Where we're going, we don't need...wheels
November 17, 2011 9:07 AM Subscribe
Selling a financed car. Comfortably right-side-up on the loan. Should we sell it to a dealer or a private party? Complication: Moving overseas in just over a month.
We're moving out of the country. Car is a 2009 CRV, ~44k miles. We owe $11,300 and Kelly says it's worth $21,800 (private sale) or $18,775 (trade-in value), based on "very good" condition.
Going to a dealer is tempting for expedience; we have only 1.5 months before departure and many, many other tasks to attend to. But obviously we stand to walk away with more cash (!) if we sell privately.
Would like to hear about your experiences selling a financed car. Importantly: What is the step-by-step process if we do sell privately?
We're moving out of the country. Car is a 2009 CRV, ~44k miles. We owe $11,300 and Kelly says it's worth $21,800 (private sale) or $18,775 (trade-in value), based on "very good" condition.
Going to a dealer is tempting for expedience; we have only 1.5 months before departure and many, many other tasks to attend to. But obviously we stand to walk away with more cash (!) if we sell privately.
Would like to hear about your experiences selling a financed car. Importantly: What is the step-by-step process if we do sell privately?
Best answer: My understanding is that used cars right now are hot as people are trying to save money by buying used. As someone trying to get a bargain on a used car right now, I've been floored by how much used cars are going for. In some cases, very close to a new price. It's crazy.
I think you could play dealers a bit. Call one up and tell them what you're doing. No matter what number they give you, tell them, "ah, I think I can do better on Craigslist" then see if they offer you more. You can let them call you up in a week or so and offer you even more! Worth a try anyway. Don't let them know that this is time sensitive!
Although, is it really a "trade-in" if you're not also buying another car from them? They may have disincentive to deal with you if you're not also clearing out some of their inventory.
posted by amanda at 9:44 AM on November 17, 2011
I think you could play dealers a bit. Call one up and tell them what you're doing. No matter what number they give you, tell them, "ah, I think I can do better on Craigslist" then see if they offer you more. You can let them call you up in a week or so and offer you even more! Worth a try anyway. Don't let them know that this is time sensitive!
Although, is it really a "trade-in" if you're not also buying another car from them? They may have disincentive to deal with you if you're not also clearing out some of their inventory.
posted by amanda at 9:44 AM on November 17, 2011
Best answer: You can try Carmax, they do go pretty much according to BlueBook and give you a cashiers' check. At least it's fast and clean. They were going to give me $5k for my Maxima. But I found a good dealer who was willing to negotiate and they gave me $6k. I probably could have asked $7k from a private person but you know, a dealer/carmax will take something faster than a picky private person who will want to get it inspected by their mechanic and who will probably find more defects than the CarMax/Dealer. So that's your risk/wait time.
CarMax/Dealer didn't see my busted head gasket. But selling private probably would have so...off to the dealer it went for a trade in.
posted by stormpooper at 10:04 AM on November 17, 2011
CarMax/Dealer didn't see my busted head gasket. But selling private probably would have so...off to the dealer it went for a trade in.
posted by stormpooper at 10:04 AM on November 17, 2011
Give it a go on Craigslist or Autotrader. A while ago we sold a Forester via Craigslist, for 2.5 times what the dealer offered us. And it took literally 3 days to have it out of our driveway. If you price it a hair under market, it will sell fast, I think. People that are shopping for used cars usually know exactly what they are worth, and jump on a bargain, stat.
Will you be carless once it's gone? Will that be a problem for you? Worth thinking about, as you can't just go drop it off the day before you leave, as you would with a dealer. On the other hand, if you get as much more for a private sale as I think you will, you can afford to pay for a few cabs, or even a rental car for a week.
posted by kestrel251 at 10:33 AM on November 17, 2011
Will you be carless once it's gone? Will that be a problem for you? Worth thinking about, as you can't just go drop it off the day before you leave, as you would with a dealer. On the other hand, if you get as much more for a private sale as I think you will, you can afford to pay for a few cabs, or even a rental car for a week.
posted by kestrel251 at 10:33 AM on November 17, 2011
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(Also, I would not expect to get that amount from a dealer, FWIW).
posted by kuanes at 9:29 AM on November 17, 2011