Author Topic: What to do with new-ish car  (Read 462 times)

nyxst

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What to do with new-ish car
« on: May 28, 2023, 01:27:09 PM »
Found myself in a bad situation and ended up stuck with a brand new car. It's a boring story, but broke down in a different state many hours from home on a holiday weekend and on a deadline. Only solution was to grab a new car. It was last summer when inventory was terrible. Anyway. I dont want a new car, or the payment. I have never sold a new-ish car before and I wanted to just post it to sell it, but I'm unfamiliar/uncomfortable with how someone would pay me for it... also, right now I have an auto loan (3.75%, so not terrible) and I was thinking I should pay it off so I have the title in hand in order to sell it easier..... but maybe there is a better way? I hate to sell stock to pay it off if there is a more practical way... or do I try to sell it to a dealership instead of a person?   I just have no idea. I've only ever sold old well used cars....

ender

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Re: What to do with new-ish car
« Reply #1 on: May 29, 2023, 07:49:51 AM »
Check Carvana/Carmax or whatever regional ones you have.

You might be surprised by what they'd offer.

cincystache

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Re: What to do with new-ish car
« Reply #2 on: May 29, 2023, 08:17:19 AM »
I mean, if you truly need a car and this car fits your needs and is in good shape, you might consider just keeping it at least until the car market cools off. Used cars are pretty highly priced right now. You've already taken the biggest depreciation hit by holding it for the first year, holding it for a couple more years isn't going to depreciate as much. I understand you don't want the payment but depending on your car needs over the next 5-10 years, it might not be a bad idea to just keep it, enjoy the fact that it is under warranty and should be very reliable for at least the next 5 years. The sunk cost is already realized, don't beat yourself up or rush to sell it thinking it will undo the frantic decision you were forced into last summer.

If you decide to sell, I like to get an estimate from carmax first. They are the easiest route but that simplicity comes at a cost of getting a potentially lower offer than you could get selling it privately. You don't need to pay off the loan if you're selling to carmax or another dealership. I've never personally done a private party sale with an outstanding loan so I can't speak to how that works. As far as payments, carmax or a dealership would write you a check. I would be a little more cautious selling it to a stranger on facebook in terms of payment.

nyxst

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Re: What to do with new-ish car
« Reply #3 on: May 29, 2023, 01:25:04 PM »
Thanks! Sometimes I just need to hear other opinions before I make decisions. I have been back and forth a lot, since I feel like having a new car is lost on me. It is nice to have something reliable and safe, since I drive my kids and grandkids in it. I hate the payment, but I always know in the back of my mind I could pay it off if I want. I have the opportunity to get a very cheap high mileage car (old work fleet car I know is well maintained) and I would be more comfortable in that (dont care if the kids spill.. or a shopping cart rolls into it, etc etc)... so I'm weighting my options.

ender

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Re: What to do with new-ish car
« Reply #4 on: May 29, 2023, 02:23:38 PM »
You should check what the actual value is via some of the many sites that will give you a cash offer, online, with almost no effort.

That gives you a good ballpark for the car value and instead of this being all hypothetical you have actual information to think around.