How do you sell a car?

[Bmr4life]

Baby is on the way so I need to get a 4 door. I'd prefer not to trade it in since they always offer pennies for the car.

I don't have the title, but I could get it. I'd just borrow the money I owe to pay the car off and then pay that off with the money from the sell.

So for people that have sold a ~$25k or more car, how did you do it?

 

[FiveOhJoe]

I have sold two cars myself and Craigslist and the "FOR SALE" stickers on the windows is always what gets it sold. I spent $300 total on the two autotrader ads I posted and got maybe two hits on each car over a few weeks. The problem with autotrader is that you are a small smidge in the 100's of cars on there.

I don't know what the tax rate is in your area, but for a 25k car here trading it in your are saving $2000 in tax trading the car in. So you have to get at least 2k more private party to just break even. That of course is assuming you are getting a new car

 

[Bmr4life]

I have sold two cars myself and Craigslist and the "FOR SALE" stickers on the windows is always what gets it sold. I spent $300 total on the two autotrader ads I posted and got maybe two hits on each car over a few weeks. The problem with autotrader is that you are a small smidge in the 100's of cars on there.

I don't know what the tax rate is in your area, but for a 25k car here trading it in your are saving $2000 in tax trading the car in. So you have to get at least 2k more private party to just break even. That of course is assuming you are getting a new car

Wait, what? I didn't know about the tax thing. I'm in GA. I'll have to look into that. Also, I'd be buying a CPO car from a dealership.

 

[Drive XR7]

Create a for-sale ad and post on all the forums you are a member of. Post on craigslist. If it doesn't sell in a few weeks, post on autotrader and ebay. I prefer to buy/sell in state.

If you have the title and the buyer has the money to buy it outright, it's an easy transaction. If you don't have the title and the buyer needs a loan, then it's a bit more painful, but not too bad. The issue comes if one of you needs to pay off a loan or get a loan. Then the buyer has to be present at your bank and either bring the car, or you have to go get the car after the transaction is complete.

In my state, the buyer always pays sales tax and the seller pays nothing.

 

[Outlaw99]

when i have bought used from a person, i always got a loan from a bank. so, just do the reverse. have them get a loan.

 

[Bmr4life]

Create a for-sale ad and post on all the forums you are a member of. Post on craigslist. If it doesn't sell in a few weeks, post on autotrader and ebay. I prefer to buy/sell in state.

If you have the title and the buyer has the money to buy it outright, it's an easy transaction. If you don't have the title and the buyer needs a loan, then it's a bit more painful, but not too bad. The issue comes if one of you needs to pay off a loan or get a loan. Then the buyer has to be present at your bank and either bring the car, or you have to go get the car after the transaction is complete.

In my state, the buyer always pays sales tax and the seller pays nothing.

Yeah. I have a loan, but can easily get another one just for the time being. Everywhere I'm looking doesn't say anything about the seller paying tax here in GA. I wonder if I'm supposed to put it on my taxes or something.

Ok, looks like I only pay taxes if I make a profit. Considering I'm selling it for $10k less than when I about it 1.5 years ago, I'm good.

 

[FiveOhJoe]

What I mean is if you are trading in a car for 25k for a car that is 30k, you only pay tax on the 5k difference. You never pay tax on the value of your trade

So if you sell private party, you have to sell the car for 27k to eat up that 2k tax difference that you now have to pay on the new 30k car. You pay tax on all 30k.

 

[Bmr4life]

What I mean is if you are trading in a car for 25k for a car that is 30k, you only pay tax on the 5k difference. You never pay tax on the value of your trade

So if you sell private party, you have to sell the car for 27k to eat up that 2k tax difference that you now have to pay on the new 30k car. You pay tax on all 30k.

Yeah, GA doesn't work like that. We have an ad valorem tax that is paid when the car is purchased. It is calculated by the state at 6.5% of what they think the car is worth no matter what you paid for it. Even if I do trade in, I'm going to have the dealer write me a check. Not putting it down on the new car.

 

[Deceptive]

You get somebody to buy it

 

[VerySneaky]

I just sold my old V6 mustang... it had a clear title, but this is how I understand the process to be:

1. Take plenty of pictures. Cover all angles, interior, engine compartment, trunk. (remember to blank out any license plates)
2. Post to various media for exposure, i.e. craigslist, local newspaper classifieds, ebay motors, autotrader, side of the road... Make sure you document current mileage and any known issues.
3. Create a bill of sale (MS word has a canned one in "Templates"), fill it out.
4. Get a clean title. (This can be negotiated with the buyer, notify the buyer that the title isn't clean, document this within the bill of sale and/or emails. Buyer may be willing to give you the cash upfront provided the car has a valid certificate of inspection or whatever else he/she may request. Otherwise, pool your money or put it on a loan to get the title cleaned)
5. Get a Certificate of Inspection(this is also negotiable). (Some states may not require this, but many require a certificate of inspection by a licensed shop.)
6. Sign the back of the title wherever you need to, and sign the bill of sale (make copies, just in case).
7. Hand keys and paper work over, don't forget to take your tags off.
8. ???
9. Profit?