The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Patches on January 18, 2016, 10:55:09 AM
-
Hello Gentle Mustachians,
I'm going to sell a newer vehicle on Craigslist. The KBB is over $30,000. (Don't freak out on me about having this money-sucker... it came into my possession in a remarkably fortuitous fashion just last week.)
I'm wondering if I'll experience any push-back or difficulties selling a vehicle of this value person-to-person. Seems like most people will want a loan for something like this and they might chose to go to the dealership instead.
I own it outright... and I want to avoid trading it in for an overpriced used vehicle at a dealership.
Any thoughts? Thanks so much for your help.
-
You should have it priced lower than an equivalent vehicle at a dealership. Not being able to take a trade-in is definitely a no-go for many people. However, maybe you could point out in your ad that buyers can get loans to purchase from private parties, and add a link to a local credit union or something? I don't think everyone is aware of this possibility.
Several years ago I sold a car that was only about a year old and the buyer arranged financing, I went to the bank with them, handed over the title and they handed me a cashier's check. Assuming you have the title, it should be pretty easy once you have a willing and qualified buyer.
-
It's incredibly easy to finance a private sale - that shouldn't be an obstacle.
-
OK, thanks y'all... sounds easier than I imagined.
-
Yes, people can obtain loans through banks, CUs, etc. and then they would give you a check for the amount of the vehicle and pay the vehicle off through whoever gave the loan out.
Another easy option is Carmax. They will offer a free appraisal (valid for 7-10 days, I forgot the exact #) and you can give it to them for a nice fat check. Super easy process. I sold my car through them because they were only about $500-$1k under PP value and I didn't feel like dealing with the Craigslist crowd.
-
I sold my last car for $21,000 last fall. It was a 'summer car' and winter was approaching (making it harder to sell).
I listed it on Craigslist and it took about 3 weeks to sell. I had around 5 people who were just 'car guys' emailing me about it for no reason, though, it's hard to tell the seriousness of someone over text...
I didn't even mention the finance vs cash part, the guy just bought it with a 'bankers check'
List it, I wouldn't worry about it. Remember to refresh the post every once and awhile.