Author Topic: Advice for Selling a Fairly New Car?  (Read 890 times)

hred17

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Advice for Selling a Fairly New Car?
« on: January 24, 2018, 01:39:04 PM »
At the end of 2016 I bought a new car (I know, I know... face-punches welcome). There were a variety of reasons I did which I won't get into but needless to say, I hate having the monthly payment and the debt even though the loan on the car is the only debt I have and I can easily afford the payments.

I don't really want to pay the balance off in full nor do I want to continue the monthly payments. I am thinking about selling it to pay cash for a cheaper, used vehicle. My issue is that due to depreciation the value of my car is less than what I owe on it (by ~ $4K according to Kelley Blue Book dealer trade-in estimates).

Any advice or suggestions for selling my current car at as little of a loss as possible? I am not even sure how to approach this really. Any thoughts or similar experiences you can share would be appreciated!
« Last Edit: January 24, 2018, 01:51:07 PM by hred17 »

lbmustache

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Re: Advice for Selling a Fairly New Car?
« Reply #1 on: January 24, 2018, 02:13:02 PM »
Either you hold on to the car long enough to have positive equity, or you dump it now and take the loss (and learn an expensive lesson).

At this point it's a sunk cost so really up to you. You will get more money private party, however sometimes it's harder to secure a buyer/financing for newer cars with a higher cost.

I'm not sure what car you have or how much it is owed, but depending on what the price you are considering for a used vehicle, it *may* make more sense to just keep your car and pay it off with the cash you'd use for the "new" used car.

Dave1442397

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Re: Advice for Selling a Fairly New Car?
« Reply #2 on: January 24, 2018, 04:23:05 PM »
Take it to Carmax and see what they offer. At least you'll know the worst case scenario if you do sell it.

terran

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Re: Advice for Selling a Fairly New Car?
« Reply #3 on: January 24, 2018, 05:03:14 PM »
Take it to Carmax and see what they offer. At least you'll know the worst case scenario if you do sell it.

This, but definitely try selling it yourself first.

I certainly wouldn't be looking at trading in a car you owe that much on compared to it's value. How does the KBB private party sale value compare to what you owe?