Sell myself or trade?

[DarkHorse850]

I've got my car on order like most of you. Got no idea when to expect the new car to be in but I wanted to get some opinions about whether I should trade my car or try to sell it myself. My dealer's given me a tentative amount of what to expect for a trade with my current car. It's a 2010 Camaro 2LT 6spd (roughly 41,000 miles). I've never sold a car myself but I believe I could probably get more if I did sell it myself. The amount I was given for a trade wouldn't leave any negative equity but any more that I could possibly get on my own would be better. Any suggestions or input would be great! Thanks.

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[scottpe]

Don't know what your tax laws are like, but where I live, the tax benefit of trading in a car can offset (or come reasonably close to) any additional amount that could have been made by doing a private sale. Here, the amount of the trade-in is deducted from the taxable value of the new car purchase. So for instance, for a $20K trade, that's over $1200 tax savings off the bottom line of the new car purchase price.

That being said, unless the dealer's offer is really good, for a 2010 I'm guessing you would probably get more out of it in the end by selling it privately.

But selling a car can be a real hassle, and you have to decide if the extra you might get is worth the effort to you.

 

[foghat]

Selling privately is usually the way to go assuming you don't need to be rid of the car now. Just put it up for sale and see what happens. For sure you should be able to get more privately than on a trade. With the condition my car was in, I would have maybe got 16k on a trade. Maybe. Sold it for 19.5.

My 2008 135i sold in a matter of days (though this is not the norm in my experience) and now I'm stuck taking the bus to work and swiping my wife's vehicle from time to time. Only 4 or 5 months to go.

 

[Robinson02]

Don't know what your tax laws are like, but where I live, the tax benefit of trading in a car can offset (or come reasonably close to) any additional amount that could have been made by doing a private sale. Here, the amount of the trade-in is deducted from the taxable value of the new car purchase. So for instance, for a $20K trade, that's over $1200 tax savings off the bottom line of the new car purchase price.

That being said, unless the dealer's offer is really good, for a 2010 I'm guessing you would probably get more out of it in the end by selling it privately.

But selling a car can be a real hassle, and you have to decide if the extra you might get is worth the effort to you.

Same here....if I get 17000 for my V6 when I trade it in....then thats 17000 off of the 36500 im paying for the new stang. So instead of paying 7% tax on 36500....im just paying it on 19500. that was the deciding factor for me.

 

[Clink]

Phew I thought we had members already selling themselves out to get a car earlier....I'm almost there myself.

I just traded in my '13 a few months back, honestly it was just easier to let the dealership handle all that crap instead of trying to private sell..

 

[foghat]

Same here....if I get 17000 for my V6 when I trade it in....then thats 17000 off of the 36500 im paying for the new stang. So instead of paying 7% tax on 36500....im just paying it on 19500. that was the deciding factor for me.

Going on those numbers why the heck wouldn't your try sell privately? You are saving about $1200 in taxes, surely you'd pocket more than that on a private sale?

I get that it can be hard to sell a car privately or at the very least a pain in the arse. But to not sell privately because of a $1200 tax savings? Or maybe dealers are much more generous on what they give you on a trade vs. my neck of the woods.

 

[Patrick S]

Phew I thought we had members already selling themselves out to get a car earlier....I'm almost there myself.

wow, i thought i was the only one who sold myself! :lol:

 

[Brian@Vossen]

The title of this thread was very misleading hahaha :lol: Had me thinking "Mustang6g members are getting this desperate?!"

Same here....if I get 17000 for my V6 when I trade it in....then thats 17000 off of the 36500 im paying for the new stang. So instead of paying 7% tax on 36500....im just paying it on 19500. that was the deciding factor for me.

But +1

 

[Robinson02]

Going on those numbers alone it doesn't make sense to not try sell it on your own. You are saving about $1200 in taxes, surely you'd pocket more than that on a private sale?

I get that it can be hard to sell a car privately or at the very least a pain in the arse. But to not sell privately because of a $1200 tax savings? Or maybe dealers are much more generous on what they give you on a trade vs. my neck of the woods.

well, for me, mine is a DD and I can't just sale it not really knowing when my new one will come in. Personally, i just liked the $1200 in savings instead of trying to sell for 19k to someone to pocket a couple extra $$$.

But if you can sale for more than whatever your tax savings is i would go for it...but if its a DD it might not be worth it. ehh :shrug:

 

[foghat]

well, for me, mine is a DD and I can't just sale it not really knowing when my new one will come in. Personally, i just liked the $1200 in savings instead of trying to sell for 19k to someone to pocket a couple extra $$$.

But if you can sale for more than whatever your tax savings is i would go for it...but if its a DD it might not be worth it. ehh :shrug:

That makes more sense. And I get it.

In Canada ford was offering employee pricing until the end of September. On the 19th I said to myself, "if my car sell privately in time, I'll place the order". I was not going to order and then risk not selling and have to trade my car in. As the money lost on the trade would have almost been equal to the savings from the employee pricing.

Based on past experience I never in a million expected to have money in hand by the end of the month. But the car sold in 2 days. Money in hand on the 27th, order placed on the 29th.

Now I take the bus, but am saving in gas, insurance and car payment. Putting a decent chunk of what would have been spent into the 'upgrade' fund.

 

[DarkHorse850]

I'll be honest. I am not up on the taxes at all. I'm in Florida. The only certainty that I have is the tax rate for the county. I owe roughly 12k on the car right now. The dealer has offered between 14.5 and 16k. Of course the amount I owe will go down in the next few months. But the amount of the trade offer could go down as well. Maybe I could just wait until my order is bucked and try to sell it myself then? My current car won't accumulate that may miles over the next few months. If it doesn't get sold and the trade offer stays the same then I should be ok I'd imagine.

 

[humster21]

I'm also in the same boat. Not knowing when the new one comes in puts a private sale in question for me. The dealer is going off local and regional auction prices to price my car, but I'm sure most 2005 V6 Verts don't look like mine. By the time my new one comes in, that number could go down and that is already a low number. Interestingly enough when my salesman came back from the test drive he said the GM that went with him would be interested in buying it, if I hadn't sold it before the new one was delivered. Problem there is he knows exactly what they are offering. Never sold a car privately before so that would would be a fun challenge.

 

[RocketGuy3]

Selling yourself is always a good option when you're strapped for cash. You'd be surprised how much women are willing to pay for a decent gigolo these days.

...

*rimshot*

 

[DarkHorse850]

Selling yourself is always a good option when you're strapped for cash. You'd be surprised how much women are willing to pay for a decent gigolo these days.

...

*rimshot*

Now that right there was funny. If only I could talk the wife in to it..

 

[Texican1911]

Now that right there was funny. If only I could talk the wife in to it..

If you can't, you're not a salesman and should just trade yours in.

[emoji48]


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