Potential Kia Buy

[babbles]

Wanted to see what some of you think of a 2014 kia forte LX I was looking at purchasing from a dealership in my area(not a kia dealership).  They want $11980 and I pulled up the original (duplicate) sticker off moneylabels and it says the vehicle sold for $17500 MSRP and after some standard options final price was $18490.  I pointed this out to the salesman, as he asked me what I was thinking as far as pricing.  It has 61k miles and some scuff marks on the front right fender wall.  I told him i would want to be out the door at 11k.  What do you think?  Was I asking for too much??  It appears in good shape but the acutal kia dealer is foot steps from this dealer which has a 3 day return policy,.  I would take it to kia to get an inspection on it within those three days even if i did buy it.

Also, just quick math in my head says the "kia" has held over 60% of its original value after 8 years, does that sound right to you?

He said I would be out the door @ 14k , 14.5k

[CreditCuriosity]

Suggestion is pull it up on NADA website what a fair price is for said car/mileage and guesstimate condition will give you retail and trade-in price, etc to get an idea.  Also other sources obviosly exists such as KBB and others

[babbles]

I based my price on KBB, top end pricing was 9.2k

[CreditCuriosity]

Ya seems really really high to me for an older car with that many miles personally.  Yet the used car market is out of whack  due to covid and other factors at the same time.  Certainly not worth 14k.  Only you can be the judge of value, but do your research.

[Brian_Earl_Spilner]

14k out the door seems high. Tax, docs, and lic is usually 10% here.

[4sallypat]

Agree with @CreditCuriosity  61K miles on a 7 year old car is way too much they are asking for on a Kia.

If you can't wait then make your best offer.

If you can wait, the crazy automotive world is upside down and will not turn itself around till maybe next year...

I am not able to get out of my current leased Honda ($285 / month) because current inflated pricing, high MF (interest rate), and dealer markups on the same newer model at a crazy $450/mo.

So I am going to buy it out and finance it for 3 years at my CU to avoid the super high prices now...

Thinking of the warranty, I have 7 years remaining so it makes sense to keep her.

At least at the end, I will own a fairly high resale car....

[dunn2500]

you can buy a new chevy volt for that price.....maybe not the car you want but its brand new with factory warranty......used cars are ridiculous right now....shop economy new ones

[babbles]

Why is it ridiculous now?  because of covid?

[sccredit]

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@babbles wrote:

Why is it ridiculous now?  because of covid?

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Shortest answer: supply chain issues. 

Longer answer: there is currently a global chip shortage that has hit all of the automakers very, very hard. There are additional supply chain shortages hitting now that are worsening the issues. Depending on who's opinion it is this shortages can last into 2022 or into 2023.

[dunn2500]

short answer:

supply and demand

many newer used cars are same price as new ones