Author Topic: Car Payments  (Read 890 times)

stanleymmf

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Car Payments
« on: March 13, 2019, 06:47:49 PM »
Hey, a couple years ago I bought a 2017 Toyota RAV4 brand new. Price was 21k with $600 down. I've just paid it off. My wife was using this car but wont need it anymore so I want to get rid of it. KBB valur is 19k for private selling and 15k for dealers. I dont really need the money right now
1- Should I try to sell it for 18.5k cash only
2- "Owner finance" it and get 19k+
3- Cancel the insurance, let it sit on the driveway and sell it for the highest price cash only
4- Trade in on a dealer for a newer work van( am planing to replace mine on the next 6-12months)

What should I do

seemsright

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Re: Car Payments
« Reply #1 on: March 13, 2019, 06:58:27 PM »
Why is your wife no longer using this vehicle? Make sure you do not jump the gun on selling this vehicle.

I highly doubt you are going to get someone to pay you 18.5K in cash for this car...maybe but I doubt it.

The owner finance options sounds like a nightmare.

I would think if you do need to sell it the simplest, straight forward, less stress would be just trade it in.

But make sure you do not shoot yourself in the foot by getting rid of it. I know this board likes used cars, but you all ready took such a hit on this car you might want to keep it.

(I buy new and drive them forever. I like knowing that I wont have issues. We have bought 3 in our lifetime)

Finances_With_Purpose

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Re: Car Payments
« Reply #2 on: March 13, 2019, 08:56:20 PM »
I would stay away from owner finance unless you want to start your own repo business or giving-away-cars business.  I would also avoid a trade-in; you'll get a better value before you start combining things with a dealership. 

Cash only will be a discount versus normal value.  Yet still probably your best bet if you're going to sell.  Like the first guy mentioned, I might hold onto it and let it ride out.  Or do cash-only.  You can always offer it, and, worst case, keep it. 

RWD

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Re: Car Payments
« Reply #3 on: March 13, 2019, 10:06:49 PM »
Options 2, 3, and 4 are all terrible. Selling normally via private sale is your best option. Note that the buyer can still get financing on their own. I even sold a 22-year old Toyota to a guy that financed it through his bank. I just met him at his bank and the bank handled all the paperwork and handed me a check at the end.

stanleymmf

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Re: Car Payments
« Reply #4 on: March 14, 2019, 03:21:47 AM »
Why is your wife no longer using this vehicle? Make sure you do not jump the gun on selling this vehicle.

I highly doubt you are going to get someone to pay you 18.5K in cash for this car...maybe but I doubt it.

The owner finance options sounds like a nightmare.

I would think if you do need to sell it the simplest, straight forward, less stress would be just trade it in.

But make sure you do not shoot yourself in the foot by getting rid of it. I know this board likes used cars, but you all ready took such a hit on this car you might want to keep it.

(I buy new and drive them forever. I like knowing that I wont have issues. We have bought 3 in our lifetime)
She is going to her country to solve some family issues and wont need to drive the car for at least 5 months and I use my work van(14MPG) if I have to commute. I was thinking on selling it to buy a less expensive and economic car 4-6 months from now. Toyota RAV4 makes 27MPG , was planing to get something 40+MPG and older to drop the insurance payments

ShoulderThingThatGoesUp

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Re: Car Payments
« Reply #5 on: March 14, 2019, 06:11:48 AM »
Can it replace your work van entirely?

stanleymmf

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Re: Car Payments
« Reply #6 on: March 14, 2019, 09:41:08 AM »
Can it replace your work van entirely?
No, I need to carry pallets of wood flooring and also debris from the installation( rest of carpet, wood, leftovers) and also carry a bunch of tools.

Holyoak

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Re: Car Payments
« Reply #7 on: March 14, 2019, 01:32:06 PM »
With the completely redesigned 2019 model out, with a lot of hype and huge sales expected/guranteed as the #1 selling non-truck vehicle in the US, be very reasonable in your pricing for  private sale...  Dealers/Toyota had to knock of big $$$ to clear out the 18's, so a 17 must be well priced, in great shape, with great service records to demand good $$$.  Curious, $21k brand new?  what version is it, and it's FWD, right?

stanleymmf

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Re: Car Payments
« Reply #8 on: March 14, 2019, 05:24:27 PM »
It is LE, FWD