my bf has an '06 lexus IS that is practically brand new. he needs to sell this asap. how do we go about it? would it be profitable or just to break even to sell to a dealer or car max for example?
he is financing it... and ive gone through the other similar questions on this forum... so would it work to sell it to a dealer? even if it's a couple thousands off- it's ok although we would like to sell it for the payoff amt or more.
scenario-
payoff amt is $31000.... done some research on blue book value-
car is worth about $28-$31k... if i privately sell it, i could possibly make the $31k or more. but it would be time consuming and i wouldnt know where to start. has yahoo autos has any success?
thanks in advance. we are totally lost.
2006-09-10 18:06:15 · 7 answers · asked by tooxswt 2 in Cars & Transportation ➔ Buying & Selling
That is tough. Selling privately is hard because you gotta list ads and such. But try it anyway, list ads on Craigslist and in newspapers. Maybe you will get a buyer. But dealers will likely rip you for at least 3k off what you paid.
2006-09-10 18:09:41 · answer #1 · answered by Pluck That Chicken 2 · 0⤊ 0⤋
You have a certain amount of equity built up in the car. Total up the amount of money you have spent so far on monthly payments and the down payment. Multiply that by 65% or so and find a qualified buyer that can take over the payments.
For instance, let's say you have paid $4,000 including monthly payments and the down payment so far. Charge the purchasing party $2,600 and work it out with your lender for new buyer to take over payments.
That's a good deal and it is done all the time. You only lose $1400.
Dealers are gonna pump you either way you go. You will lose WAY MORE than $1400. They are not going to pay you what the car is worth, if they do how would they ever make any money? I bet you they would only give you 21,500 for your car. What a punk job that would be for you, but who knows what would it hurt to ask.
2006-09-10 21:28:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You have the best chance for getting the true value of the car if you sell privately. However, if you do decide to sell to a dealer, try Carmax if you have one in your area. They have a reputation for paying the highest prices.
There are a number of web sites on which you can list your car for sale, so it's not that big of a hassle. Craigslist.com is free and you can list in the cities you want.
There are also web sites, such as the one below, that provide a lot of good advice and tips for selling a car.
2006-09-11 00:49:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Very rarely will you make proffit when selling a car, they are money pits, a dealer would not give you a very good price, much due to the fact they will have to sell it for a semi reasonable price, you loose about $7,000 when you buy a brank new car the second you drive it off the lot!
To sell private would be better finacally, but atleast a dealer would be fairly easy,
A rock vs hard place situation!
2006-09-10 19:15:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Carmax is, ok, www.autrader.com or cars.com is good. I don't think that in craigslist you can find a buyer for such an expensive car, but try it for free, maybe you find a dealer who pays money.
Don't tell dealer you need to sell the car ASAP, they will rip you off.
2006-09-16 18:02:23 · answer #5 · answered by wazup1971 6 · 0⤊ 0⤋
Privately that's the best way. The dealer would give you less than what they will be turning around and selling it for.
2006-09-17 02:13:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋
trying to sell it privately might not get you the best price, but going through a dealer might give you a better price but be ready for the dealer's share.
2006-09-10 18:17:51 · answer #7 · answered by nithin g 1 · 0⤊ 0⤋