Selling used car

[WanderALot]

Hello,

I'm listing my used car for sale on CraigsList and since this is the first time I'm selling a car, I'm not sure about the following:

1. KBB says my car has a private-party value of about 4500. Since my car is in decent shape, I'm listing it for 4K. Is this reasonable?

2. I know there are a lot of problems with fraud. One of my friends required the payment in cash. How do most sellers get paid for the sale?

3. Once put the buyer's name on the title, is there anything I need to do besides just taking it to the DMV? I've heard there are problems with the transfer not being completed.

Thanks!

 

[calmloki]

Hello,

I'm listing my used car for sale on CraigsList and since this is the first time I'm selling a car, I'm not sure about the following:

1. KBB says my car has a private-party value of about 4500. Since my car is in decent shape, I'm listing it for 4K. Is this reasonable?

2. I know there are a lot of problems with fraud. One of my friends required the payment in cash. How do most sellers get paid for the sale?

3. Once put the buyer's name on the title, is there anything I need to do besides just taking it to the DMV? I've heard there are problems with the transfer not being completed.

Thanks!

I suspect you are in the ballpark - Edmunds True Market value is probably closer to reality, and usually lower than Kelly.

Cash or check, go with the buyer to his bank and get the check cashed, cashier's checks can come back bad weeks later and get charged to you.

notify your ins. company that it's sold, make sure DMV knows you've sold it, i wouldn't worry after that point.

Smarter or more wary folk may have a better take on this than i.

 

[twaddle]

Craigslist seems to be populated by low-ballers. They love to haggle. I would price the car a little higher than you'd like to get so you have some haggling room.

When I sold a car, I requested and got cash. I also brought a bill of sale and had the buyer sign to ensure a smooth transfer with DMV.

 

[MasterBlaster]

Used cars...

My experience is that unless your car is only a few years old and has maybe 60k miles or less, then you will be unlikely to get what KBB and or Edmunds call private party prices.

Look at the trade in price, that's the kind of money you might get. If your car is in really great shape (ie perfect paint, no dents, perfect interior, perfect mechanical condition, new tires... and so on) then maybe you'll get another grand or so.

I have done this a number of times. It's really hard to get that private party price. I don't believe it to be realistic.

 

[twaddle]

Check closing prices on eBay for a rough idea of market value. Although different locales may have different market prices. Also check the pricing of similar cars listed on craigslist, of course.

 

[KB]

In addition to what has been said; I always keep a copy of the change of ownership before mailing it to DMV.

Also, just read about DMV's suggested Bill of sale in the newspaper yesterday. It was suggested to have this signed too as another poster suggested.

Bill of Sale Form for Motor Vehicles - DMV.ORG

ETA..it looks like the same form on the back of the pink. The one that I always keep a copy of.

 

[WanderALot]

Thanks for all the great tips! It looks like I'll be lucky to get 4k.

 

[calmloki]

Thanks for all the great tips! It looks like I'll be lucky to get 4k.

Don't give up on the $4k too quickly - a lot plays into car pricing - if I'm shopping i look for a car from a good home (better neighborhood, female mature driver, no sign of kids). If that's you it may add to the car's percieved value to the buyer. You don't have to sell to jerks that come out and dis your car or try to hammer you down on the price. Figure out who your customer might be - is it a Dad wanting to put his little college girl in a safe reliable car? Is it a young family looking for lots of room and good fuel economy? Figure out what your buyers are interested in and then point out how your car meets those needs. It is good to be realistic about pricing though - set your expected price too high and all you will get are people who want to dicker - hard! That's not fun, to me anyway, so set your asking price a bit high, be prepared to come down to a fair price to everyone, and let the selling begin! Oh - and take good pictures for Craigslist for heaven's sake!

 

[grumpy]

Wander,

I have sold three used cars in the past couple of years and have had good success with Autotrader.com. An ad with up to 9 pictures costs around $50 and runs until the car is sold. The web site allows you to search for a car within a certain distance from your home. I use that function to find similar cars in my area and price accordingly. I sold one car to a fellow from NY state (I live in Virginia). I found Autotrader shoppers to be more serious than Craigslist.

Before posting the ad I get touch up paint from the dealer for any small dings and scratches and I have the car fully detailed (cost between $150 - $200). Then I take a lot of pictures with a digital camera. I also provide the prospective buyer with a CARFAX report ($14). I have found that I can get a premium price which covers those expenses and the cars sell pretty quickly.

In my state I was able to get a prorated refund of the registration fee by returning the license plates to DMV.

Grumpy

 

[Martha]

From all the comments I have heard on this Forum about Craigslist, I think different parts of the country have different Craigslist cultures. In the past year I have sold a number of things through our local Craigslist and there has been very little dickering. We also bought a used truck through Craigslist and only managed to talk down the price by $100. But then again, it was price well below retail book.

 

[CyclingInvestor]

I have bought and sold about used 8 cars / motorcycles to / from private parties.
I always paid cash, and always got paid in cash.

 

[youbet]

From all the comments I have heard on this Forum about Craigslist, I think different parts of the country have different Craigslist cultures.

That's for sure! I keep hearing about all the bargains on Craigslist......and how you can sweep out your basement and sell the stuff for big bux on Craigslist. So, I've tried some of both here in Chicagoland.

What I found is primarily a bunch of savy sellers asking top dollar for stuff and a bunch of savy buyers looking for once in a lifetime bargains. Unless there is a whole lot of negotiating going on, I don't see how transactions ever take place.......

I did find a NIC compatible with Windows 98 (my backup computer - an eight year old HP) in the free area.