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Time = money
You can usually trade one for the other. In other words, if you want to sell something quickly, the likely outcome will be a lower sale price than if you take the time to show the item to more buyers and wait for the highest offer.
Same goes for purchasing a vehicle. When you need one quickly due to lack of any other transportation, then you will probably pay more. If you shop for a vehicle over a longer period of time, then you have a much better chance of getting a better price.
As with most things, you get more out when you put more effort in, with the law of diminishing returns in playing into the equation.
As far as pricing a private party vehicle, I usually check KBB, Edmunds, and Clearbook to average the price, and see if there are any outliers. Then I check Craigslist to see what people are listing comparable vehicles for in my region, and then check Ebay to see actual sales prices.
Taking an old and cheap car to the mechanic for an inspection is a waste of time because a laundry list of items that could be in better shape will certainly tally to more than the car is worth. The main thing is that it drives without any noticeable issues, has no concerning visible fluid leaks, and has no CELs or pending codes. An OBDII reader that connects to a smart phone is less than $10, so everyone should have one, and most people either have functioning eyeballs, or know someone that does.
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