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Started By
Message
Selling a car vs Trading it in
Posted on 6/4/14 at 9:15 pm
Posted on 6/4/14 at 9:15 pm
Does anyone ever just sell their car out right instead of trading it in? I have a vehicle worth about 30k retail and 26k from a dealer.
I am tempted to sell it myself but I have no clue if a cars.com, autotrader.com or craigslist really produce sales.
Should I just trade it in or should I expect to have no problems selling it myself?
I am tempted to sell it myself but I have no clue if a cars.com, autotrader.com or craigslist really produce sales.
Should I just trade it in or should I expect to have no problems selling it myself?
This post was edited on 6/4/14 at 9:15 pm
18
Posted on 6/4/14 at 9:16 pm to Vood
Price aggressively online if you want to move it quickly without too much hassle.
You should save a couple thousand this way.
You should save a couple thousand this way.
Posted on 6/4/14 at 9:17 pm to Vood
Craigslist first.
You would be surprised.
You would be surprised.
Posted on 6/4/14 at 9:17 pm to Vood
You'll pay Taxes if you sell it outright. Factor that in
At least I've heard that
At least I've heard that
This post was edited on 6/4/14 at 9:20 pm
Posted on 6/4/14 at 9:17 pm to Vood
I've always said that if your car isn't worth that much it is better to trade in. There is value in not dealing with the hassle. If you have something with value, different story.
Posted on 6/4/14 at 9:18 pm to Vood
I sold mine on cars.com
Pain in the arse, but very doable.
Pain in the arse, but very doable.
Posted on 6/4/14 at 9:18 pm to The Third Leg
I think I might do that. I have a very desirable Jeep(atleast I think I do) and I want every penny I can get out of it.
Posted on 6/4/14 at 9:19 pm to DawgCountry
quote:
You'll pay Taxes if you sell it outright. Factor that in
How do I calculate that? Just sales price? Difference in what I owe vs how much it sold?
Posted on 6/4/14 at 9:20 pm to Vood
I've sold 8+ cars on craigslist over the years. Most expensive one sold for $5200, so I don't have any experience selling in your range. Doesn't cost anything to test craigslist unless you're on a time crunch.
Posted on 6/4/14 at 9:21 pm to Vood
Sold mine using autotrader. Went to a notary and signed everything over. Nothing to complicated about it.
Posted on 6/4/14 at 9:22 pm to Vood
If you trade in, you only pay taxes on the difference between the car you buy and the car you trade. If you sell your car for cash and then go buy another car, you pay tax on the full amount you bought it for.
Posted on 6/4/14 at 9:22 pm to Vood
Taxes are a big advantage to trading in, along with less hassle. You are credited the sales tax of te trade in, so you only pay tax on the difference.
You can also have the dealer process the paperwork for a private sell, and still get the tax credit. It's a paper trade or quick trade. This is usually helpful if other person needs financing anyway.
You can also have the dealer process the paperwork for a private sell, and still get the tax credit. It's a paper trade or quick trade. This is usually helpful if other person needs financing anyway.
Posted on 6/4/14 at 9:22 pm to Vood
quote:
How do I calculate that? Just sales price? Difference in what I owe vs how much it sold?
Basically if you buy a car for $40000 and trade value is $26000, you only pay taxes on the $14000.
ETA: If you know the buyer and they agree to it, you can do a courtesy trade. Basically using the dealer as a go between. You and the buyer agree to a price, and the dealer processes it. You get a better price and the benefit of the tax break. I did this once, it worked out well.
This post was edited on 6/4/14 at 9:26 pm
Posted on 6/4/14 at 9:23 pm to Vood
You're not gonna get every penny out of it. It's not worth as much as you think especially from a private seller since you can't offer a warranty among other things.
It's a hassle. But you could probably sell it for 28k if your numbers are truly right.
I don't know how the taxes work wherever you are, but in Ohio you only pay tax on the difference if you purchase a new car. So if you buy a car worth 26 thousand and trade in a car for 26k, you pay no tax.
It's a hassle. But you could probably sell it for 28k if your numbers are truly right.
I don't know how the taxes work wherever you are, but in Ohio you only pay tax on the difference if you purchase a new car. So if you buy a car worth 26 thousand and trade in a car for 26k, you pay no tax.
Posted on 6/4/14 at 9:24 pm to Vood
If you have a personal buyer, tell your dealer that you want to do an "in and out" deal. You can sell your car to your buyer and get a little tax break on your new purchase.
ETA: LSUtigerME beat me to it
ETA: LSUtigerME beat me to it
This post was edited on 6/4/14 at 9:26 pm
Posted on 6/4/14 at 9:24 pm to Vood
Texasdirectauto FTMFW
I swear they overpaid me knowing I'd sing their praises to anyone and everyone. It worked. I guess it was part if their advertising budget or something
I swear they overpaid me knowing I'd sing their praises to anyone and everyone. It worked. I guess it was part if their advertising budget or something
Posted on 6/4/14 at 9:24 pm to Vood
Google 4lsu2's "Piss Up A Rope" car buying method.
Trade it in and be the gorilla with the chainsaw for a cock that day.
Trade it in and be the gorilla with the chainsaw for a cock that day.
Posted on 6/4/14 at 9:25 pm to Vood
I think you can make a bit more selling it outright, but it's pretty easy to trade it in.
Posted on 6/4/14 at 9:26 pm to tigerman03
quote:
Basically if you buy a car for $40000 and trade value is $26000, you only pay taxes on the $14000.
This only works for new cars in Ohio, not sure about LA or other states.
Posted on 6/4/14 at 9:28 pm to Jack Bauers HnK
quote:
If you trade in, you only pay taxes on the difference between the car you buy and the car you trade. If you sell your car for cash and then go buy another car, you pay tax on the full amount you bought it for.
This. Not to mention it's completely hassle free without any strings attached or ever worrying about who you sold it to coming back after the fact.
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