A wakeup call on trade-in value

[COdogman]

I think a lot still depends on what vehicle you are attempting to trade in. The used car market flows the same direction generally as the new car market. If the price of gas is high and everyone is looking for more fuel efficient vehicles, there won’t be quite as high a demand for your low mpg vehicle. Other vehicles will probably still see their value hold since there is still a shortage of vehicles.

I recommend putting your vehicle out there on Cars.com or Autotrader and see what happens. My guess is that you will be contacted by several dealers who want your vehicle no matter what it is. You will also hear from private buyers who may pay even more and you can decide if you want to deal with that process. My ex recently bought an Ioniq 5. She sold her Volt to Carmax because they offered the most, and did what I recommended above with her Honda Element and got a nice offer from a local dealer for it.

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[NY_Rob]

But all of them need to sell it again and make a profit. Wouldn't you get more if you sold it yourself or is it not worth the extra money to do so?
....With the S2000 I went to the bank with the guy and watched him get a cashier's check.

You know the buyer can cancel/stop his cashier's check if he acts fast (before you deposit it) and informs the bank it's been lost or stolen.

He gives you the check at 1pm
You give him the car at 1:15pm
He goes back to the bank at 1:30pm and tells them the check was lost or stolen
You deposit the check at 2pm.. it goes in to your account
3-days later your bank informs you that $60K check is no good.. and your car is gone.


When selling higher value vehicles some will accept a lower amount in order for security... I've done that too.

 

[jjswan33]

I think the issue here is now that the R1T is available all other vehicles are obsolete.

 

[Gabe1aron]

But all of them need to sell it again and make a profit. Wouldn't you get more if you sold it yourself or is it not worth the extra money to do so?

I number of years ago I sold my Honda S2000 to get a Lexus is250. The dealer offered me $9k for the S2000 with 7K miles on it. They said they do not honor mileage bonuses. I sold it for $26k and could have held out for more.

I need to sell the Model S (with 2200 miles) but don't know if I'll try to do it myself of not. With the S2000 I went to the bank with the guy and watched him get a cashier's check.

Its a hassle, but definitely worth it. If you’re selling a MS, you should be able to get top dollar privately

 

[Taycanfrank]

For kicks I got an appraisal on Vroom for my Taycan. $85k. Any dealership will give me at least $110, without seeing it in person.

I've never liked these instant or quick appraisal sites/locations, they always lowball you.

 

[Ralph]

Wire transfer, not to be confused with ACH.

 

[Tanquen]

You know the buyer can cancel/stop his cashier's check if he acts fast (before you deposit it) and informs the bank it's been lost or stolen.

He gives you the check at 1pm
You give him the car at 1:15pm
He goes back to the bank at 1:30pm and tells them the check was lost or stolen
You deposit the check at 2pm.. it goes in to your account
3-days later your bank informs you that $60K check is no good.. and your car is gone.


When selling higher value vehicles some will accept a lower amount in order for security... I've done that too.

Nothing would surprise me, people do suck but, that is not what I was told and read. It would defeat the whole idea. Also, I had already deposited the check with the phone app before he even had the car.

" Generally, a customer cannot order a stop payment on a cashier's check, and the bank must honor a cashier's check when it is presented for payment. This is because a cashier's check is drawn directly on the bank that issues the check, not on your account. "

" If you lose a cashier's check you must notify the bank, fill out a declaration of lost form, and wait–it can take 90 days (after you file) to recoup the money. The bank will levy a fee of $30 or more when you cancel a cashier's check. "

 

[jjswan33]

Nothing would surprise me, people do suck but, that is not what I was told and read. It would defeat the whole idea. Also, I had already deposited the check with the phone app before he even had the car.

" Generally, a customer cannot order a stop payment on a cashier's check, and the bank must honor a cashier's check when it is presented for payment. This is because a cashier's check is drawn directly on the bank that issues the check, not on your account. "

" If you lose a cashier's check you must notify the bank, fill out a declaration of lost form, and wait–it can take 90 days (after you file) to recoup the money. The bank will levy a fee of $30 or more when you cancel a cashier's check. "

That said fake cashiers checks can be a thing, I have heard of this happening. So do your due diligence to make sure the check is good.

 

[Tanquen]

That said fake cashiers checks can be a thing, I have heard of this happening. So do your due diligence to make sure the check is good.

That is why we went to the bank (in his new Audi R8) and I watched him get the check made out to me for the correct amount.

 

[moosehead]

Meet buyer at your bank with their cashier's check. Once it clears your bank, which takes moments, hand over the keys.

You can now afford to take an Uber home since you didn't leave so much money on the table by selling it to Vroom or Carmax.

 

[Tanquen]

Its a hassle, but definitely worth it. If you’re selling a MS, you should be able to get top dollar privately

Nothing like what I paid for it but I'll take what I can get.

 

[NY_Rob]

Nothing would surprise me, people do suck but, that is not what I was told and read. It would defeat the whole idea. Also, I had already deposited the check with the phone app before he even had the car.

" Generally, a customer cannot order a stop payment on a cashier's check, and the bank must honor a cashier's check when it is presented for payment. This is because a cashier's check is drawn directly on the bank that issues the check, not on your account. "

" If you lose a cashier's check you must notify the bank, fill out a declaration of lost form, and wait–it can take 90 days (after you file) to recoup the money. The bank will levy a fee of $30 or more when you cancel a cashier's check. "

Just google "cancel a cashier's check"... you'll see plenty of ways it can be done.. and actual bank policies which allow it.

Wire transfers can even be reversed (within 30min of issue).

Only safe methods are cash (which is crazy hard to give/get at higher amounts), selling directly to a reputable company... or using an escrow service that will verify the funds have cleared.

 

[s12dxer]

One way that could help with this is to have a lawyer (or yourself) draft a bill of sale, signed by the buyer, contingent on the funds being secured into your account in x number of days.

Once they do, the signed-off title will be released to the buyer, and if they don't clear the title is still held by you so you can legally claim ownership of the vehicle.

 

[ResidualReality]

Just tried Carvana. Lowest offer of them all. $42,899 . Updated the original post.

I experienced the same with Carvana, lowest offer out of all that I researched.

 

[Ralph]

Just google "cancel a cashier's check"... you'll see plenty of ways it can be done.. and actual bank policies which allow it.

Wire transfers can even be reversed (within 30min of issue).

Only safe methods are cash (which is crazy hard to give/get at higher amounts), selling directly to a reputable company... or using an escrow service that will verify the funds have cleared.

But not once they are "accepted" by the receiving bank.

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