To trade in or sell privately?

[Allmachtige]

I'm looking at new cars at dealers and am trying to judge the most economical way of getting a decent deal.

Some dealers offer to "buy out" your current car if you are making payments. So basically you just continue you're loan adjusted accordingly to the new APR and monthly payment plan, but the dealer pays off your current loan.

I currently have 26 payments left on the car still and blue book is actually less than the remaining payment total. But I could sell the car to private buyer then take that money and pay off the old loan, however the risk is time. The unknown variable is, "How much time could it take to sell my car"?

I pretty much would NOT be parting out my car except for a few minor mods that are easy to swap.

Does anyone have experience selling modified cars at a dealer? As far as I know they don't care what you've done, but go by blue book or buy it out.

[00Beast]

Wait, you JUST cammed your car, and want to sell it now?

[RJolly87]

Wait, you JUST cammed your car, and want to sell it now?

What are you looking to get out of another car?

[Allmachtige]

Please stay on topic. If you want to discuss the personal reasons just PM me.

[harofreak00]

How much you owe on it?

[Allmachtige]

How much you owe on it?

About $5800

[CMNTMXR57]

Whenever making a deal on a car, always make the deal on the car you're looking to purchase first. Don't bring in any trades, money down, other financing plans, etc. Just wheel and deal on the car. If the sales droid pushes on it, just say, "I'm not there yet!" and if they persist, walk out.

Once you have that taken care of, then you can find out what they'll offer you for the Bonne. As you know, it'll never be the same as trying to sell it outright, but if it's fair to you, and any profit margin over what is needed to pay it off, will benefit you, and you don't want the haggle of trying to sell it yourself, then trade it. Otherwise, I'd sell the car outright. Only problem is, nothing is moving right now. Dealers can't move used cars, there is no way a private seller will with ease.

[clm2112]

While trading the car in may seem like the easier option, you will not get a good price on it. The mod list will not translate into a higher trade in dollar amount...so if you trade in, you are giving up everything you put into the car and accepting the wholesale book value of the car as built.

Selling the car yourself will give you a higher return, but you have to find a buyer as well as satisfy the lien on the car so you can transfer the title to the buyer quickly. (Not having a clear title in hand can be a red flag warning to any prospective buyers.)

Personally, I'd keep the vehicle at least until it is paid off, then try to sell it yourself to get the most money back out of it.

[Greyhare]

The mods may even lower the trade value. (Liability the dealer does not want.)

[Skippy1827]

While trading the car in may seem like the easier option, you will not get a good price on it. The mod list will not translate into a higher trade in dollar amount...so if you trade in, you are giving up everything you put into the car and accepting the wholesale book value of the car as built.

Selling the car yourself will give you a higher return, but you have to find a buyer as well as satisfy the lien on the car so you can transfer the title to the buyer quickly. (Not having a clear title in hand can be a red flag warning to any prospective buyers.)

Personally, I'd keep the vehicle at least until it is paid off, then try to sell it yourself to get the most money back out of it.

X2

[BonneMe]

Dealer liked my '93 when I was getting the VW. They're the largest dealer in the metro, and the guy at the VW dealer enjoyed the test drive he said.

Obviously very different situation compared to your 00+. A 3800 enthusiast will see the added value in your car, a dealer may not depending on the area, how big/small they are, etc.

With you being potentially upside down on it, you're probably better off in the short term, having them roll it into the new loan if you get it. However then you'll be upside down on that loan as well, NOT a good thing IMO.

Todd Allen sold his modded S2k recently, talk with him about his experience selling it, what he got, and that could be the info you need to make a decision.

[Allmachtige]

After a day of thinking I'm agreeing with a lot of you that it could be more economical to sell the Bonneville privately. Unfortunately its a small niche market that would be interested in buying the car.

It would probably need to be a remarkable deal for me to trade in the SSEi. Besides, I'd rather sell it to someone who would get use out of it.

[bonnevillain]

How many miles are on it now?

[Allmachtige]

How many miles are on it now?

92,000.

[CMNTMXR57]

The mods may even lower the trade value. (Liability the dealer does not want.)

Mods can actually help in some cases. Not a lot mind you. If it's a well done job, and shows that the car has been excellently maintained, some may actually give you the benefit of the doubt and squeeze a little more out of the GM/SM. I know the dealership I was at, all they cared was that everything was operational. They didn't care what it was, as long as it worked. :D

[two bonnies]

While trading the car in may seem like the easier option, you will not get a good price on it. The mod list will not translate into a higher trade in dollar amount...so if you trade in, you are giving up everything you put into the car and accepting the wholesale book value of the car as built.

Selling the car yourself will give you a higher return, but you have to find a buyer as well as satisfy the lien on the car so you can transfer the title to the buyer quickly. (Not having a clear title in hand can be a red flag warning to any prospective buyers.)

Personally, I'd keep the vehicle at least until it is paid off, then try to sell it yourself to get the most money back out of it.

x3

Best option is always to have a clean title (paid off).
Then try to sell it privately. It might take 3-4 months but is worth it.
Last resort is a dealer. They will tell you the mods are worth nothing, but will upmark it anyway.

Whenever making a deal on a car, always make the deal on the car you're looking to purchase first.

Oh, what good advice this is. Never, ever, ever go to a dealer and say you need a certain amount per month. They finance you until 2110. Negotiate the price to rock bottom on what you want and then say "Oh by the way, I have a trade".

Anyone deal with Sundance in west Lansing / Delta Twp? They hated us for not telling them we had a trade until after we negotiated the price on the 91 GP.

[gigolo]

well i can say this as nicely as I can. looking at the mod list you have oh I would guess give or take 3k in the car once you figure that you paid someone else to build the car for you. that being said if you were smart and had not modded big till you had the car paid off you would not be up side down in the car like you are now... oh but gigolo that is no fun... It may be no fun but is having to worry about the car potentially crapping out on you and you being so deep left in payments that it would be a struggle to get it fixed. or you could be a few payment from having it free and clear then you can mod till you cant seestraight since you have no worries. hell that is what amanda did and she is so glad she waited because now it will make her appreciate the mod difference more.
I have always said it look long term not short term. if you had looked ahead you would prolly not be in this position now would you?

[1fatcat]

Ouch gigolo.

Allmachtige, what you should find out is if that new rolled-over loan can be paid off early with no penalties and if you can put money on the princeple of it. That way you can sell your car yourself and take as much time as needed (no MUST GO NOW ads). And then take the money from the sale and slap it all down on the princeple.

[GXP_vince]

Its always better to sell it yourself. And If you do trade it in do NOT bring it up when setting a deal buying another car do it after the deal is made.. Its always better to deal with the dealership using 1 variable instead of 2. Its their job selling cars its not your job buying them they know exactly what they are doing so give them the least amount of info to work with.

www.carbuyingtips.com has always helped me and is a great read.