The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Andy88 on March 25, 2017, 03:11:19 PM
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Need some advice!
My wife and I are in the process of becoming more mustichian and with that we are going down to one car since I can bike commute to and from work. I have a 09 Silverado. I have tried selling it myself and haven't had much luck. It's worth 15K and Car max is willing to give me $12K for it. I bought it over 3 years ago for $28K (stupid and I deserve a big face punch). The truck is in great shape but has a few things that will need to be worked on in the next year or so. It would be more convenient and more peace of mind selling it to carmax. Additionally, the truck is registered in another state and expires in April. It will cost extra to register it in my new state. Is it foolish to take $3K less for a vehicle out of convenience and a need to sale?
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Worth 15k according to whom?
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The $15K was from Kelly Blue Book and NADA based off the miles and overall condition
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4WD? If so, where are you located?
(IMHO we need a for sale section on the forum...)
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Unfortunately it's a 2WD, looking back on it I should have bought a 4WD but I'm located right outside of D.C.
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Thanks. I'm on the other side of the country, though, and semi searching for a used 4WD.
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(IMHO we need a for sale section on the forum...)
Already exists: https://forum.mrmoneymustache.com/mustachian-marketplace/
OP: I'd just sell it to CarMax and be done with it.
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Thanks! That's what I'm leaning towards but leaving a potential $3K is the only thing making me think twice about it.
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It's only worth what someone will pay--no more. I'd take the $12k. :)
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CarMax has always low-balled me. I've never sold them a vehicle.
Try Carvana if its available. Likely will offer you more and they don't waste your time like CarMax does.
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I think CarMax gives you a week or two to decide: I'd put it up for sale for $14k firm, and see if someone bites. If not, sell it to CarMax on the last day before the offer expires.
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4WD? If so, where are you located?
(IMHO we need a for sale section on the forum...)
Agreed ! I imagine it would be very beneficial to fellow mustachian people here.
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If you've put it on craigslist and had no inquiries at $15k, then it is NOT worth $15k. Drop it to $14k. If no inquiries in a day, sell it to carmax as you'll likely get very little more than the $12k they offered you.
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Thanks for all the advice and recommendations. I have lowered the price on Craig's List. If I don't hear anything this week I will be selling it to CarMax. In the mean time, I will see if there is a Carvana near me.
Thanks again!
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The reason to sell the car is not just to recover the current market value, but also to reduce insurance/registration costs (and if you're still using it, gas and maintenance.)
As everyone has gone over, the current market value is what it's worth. Now, the reason it didn't sell at $15k (or the price you have set now) could also just be "bad marketing." You need to get the target audience' eyeballs on your ad, and they have to like what they see. Lots and lots of photos that are as high quality as you're able to produce. List the unique selling points of the car.
When picking a price, sure you can (and should) consult KBB and Nada -- you should look at different condition levels and different price types (trade, private party and retail) to get a good overall picture. But you should also look at competitive listings -- you can expand the search area beyond what people will really shop if you can't find comparables, but there are a LOT of trucks for sale. Of course, north of the Mason-Dixon line, there are very few RWD trucks; not sure how D.C. is as it just misses the cut-off.
I'm interested in how you make out. I have a 2014 Silverado 4WD... that I hope to sell for ~$28k. Used trucks generally hold their value pretty well, but buyers are artificially biased against RWD, even though you get ~5 mpg better and 95% of the time or more, you get the same functionality you would've gotten from an equivalent 4WD.
Anyway, last year, I sold a car rather quickly and for more than what I expected. But I took excellent photos, so by the time the buyer arrived at my door, he was drooling and I didn't have to negotiate; his initial offer was excellent. That was using Craigslist only. Good luck!