I was thinking of selling my 2002 c240 privately instead of the dealer. Is there a big difference in the money you can get?

However with all the crazy people out there today, I am a bit concerned about my safety meeting with strangers. Does anyone know of a safe way to sell a car?

 

Are you female?

In a private sale you will be able to get a much higher price...but when you say 'dealer' are you talking about sale on consignment or trade-in? Either way, the dealer is also trying to make a profit in their on-sale so they will offer you no more than wholesale price.

 

A note: all my experience comes from trying to buy a used car, so I saw what was good and bad from that point of view, just in case you would like to know.

1. First things first, NEVER meet any prospective buyer anywhere near your house or your work. Find a neutral place (gas station, hotel parking lot, etc) in a good neighborhood with lots of traffic. That way, anyone who wants to seek out a prosepective steal doesn't know where you live or work and can't steal it from you on the spot.

2. Don't take any form of check or credit card, as these are the easiest things to defraud. A cashier's check, which anyone with a respectable bank account can get, is straight cash. No questions asked.

3. If someone is interested, take a deposit of 1-2k. It gives you some time to make sure his or her finiances are in order and also gives you an idea of the honesty and seriousness of the buyer.

4. When selling the car, again try to do it in a safe location. Your work (at this point) should be a good place because most theives don't have 1-2k lying around to make a steal.

5. Take the person's information, especially work information, and check it out. Make sure the location exists, that there is acutally a business there (I've had customers give me phony addresses for their checks, like mailbox places and empty lots). It's worth the check when you are dealing with several thousand dollars.

6. The title to the car is the last thing to be exchanged, when all the money has been verified. A honest buyer will have no probelm with getting the title after he has paid. A dishonest buyer will say he wants the title up front. Obviously, be very careful in this stiuation

On the flip side, however, don't be difficult about this part either. I've had sellers (dishonest ones, pretty much) tell me that they will send me the title after I have sent them the money. I don't think so. Not only will they get the money, they still own the car. If working with cashier's checks, go to the bank, verify the check, then hand over the pink slip. Again, this is reasonable, and most buyers won't have a problem with this.

7. If doing test drives, go with them. I'm surprised at the number of sellers that just allowed me to drive off with their cars, alone. Of course, I'd have to be a professional to get away with it, but I could have just kept driving. Make sure to go with them.

8. Trust no one, Mr. Mulder. And it's true. I've had a Christian pastor (honest person, wouldn't you say?) turn around and sell a car I'd assured him I was going to buy the next day sell it to someone else for $500 more (Edit here: $500 more, not for $500 :p) without telling me. I found out while driving to meet him that he had sold it and that he was very sorry. Well, so was I.

9. You don't call them; they'll call you. :p

Hopefully that helps.

EDIT: Oh, yeah, pricing. Use www.kbb.com for that. You often will get a 1-4k better than the dealer can ever offer you. Print out the kbbs for the trade-in, retail, and private party prices (increasing prices from left to right). Obviously, you want to play with the price between retail and private party. BTW, never list what you are willing to sell at. It leaves no room for negotiation. List a sell price $500 to $1k over what you are willing to sell at, then come down. Trust me, it looks like they're getting a steal :p

 

Wow...that was excellent advice, jedcred!

 

Around me there is this company called CarFaire.com that negotiated with colleges and some high schools to use a portion of their lot on the weekends so people can display cars for sale. Costs vary by location but at the closest college to me, I had to pay $75 until it sells. You leave it there all weekend and they have 24hr security. Interested buyers then call you and you meet them at the college to look at the car, testdrive, exchange money. That's how I sold my coupe and nobody ever had to come to my house. There maybe something like this by you, if not, here's a great business op.

BTW, I did a #8 to someone. They low balled me, I was desperate and said yes but they wouldn't leave a desposit and said they would come back tomorrow. I found a dealer that would give me $500 more (on top of the $13K offer) and I turned it in to them. Don't always assume that dealers will offer you the least amount of money.

 

The only way you should accept a cashiers check is if you go the bank with that person and watch the bank personel make the check. There are too many counterfiets these days. Or ask for cash. 30K in cash is a lot of hundreds. Good luck!

 

If your not confortable selling it yourself, check with a place like Carmax. They will give top wholesale cash. The key here is wholesale. It may still be better than you dealer.

Also, many states only charge sales tax on the difference of the trade-in. This could be $1000 or more in your pocket if you trade with the dealer. Check with your dealer to be sure.

Example:
New Car 35000
Old Car 19000
Tax value 16000
save at 7% = 19000*.07 = $1330

Good advice on selling yourself JEDCRED