicle, or fail to account for excess miles.

NADA is a pretty industry standard. I do a good bit of work in bankrupty related areas and any time we have to get a car appraised the appraiser starts with NADA, asseses the condition of the vehcile and deducts for any repairs needed.

 

[2458n]

Here is the facts- You can not purchase a truck with a NADA book. Does not matter how much you want to. Does not matter how much you have to spend. Takes some work on your part as a buyer. Hit the local papers, auctions and dealers. You can leave your want list with a local salesman, but when a clean trade comes in they sell very quickly. Put the word out among your friends. It is a shame but people with good low mileage trucks die everyday. They are available.

 

[bspeedy]

Start your search a little further south. Not sure what you are looking for, but a 7.3 diesel with 120k miles that is well cared for can be easily bought for around 20k. Shop by condition and mileage instead of model year. Cheaper taxes, cheaper insurance, fewer creature comforts but same performance.

By the way, 100k miles on a modern diesel truck is nothing at all. Replace the ball joints and shocks (less than a grand) and it will do what you want for a long, long time.

For cheaper options, look for a gas pickup. Chevy and Ford have good gas engines in their trucks. Not a Dodge guy, but they may, as well.

Good luck.

 

[tcartwri]

New trucks are north of $60K for a basic diesel one ton. That's why the used market is so inflated. People are advertising my 2014 RAM for the same money that I paid for it new.

 

[varmint]

A diesel truck is nice for towing, but since you said something about close to the farm usage, sounds like you aren't going to be using it for 20,000 miles a year. Why not start looking for a gas engined 1T... they're out there, and maybe not held in such high esteem by their potential sellers. Since private sales between civilians tend to under report transaction values in areas where taxes are collected, that may be skewing book values, too.