Recently, I traded a 2001 911 to enter the BMW family. In the process of shopping for a decent trade-in, I met up with multiple dealers who offered me super low quotes based on "wholesaler pricing." Then a buddy told me he was able to make a deal for an M5 based on finding out the "wholesale" price and offering more than that. He said his car was 2 years old, had 20k, and listed over $90k. He negotiated a deal for $55k. I guess I am just naive. Is it common practice to find the "wholesale price" when buying a used car? I have been looking at Cars.com, NADA, KBB, Edmunds, E-bay... where does one go for a real wholesale price ... other than by trying to trade a car in?
Remember, wholesale pricing can vary quite a bit depending upon the source and most times is a completely unreliable gauge. There are so many factors pertaining to pre-owned vehicles. Since pricing is almost always based upon mark up over what the dealer paid for the vehicle prices can vary greatly. Other factors such as time of year (winter is traditionally the best time to buy a convertible since demand is low), availability and proximity to model change can also have a direct influence on price. In the end, however, competition is the best way to determine value in your particular area.
