Pricing my used vehicle for private sale

steine13

I'll word this carefully as I don't have my money yet ;-)

I just sold my car to a guy who paid with a cashier's check. I asked him who his bank was (CU in this case), then I found them on the web, called them up and talked to the loan department. They knew all about him and my '04 Pontiac, which was good enough for me.

Also, when I looked at the cashier's check today, it has text on the front advising of an "artificial watermark" on the back... and sure enough, if you hold it flat and look at a light source so the light strikes the paper at a shallow angle, you can make it out, easy.

Also, the logo is the same as on the credit union's web site, but that'd be easy to fake.

I don't think there's a 100% safe way, though.
-Mathias

kyfdx

There isn't...

Do what Mathias did...

Check it out.. make some calls.. know who you are dealing with..

It is 100% safe for the bank, though... If the check is fraudulent, you can be sure that you will be stuck with it, not them..

british_rover

is issued for are only guranteed at the time that the check is issued for.

So if someone withdrew the money from that account before the check is cashed then that is another way to do it. The bank is suspposed to keep someone frome doing that but I am sure there is a way around that.

audia8q

Here in CT and some other states there is something called vicarious liability.....essentially it says the owner of the car is ultimately responsible.... so if a friend uses your car and runs into a school bus and kills somebody your going to get sued.

This is why so many independent leasing companies won't do business in vicarious liability states....They lease someone a car but they still hold all the liability.

backy

Thanks, that is good to know. I have already told my sister I don't want to do the joint ownership thing.

juicymoose

Has anyone ever done this? I'm thinking it would be relatively straight forward. You set the reserve at the lowest price you are willing to sell and go from there. I guess the only problem there would be distance to the seller. What if someone from two states away wins the auction? How to deliver? Anyway, just a thought. I see some people doing this (some are scams of course) but if you are an honest person selling your vehicle for a decent price you should be good to go. Maybe. Thanks.

cccompson

Sure, it's done all the time. The problems I see is that many folks set their reserve too high and a great many people are looking to steal a deal. Result - lots and lots of vehicles never hit their reserve.

It's the buyer's responsibility to arrange transport.

Ebay has some very serious problems relating to account security and customer service. In addition to scam sellers, there are far too many scam "buyers" who win bids with no intention of actually purchasing the vehicle.

lidoh

I am selling my car and the annual registration fees are due this month. I had the smog check done and the car passed, so I was about to pay the annual Registration fees and thought for a second... If my registration expiry month is May and I am selling my car, do I need to take care of the registration fees? or is the buyer paying for this when he/she takes care of the transfer fees?? Advice on this issue will be greatly appreciated.

Thanks

ral2167

i jus sold a car and all i did was sign my name on the back of the title after writing the miles on the odometer.. had it notarized (free)....

when buyer took delivery, all i did was give him the title and removed license plates from car...

i didn't pay anything... the buyer is responsible for tax and then registration...

get a second opinion tho... others agree?

theflush

That's how I always do it.

tsgeisel

You may find that people will be more interested in a car with paid-up registration than with expired registration.

jonbanks

i have a 2004 chevy tahoe that was wrecked i bought it back in january and barely got it a month ago , it took along time to find the parts and the shop told me that it would take 6-8 weeks and it ended up taking 12 but i have advertised it in my local paper a week ago and i put " salvage title" and have not gotten even 1 response, that's right not 1 ! i dont want to take out the salvage because im a very honest person and dont want to waste my time with non-serious buyers. im considering selling it at a local auction where i beleive it will fetch 10% lower than the blue book in fair condition, but there is no guarantee and there is a $250 fee + 5 % and you can only run it 3 times. i have the vehicle priced at $15,900 its the lt,leather,95k miles,onstar,3rd row,z71. has a tear in the cloth on the roof,missing a runnin brd, and has the service engine light on other than that it is in great condition , i just had it fully detailed inside and out, what should i do , pay more on regular advertising like autotrader and edmunds and keep running it in the paper. Run it throught the auction. Try ebay? i need some advice please all advice is welcome

sebring95

The only way to get anyone's attention on a salvage vehicle is to have a very attractive price. IMHO...a 95k mile Tahoe for $15,900 is a marginal deal WITHOUT the salvage title. Missing parts, engine light on, salvage title....Advertise it at $12,900 and you might get a call. If you're going to try and sell a vehicle with a salvage titel, it's gotta look brand new. Get the other stuff fixed so that's it "like new" and you'll have a chance of selling it for in the vacinity of your price. Park it in a lot somewhere and hope someone falls in love with it enough to overlook the salvage title (and the miles, and $3/gallon fuel). We're talking kid car here. Good luck!

tsgeisel

"has the service engine light on"

There's all kinds of red flags for me, right there. In California, it means the car won't pass smog, but even without that, it means repairs that could be anywhere from $100 to $1000 and up.

I'm told that a salvage title is about a 1/3rd hit in value.

Good luck.

jonbanks

i actually purchase this from an insurance company however all of the repairs were made by a good shop and it looks and drives new the the lights are stuck because i guess dat it stays on , i had 2 reset the oil change , brand ne w tune up for the service engine, and it has coolant has absolutely no mechanical or body/frame problems i would actually encourage potential buyers to have it checked by a mechanic/frame shop,. now lets talk prices,
the vehicle cost me $9,400 from the insurance company
$1000 in parts/windows
$656 for registration/inspection/plates
$3800 for bodywork/labor/paint
total cost was just about $14,900 and about 6 months of wait time , how do i turn this around into a small profit .instaed of the worst investment of the year award, i might have made the car sound way worst then it was in the last post. keep in mind that it is the z71,auto ride ,leather ,4x4, 5.3 flex, 3 rows , onstar, lt, 95k,tow package oh and i forgot about the sunroof, heated/memory seat, 2004 in year.
if i did my home work right it should be booking private party in fair condition for about 18k-19k

im not trying to force it but i just dont want to loose 3-4k and 6 months of waste

bobst

Q: " how do i turn this around into a small profit "

A: You sell it for more than you paid for it.

sebring95

Well, I mentioned it above but again...I think your best way to move this is by parking it somewhere with say $15,900 in big letters on the windshield. Let someone get attached to it before throwing the salvage title into the mix. When looking at an ad in the paper, "salvage title" stands out.

Either way, the book value goes out the window with a salvage title. In fact, buyers will likely have a hard time getting financing because banks will be very reserved about how much they'll loan on the vehicle. They know it's a hard sell and don't want any chance of losing money if the loan defaults.

jonbanks

well that sounds like a good plan, ive never put a car out on a lot, questions where should i park it? Is there a chance that they will tow it? How good are the chances of actually finding a serious buyer that way? what about theft and vandalism? How long would it take to sell (obviously a rough aproximation) if at all? And am i just wasting my time since the best offer im gonna get is like $12,500 which i could most likely get at the auction or ebay?

sebring95

I don't know where to tell you to put it. I would look for friends/associates/anybody you know that lives or has a business near a busy road. Ask first, don't just stick the vehicle somewhere or it probably will get towed. Ebay might not be a bad bet but the vehicles generally sell for less than normal anyway. At least the picture/price might get someone really interested before they read the "salvage" part. I've sold all my business vehicles by parking them out in front of my office.

jonbanks

thanks for the advice what i will probably do then is ,find a buisness on a busy intersection ask to place my car on their lot, keep running it in the paper, and give it about a month to sell , if it doesnt , then that's when i will place it on ebay motors, what price do you think that i should start the auction? i was thinking $11,900 with NO RESERVE and then see how much of a loss i take or starting it off around 9,000 with a " very low reserve " in the title? what are your guys' opinions on that one?

Kirstie_H

Let's keep this conversation in one place rather than having the same one going in multiple topics. I have enough difficulty with my own schizophrenia as it is

This one seems like the best... so let's carry on here.

jonbanks

ebay; my only concern with starting it at $5,000-$8,000 with no reserve is that , a) people will think thats it's a piece of s***, why else would i be selling it at such a low price? b) Im already going to loose money and time do i really want to risk loosing over $4,000 ? the vehicles total cost was just about $14,600 cash , so if it doesnt hit that im going to loose money and i think starting it off at 8,000 will probably only get it up 2 about 10,500 (if that) , i need to sell this vehicle like how i know and how i can prove that its worth im willing to take a loss but ium going to try and avoid it as much as possible. now for you people that have sold cars on ebay whats the rough aproximation that i will get.
this is the vehicle
i actually purchase this from an insurance company however all of the repairs were made by a good shop and it looks and drives new the the lights are stuck because i guess dat it stays on , i had 2 reset the oil change , brand ne w tune up for the service engine, and it has coolant has absolutely no mechanical or body/frame problems i would actually encourage potential buyers to have it checked by a mechanic/frame shop,. now lets talk prices,
the vehicle cost me $9,400 from the insurance company
$1000 in parts/windows
$656 for registration/inspection/plates
$3800 for bodywork/labor/paint
total cost was just about $14,900 and about 6 months of wait time , how do i turn this around into a small profit .instaed of the worst investment of the year award, i might have made the car sound way worst then it was in the last post. keep in mind that it is the z71,auto ride ,leather ,4x4, 5.3 flex, 3 rows , onstar, lt, 95k,tow package oh and i forgot about the sunroof, heated/memory seat, 2004 in year.
if i did my home work right it should be booking private party in fair condition for about 18k-19k
i have the vehicle priced at $15,900 its the lt,leather,95k miles,onstar,3rd row,z71. has a tear in the cloth on the roof,missing a runnin brd, and has the service engine light on other than that it is in great condition , i just had it fully detailed inside and out
salvage

bolivar

Ok folks, I'll step right up to bat on this one. Several people have heemed and hawed about it, but....

Jon Banks, I think you're going to get 'the worst investment of the year award'.

It's been my understanding salvage titles drop a sales price by about half.

jipster

I believe most people who buy salvaged titles repair the vehicle themselves...or have friends in the business to do the work cheap that they are unable to. This big savings on parts and labor allow them to turn a profit.

But, just look at some of the highly inflated prices some dealerships charge for preowned. You never know. You might get lucky and have some "bonehead" take it off you hands with little or no loss.

sebring95

Oh, I don't think it will be that bad but it will require patience and a lot of marketing. This is a terrible time to be selling a truck/SUV anyway, never mind one with a salvage title and 95k miles. 30% loss from book value is a more reasonable number for a salvage vehicle. Soooo, if the book value is $18,000-$19,000 as Jon says then he should be in the $12,000-$14,000 range.

This may take a few months to sell at the price you want, but it may be possible. Don't cut yourself too short, you can lower the price but not raise it. If you decide to try Ebay, research what others are selling for and if you think your will get some attention, go for it. I'd list an opening bid of $13,000 with no reserve and see what happens. If it doesn't sell, you can relist it and lower the opening bid if you're desperate.

jipster

One angle I would play up would be the professional mechanics that repaired the vehicle. Have the repair records handy and even advertise where it was repaired at.This would give potential customers more confidence in the vehicle and that repairs weren't done by some "shadetree" mechanic.

tsgeisel

But get the Check Engine light problem fixed first.

Nothing says "Potential trouble down the line" like a phantom warning light, and as I mentioned elsewhere, that light will keep it from being smogged, and so keep it from being registered and, in fact, keeps it from being *sold* in California. Possibly other states as well.

jonbanks

thanks your guys' advice has really helped me think of how and where to sell it . but two days ago i left the lights on overnight and my battery died, i took it out and had it charged and put back in yesterday the serivice engine light soon didnt come on all day but when i started it today it came back on . any advice?

bolivar

You can 'reset' a 'check engine light' by disconnecting the battery for a minute or so.

When the battery dis-charged, the low voltage essentially disconnected the battery and reset the light. After driving the vehicle a while, the onboard computer diagnoisted the 'problem' again, and set the 'check engine light'.

Get the 'codes' pulled for the light. Autozone and other after market parts houses will do this for no charge at some locations. This should give you some idea of what has failed on the vehicle.

The one 'best' thing about this truck I can see is the 4x4. You might have to wait until winter approaches to sell it. Others have given good advice about advertizing the positive thing that 'professional' mechanics have done the repairs.

Did the truck only have body panel damage and/or lights, radiator, AC damage? All these thing just 'bolt on' and don't affect the basic structure of the vehicle. In other words, if there was no suspension, motor, tranny, or frame damage this should be stated in advertizing.

mark156

jonbanks, I have to ask... Why did you buy this vehicle in the first place?

What made this vehicle so attractive to you?

Mark156

corvette

Repair the vehicle themselves and/or get their friends to do it, plus cut corners on the repair, that's the way most of them operate.

tsgeisel

(My apologies if this has been asked before (and before and before...))

My car is for sale, but, paranoid that I am, I worry about it being stolen, my getting kidnapped on the test drive, someone coming by and grabbing it after the test drive now that they know where I live, etc. You know - the usual stuff.

What sorts of precautions do y'all take to rid yourself of these sorts of paranoid delusions so that you can get on with the actual business of selling the damn car? :confuse:

pat

I think that is a great question. I've sold three vehicles on my own and for each I let prospective buyers take it on a test drive without me. I wasn't about to go for a ride with them because I'd a heckuva lot rather deal with a stolen car than being kidnapped ... or worse :surprise: .

But I'm very interested to see how others deal with this. Especially since I may be about to do it again.

asafonov

I always only demoed cars I sold near my place of employment. Creates some constraints, as I am not at work evenings and weekends. Also, the person interested in the car must have a cell phone to let me know he/she is coming (which is probably a good thing - I hate no-shows for an agreed appointment.)

I also speculate that the danger of being kidnapped from an (obviously video monitored) lot is somewhat mitigated.

wakebdr

Thanks for reading my post.

I have a 2003 Tahoe that I am ready to put up for sale. I am pretty sure I know where I want to price it, and what I'll take for it. But, I'm unsure of its 'formal' condition. We were in an accident about 2 months ago from which it has just been repaired. There was no frame or mechanical damage to the vehicle, only exterior parts (doors, quarter panel, running board, etc.). My question is this: Is this considered a 'wrecked' vehicle? My initial impression is no because there were no major flaws made to the vehicle. I have inspected it since I got it back and cannot tell one bit that it was in an accident.

I have no problem addressing this question if it comes up, but I don't know how to 'convince' a buyer that there is nothing wrong with the vehicle. And, should I bring this up beforehand?

Any help and/or tips are greatly appreciated.

Thanks

mark156

Wakebdr..... How can think it's not wrecked? :sick:

An "accident" is a wreck. If you were the buyer and asked if the Tahoe had been wrecked and they said no, would that be OK with you? You had to replace doors, fenders, etc, that's what they do when a car is wrecked! :confuse:

I wish you the best.

Mark

bolivar

In my opinion, it's been wrecked.

An automobile professional can tell in under a minute it's been wrecked.

Many knowledgable non-professionals will also be able to tell.

Overspray, overspray, overspray. Paint lines where components were taped off. New bolts, bolts with wrench marks.

sebring95

I think the question here is....do you advertise this as a "wrecked" vehicle? My answer would be no. It's certainly something that should be divulged when a customer is looking/questioning the condition, but I wouldn't advertise it. It's not a salvage titled vehicle, therefore there's no legal issues with stating the condition is "good", "excellent", "like new", etc. But don't hide the repairs either.

mark156

Sebring95, I agree that I would not advertise the Tahoe as being wrecked, but if the potential buyer asks, then I would be totally honest.

But, bottom line is, it HAS been wrecked. A lot of cars on used car lots have been wrecked. Doesn't mean they are bad vehicles it's just that it can raise a question mark. Every used a car a person buys should be checked out by a mechanic.

My niece and her husband bought a salvaged 2002 Subaru Outback wagon. They knew it had been wrecked badly with only 425 miles on the odometer, the second owner had the car repaired and only but 11,000 on the vehicle when my niece bought it. Normally, a 2002 Subaru with that low mileage would go for about $16,000 and they got it for $8,000. Perfect purchase for them as they just had a new baby and just needed " good/reliable" transportation at a good price. The car was put back together nicely (I can tell where the replacement parts were put). But, the car serves a good purpose for them.

Wakebdr has to realize that this will effect the selling price by at least 20-25%.

Mark

wakebdr

Thanks for the replies. Let me clarify things by saying I know the car has been wrecked and if asked I would definitely answer honestly. My question was really more pointed towards the classification of the vehicle and whether I should voluntarily divulge that information.
My understanding of a wrecked vehicle is a vehicle that has had frame damage or mechanical damage. I'm sure it's my misunderstanding of terminology that has created the question in my mind.
Now, I'm not a mechanic or body expert, but I cannot tell that any of the parts are not original simply by inspection. My guess is that the casual consumer looking for a Tahoe will not be able to tell either. If they ask, I will definitely tell them, but do I need to share that information up front?
Another question is will my accident show up on a carfax report?

The vehicle is in excellent condition and looks brand new. The only way you can tell it's not brand new is the mileage.

Again, thanks for the replies and thoughts

sebring95

Personally, I would tell them even if they don't ask. It wouldn't be the first thing out of my mouth, but at some point I would divulge the bodywork. If it was done right and looks good, it shouldn't hurt the value much on a private sale. If it had a salvage title, that would be another issue.

The average private buyer really isn't all that concerned with light damage, but if they do have someone inspect the vehicle they'll be able to figure it out and you'll look bad. I've sold quite a few vehicles privately and a couple had been involved in light accidents. One had a new hood, grille, bumper, etc. and I disclosed it. Didn't hurt the sale one bit.

haspelbein

(Hopefully this hasn't been discussed before, but I wasn't able to find something related through a quick search.)

I have posted my 1997 BMW Z3 on sale with Autotrader, and I'm receiving a lot of out-of-state calls. I'm very concerned why somebody would want to travel that far for a car that is nothing special. The callers are also trying to create a sense of urgency, which I really don't understand.

I'm almost sure that it is a scam...but which one is it?

kyfdx

Are they willing to come look at the car? Or are they making offers sight unseen, and asking you if you will ship it?

I agree that a '97 Z3 isn't really anything special, but if you are looking for a budget Z3, there won't be many out there to choose from... You might have to travel a couple of hundred miles, just to have a choice of 3-4 cars...

regards,
kyfdx

haspelbein

They are willing to fly in for the car, but they are making the offer unseen, and seem to create a sense of urgency on the phone. No mention of an inspection of the car. They also sound more professional than I would expect a private buyer to be. It is also possible that I'm talking to used car dealers, yet it wouldn't make sense to me to buy a car in Ohio for a dealership in New York.

I think the only way to make a safe transaction would be to notarize the title and cash the cashiers check at a bank that exists in both states (given that the check was drawn from that bank).

Thanks a lot,
H-Bein

sebring95

Phony cashiers checks all over the place. Takes YOUR bank a good week or two to figure out you sent through a bogus check (and they'll want the money back). Using a bank the check is drawn on should help, at least they SHOULD be able to confirm it's valid. If your price is nothing special, I'd be skeptical no matter what.

Generally, the scam works where they send you a cashiers check for too much money and ask you to send them (or someone else) the extra funds. They have a million excuses why they need to do this. They don't ever come for the car, they just pocket your "refund".

haspelbein

No, my price is nothing special. It's slightly below what I've seen advertised but above Edmunds TMV. It's a fun little car without any mechanical problems, but it is not a collectible, and I would definitely not buy a plane ticket for just to look at it. I'm further sceptical because these people didn't sound like private buyers.

I didn't get the extra funds thing, yet. But the car has only been listed for a day. Let's see what else comes up. Still hoping for a particular local buyer to call me back.

british_rover

I get the so called nigerian scam all the time for the Series II Rover we have for sale. Basicly it works like this.

Someone contacts you normaly over email but phone also and offers to buy the truck sight unseen. They tell you they will give you a check for 30,000 dollars, which is 6,000 dollars over what we are asking for it, and you simply forward the extra to a shipping company. They say this simplifies the paperwork for shipping.

They never pick up the vehicle but instead pocket the 6,000 dollar refund you send them because their 30,000 dollar check is bogus.

They way I get around this is by demanding a wire transfer only for any non-local buyer. Everytime I have replied back saying they can have the car but it must be a wire transfer of funds only they have never contacted me again.

audia8q

I get the so called nigerian scam all the time

The latest is similar....they contact our parts department asking for 200-300 spark plugs to be sent to some address in Africa. we get the request via fax a couple times a month. Of course its a total scam...

kyfdx

They are really big on hitting tire dealers.... Big sizes on bling, bling rims..

They call on a TDY (?) line.. like the hearing impaired use... That way, they get past the accent, etc... Many times they use a rube that they've become acquainted with on-line in the U.S... So, they have the tires/rims shipped to another U.S. address.. billing shipping charges to an account that they've just opened with a stolen credit card number.. Then have their U.S. partner re-ship the items to Nigeria..

The tire dealers fall for it, because they assume they are conversing with someone that has a disability and it serves to make them let down their guard..

You'd think, "This seems like a lot of trouble to get goods that might sell for a couple hundred dollars in Nigeria"... but, it costs them nothing but time, I guess..

haspelbein

It has been crazy couple of days. I've had a lot of responses, some people claiming that they were flying in the next day, then not knowing about my car when I called them back. :confuse:

One of the more "regular" guys who responded is supposed to take a look at the car in 30 minutes. I'm still not through my e-mail queue of inquiries. One of them asked me if I could e-mail/fax them a copy of the title.

Sounds like an odd request to me. I was prepared to exchange the title in person.