Pricing my used vehicle for private sale

spchan

Hi everyone. I'm planning to sell my car to a CarMax store. I haven't dealt with them before and I have to drive about 150 miles to get to the nearest store. The person I spoke to was good enough to tell me that before considering the long drive I should see if I would be satisfied with the wholesale value as they might not be able to offer more than that. Can someone tell me where I can obtain the wholesale value of my car? The websites I know of only list retail and trade-in values.

The reason I'm considering CarMax is bcoz a couple of people told me they got good prices, above trade-in offers and I don't want to go through the hassle of private party selling. Does anyone have any advice or opinion about CarMax or know of any other reliable place in New Jersey that buys cars for good/fair prices? [I have a high end car and don't want to lose a lot of money on it].

Thanks a lot in advance to anyone who can offer me some opinion/advice.

spc

kyfdx

and wholesale.... are different terms for the same thing.

Kirstie_H

Thanks for that, kyfdx.

There really aren't a lot of different numbers for used car sales - you're either looking to sell it private party or to trade in at a dealership.

If you'd like a second opinion, drop by our Real Word Trade-In Values discussion and post as much info as possible about your vehicle - year, make/model, color, and options... and don't forget the MILES and your city/state!

kirstie_h
Roving Host & Future Vehicles Host

jlawrence01

Whether you sell a car to CarMax or to another car dealer, the maximum that they are willing to pay is wholesale value. After all, they can always go to the auction and purchase the same vehicle at wholesale prices. (And the dealer has to make a profit.

I have a feeking that you'll be disappointed as you are looking for a retail price which you will not get unless youa re willing to sell it yourself.

I have sold cars both ways.

spchan

No, I do understand I'll be getting the wholesale price, not retail and it's going to be quite a bit less. I just don't want to spend a lot of time and energy selling it myself.

What I wanted to know is how to determine the wholesale price. Someone posted earlier that "wholesale" is a synonym for "trade-in". So I take it that if I look up the trade-in value on Edmunds/KBB that's roughly the wholesale price I might expect (adjusted of course, for the specifics of my car)?

can someone confirm? thanks again.

spc

kyfdx

stickguy

Yup. Look at the various sites and trade-in will be the ballpark to expect, although don't be surprised if the sites vary quite a bit.

I think Carmax's web site actually has a trade-in estimater, which I believe is just KBB. But, and a big one, the evaluate each car and offer accordingly, so their is some black magic involved. If they are going to retail it, and it is particularly nice, you might get more than you expect.

One quibble: dealers will make more buying your car than an auction car, because they have to pay an auction fee and transportation (probably =/- $500 total), and your car is already on the lot.

kyfdx

Terry already gave you a wholesale value over in the Real World Trade-in Values forum.. As he said, the paint work is going to be the snag.. If the appraiser at Carmax thinks it deserves a big deduction for it, then you'll probably be looking at the lower value.. If he thinks it is no big deal, then maybe you'll get the higher value... It is kind of an art, not a science, when you are dealing with body damage.. Carmax has been known to be more generous than most dealers.

regards,
kyfdx

sebring95

Since you say this is a luxury car and you have to do all that driving to get to a carmax.....might it not be easier to contact a dealer of the car (mercedes, lexus, etc) and see what they're willing to give you? They likely have a better market for the vehicle than carmax and if it's nice, clean, etc. may give you more than they would for one they have to bring back from an auction. It may also be a car that doesn't come up often at the auction as well.

spchan

kyfdx,

thanks for the responses. Yes, Terry did give me a value on the other forum but he said "trade-in" price. I wasn't sure if that was the same as wholesale value, so I asked. I know now.

regards,
spc

turboshadow

Well, I finally sold the Shadow. I'd like to thanks all that helped especially:

Terry for "dirty cars get dirty money"
Driftracer for "if you don't ask for it, yoyu won't get it." You got me a few extra hunskies out of the deal. Thanks! You still hang around too many lawyers, though ;-)

kyfdx for the "ask for $XX95" Don't know why that works, but it works.

Got 1K for it; thanks agin!

Turboshadow (I'll keep the name!)

driftracer

You might have only asked $750 and got $500 !

I'll expect my fee via my Paypal account...

turboshadow

Actually I was gonna ask 1K and let it go for 750.

<set Jon Lovitz mode=on>
Yeah, paypal....have you seen my wife...yeah..Morgan Fairchild.....
<set Jon Lovitz mode=off>

Turboshadow

tacomaboy

Hey all, hopefully this is the correct thread in which to post this message.

I am selling a 99 Accord that is in great condition mechanically, but has two siginificant dings, two small chips (that have been filled) on the window, scratched wheels, and a small part (about the size of three quarters) of the dash bubles some when it gets hot.

My questions is I feel obligated to point out all the small flaws the car has. Is this a bad or good idea? I suppose they are all pretty obvious.

One that is not so obvious is that the car was in a small accident in which the door was scraped. My father was driving the car, and since I was on my honeymoon, he decided to get it fixed himself, and I am not sure how bad the damage is. But I dont think it was bad as non of the panels were replaced.

However I noticed that the door is about a half a shade darker than the rest of the car after being painted. No one else can notice this, not my friends nor my wife, but should I point this out to potential buyers?

kyfdx

is that any potential buyer will ask... "Has this car ever been in an accident". That is your cue to point out the paint job on the door with an explanation. The rest of the stuff they can easily see on their own... You aren't obligated to point out every little cosmetic flaw on your car... Most buyers do a pretty good job of that themselves...

regards,
kyfdx

tacomaboy

Thats what I figured... it should be fine.

Plus, if they think the shade is off, I can still get it repainted for free (warranty).

Thanks!

kyfdx

I wouldn't even mention that you think the paint job is a little off.. Just explain what happened, and tell them that door has been repainted.. If they are as bad at spotting bodywork as I am... they won't even notice.. Don't talk prospective buyers out of the car, unless you think they will be an absolute pain to deal with....

regards,
kyfdx

tacomaboy

Good, I wasn't sure if I was morally obligated to point out that it might be a different shade...

You are right if they can't tell, they won't care! But if they ask if its been in a wreck, I will tell them yes a minor one, and thats its been repaired and the door repainted.

Thanks for the advice. I really dont want to talk the price of my own car down now do I?

sgrigoreas

I bought a new car and now i have a 17 year old interested in buying my old car. Should I make the bill of sale out to his parents? Is there a website anywhere with advice on these issues because I can't seem to find one. What can I do to protect myself if I decide to sell to this person?

driftracer

since if you do business only with the 17 year old, you really don't have a contract in most states. Recipe for trouble, cover yourself and get mom and dad involved.

isellhondas

You can sell it but it would be a VOIDABLE contract. The 17 year old could take the car out, abuse it, blow up the engine and make you take it back.

bolivar

My advise - don't even TALK to a minor. Demand an adult is always there, does the 'test drive', wheels and deals, etc. Don't let the minor drive the car.

An employee at work - 'sold' a car to a kid. Mom actually bought the car. She got a loan for the car. Her name was on the title. After a few weeks, the kid slid it into a curb and folded a front wheel under.

'Mom' was a lawyer. A minority race lawyer. She started the talk about an invalid contract, because a minor bought the car. After consulting with his own attorneys, the seller was advised to take the car back and cut his loses....

A close friend is a licensed dealer, collectable and special interest cars. He will not talk to a minor about a car.

dougd7

"An employee at work - 'sold' a car to a kid. Mom actually bought the car. She got a loan for the car. Her name was on the title. After a few weeks, the kid slid it into a curb and folded a front wheel under.

'Mom' was a lawyer. A minority race lawyer. She started the talk about an invalid contract, because a minor bought the car. After consulting with his own attorneys, the seller was advised to take the car back and cut his loses...."

This really bothers me. Somehow the seller is at fault because the minor had an accident with 'Mom's' car? If the mothers name is on the title how can the seller be blamed for a invalid contract? I can see that if the vehicle wasn't worth much not fighting it, but it is still the principle of it all. That mother (lawyer) needs to grow up and take responsibility. Seems to me she should be chastizing her own child and not the seller. Oh, never mind - it's the sellers fault because he sold a car to a minor even though it's was legally done in the adult's name. (Heavy sarcasm here!). Some people.

Hmmmm, so I guess if my 17 year old daughter has an incident with her 88 Mazda (which is on my name) I can talk about an invaild contract with the seller (who just happens to be a coworker of my wifes).

This really doesn't make any sense. At least to me anyway.......

sebring95

If the sales contract was between the minor/seller, then it could be voidable. Doesn't matter who's name the car was actually put in.

cames75

Hello. We have a 2001 Durango R/T, with 49,500 miles on it, asking price of $19,500. Whether foolish or smart, we bought a replacement Yukon without trading the Durango in. A couple months later, and the Durango still hasn't sold. Needless to say, we're anxious to unload it. I've run a Craig's List and 2 paper classifieds for it. Not a single email or call. Here's the rub on it: It was in a pretty good accident 2 years ago, resulting in the frame being entirely replaced. We drove it for that long, never had a problem, but I know can't expect anyone to listen to that. Anyone have any advice?

sebring95

You're only hope is to lower the price substantially. I don't see any book prices even approaching your asking price, assuming every possible option and ignoring the damage. Bargain hunters are your market. IMHO, you'll be lucky to get $15,000.

Either way, you'd get more attention by advertising your bottom dollar price, instead of an inflated asking price.

isellhondas

These are pretty soft in the market. With today's gas prices, the big SUV's are really taking a hit.

That accident would put off most buyers UNLESS the price was WELL below the market for others.

Sorry, but this may be a tough car to sell.

stickguy

and proof that sometimes it is better overall to trade in your car. Certainly less painful, and for many people, the only real way to go. That is, once you get into payoffs, issues, the time/ability to market yourself, etc., some people just aren't candidates to private selling.

fensterlips

Well, everyone agreed on a price -- and now what? I guess the simplest is to get a cashiers check or cash, and then hand over the title and the car keys, but -- is accepting a "regular check" and agreeing to mail the title when the check clears,and let them take the car with them OK? What if you talk to their bank and they are handling paperwork with the DMV, your bank, etc, but you don't know them personally (after all it's THEIR bank...)

What kinds of behaviors are OK, and which stupid (other than the obvious boners?)

Now if I could get Mathias (steine13)to come out to Southern California and take the E320 off my hands that would be one less car to deal with ;-) LOL.....

frankdnj

Anybody know of a good web site with details on a private party sales transaction? I'm in the process of selling my car privately, and don't want to get screwed. It's an '03 Acura TL-S with only 8k, so I'm talking about a substantial amount of money from a total stranger.

I know to get a certified or cashier's check, but what about a bill of sale and handing over the car? I don't want to have to go to the purchasing party's DMV, but I know I don't want to leave my tags on it. One of the people interested in the car is from out of state. Can I just remove the tags and leave the car in my bank's parking lot while the buyer takes care of registering it and getting new tags?

What kind of liability do I have with letting somebody take the car for a test ride? I don't care so much about them stealing the car, as long as I don't get it back, but what if they get into an accident? Is taking a photo copy of their drivers license and holding onto their keys sufficient collateral?

I already have the title, so paying off my car is another potential headache that I don't have to worry about.

rroyce10

........ Good questions ...

            Let's get in the direction of the "cake" first .... get buyers ID's and take copies, don't except any hinky "money orders" from the ABC gas station or Travels R' US, bank certified (a bank you know and can call) or known Cashiers, or Cash is also nice .. if it's a check, take copies both sides before you cash it ...

             Go to Kinko's or a place in the neighborhood that sells the sales agreements and/or buyers orders and have them ready and properly filled out - everyone signs and give copies, title will need a a notary, you sign off, take copy of both sides .. if there is a "pay-off" it can be done at the local bank, takes 10 minutes (you say it's F&C) .... on the drive, you go with, it has 8k, how far does he want to go.? it's like new ... remove your tag after the signed paperwork and $$, tell the buyer to bring a tag, because after you sign off it's his responsibility and his vehicle to get to point A to point B, not yours .. get your digital camera and take a picture of the buyer and his new vehicle, he will get a kick out of it ~ and you have a pic just in case he's working for the Taliban .. take the money and stop off and have a great steak and a nice Martooni ..... what did you get for it.?

                               Terry.

frankdnj

I had a feeling that you would reply. No offers yet, but I've had several calls. Two people will be coming to look at it this weekend. Another was supposed to take a look at it in front of my house while I was out, but I haven't heard back from him. It's tough to sell a car this time of year with limited daylight.

I put it in the paper for $23,900. I know that's on the low side, but I'm not in the business of selling cars, and just want to sell it. If somebody is interested, they'll know that even the asking price is a bargain. I'm hoping that I can play them against each other, "I have several other people that are going to look at the car later today...give me a call next week, and if I still have the car, maybe I'll consider your offer". Depending on how things are looking, I might just take the first $23,500. I think anybody who has been looking will jump on my asking price. They can always go to a dealer, haggle for several hours, and get them down to $26k for one with more miles and only two years left on the warranty.

Any problem with giving the VIN so they can run a Carfax report? Everybody seems a little concerned as to why I'm selling such a new car. They think there must be a catch.

rroyce10

...... At $23,9 *asking* it should sell fast .. Carsmack is a good idea just for you to have, if nothing else for when someone comes out to look at it .. give them the Vin#, you don't have anything to hide .............. or do you.? ..l.o.l.....

                                    Terry.

kyfdx

The easiest deals I've done, I've met the buyer at his bank, where he is getting the loan.. The loan officer cuts me a check for the whole amount, and they do the paperwork, because they have to file a lien on the vehicle..

This works especially well with more expensive cars.. Their local bank isn't going to stiff you with a bad check.

regards,
kyfdx

carseller

Related question - any idea how federal tax is calculated on proceeds of a car sale?

kyfdx

Unless you made money.. IOW, sold for more than you paid, it is not a taxable event..

sebring95

All sounds like good advice. I too have felt safest when the person is taking out a loan and you do the paperwork with their banker. That way you know the check is good, certified or not. There's a lot of scammers out there and they have access to good-looking cashiers checks. Be weary of out-of-state/country buyers, particularly ones that send you a cashiers check sight-unseen and don't quite speak the kings english.

frankdnj

No, nothing to hide. The only issue that might come up is that the car had about 2k on it when I bought it. The car was being driven by one of the sales manager's, but was never titled. I never even had to take the car back for any warranty work. That's a first for me for a new vehicle.
I'm just trying to cut down some expenses before moving up to a bigger house. I was surprised at how upset my wife when I told her that I was getting rid of the car.

grandtotal

I was surprised at how upset my wife when I told her that I was getting rid of the car.

I suppose it depends on whether or not you intend to buy something else for her to drive. If you do intend to replace it with something similar, Accord maybe, wouldn't you just be better off keeping it rather than suffering the high initial depreciation and upsetting your wife?

frankdnj

My wife drives our GMC Envoy during the week with the kids, but occasionally drives the Acura on short trips to the store on the weekends. The Acura usually sits at home on the weekends because we use the Envoy anytime we go somewhere with the kids.

I plan on replacing the Acura with a one or two year old Chevy Impala LS or maybe a Taurus. These have horrible depreciation the first year and I have a connection in the auto business to pick one up at the auctions. They're not as nice as the Acura, but they should provide descent transportation for my 10 mile daily commute. The less expensive car will be payed off in less than two years, and I'll end up saving $10,000.

mrriverajr

I owe 8000 on my 2000 Honda Civic and I want to get rid of it. Can I use it to buy another car and continue financing.

Kirstie_H

Welcome to the forums!
Yes, you can trade in your Civic and purchase another vehicle. You can finance the new vehicle, providing your credit score is good enough to get financing.

If you want to know how much you should expect to get for your Civic, please visit this discussion:
Real-World Trade-In Values
Be sure to provide all of the information about your vehicle listed above the "post a message" box.

zach1

Help! I recently moved to California form New York. I shipped my car, too. I recently found out I will be moving permanently back to New York in July. I want to sell my car here in California before I move back. I have maintained my NYS registration and driver's license. Is this a problem for me or a potential buyer? Does anyone know if there would be an unsurmountable amount of paperwork involved? Or, do I just transfer the title, strip the plates, and then the buyer just registers it in California him/herself? Also, would selling it through a dealer preclude these obstacles?

driftracer

are spot on, and the answer is yes - the new owner has to register the vehicle in their name, anyway, so as long as you go to DMV with them to sign over your NY title, it shouldn't be a problem.

 

Also, if you trade or sell the car through a dealer (like Carmax), you'll sign a power of attorney that allows the dealership to handle the title for you.

inmass

I have a 1996 Jeep Grand Cherokee Limited. 72k miles, good condition and I want to sell it soon with little or no hassle. I have heard Carmax is good for that but I live in Boston, MA and they don't have a location here. Any suggestions? I have considered donating it as well to use as a tax write off. Also, one thing to consider is that the car has a salvage title, don't know if that would be an issue with any of these options. Any advice is appreciated!

davem1958

A couple of posters mentioned selling a used car at auction, instead of to a private party. I'd like to hear more about how that works, and where to find one in Atlanta.

 

I have a 1995 Acura Integra, 105K, minor body damage but runs great. I put an ad in the paper. I've had a few lookers, but no one has made an offer yet.

 

It seems like I could (possibly) get more at auction than a dealer trade-in, though probably less than private-party if I'm patient (I'm not

kyfdx

A question.. Do you have an asking price on your car? When you get no offers, usually it is because you are asking too much.. A '95 Integra should be fairly popular..

 

If you have no asking price, usually you won't get calls at all..

 

Sorry.. I don't have an answer for your auction question..

 

regards,

kyfdx

rroyce10

..... I agree with Kyfdx .. you either have it waaay over the top price wise, or it looks like a "worn" 200k+ Integra and your killing your own market by not cleaning it up and using a good Ad ...

 

              If it won't sell on the street, then it will do *butkis* at the auction .. somebody somewhere has given' you some bad advice .....

 

                            Terry.

jlawrence01

When a person has no nibbles on an Acura Integra, an old country tune comes to mind ...

 

"these rose-colored glasses that I am looking through, show me all the good things but they hide all the truth."

 

I agree. Either the car in overpriced OR you need to get it all cleaned up and dressed in its Sunday best.

davem1958

I do have an asking price of $3500 posted, which came from Edmunds using "Fair" condition. I also said "or best offer". This week it drops to $3000.

 

The car is in good running shape, but looks are another matter. The front bumper is missing some paint, and the hatchback may have been replaced -- it's somewhat duller in color.

 

Regarding the auction, I found a place in Atlanta called Bishop Brothers that has a public auction every Thursday. They want $20 up front, and a percentage of the sale. You are not required to accept the high bid. It seems to me that I * should * get more money than a dealer would offer, since I'm bypassing a middleman. I plan to find out next Thursday, in any case.

 

With as many ads as AutoTrader has every week, somebody ought to be able to make money on those cars by offering a For Sale by Owner operation. I would probably give up $500 to $1000 to avoid the hassle -- especially if I had a job.

 

Dave