selling a car

hawk59 · #1 07-31-2006, 08:57 AM

The car I have now is the 2nd one I have owned, when I got rid of my first one I just traded it in at the dealer when I bought the 2nd car. My first car wasn't very expensive and the trade in price was close enough to blue book that I was OK with trading it in.

But I want to sell my current car and get something else. My current car is a 2004 M3, and it's pricey enough that I figure trading it in is definitely not a good move. But I have never sold a car on my own before and am not sure the best way to go about it. Any advice from people on this board?

Also, the bank currently holds my title. What do I need to do in order to sell it? I know I could always pay off the loan, receive the title, and then sell it but I would prefer not to do that if I don't have to. But I am pretty clueless as to how it is done.

OnlinePro · #2 07-31-2006, 11:51 AM

I would still rather choose to trade it in. You might not get a great price for it, but it will help you in negotiations if you are looking to buy another car because the dealership will factor in the profit they will be making on the later sale of your M3. Unless ofcourse the difference in price is greater than 3,000 dollars.

Wake up CALL · #3 07-31-2006, 05:30 PM

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Unless ofcourse the difference in price is greater than 3,000 dollars.

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This makes absolutely no sense, please explain.

BigBiceps · #4 07-31-2006, 05:58 PM

He means the difference in blue book value, than the amount he is getting credit for trading it in.

Wake up CALL · #5 07-31-2006, 06:55 PM

[ QUOTE ]
He means the difference in blue book value, than the amount he is getting credit for trading it in.

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Thanks for the explanation, but this still makes no sense. Wouldn't a better guideline be a percentage than a flat dollar value? After all if you are trading in a $350,000 Rolls Royce and you are offered $3000 less that is not comparable to trading in a $5000 Ford Taurus and getting $3000 less than book value.

hawk59 · #6 07-31-2006, 07:01 PM

[ QUOTE ]
[ QUOTE ]
He means the difference in blue book value, than the amount he is getting credit for trading it in.

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Thanks for the explanation, but this still makes no sense. Wouldn't a better guideline be a percentage than a flat dollar value? After all if you are trading in a $350,000 Rolls Royce and you are offered $3000 less that is not comparable to trading in a $5000 Ford Taurus and getting $3000 less than book value.

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Maybe what he means is that it takes the same amount of effort to sell a Rolls as it does a Taurus. Effort that can be avoided by just trading it in to the dealer. So to him that effort is worth $3000. Although $3000 seems a little high to me.