Private selling of a car...

[Tolwyn]

Hi guys,

Wanted to see if anyone had any good info or opinions on the matter. I'm looking to sell a relatively (2 years old) late model SUV; mainly to get something better on fuel than anything.

What are the thoughts of using something like Autotrader versus selling to a dealership? Based on some research I've done, the vehicle is actually worth a lot more than what I have left to pay on it. How difficult is it to sell a vehicle to a dealership (used car side of course)? I'd prefer to get money for it, clear off the loan, and then look for a new car -- but god knows how that'd work with some dealerships.

Any thoughts? Thanks in advance

[Deegee]

Sell it privately first, then head to the dealership.

Ask the dealer what the cash price is before you sign at 0% if they have those type of offers.

Compare any potential savings of a bank loan with interest versus the "0%" sales contract.

[Tolwyn]

I did a bit of research using both Blue (US) and Black Book (CDN) value -- generally how accurate are those numbers or better yet, realistic when it comes to private and dealer sales?

[burn_this_city]

Sell it privately, depending on the vehicle you will need to be patient and price it realistically. Look at similar vehicles on autotrader for private sale and price it according to the mileage and options.

- Be wary of scammers, don't pay anyone money to sell your vehicle, you will probably get calls from guys promising to either sell it for $250 or you get the money back. These are scammers, just call them parasites and hang up the phone.

- Do the transaction in a bank, there have been people giving out fake bank drafts, they will be wary of dealing with you if they are on camera in a bank.

- Since it's only 2 years old, you'll probably need to clear the lien with your auto financing company before you can transfer title to the new buyer.

[Tolwyn]

Thanks for all the tips guys, much appreciated. Sounds like the way to go is to sell it privately.

[Cowperson]

Make sure it's cash or certified cheque. Do not accept a regular cheque under any circumstances.

Cowperson

[squiggs96]

I've had great success selling to people in the armed forces stationed overseas who are buying for their family members. The payments are a little unconventional, but they will usually send you more than you listed the car for. Just remember to send the extra back when you cash the cheque or PayPal. Western Union is the fastest way to send them back their money.

[FlamesKickAss]

Privately for sure.

I recently sold a vehicle that was financed, what I did was find out what the loan amount owing to ford credit was. Asked the buyer to make out the bank draft for that amount to ford credit and met him at the dealership and they have him a receipt showing it was paid and he took that and the bill of sale to the registry and was able to get it registered

So if the loan is through a bank I would assume you could meet them at that bank

[Jacks]

Am I the only one wondering what kind of vehicle?

[calgarywinning]

Anyone use the 20% first year depreciation rule and then 10% for each year thereafter. Then, -5% for any and each detractor. Bad model reputation, high kms, fish under the seat.

Also, 2 years old or late model is more set by km's usage? I think selling privately is always the way to go but if it's not a popular or sought after type vehicle trader in for the hassle.