Salvage 2023 Land Rover Range Rover Special Edition sells higher than a used car
Last edit: November 26 2023 • 178 view
Salvage 2023 Land Rover Range Rover Special Edition sold for more than a used car?! Is it true?! Yes, it is true. This is insane, but it does happen. I’ve seen it happen many times in the past! Buyers often get caught up in the bidding moment, and common sense goes out the window.
Pricing analysis
Today, we had a guy who wanted to bid $110,000 on a brand new Range Rover via CARS4.BID platform. CARS4.BID is a great platform to buy salvage cars, as it shows who sells the car, estimated win bid and calculates all fees right away, so you know exactly what to pay at the end. CARS4.BID estimated the highest bid to be around $80,000. Though the seller reserve was at $100,000. Retail value is at $145,000. Pricing analysis is very useful if you are new or seasoned at salvage car buying, as it helps to make smart decision buying salvage cars.
I immediately told him his bid of $110,000 was too high. Considering Copart fees, he would end up paying $120K for the car if he gets the car at his maximum bid. Price calculator shows all the fees, so it is easy to calculate and see all expenses on one screen.
2023 Land Rover Range Rover SE at Copart
The car in question is a 2023 Land Rover Range Rover SE with low miles, rear-end damage, pending documents, and a salvage title. It is a great car, if the price would be correct. I thought reserve price is high as well. But wait for the final bid!
Thankfully, my guy was outbid by another group of enthusiastic bidders, and the final bid reached $131,000 plus $10,000 in Copart fees.
Manheim Auto Auction
Guess what I’m going to buy for my guy? A brand new 2023 Range Rover SE from Manheim auto auction, with low miles, in near-perfect condition (rated 4.8 out of 5), title in hand, and in perfect working order. And the price? It’s $122,900 plus fees, which are only half of what Copart charges!
Why is it cheaper at Manheim?! Manheim is a dealer only auction platform, most of the international bidders do not even know about it. It is more complicated to register, buy and do payments there, therefore most international buyers end up at Copart and do not look anywhere else.
Conclusion
So, if you’re new to the process, make sure to go through my mini-course. Understand how salvage pricing works, and remember that there’s no magic in buying a salvage car for the same price as a clean one. Do your homework!
