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Author: NicoleMBA Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 71408  
Subject: Selling a Car Date: 8/28/2002 9:45 AM
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My DH is trying to sell his car. It is a 1998 Pontiac Grand Prix with 103,000 miles (mostly highway miles, as DH has a 100 mile rountrip commute to work every day) that is otherwise in great condition. We already have a replacement for this vehicle, so it is sitting in the garage collecting dust.
We have had the Pontiac listed in the local paper and with Autotrader for about a month now without a single call. The asking price listed in the ads is right at the private party sale price listed on Edmunds and such. We took it to Carmax last night to see what they would give us, and it was the wholesale value (which I expected). DH was not happy with the offer they gave us and wants to keep trying for another month and if we don't sell it then we will go back to Carmax and sell it to them. Each month we don't sell the car, we have to pay insurance ($50/month) and rent a parking space ($100/month), so it is costing us to hold on to the vehicle.
Does anyone have any tips on how to sell a high-mileage car for more than the wholesale value? Should we wait another month and see if a buyer comes along? Am I wrong to want to sell the car sooner rather than later? We live in Atlanta, so there is a huge number of potential buyers out there.
TIA,
Nicole
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Author: SRHCB Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21279 of 71408
Subject: Re: Selling a Car Date: 8/28/2002 10:01 AM
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As you may have surmised, a car is worth only what somebody is willing to pay for it. A month without a call indicates your price is (way?) too high. Emphasize the excellent condition, and try lowering the asking price, or at least add "or best offer". Any offer better than wholesale, and you made a little extra.

Pretend you're going to trade it in, and see what offers you get. These will probably be for more than its really worth, (the dealer would just not give you as much off on the new vehicle), but it will give you a number to toss around if you get a potential buyer, ie: "gee, I'd like to take your offer of $5000, but the dealer offered me $5650 on trade-in".

SB (not saying you should lie, just slant the truth in your favor)

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Author: eudaimon6 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21287 of 71408
Subject: Re: Selling a Car Date: 8/29/2002 11:21 AM
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Hi

the market for used cars with more than 100000 miles is limited. try putting the car on ebay using carmax's bid as your reserve. if the car really is excellent-that means perfect paint, nearly new tires, flawless interior, needs no mechanical repair, everything works properly, runs and drives out well, then there should be some market for your vehicle. the challenge is that many banks will not finance cars with more than 100k, and most people with the ability to write a check for $8000 dont want a car with that many miles.

you dont say what youre asking or what carmax offered. just curious-what does your dh think this vehicle is worth? nada average retail for a 1998 grand prix gt is $10075 less a $1750 deduct for miles. i would say if you came within a mile of getting $7500 for the car youre doing really well.

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Author: NicoleMBA Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21288 of 71408
Subject: Re: Selling a Car Date: 8/29/2002 12:29 PM
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<<the market for used cars with more than 100000 miles is limited. try putting the car on ebay using carmax's bid as your reserve. if the car really is excellent-that means perfect paint, nearly new tires, flawless interior, needs no mechanical repair, everything works properly, runs and drives out well, then there should be some market for your vehicle. the challenge is that many banks will not finance cars with more than 100k, and most people with the ability to write a check for $8000 dont want a car with that many miles.

you dont say what youre asking or what carmax offered. just curious-what does your dh think this vehicle is worth? nada average retail for a 1998 grand prix gt is $10075 less a $1750 deduct for miles. i would say if you came within a mile of getting $7500 for the car youre doing really well. >>

eudaimon06
I totally agree with you when you say the market for high mileage cars is limited. The car has a new transmission, new brakes, is garage kept and looks almost new. When CarMax checked it out, even they said it was in great shape.
We have the car listed in the paper for $6,500 (right at the private party sale value) and have not had a call in a month. CarMax offered us $4,390 for the car, which is right at the wholesale value, but significantly less than what we should be able to get selling it on our own.
As for trying to sell it on eBay, I am hesitant. I have only heard bad things about it (buyers backing out, problems with escrow, delivery of the vehicle is not always easy). I have sold a number of inexpensive things on eBay with no problems, but I would think there is a big difference between selling a Beanie Baby for $10 and a car for several thousand.
Thank you for your input!
Nicole

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Author: eudaimon6 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21290 of 71408
Subject: Re: Selling a Car Date: 8/29/2002 12:55 PM
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ebay does have its hassles, youre right. the dealership where i work has done fairly well with selling cars there, but you have to be careful and make sure you get paid. if i were you i'd probably drop the price to $5500 and see what happened. $6500 based on zero responses in a month is clearly over market. you might try stopping by three or four used car lots that look like they deal in older/higher mile cars and see what they offer. another month of paying for advertising, ins and storage and i'd say sell the car to carmax if noone does any better.

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Author: R1MCC Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21292 of 71408
Subject: Re: Selling a Car Date: 8/29/2002 3:40 PM
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Selling a car with over 100k can be difficult, I think that most people would rather pay a little extra for a lower mileage vehicle. That said it can be done, I recently sold a car with over 110k miles for a friend of mine.

Here is what I discovered worked:

1) Use the Kelley Blue ( www.KBB.com ) value as a guide only, I feel that they over value the potential sale price by a couple of hundred bucks, also you want the potential purchaser to feel as if they are getting a bargin. I took about $200, off the KBB price and used that as my "sticker" price.

2) Get together every scrap of paper that you have on the vehicle, oil changes, service, tire rotation, repairs etc. Put them all into a folder and have them on hand for examination by the potential buyer. A word of caution....make sure that b4 you sell the car and hand over the paperwork that you erase ALL traces of your credit / debit card numbers or other identifying details from the receipts, work orders etc.

3) If possible display the vehicle on a busy street, the road that I live on has plenty of traffic and you will be amazed at how many people stop to take a look. BUT don't make the mistake I did.....make sure that you also display the price of the vehicle. I ended up taking tens of calls from "tire kickers", once they found out how much I was looking for the vehicle they were not interested.

4) CLEAN the vehicle. Do this yourself, to do a really good job will only take you about half a day and should not cost you more than $25.00 in materials. Don't just wash the car, wax it, don't just vacum the car remove the stains from the seats aswell. If you want you can probably get a car cleaning service to do this for you for about $90.00 - $120.00.

5) Be friendly and straight up with and potential buyers, let them look under the hood and take a test drive (naturally with you in the passenger seat). Also be prepared to bargain a little. Advertise for say $7,200.00 but be prepared to take $7,000.00. Again they will feel like they are getting a bargain.

6) To really protect yourself request that the buyer pay you by certified check from the bank of your choice, then accompanied by the buyer go to the bank and deposit / cash the check. NEVER take any type of payment for granted.

Happy Selling & Good Luck!!!

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Author: kmc500 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21293 of 71408
Subject: Re: Selling a Car Date: 8/29/2002 4:15 PM
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>> As for trying to sell it on eBay, I am hesitant. I have only heard bad things about it (buyers backing out, problems with escrow, delivery of the vehicle is not always easy). I have sold a number of inexpensive things on eBay with no problems, but I would think there is a big difference between selling a Beanie Baby for $10 and a car for several thousand.

I have sold a number of vehicles on eBay with no problems to mention. You will sometimes have a buyer back out of a sale, but you then can have the final value fee credited, and relist. I've found if you provide plenty of info (photos all around, Carfax, NADA info, VIN), and price the vehicle correctly, you'll be able to sell it (and probably locally - people will know you are in Atlanta).

Your car's wholesale or Loan value according to NADA is $4,775 - you probably will not get more than that from eBay, so the if you really want much more than that you probably want to continue trying to sell it locally. Remember that you're not just losing the $150 per month on insurance and parking - the value of the car is declining as well!
Kevin C

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Author: Dewdaroo Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21299 of 71408
Subject: Re: Selling a Car Date: 8/29/2002 11:15 PM
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Unfortunately, you are probably out of luck if you expect to sell your vehicle for more than wholesale. I worked at several Ford/Lincoln/Mercury dealership service depts for several years and our sales staff would take them in trade because the customer couldn't find ANYONE to buy it outright. We would give wholesale for them and living here in Austin, most get cleaned up and sent to Mexico. With as many used cars on the market today, one with over 100K is very hard to sell for much. Unless it is a Honda or a Toyota. They bring a decent price up to 200K. But, over 100K, people are just too leary and conservative with their money. Hope I have been of help. I have 124K on my 97 Ranger and payments expire in 3 mos.. I have had it since 11/98 @32K. I can get wholesale but that is it.

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Author: harkerb Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21305 of 71408
Subject: Re: Selling a Car Date: 8/30/2002 3:43 AM
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You'd be surprised how quickly a high mileage car can sell.

Put it in the local penny saver as well as the big local paper. The penny saver should be cheap, but try a 4 day ad in the big paper (Thursday thru Sunday). See what kind of response you get and go from there.

We were in the D.C. area and sold our 93 Nissan Sentra with 138K miles very quickly. Make sure the car is cleaned thoroughly inside and out and have as many maintenance records as possible. Be prepared to hang out for the weekend to field the phone calls you will likely recieve.

All in all, if the car is in good shape and if you put it in the paper at a decent price, it should move quickly.



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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21310 of 71408
Subject: Re: Selling a Car Date: 8/30/2002 9:18 AM
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<<We would give wholesale for them and living here in Austin, most get cleaned up and sent to Mexico. With as many used cars on the market today, one with over 100K is very hard to sell for much. Unless it is a Honda or a Toyota. They bring a decent price up to 200K. But, over 100K, people are just too leary and conservative with their money. Hope I have been of help. I have 124K on my 97 Ranger and payments expire in 3 mos.. I have had it since 11/98 @32K. I can get wholesale but that is it. >>


In general, do you think that relatively new, high mileage vehicles are a bargain since the price gets heavily discounted?

I have an '87 Plymouth Reliant with 99,000 miles, so I don't do a lot of driving. Perhaps I should consider such a high mileage vehicle if I ever wear my current one out.



Seattle Pioneer




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Author: eudaimon6 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21315 of 71408
Subject: Re: Selling a Car Date: 8/30/2002 11:38 AM
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I think the best automotive value for your dollar absolutely is a modestly equipped, very well maintained high mileage late model car from a line with an above average reputation for reliability. lesabres and crown vics and camrys and accords 3-6 years old with 125k highway miles can be bought for very little money, drive very well, and should give considerable useful service to the second owner. the cars are worth little or nothing to most dealers, a large segment of the buying public is afraid of them, most banks will not finance them, and for the cash buyer who does not have an ego that needs to be massaged, they offer tremendous transportation value.

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Author: yodaisking Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21327 of 71408
Subject: Re: Selling a Car Date: 8/30/2002 3:19 PM
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I sold my high milage truck by parking it in the parking lot of a closed buisness on a highly traveled road. No parking cost.

With in 12 hours I had a guy on the phone wanting to offer cash for my truck.

Hope this helps

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Author: JohnS1211 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 21344 of 71408
Subject: Re: Selling a Car Date: 9/2/2002 6:28 AM
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I drive about 50,000 miles a year so you can imagine that I end up trying to sell high mileage cars fairly often. What's worked the best for me is to find a price midway between Retail and Wholesale, advertise in papers read by area college students (possibly the local colleges even have their own papers with classifieds), get the best price I can for it, and then forget about it. I've never gotten what I thought it was worth, but the longer I hung on to it, the worse it got. I figure at least this way I'm helping out some college kid who needs transportation to get to school

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