Pricing my used vehicle for private sale

behnke

Hello,
I need to leave the US for ~ 1 yr to go overseas, non-military. The problem is I bought a 2005 Passat GLS TDI ~ 5 months ago. The car is fully loaded (i.e., leather, cold-weather package, larger rims), paid off, and has ~ 8K miles. I need to sell it to pay for some of the expenses overseas.

Would you suggest selling it in the paper, ebay, or online? I read through the selling tips, and since this is basically a new car I'm not sure what to do. The online used car appraisal does not have 05’ passat’s.

Do dealers ever sell on consignment?

I know I will take a financial loss on this car, but the diesel Passat’s seem to be relatively in demand b/c of the mpg, the dealer here says they stay on the lot for an average of ~ 10 days.
Please help me out here with advice b/c I am ignorant to almost everything with car sales.
Sincerely,
Brad

sebring95

I would try selling it on Ebay. Folks in California, Mass, and other Carb states that can't buy the TDI models new, are bidding them up pretty good. You have enough miles on it that they can register it in their state now. I would monitor Ebay for awhile and see what you think. I had an offer from a friend awhile back to buy a Passat TDI and drive it for 7500 miles and then he'd buy it from me for whatever I had in it. I know there are folks out there that did this just to get a free car for a few months. Give it a shot.

If it looks like you're going to lose too much, put it in storage. You're only losing out on depreciation and storage costs, and depreciation isn't terrible on these models. You're going to have to buy something else when you return and if you like the car and plan to keep it awhile....

rroyce10

......... Sounds like a nice vehicle and the miles are low .. the TDI's are liked by a much smaller market than perhaps the VR6 ...

Down Retail Rd: get with a great detailer, get some super pics for the 2 biggest papers in the area, run a super nice 5/6 liner 14 day super Ad in the papers and with their online deal ..... If it's super nice and super clean, you might try $24,900 *asking* and might grab $23,0/$24,0 ... can't get too greedy with these, you can buy them new for $26,0 ........ what's your pay-off.? ....

Terry.

sv651

I live in a rural area and am wondering whether to place an ad in a local paper or in one of the online sites (autotrader, Ebay, etc.) Although more folks will see the online ad, a relatively tiny proportion will be in a location convenient enough to make the purchase worthwhile. I'm only a half-hour north of our state capital, but then again, it's a tiny capital in a tiny state (New Hampshire.) What do you think?

kyfdx

Are you selling a Subaru in New Hampshire? I bet they are really popular up there.. I'd think you could get someone to come up just a half-hour from Manchester (? is that it?).. I'd try the paper there first....

If it was an older or somewhat rare car, you might need a bigger market, but not for a Subaru...

mirth

Why not put it in the Boston Globe? People living north of Boston won't think twice about driving to you. Half of them commute that far anyway, lol.

sv651

It's an 02 Subaru with low miles -- but it's a WRX, so it should appeal to the flashier crowd. We're about half-hour north of Concord, 45" north of Manchester, and 2 hrs north of Boston.

The local paper's about $45 per week; not sure how that compares to the online sites. Let me know if you have any favorites ...

Cheers.

boltguy

Hi all,
I know this topic has been covered a little, but my situation may be somewhat different. I have a very interested buyer coming to look at the car on Wed. and I'd like to have my ducks in a row by then. Here are some of the specs.

Selling an '03 Santa Fe GL, manual transmission.
The car is financed through an online loan service. I still owe a substantial amount on the loan. I'm not sure how the buyer intends to pay, but here are some of the options as I see them.

a) The buyer wants to finance through their neighborhood bank. This would be ideal to me because we could, I assume, go to her bank together and do the whole transaction there.

b) She wants to pay with a certified check. From my perspective, I would be happy to take the check and pay the car off (mail the check in), and turn the title over to her when I get it. But I would not turn the car over to her until I've received the full title. From her perspective, I wouldn't hand a check over to someone without a car. Maybe we could complete a bill of sale (notarized), she could give me the check, and I would pay the car off..At least she'd have an official document saying she bought the car.

c) I could attempt to pay the car off now, and the final transaction could wait until I receive the "free and clear" title. How would I pay the car off with a credit card? I know I can get cash with a credit card, but I don't think the ATM is going to dispense $10K to me. Would I have to have one of those blank checks my credit card is always offering?

Thanks for any advice.

mirth

What I would do is call your lender and ask how to handle it. They may have a local agent in your area that could sign over the title, so you could just go there with your buyer and the payoff check.

If not, it's a tough situation. You're not going to be able to pay it off with the credit card I don't think (too much of a fee for the bank). If you have a home, you might be able to get a home equity line of credit and pay it off with that.

Otherwise, you have to ask your buyer to trust you and wait for the title. I know a lot of people end up doing that, but personally I wouldn't take the risk unless it was someone I knew that I was buying from.

But like I said, call your lender first. I'm sure they run into this situation all the time.

fraublucher

I need some advice on selling a '04 Highlander Limited 2WD. It has 5300 miles, in perfect condition, color is white, and options are leather, 6 cd changer/JBL Stereo in dash, side impact airbags, moonroof, heated front seats, tow package and cargo mats.

Any advice appreciated!

mirth

...to the Real World Trade-in Values forum and ask Terry what it's worth.

Why are you getting rid of it, if you don't mind my asking? Only a 2 year-old car with low low low miles.

pat

Real-World Trade-In Values. Be sure to include all the necessary information that is listed above the post box.

fraublucher

Don't mind at all. I like the vehicle, but I think I underestimated the cargo capacity, not to mention the tight third row. I found out the hard way this spring when I tried to cram cases of Girl Scout cookies into the back. Plus my 10yo is not too happy riding in the third row seat (but she doesn't like riding squished between her two sisters in the second row either).

I think I was just so happy to get rid of my dreaded Ford Windstar that the Highlander seemed perfect. But with summer vacations coming up, we are looking at moving up to a Sienna.

I'll head over to RW trade-in forum to see what numbers I can get.

mirth

...for wanting a minivan with 3 young kids. Good luck! At least your Highlander should have good resale.

boltguy

Thanks for the advice. I'm finding out all the joys of selling a used vehicle. The first buyer cancelled about an hour before she was supposed to come look at it. Said her financing didn't come through. The next buyer says they have the financing at a local bank and they really want the car. Told them I'd hold the car for them while the details of the payment transaction are worked out. We'll see what a handshake is worth these days. I don't have any other buyers on the line, so I'm not losing anything at this point. If this works out like I think it will, I'm never trading in a car again. I'm getting over $3000 more than the dealer offered me. And the buyer is still getting a great deal, over $1500 less than the kbb "good" rating for this vehicle.

rroyce10

....... **and they really want the car** ....

I have no idea what your "asking" for it .. but based on your what your telling us so far, you might want to lower the price, handshakers don't pull any crowds ..... that said, A-L-W-A-Y-S get some "glue", some $$ down .. it will make ALL the difference in the world .... a handshake is like getting a kiss from your Aunt nowadays ...........



Terry.

boltguy

Thanks for the advice Terry. Good stuff for anyone selling a car. They were willing to sign a bill of sale, but we decided it should be notarized, which wasn't possible at the time. I'm willing to get burnt this 1 time if this guy is full of it. I should hear something tonight so I'll have an update soon enough. The price is a very good one from what I can see (the lowest price by a decent margin of about 50 on the used car site for this model, year, mileage, etc.)

boltguy

Looks like the deal is going to go through. I'm going to give a copy of the title and a copy of the payoff document to the seller. He's then going to pay the car off through his lender, and I'll turn the car over when the clear title comes back. I guess I got lucky this time. But I haven't pulled the ad just yet, just in case.. :surprise:

lvlydnc

greetings. Am new to this forum. Am thinking strongly to sell my car (having now replaced engine, transmission (auto of course), exhaust and a few other things. Original miles about 154,000; miles on engine about 18,000. Because of the difference in original miles vs. engine and transmission miles the usual 'check your car's value' sites don't really help. Any suggestions? Thanks greatly!

Kirstie_H

Terry can help you over here:
Real-World Trade-In Values

Post as much info about the vehicles as you can!

justcar

">link titleHi here is a nice article about your topic;

Safe Selling Tips
Most automobile buyers know that scams are rampant, so they're diligent about not becoming a victim. But potential car sellers need to be careful of swindlers, too.

Con artists have always been out to get used-car sellers, whether it's with bogus checks, never-to-be-met payment plans or other fraudulent schemes. While the internet has made used-car selling a much more convenient proposition today than in the past, the web also has made such shell games, which target honest people who just want to sell their cars for a decent price, easier to pull off.

Car sellers, beware: Whether you're employing the internet to put your car on the market or going a more old-fashioned route, make sure you protect yourself from a potential rip-off.

you can read the whole article Here

justcar

Hi here is a nice article about your topic;

Safe Selling Tips
Most automobile buyers know that scams are rampant, so they're diligent about not becoming a victim. But potential car sellers need to be careful of swindlers, too.

Con artists have always been out to get used-car sellers, whether it's with bogus checks, never-to-be-met payment plans or other fraudulent schemes. While the internet has made used-car selling a much more convenient proposition today than in the past, the web also has made such shell games, which target honest people who just want to sell their cars for a decent price, easier to pull off.

Car sellers, beware: Whether you're employing the internet to put your car on the market or going a more old-fashioned route, make sure you protect yourself from a potential rip-off.

you can read the whole article Here

lvlydnc

Thank you all - have posted on real-world trade.
Gracias.

isellhondas

Unfortunatly. the replacement engine and transmission do not add any real value to your car. The fact these components were replaced can actually scare a prospective buyer away.

You might want to consider keeping it for awhile to recoup some of the money you poured into it.

mirth

I agree with isell - the new engine is actually going to decrease your price, if anything. No one is going to care how many miles are on the engine - they'll only look at the car's miles. Which are high.

kyfdx

While a new engine won't increase the value... I'd think with 154K miles, it sure can't hurt it...

With a lower mile car, I'd agree... But, if I were buying a Saab with this many miles, any engine work or replacement would be welcomed... Otherwise, I'd assume that I would need it shortly..

regards,
kyfdx

hondaaa

I am moving to Asia and have to sell my one year old Honda Accord EX V6 with Navigation. Does anybody have any idea how much I could ask for? This car has 14,800 miles.

Also, has anyone got any idea why dealer buy a used car for so little but ask for so much more for the same car?

stickguy

to make as much profit as possible (not that all the mark up is profit, they also have to cover expenses of course).

Plus, just cause you ask a certain price for something doesn't mean you expect to get it.

hondaaa

Do they actually made more money on used cars?

stickguy

that's what I've always heard (inclduing from pros on this site). Used cars and service make more money than new cars (overall, not on every single sale of course).

mark156

Hondaaa, if you haven't already, go over to "Real-World Trade-In Values" and ask Terry (rroyce10) to give you a price.

Follow the template at the bottom just above where you type your message. Give as much info as possible and Terry will give a trade price and a Retail price (if you sell it yourself).

Good Luck, Mark

alirogers20

98 Lexus ES 300 for sale, 90K miles- unfortunately, I think people expect Honda pricing... when the car is worth more. Should I expect this process to take awhile since it is a used "luxury" vehicle?

I have a classified running in major newspaper in my state and autotrader ad with pics.

sebring95

The price someone will pay is what it's actually worth. If you have a price you want to get for it (and it's a good price for both buyer/seller), I've always found asking that much is the quickest/easiest way to sell it. Folks don't like to dicker, just ask GM. If you want to trying asking a high $$ just to see what happens, go for it. But if nobody nibbles right away, drop the price and move on. Unless you just don't care, then sit on it. I don't like to be bothered, I usually advertise the lowest I want and be done with it. Never had trouble selling cars that way.

gregjohnson

Hi. I'm very curious about post #246, which says:

Hi. I bought my car in 1996 from the original owner and now I want to sell it. When I bought it, she didn't have the title. We went to the California DMV with a Power of Attorney form that was signed over to me. The DMV kept one copy and I have the Buyers and Sellers copy. May I use this to transfer the car to a new owner, or do I have to order a title? Also, does anyone know what a paperless title is?

Marjorie

urrrn

My dad recently passed away the end of January and he owned a brand new 2005 Limited ed. Chrysler Town and Country for about 5 months. His company paid for it and now of course my mom and I are stuck with the payments. It has been on several internet sites and a couple newspapers as well as placed on a busy highway. We owe $22,900 but have also lowered the price and placed obo., They are advertising 0% financing so we think this is why people don't want to buy a brand new car through a private owner. The payments are getting harder and harder, does anyone have any idea's or know any way we can sell this car. advice is much needed.

ifyoubuildit

By any chance did Dad by Credit Life on the loan? *crosses fingers for you*

guss

I don't know where you live but you may want to try a Carmax if you have one in your area. They pay top dollar for newer cars.

jlawrence01

Carmax pays WHOLESALE for the vehicles which is no better than a lot of dealers. To get retail, the individula will need to sell it to a private buyer.

bolivar

You said "His company paid for it and now of course my mom and I are stuck with the payments."

I don't understand.

Why isn't this 'His company's problem, and not his estate? Or did he own 'His company'?

guss

I assumed he was getting an allowance that covered his costs.

sebring95

You didn't mention miles...but assuming it's reasonable I would think you could sell it for the prices you're listing. A new one at employee pricing currently sells for $30,200 at the very least. 0% interest only goes so far when saving $7000+. In fact I know someone that would probably buy it for around that price.

urrrn

There is about 13,000 mi. on it, he was in sales so he would travel around a lot, the cost is 499.00 a month, when i said the company covered the payments i meant they paid for a good amount of the cost plus gas money. it wasn't actually a company car though, he went to a dealership and because both my dad and my moms names were on it the dealership wouldn't take it back, if just his name was on it then it would be there problem. You said you know someone that might buy it for around that price, are you going to tell them about the van?

isellhondas

One of those Runzheimer deals tha most companies are using these days.

The "company cars" of the past are pretty much a thing of the past.

I do hope this works out but as a last resort, you could simply do a voluntary repo. Just give them back the car and walk away. Pretty hard at this point to damage anyone's credit.

And...good luck to you.

jlawrence01

***The "company cars" of the past are pretty much a thing of the past. ***

A lot of companies are moving back to providing vehicles ... they don't like their sales guys showing up in a 1995 Taurus that is leaking oil ... or having to discipline the top salesman who just claimed 250 miles for the drive between Baltimore and Washington DC ....

Having said that, if the company does NOT provide a car, the employee must ensure that they are not getting screwed in the process. Sometimes you have to know when to walk away ...

Had to spend ONE YEAR trying to convince the wide that her $250/ mo vehicle allowance did not cover the costs of operatong a car 25-30k a month, even if the car was a beater.

dwazdip

I am in the bizarre position of having to sell an 05 Mustang V6 that I won in a sweepstakes. I haven't even taken delivery of the car yet! The dealership where I am picking it up seems mildly interested in buying it from me, but I have no idea what kind of price I should ask for it. Anyone have any ideas? I presume they will want to make a nice profit, so I can't expect full price for the car from a dealer. However, these seem to be pretty popular cars and I don't know if I would be better off selling it to a private party. PLEASE help!

mark156

dwazdip, I'm sure you will have to pay a gift tax on it before you trade it in or sell it.

What are you driving now? A new car with just paying the gift tax is not a bad deal. Maybe you could sell your current car.

Mark

kyfdx

I'm pretty sure that sweepstakes winnings are taxed as ordinary income.. Figure about 1/3 of the amount between Federal and state taxes, depending on your income...

Gift taxes are paid by givers, not receivers...

I'd start seriously talking with the dealer about what amount they will give you for the car... Ideally, you wouldn't ever take possession or ownership... That way, your only liability will be for the income taxes owed... You should get a 1099 from the organization that sponsored the contest..

Congratulations..

kyfdx

urrrn

what exactly is a "volunteer repo."? And where would it leave us? I don't know that much about all this.

mark156

Remember when Oprah Winfrey gave away all of those Pontiac automobiles? Many of those folks could not pay the Fed/state taxes and could not accept the cars. That's a shame because that would have been such a wonderful deal on a new car.

Mark

PS. Silly me, I meant to say Fed/state tax not gift tax.... I'm not awake yet...LOL

jlawrence01

Kyfdx, like usual, is correct.

ALL sweepstakes and prize winners are taxed as ordinary income. In January or February, you WILL receive a 1099 Form with the value of the prize. And generally, the prize is valued at the MSRP of the product.

Also, depending on the State and City, you will have to also pay state and city income taxes on the prize. You will need to contact your city to see if proze winnings are taxable. (Many Ohio cities do tax prize and lottery winnings and the Ohio Supreme Court has upheld this practice.)

One more thing, I would **STRONGLY** recommend that you start withholding more Federal/State taxes from your weekly earnings ASAP. Otherwise, you could have a major liability staring you in the face next April as well as an underpayment penalty on your federal return.

One of my employees won a race driving school scholarship AND travel expenses. He received an unexpected (to him) 1099 for $5,000 in February and was in a panic. Fortunately, he had overwithheld taxes on his earned income and that was enough to cover his expenses.

Sorry for being so specific but you asked ...