So I need MM's rationale

[Deleted]

I have a car that I think I should be able to get sold for $10k private party.

I took it to CarMax and they offered me $8k.  They also offered me $500 of the taxes of a new car I purchase from them.  We found a perfect car for us there (year, model, miles, price). So really I am getting $8500 from CarMax

How low would you drop the private party sale price to try to get this car to sell quickly.  $9500?  $9000? 

[Deleted]

In your shoes, I would purchase the perfect car from Car Max and sell my car for $10k private party.

If you're VERY confident in the $10k price, you should be able to get it.

I did this when I bought / sold my last car and I'm so glad I held out for the private sale. I ended up having two people fighting over my car, and I got $350 more than I listed it for because one of the buyers wanted it so badly. This is also why I keep meticulous records and keep my cars clean and well maintained.

If you are nervous about your $10k price, drop it by $550 - people that have a $9k budget will be more likely to consider a $9,450 car versus a $9,500 car. Pricing psychology is weird.

[countthestars]

We sold our car private party for $1000 less than we "should" have gotten it for and it was a hassle, so I would just sell it to CarMax for $8500. But I am lazy.

[CallingAllAngels]

Jan 23, 2013 10:08:02 GMT -5 countthestars said:

We sold our car private party for $1000 less than we "should" have gotten it for and it was a hassle, so I would just sell it to CarMax for $8500. But I am lazy.

This was our experience exactly.

[Deleted]

have you tried to negotiate more with Carmax? Tell them you are prepared to buy the new car but they need to give you 9K total.

[chessie]

I probably go with Carmax. I have sold a few cars privately and it was never for KBB price. Think of all the hassle of meeting up with people, even tire kickers and time out of work you have to deal with these people.

[Deleted]

Jan 23, 2013 10:11:37 GMT -5 flygirl said:

have you tried to negotiate more with Carmax? Tell them you are prepared to buy the new car but they need to give you 9K total.

They said the don't haggle.  (or maybe I was a bad negotiator)

[IrishBelle]

Jan 23, 2013 10:11:37 GMT -5 flygirl said:

have you tried to negotiate more with Carmax? Tell them you are prepared to buy the new car but they need to give you 9K total.

I would try this as well.  For the difference, I would be happy to avoid a private sale.  In my experience the time and effort required for a $1000 difference isn't worth it.

[rikki]

Does your state charge taxes on the difference? In MA you would not have to pay taxes on the $8,000 portion of the new car since you're trading in.

[Deleted]

My time would be worth the lower price from CarMax, especially since the $10k private sale is theoretical. I would take the bird in the hand and be done with it.

[jennistarr1]

have you tried going to a regular dealership and seeing what they offer...I know that carmax can be some what low in the what they offer but the advantage is you don't have to buy a car from them where at a regular dealership you do. But if you were to find a car you like at another dealership and they offered a higher trade in

[Deleted]

It's much harder to sell a higher priced car as a private seller, than say, a $2k car. People who are paying with cash generally aren't aiming for a $10k car, they're aiming for a $1k-$4k car. Aside from MM, a large chunk of America doesn't have $10k sitting around.

That's just my experience buying and selling numerous cars. Usually, the person who has $10k to spend, also has the luxury of waiting until they find the perfect used car, they've planned for this, they're generally also money savvy and they will low ball the hell out of you.


I would let Carmax have it.

[imojoebunny]

I sold my last car for my asking price, $18,900, to a delightful lady. I listed it on autotrader, got only 3 calls in 2 weeks, and only one person came to look. That person bought it, and the other two people were willing to come look, but I bid my time with her, since she made a full price offer and was easy to work with. Car max offered me $4000 less. My 5 hours of time, having it cleaned placing the ad, and dealing with the woman were well paid. I have never been offered anything close to what I sold my cars privately for by car max or a dealer. I don't find it difficult. If your car has a lot of problems, I would consider it. Otherwise, I would hold out for something close to kelley blue book for a private seller, or at least what similar cars are for sale for privately.

I also ignore low ballers, dealers calling to low ball, and people who are hard to work with, or have weird stories. Just ignore them. I get more of them on Craig's list though. Autotrader sent no crap people.

[cole]

I'd go with Carmax. The hassle of setting up times to see people, some inevitably not showing up, and going through negotiating with people would not be worth $1500 to me. Plus I'm not sure about your comfort level, but I would want someone else there with me during test drives, making it that much more of a hassle to schedule.

[isabel]

I will never again sell a car private party. Way too much work, way too much headache. I'd take the $8,500 from car max and be done with it. Plus, if you're really going to drop the price to get it sold, is $500 or $1,000 really worth that much more effort?

[UnderProtest]

Jan 23, 2013 11:00:08 GMT -5 papiercherri said:

It's much harder to sell a higher priced car as a private seller, than say, a $2k car. People who are paying with cash generally aren't aiming for a $10k car, they're aiming for a $1k-$4k car. Aside from MM, a large chunk of America doesn't have $10k sitting around.

That's just my experience buying and selling numerous cars. Usually, the person who has $10k to spend, also has the luxury of waiting until they find the perfect used car, they've planned for this, they're generally also money savvy and they will low ball the hell out of you.


I would let Carmax have it.

I'd have to disagree with this comment.  I think its based on the demand for the car.  We sold a MINI Cooper on AutoTrader for over 17K.  It was much more than Carmax was willing to give us despite them selling used MINIs for more than new MINIs cost.  

I have taken about three cars to Carmax and two times they gave prices lower than the dealer trade in.  I've had really good luck with AutoTrader.com.