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Post by slacker 🐨 on Jan 15, 2024 11:12:18 GMT -5
I am getting a new ride and was unable to work a reasonable trade. What I'm trading is selling for $20k and they all want to give me $14k. I'd do $18...maybe even $17....I know they gotta make some money, but I'm not fond of getting ripped off.
So, I'm just gonna put money down and then sell the car myself.
Anybody got advice? Where to advertise? How to deal with scammers....actual transaction advice?
My plan was to have them meet me at my bank with cash...that worked selling my daughter's car for $1000, not sure I can get someone to do $20k in cash. How can I make sure I don't get ripped off?
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Post by RufusTeleStrat on Jan 15, 2024 11:15:25 GMT -5
As a fun exercise just see what carmax might offer. The reality is a 20K car may have had 5K in reconditioning. $ for repairs seem to have skyrocketed in recent years.
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Post by Larry Madsen on Jan 15, 2024 11:15:31 GMT -5
We have sold 2 cars over the past several years on ... Wait for it .... Craigslist.  |
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Post by slacker 🐨 on Jan 15, 2024 12:25:22 GMT -5
As a fun exercise just see what carmax might offer. The reality is a 20K car may have had 5K in reconditioning. $ for repairs seem to have skyrocketed in recent years. It's in excellent condition. No door dings to speak of, it lives mostly in our climate controlled garage and only has 60k miles. About the only thing it would need is a new set of tires. The others aren't shot, but they have about 25K miles on 'em. Honestly, a wash and detail the interior and that's about it. Even the undercarriage looks good. KBB lists average sale price at around $21000. I looked at carmax...offered me $13k. We're picking up the new car tomorrow...gonna offer them one more shot at $17k, otherwise I'll sell it myself. I wish my daughter could afford it...it's really the kinda car you hope to find when you're looking for something used. |
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Post by Leftee on Jan 15, 2024 12:31:12 GMT -5
CL has been ok for me for decent cars, both buying and selling.
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Post by slacker 🐨 on Jan 15, 2024 13:26:52 GMT -5
Last time I sold a car I listed on CL...had a bunch of scam responses, people from out of state wanting me to sell on installments, etc. Literally not a single valid lead from that. I ultimately sold it through a facebook marketplace listing.
How about the actual transaction? How do you exchange $20k without risk of getting a bogus cashier's check or something?
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Post by Leftee on Jan 15, 2024 13:47:01 GMT -5
Do the deed at the bank. I assume that the title will need to be notarized.
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Post by Laker on Jan 15, 2024 13:57:29 GMT -5
You’re never going to get average retail for a car you’re trading in, you will get average wholesale. The dealer can go to an auto auction and purchase a similar copy of your vehicle for wholesale. When I was in sales (Harley but still vehicles) we used the Black Book that gives a better idea of trade value. Black Book |
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Post by slacker 🐨 on Jan 15, 2024 14:08:13 GMT -5
You’re never going to get average retail for a car you’re trading in, you will get average wholesale. The dealer can go to an auto auction and purchase a similar copy of your vehicle for wholesale. When I was in sales (Harley but still vehicles) we used the Black Book that gives a better idea of trade value. Black BookI wasn't expecting retail, I was looking for middle of the range KBB trade in value. They told me my car was in "fair" condition with zero issues. Then they wanted to decrement from that because they were going to have to detail it and put on tires. Their reason for the "fair" condition: it needed new tires and detailed! So they massively under-graded it, then took the rational for under-grading it and applied it a second time. At first they tried to say "remember, you're paying less in taxes by trading in". They acknowledged I could get $20k out of it easily. They tried to crunch the numbers showing how I'd be better trading with the reduced taxes and then said "oh, yeah, you're probably better off selling it yourself if you're willing to do that.". I walked away, but ultimately buying from them because they happened to get in the exact car (model, colors, features and accessories) that we were looking for. They could have given me $18k, put 1000 in it for tires and clean up (remember, they get the detail at cost), listed it for $23k and sold it for $21. Easy. That's $2k profit on top of me paying sticker price for the new car. They would have made bank on the deal and still wanted to gouge me more. |
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Post by squarewave on Jan 15, 2024 14:52:13 GMT -5
We've purchased and sold several cars the past few years on Facebook Marketplace. Easy transactions, and have yet to encounter any scammers.
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chucksmi
Wholenote
Posts: 173
Formerly Known As: Offshore Angler elsewhere
Age: I saw Jerry Live
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Post by chucksmi on Jan 16, 2024 8:02:19 GMT -5
If the dealer lets you walk they were at max, plain and simple.
Price guides really don't mean that much to dealers. They are more dialed into the auction reports which show the true cash value of your car. And that's for one all done and ready to sell. NADA, Black Book, Blue Book, etc., are really just based on mathematical formulae.
You also need to look at the sales tax implications. In most states you only pay sales tax of the difference when you trade, so if you sell your own car besides the inconvenience, you will pay sales tax on the amount you would have got for your trade-in, whereas if you trade it the tax would only be on the difference.
If you are looking at a new car then yes you'll buy from a dealer. For used, if you buy from an individual the car may need a lot of money to get it to pass a state inspection and that comes out of your pocket. Also, most dealers will offer some sort of warranty on a used car these days for a short period of time. Unless you live in one of the shall we say, "less enlightened" states a used car from a dealer will have good tires and brakes and all that.
It's part of the American experience to bitch and moan and complain about auto dealers, but in my experience the good dealers are really quite fair. The higher the caliber of automobile the more pleasant the buying experience.
And then there's reality - do you want to have a car you really love and say "maybe I paid a little too much but I love the car" or do you want a POS that you can say "I got a great deal"?
Chuck
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Post by Lesterstrat on Jan 16, 2024 15:36:25 GMT -5
You can get an offer from Carvana in literally a couple of minutes. From my experience, they’re pretty competitive.
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Post by slacker 🐨 on Jan 17, 2024 15:01:09 GMT -5
If the dealer lets you walk they were at max, plain and simple. Price guides really don't mean that much to dealers. They are more dialed into the auction reports which show the true cash value of your car. And that's for one all done and ready to sell. NADA, Black Book, Blue Book, etc., are really just based on mathematical formulae. You also need to look at the sales tax implications. In most states you only pay sales tax of the difference when you trade, so if you sell your own car besides the inconvenience, you will pay sales tax on the amount you would have got for your trade-in, whereas if you trade it the tax would only be on the difference. If you are looking at a new car then yes you'll buy from a dealer. For used, if you buy from an individual the car may need a lot of money to get it to pass a state inspection and that comes out of your pocket. Also, most dealers will offer some sort of warranty on a used car these days for a short period of time. Unless you live in one of the shall we say, "less enlightened" states a used car from a dealer will have good tires and brakes and all that. It's part of the American experience to bitch and moan and complain about auto dealers, but in my experience the good dealers are really quite fair. The higher the caliber of automobile the more pleasant the buying experience. And then there's reality - do you want to have a car you really love and say "maybe I paid a little too much but I love the car" or do you want a POS that you can say "I got a great deal"? Chuck Yeah, they talked about the sales tax difference, but ultimately it was $800 when they agreed I could sell it myself for $5k more than they were offering. I just paid a cash down payment, brought both cars home. Gonna pay my son $1000 to sell the old one and I'll still come out $3K ahead and he'll make an easy $1k (when considering the sales tax difference). It'll be an easy sell right now: AWD, relatively low mileage, reliable car with heated seats and steering wheel when we just had two major snowstorms and are on the tail end of a sub-zero cold snap. My bet is that I get it sold within 2 weeks. |
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Post by slacker 🐨 on Jan 17, 2024 15:03:31 GMT -5
You can get an offer from Carvana in literally a couple of minutes. From my experience, they’re pretty competitive. They're competative with the trade in offers, nowhere close to private party sale value. It's strange. We're in a time where it's a seller's market, but the dealers want to low-ball the trades. They seem to only want to do it if they can make $4k or more on it. I guess maybe they've gotten spoiled by the fact that they can sell at sticker these days. |
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