What to do with old car: Private Sell or Trade in?

[irvinehomeowner]

Actually, the dings/chips aren't that big a deal during trade-in (at least for us). There just can't be damage greater than the size of a quarter or they will deduct for it.

The funny thing is I only know 2 or 3 people who have had a car longer than 5 years... it's just like a phone, some people tend to want the latest and greatest.

 

[Irvinecommuter]

Actually, the dings/chips aren't that big a deal during trade-in (at least for us). There just can't be damage greater than the size of a quarter or they will deduct for it.

The funny thing is I only know 2 or 3 people who have had a car longer than 5 years... it's just like a phone, some people tend to want the latest and greatest.

Some of it is the hassle factor...3 years is when the big repair bills start coming. 

 

[eyephone]

Actually, the dings/chips aren't that big a deal during trade-in (at least for us). There just can't be damage greater than the size of a quarter or they will deduct for it.

The funny thing is I only know 2 or 3 people who have had a car longer than 5 years... it's just like a phone, some people tend to want the latest and greatest.

The way I look at it your renting your car when you lease. Also, the inside interior needs to be spotless. #dontspill

 

[jmoney74]

Actually, the dings/chips aren't that big a deal during trade-in (at least for us). There just can't be damage greater than the size of a quarter or they will deduct for it.

The funny thing is I only know 2 or 3 people who have had a car longer than 5 years... it's just like a phone, some people tend to want the latest and greatest.

The way I look at it your renting your car when you lease. Also, the inside interior needs to be spotless. #dontspill

Just put some saran wrap over everything. 

 

[eyephone]

Actually, the dings/chips aren't that big a deal during trade-in (at least for us). There just can't be damage greater than the size of a quarter or they will deduct for it.

The funny thing is I only know 2 or 3 people who have had a car longer than 5 years... it's just like a phone, some people tend to want the latest and greatest.

The way I look at it your renting your car when you lease. Also, the inside interior needs to be spotless. #dontspill

Just put some saran wrap over everything.

Or have a sign inside your car: no drinks, no food, no chewing gum

Mileage limits is a problem also.

 

[Coleman]

And that's why I'm a 99%er.

Let's saw you got an extra percent and one more garage space.  Besides the minivan - what would you want parked there?

Leasing doesn't make sense for my family.  We heard about this great 80/10/10 ARM deal you can get on car financing.  We don't plant to be in our car for 30 years so we figured this is the best bet.

 

[usctrojancpa]

Depends on what kind of car that you are selling.  I have bought and sold several cars from online car forums (BMW and Porsche forums).  I'd list the cars there and not even have to list it on Autotrader (I'd never list it on Craigslist).  I sold all of the cars within a week either at asking or just below it.  You can use Carmax as you stop gap if needed.

 

[usctrojancpa]

It's probably bad financially but unless it's a car that appreciates like USC buys, "renting" seems to be a better choice for us.

I buy late model used cars with low miles from private parties.  I have them thoroughly checked out (I pay for an inspection) and if all checks out I proceed.  I got lucky with the GT3s as collectors are coming into to the market and buying them up (kind of like FCBers with Irvine and other real estate markets) so that's not the norm.  But I'll give you an example on a normal situation for me....I bought a 2011 BMW M3 with 6k miles in 2011 for $60k (sticker around $75k) and sold it in 2013 with 28k miles for $51k.  So I basically spent $9k (plus interest on a 1.49% car loan from PenFed) for 2 years of ownership.  I just hate being the first owner and taking that 20%+ depreciation hit when the car is driven off the lot.

 

[woodburyowner]

I sold private party twice.  Got Car Max quote for both cars just to get a baseline price.

2006 Passat -  Carmax price $6800.  Sold private party in 3 days for $9700.
2004 Lexus IS300 - Carmax price $4500.  Sold private party for $6300.  This one took 1 month, but still worth the 5 or so showings during the month.

 

[bitmaster20]

I have bought and sold through Craigslist. When I bought the car, the seller accompanied me to the bank . We both went up to the teller window where the teller generated a Cashiers check. That way he knew that the Cashiers check was legit.

 

[Irvinecommuter]

I have bought and sold through Craigslist. When I bought the car, the seller accompanied me to the bank . We both went up to the teller window where the teller generated a Cashiers check. That way he knew that the Cashiers check was legit.

A cashier's check can be cancelled...better just to have the person got to his/her bank and get cash and then deposit in your own account right after.

 

[irvinehusky]

If that happens, other than hiring QWERTY, what can you do?  Can you undo the registration through DMV?  I would think you get a copy of their driver's license so you can track them down?  Of course, it could be fake but I would look closely at it beforehand.

I personally don't think it's worth the extra risk for the additional money.

A cashier's check can be cancelled...better just to have the person got to his/her bank and get cash and then deposit in your own account right after.

 

[homer_simpson]

With the cashiers check... make sure the funds clear before releasing the title to them...

 

[usctrojancpa]

I have bought and sold through Craigslist. When I bought the car, the seller accompanied me to the bank . We both went up to the teller window where the teller generated a Cashiers check. That way he knew that the Cashiers check was legit.

Yup, that's exactly what I did.  When I didn't give the seller a cashier's check....I would just wire funds over. 

 

[bitmaster20]

I don't think a Cashiers Check can bounce if it's legit. The bank would only generate the Cashier's Check if the buyer's account has the funds. And once it's generated you treat it like cash.

The only reason a Cashiers' Check would bounce is if it is fake. But since you are witnessing the teller generate it in front of you, you are eliminating that possibility.

I have bought and sold through Craigslist. When I bought the car, the seller accompanied me to the bank . We both went up to the teller window where the teller generated a Cashiers check. That way he knew that the Cashiers check was legit.

A cashier's check can be cancelled...better just to have the person got to his/her bank and get cash and then deposit in your own account right after.