Need Advice Before Selling My 2020 GT

[Dave2013M3]

KBB and you can also get free quotes from Vroom, Carvana, Driveway and CarMax. When I was ready to trade mine in, I went to a couple local Ford dealerships and got quotes from them then took them all to the dealer that I ordered my car from. They beat the highest quote by about $1k which ended up being right about private party value on KBB. This was back in September when dealers still needed inventory so I put them all up against each other, not sure if that approach still works in today’s market.

Unfortunately if its a lease payout they don't buy leased vehicles.

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[MAGS1]

That actually sounds like a good idea, but I'll be trading-in most likely to a Lexus or Audi. I have to get into an automatic sedan before May of next year. I guess I can try the same thing you did amongst the Lexus dealerships and just see if the one I want to buy from will match the highest offer.

Do you guys recommend I put my stock exhaust back on if trading-in or selling to CarMax or should I just leave the aftermarket exhaust on? I'd have to spend a bit of money to have my shop do the swap back to stock so I'm wondering if the cost of doing that is worth it.

A stock car (or as close to stock as possible) generally gets you the most from a dealer. If they see things (or hear them in the case of exhaust) that they believe will limit their buyer pool and thus have to spend some money before they sell it, they will account for that in their offer.

 

[MAGS1]

Unfortunately if its a lease payout they don't buy leased vehicles.

Very true

 

[young at heart]

You get the exact payoff, have the buyer cut a cashiers check to the lien holder for the pay off amount, another cashiers check for the overage (profit). The cashiers check to the lien holder you arrange a FedEx waybill, and the buyer escorts you to the FedEx dropoff so the buyer can make sure you sent it. You give him a bill of sale so he can got to DMV and register the car. When the title comes you sign it over to the buyer. The buyer has the car in their possession and the bill of sale.

Only one problem: I know of no state that will allow you to register a car (ie, get a tag) unless the title has first been applied for. This can only happen when you have the title from the seller. Bill of sale without the title in hand is of no use.

 

[BenAffleckIsAnOkayActor]

How do you usually determine a fair price to sell your car at when done privately? If it should be more than KBB then how is that number determined?

KBB values are meaningless other than as a barometer. Especially in a volatile market like this I would put no faith in their numbers.

I would get offers from carmax, carvana, vroom, algonation, etc. - that should give you an idea of wholesale / trade in value.
Then take a look at what similar vehicles are priced at for sale at dealerships, cars.com, autotrader, etc. - averaged out this should give you a good idea of retail.

Private party sale price is somewhere between.

Keep in mind that used car prices are finally dropping, so depending on your situation (do you need a replacement vehicle?) you may be best off selling sooner rather than later.

 

[Dave2013M3]

Only one problem: I know of no state that will allow you to register a car (ie, get a tag) unless the title has first been applied for. This can only happen when you have the title from the seller. Bill of sale without the title in hand is of no use.

This is true, you get the title within 10 working days. Still never has been a detriment to me selling.

 

[shogun32]

not sure if that approach still works in today’s market.

Not anymore. Modulo your local environment. You're lucky to get low book with Manheim crashing 1% per week or more.
KBB and nada are grossly inflated. Take at least 12% off. Pre 2020 they were reasonably accurate but their algorithm is slow to recalibrate to the unprecedented decline.

I'm taking out a quick cc balance xfer to zero my lien so private party goes more smoothly.

 

[young at heart]

Not anymore. Modulo your local environment. You're lucky to get low book with Manheim crashing 1% per week or more.
KBB and nada are grossly inflated. Take at least 12% off. Pre 2020 they were reasonably accurate but their algorithm is slow to recalibrate to the unprecedented decline.

I'm taking out a quick cc balance xfer to zero my lien so private party goes more smoothly.

In this case I’d sure say that’s a wise use of your resources!

 

[shogun32]

In this case I’d sure say that’s a wise use of your resources!

It's zero percent so no skin off my nose.

 

[Dave2013M3]

Not anymore. Modulo your local environment. You're lucky to get low book with Manheim crashing 1% per week or more.
KBB and nada are grossly inflated. Take at least 12% off. Pre 2020 they were reasonably accurate but their algorithm is slow to recalibrate to the unprecedented decline.

I'm taking out a quick cc balance xfer to zero my lien so private party goes more smoothly.

Agreed with this 100%

 

[Torched10]

No. It makes no difference.

I've had issues with title with bank pay off.so I only buy private if they have clean title.id pay it off and make avwuicker easier sale

 

[Andy13186]

Try getting quotes from carvana and vroom. Carvana may go bankrupt soon though.

 

[kz]

I've sold Hyundai Elantra to Carmax recently - had about $8k left on the loan (sold for $18k, slightly less (~$500) than what I bought for three years ago / 30k miles ago. It was pretty painless and quick, Hyundai Motor Finance released a title to them in about a week. I've paid off Mustang right after (had $3k left), got lien release also in about a week.

 

[Shelbeast]

Private buyers have been a pain over the years. Too many trolls. Tax benefit if you trade in most states. I traded my last one for tax benefit (4K). They knew that and took advantage as well.

 

[Hack]

I've also had bad luck with private buyers. Too many tire kickers and joy riders. The dealer will push you on negotiations, but at least the dealership test drive won't burn up your clutch.

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