Advice on selling a car

[gcassidy]

Guys, I'm listing my Crown Vic Police Inceptor this spring (pulled it down last fall right after deciding to sell it).

I haven't sold a car to someone other than a friend for a long time. My question is on what to accept as payment.

Of course I'd like cash. And I won't accept a personal check. But is there much risk in cashier's checks? How do you tell if one is real?

Also, AutoTrader offers four different levels of ads, I'm thinking I'd pick one of the top ones. "Run 'til it sells" sounds worth it, right?

Any other advice would be appreciated. Thanks.:beer:

 

[steeltoe]

Cashiers check/money order are as good as cash.

 

[ScottinSSMD]

If you can do the deal at a local bank, you get a notarized sale and confirmed funds right then. No hassle. Never done a sale over state line.

 

[FISHTAIL]

I've sold more cars than I like to remember..lol. Cash is king obviously, but most folks either don't have it, or aren't comfortable with it. So you're likely to get a money order or cashiers check. I've allowed bank transfers too, but in those cases we walked into the bank together to perform the transfer.

Make sure you get a bill of sale for the car. The MD DMV website has one you can use, and once you've handed over the title, car and keys, that BOS will be the only proof you had that you sold it to whomever..so make sure you get it. You don't necessarily need it notarized, but some buyers (if they are getting a loan) will .

Other than that, just use common sense and keep your wits about you. I've had more than one guy show up to buy a car that seemed shady. And it's for that reason that I prefer to meet folks in public somewhere to let them drive the car. Depending on how I feel about them, and what they leave behind, I may or may not go with them on a test drive. Use your best judgement. If they are concerned about a cold start type check, and I'm comfortable with them, I'll usually meet them a second time at the house after the car has sat overnight.

It also helps if you bring a buddy along, or have one with you when folks come to look at it.

I can't think of anything else offhand, other than yes, the "run till it sells" option works well, and if you get any spammers that won't give it up (you'll get a few), just respond "cash sale only" and they usually go away.

 

[Why Try]

I like the run till it sells that way you don't leave money on the table by feeling like you have to drop the price before your ad expires. You have to remember to renew it every 3 months if I remember correctly. It was only 30 bucks more at the time for that option. I had a car listed for well over a year and then one day it sold. I wasn't in a rush to sell so I wanted all the money. When I was younger all my cars were always listed on there. Make sure you copy their ID if you take a cashiers check and make a purchase order saying they are responsible for X amount and you will release title upon cleared funds. Both need to sign. Make sure check looks good and hopefully from a local bank. Make sure both parties Name, Address, their DL#, Phone#, car VIN, Make, Model, Miles on PO. I give a COPY of PO and and COPY of title to them and drive car to their house and PULL YOUR TAGS. Give them a set of keys and keep a set till you sign the title over after funds clear. Some people just leave the car with me or I may choose to keep it till funds clear but giving them the car makes them feel better about giving you something and leaving with nothing. Trust your gut feelings about them. Make mental note of their tags and if their stickers are up to date. Make sure you drive it to the address on their DL. I have sold over 1,500 cars and my gut was right most of the time. Good Luck and if you ever decide to short sell it for $2,500 I'm your man with cash in hand.

 

[FISHTAIL]

I like the run till it sells that way you don't leave money on the table by feeling like you have to drop the price before your ad expires. You have to remember to renew it every 3 months if I remember correctly. It was only 30 bucks more at the time for that option. I had a car listed for well over a year and then one day it sold. I wasn't in a rush to sell so I wanted all the money. When I was younger all my cars were always listed on there. Make sure you copy their ID if you take a cashiers check and make a purchase order saying they are responsible for X amount and you will release title upon cleared funds. Both need to sign. Make sure check looks good and hopefully from a local bank. Make sure both parties Name, Address, their DL#, Phone#, car VIN, Make, Model, Miles on PO. I give a COPY of PO and and COPY of title to them and drive car to their house and PULL YOUR TAGS. Give them a set of keys and keep a set till you sign the title over after funds clear. Some people just leave the car with me or I may choose to keep it till funds clear but giving them the car makes them feel better about giving you something and leaving with nothing. Trust your gut feelings about them. Make mental note of their tags and if their stickers are up to date. Make sure you drive it to the address on their DL. I have sold over 1,500 cars and my gut was right most of the time. Good Luck and if you ever decide to short sell it for $2,500 I'm your man with cash in hand.

Oh man, good point on the tags, I wasn't thinking about that. DO NOT let them take your tags..no matter what. Either drive the car there and drop it off, or make sure they show up with transfer tags. Don't let them leave with yours..my parents got a lawsuit over that one time (guy they sold a car to kept the tags on it and hurt someone in an accident), it's NOT worth it.

I've never done the funds holding trick, and while that's a good idea, it might not work if someone shows up for a long distance sale. I've sold a few cars to folks that had to fly out to get them (NY, Chicago) and doing something like that wouldn't work. In that case, I had them show up with a money order that we deposited together.

You shouldn't have to worry about most of that stuff with the Vic though, I don't know what you are selling it for, but I can't imagine it would be difficult to get cash or a money order for it..you shouldn't have to deal with any wire transfer nonsense.

 

[04yellowcobra]

Cash, cash, cash!! Or a bank to bank transfer. No checks, no IOUs. I don't care what kind of proof you take or are given a check will never buy any of my cars!

And the vehicle will never leave the premises with my tags after purchase.

As is no warranty expressed or implied. You come, you like, you give cash, you leave!

 

[Riddick]

If you can do the deal at a local bank, you get a notarized sale and confirmed funds right then. No hassle. Never done a sale over state line.

THIS x 100. I have purchased/sold cars and this is the best and safest way.

 

[HURTNEM]

I concur, I've sold a car and I made sure we went in the bank to transfer the cashier's check into my account together, so if the check was fraud the bank teller would have a better eye for it and also could verify the funds or not. Once that completed I gave them the keys and title. Not before!

 

[SVTORANGE]

I like the cash option as well BUT some also like PAYPAL that way they can use there credit cards as well. As long as the fees are paid they are good to go. Plus using your credit card actually gives you protection on the sale so if anything goes worng the Bank will help you with recovering monies if need be.

 

[5spd07gt]

I'm trying to sell my Shelby right now. Cars.com has free basic ads and ebay is giving you 6 free vehicle listings a year. I'd start with those two since there is nothing to lose. Also, craigslist is free and gets a lot of traffic. Good luck.

 

[gcassidy]

Thanks for all the advise, guys. It's all about common sense, but knowing what's worked for others makes even more sense.

Now to list it before I have second thoughts...again. :loser: